Adani Enterprises Limited — Q3 FY26
Adani Enterprises reported strong 9M FY26 performance with total income of ₹69,756 crore and EBITDA of ₹7,985 crore (excluding one-time gain of ₹9,215 crore).
bullish
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
58%Questions answered3Evaded / deflected12Questions audited
Deflected
High priority
Top line and investment in defense business
Asked by Mahesh Patil, ICICI Securities
Management deferred the answer to a future period instead of providing current data.
deferred to next half-year
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Question
Is it possible to help with the top line and the investment we have done till date in defense business?
Robbie Singh, CFO
We will update on defense fully, as a segment, in detail from the first half of next year, so post the September results.
Answered
Medium priority
Commissioning timeline for 60 watts cell and module line
Asked by Mahesh Patil, ICICI Securities
Provided a specific date for commissioning.
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Question
On the 60 watts cell and module line, when do we expect the commissioning of this line?
Robbie Singh, CFO
The new lines will be expected to be ready by 30th September this year.
Answered
Medium priority
Tax impact on gains booked this quarter
Asked by Mahesh Patil, ICICI Securities
Gave a clear tax rate.
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Question
On the gains that you have booked in this quarter, what is the tax impact for these gains?
Robbie Singh, CFO
It will be taxed at 15%.
Answered
Medium priority
Commissioned assets in airport business last 12 months
Asked by Mahesh Patil, ICICI Securities
Clearly stated no new commissioned assets besides Navi Mumbai.
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Question
The assets commissioned in the airport business over the last 12 months.
Robbie Singh, CFO
There's no commissioning as such on airport. Airport, only asset we added was Navi Mumbai Airport. Operating airports only.
Answered
High priority
Modeling Navi Mumbai Airport for FY27 and expected losses
Asked by Mahesh Patil, ICICI Securities
Provided detailed modeling guidance and confirmed no losses expected.
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Question
For this Navi Mumbai Airport, for FY 27, aero and non-aero side, how one should model for this? And do you expect losses in the interim till the traffic picks up?
Robbie Singh, CFO
No, airport is a regulatory asset, so there's no question of any losses. On the air side, the way to model it is to take the regulatory asset base. Provisionally, it will be close to INR 20,000 crore. Weighted average rate of returns is expected to be around 12%-14%.
Partial answer
High priority
Reason for airport growth slowdown from Q2 to Q3
Asked by Manish Somaiya, Cantor Fitzgerald
Acknowledged slowdown but attributed to one-time item without full explanation.
attributed to one-time adjustment without quantifying
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Question
I see that the growth slowed from the second quarter to the third quarter. Maybe if you can just talk about that.
Robbie Singh, CFO
No, actually, the growth is well over 30%. It's just that, we have, the numbers that we mentioned, we've taken out a one-time element. There's no specific issue regarding IndiGo.
Partial answer
High priority
Improvement timeline for legacy businesses (IRM, mining)
Asked by Manish Somaiya, Cantor Fitzgerald
Answered about copper but did not directly address IRM improvement timeline.
focused on copper, not IRM
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Question
When we should start seeing any improvements in the integrated resource management, mining, the legacy businesses.
Robbie Singh, CFO
The main thing there is that, as you know, that we've flagged it last time also, a slight delay in the ramp up of Kutch Copper. But we expect that now the full utilization should start over the next two to three months.
Evasive
High priority
Details on data center partnership with Google
Asked by Manish Somaiya, Cantor Fitzgerald
Promised details previously but again deferred without any numbers.
deferred to futureno specifics given
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Question
If you can just touch on, the data center, partnership with Google. I believe on the last call, we had talked about the partnership, and I think, you'd mentioned that, you would give more details around spending and, other metrics, hopefully on this call.
Robbie Singh, CFO
We are just currently working through with the relevant agreements, and so they are, you know, there's nothing that we can share which would will be complete. Probably say it's about another quarter to four months away before we can we'll be able to publicly share the rollout plans.
Partial answer
High priority
Pro forma capital structure after recent financing
Asked by Manish Somaiya, Cantor Fitzgerald
Provided some debt numbers but deferred full pro forma to website.
promised to provide pro forma later
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Question
If you can just give us a sense of, you know, what the debt stack looks like at this point?
Robbie Singh, CFO
Our total external debt now is roughly around 36, just over INR 36,000 crore, external debt. And then, we have, sorry, 36 that is allocated to our incubating businesses. And overall, just to give you a basic long-term debt number, the gross long-term debt is about INR 78,000 crore.
Answered
Medium priority
Non-recurring item in airport EBITDA and its nature
Asked by Pratik Kumar, Jefferies
Provided exact amount and explanation.
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Question
There's a mention of non-recurring item also in that number, related to lease income. What is that number?
Robbie Singh, CFO
INR 220 crore one-off. This is largely, like, for the specialist hangar development and advance received against that.
Evasive
High priority
Navi Mumbai Airport passenger run rate and FY27 volume outlook
Asked by Pratik Kumar, Jefferies
Did not provide any current run rate or FY27 outlook.
deferred to annual results
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Question
How has the run rate of passengers improved? And how are you looking at FY 2027 in terms of volumes for Mumbai and Navi Mumbai combined airports?
Robbie Singh, CFO
I think we will actually the volume details and movement, we will confirm and we'll provide between the two airports as part of our annual results.
Partial answer
High priority
Coal to PVC project timeline and CapEx incurred
Asked by Pratik Kumar, Jefferies
Provided timeline and incurred CapEx but not total project CapEx.
total CapEx not given
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Question
On your coal to PVC timelines, and can you discuss, where is that project? How much is the capital employed till now? What is the total project CapEx and the timeline?
Robbie Singh, CFO
From a revenue perspective, you should look at calendar year 2028. Completion point of view, base completion towards end of this year and then ramp up. Currently our CapEx that has already been expensed on that business is in the vicinity of about INR 9,000 crore, so just over a third of the CapEx.