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Adani Enterprises Ltd — Q4 FY26
Adani Enterprises reported FY26 consolidated total income of ₹1,02,943 crore and EBITDA of ₹16,464 crore, flat YoY due to weather-related disruption at Carmichael mine and non-cash mark-to-market losses.
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Adani Enterprises reported FY26 consolidated total income of ₹1,02,943 crore and EBITDA of ₹16,464 crore, flat YoY due to weather-related disruption at Carmichael mine and non-cash mark-to-market losses. Profit before tax (excl. exceptional gain) was ₹439 crore. The core infra portfolio now contributes 80% of EBITDA, with airports delivering 55% EBITDA growth to ₹5,394 crore on tariff revisions and non-aero revenue. Mining services volumes grew 14% to 49.4 MT. Management guided for ₹3,000 crore incremental EBITDA in FY27 from Navi Mumbai airport, Kutch Copper, and Ganga Expressway. Capex for FY27 is planned at ₹40,000 crore, primarily in airports and metals. Key risk: margin compression in solar module business due to domestic-only sales and tolling arrangements.
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Risk Intelligence
Weather Disruption at Carmichael Mine
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Transcript
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Passenger Traffic (Airports)
95.3M
+23% YoY
Airports handled 95.3 million passengers in FY26, contributing 23% of India's passenger traffic.
Mining Services Dispatch Volume
49.4 MT
+14% YoY
Dispatch volume increased to 49.4 million metric tons in FY26.
Solar Module Sales
4.9 GW
+96% YoY
Solar module sales reached 4.9 GW, aided by tolling arrangements beyond rated capacity.
Airport Non-Aero Revenue Growth
31%
+31% YoY
Non-aeronautical revenue grew 31% YoY, driven by advertising and ground handling acquisitions.
What Changed vs Last Quarter
NEW
Incremental EBITDA of ₹3,000 crore in FY27
Management expects ₹3,000 crore additional EBITDA from Navi Mumbai airport, Kutch Copper, and Ganga Expressway in FY27.
NEW
FY27 Capex of ₹40,000 crore
Capex planned at ₹40,000 crore, with airports ~₹17,000 crore, PVC ~₹9,000 crore, natural resources ~₹4,000 crore, and others ~₹10,000 crore.
NEW
Mining Services High Double-Digit Growth
Mining services volumes expected to grow ~20% in FY27, driven by ramp-up of operational mines.
NEW
Airport Business Ready for Demerger by FY27-28
Airport platform expected to be ready for demerger around FY27-28, with strong investor interest.
DROPPED
Ganga Expressway to double road business EBITDA to ~₹3,000 crore
Ganga Expressway commissioning in Q4 FY26 is expected to double the road segment's EBITDA from ~₹1,500 crore to ~₹3,000 crore.
DROPPED
Kutch Copper to add ₹2,000-3,000 crore EBITDA at 70-80% utilization from Q1 FY27
Copper cathode production ramp-up from Q1 FY27; at 70-80% utilization, it will add ₹2,000-3,000 crore EBITDA.
DROPPED
Navi Mumbai airport to add ~₹2,000 crore to annual EBITDA
On a normalized run-rate basis, Navi Mumbai airport will contribute just over ₹2,000 crore to EBITDA, a ~40% increase to the current annualized airport EBITDA of ~₹5,200 crore.
DROPPED
6 GW solar cell line to be commissioned by September 2026
The 6 GW solar cell line, with total capex of ~₹10,000 crore, is on schedule for commissioning by September 2026.
NEW RISK
Weather Disruption at Carmichael Mine
Heavy rainfall in Australia impacted mining production for nearly a quarter, causing ~₹300 crore EBITDA loss.
NEW RISK
Solar Module Margin Compression
Shift to domestic-only sales and tolling arrangements compresses margins; management acknowledged short-term pressure.
NEW RISK
Mark-to-Market Losses on Mining Assets
Non-cash mark-to-market loss of ~₹600 crore due to exchange rate movements impacted reported EBITDA.
NEW RISK
Green Hydrogen Execution Delay
Management provided no specific timeline for green hydrogen cost targets or final investment decision, indicating potential delays.
RISK GONE
Integrated resource management (IRM) volatility
IRM business is down 11% YoY due to global/domestic price interplays, and its inherent variability could persist.
RISK GONE
Delayed ramp-up of Kutch Copper
Kutch Copper ramp-up was delayed; full utilization expected only in Q1 FY27, impacting near-term copper EBITDA contribution.
RISK GONE
Data center partnership with Google lacks clarity
Management deferred detailed rollout plans for the Google data center partnership by another quarter to four months, indicating potential delays.
RISK GONE
Defense business financials not yet disclosed
Management declined to provide defense segment financials, stating they will only be disclosed from H1 FY27, leaving investors in the dark.
Fast read
Guidance and risk preview
Management expects ₹3,000 crore additional EBITDA from Navi Mumbai airport, Kutch Copper, and Ganga Expressway in FY27.
Heavy rainfall in Australia impacted mining production for nearly a quarter, causing ~₹300 crore EBITDA loss.
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