Passenger Traffic (Airports)
95.3M
+23% YoY
Airports handled 95.3 million passengers in FY26, contributing 23% of India's passenger traffic.
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13 May 2026
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
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.
Management Guidance
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.
Management guidance growthFY27 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.
Management guidance capexMining Services High Double-Digit Growth
Mining services volumes expected to grow ~20% in FY27, driven by ramp-up of operational mines.
Management guidance growthAirport Business Ready for Demerger by FY27-28
Airport platform expected to be ready for demerger around FY27-28, with strong investor interest.
Management guidance otherKey Risks
Weather Disruption at Carmichael Mine
Heavy rainfall in Australia impacted mining production for nearly a quarter, causing ~₹300 crore EBITDA loss.
high · management_commentarySolar Module Margin Compression
Shift to domestic-only sales and tolling arrangements compresses margins; management acknowledged short-term pressure.
medium · analyst_questionMark-to-Market Losses on Mining Assets
Non-cash mark-to-market loss of ~₹600 crore due to exchange rate movements impacted reported EBITDA.
medium · management_commentaryGreen Hydrogen Execution Delay
Management provided no specific timeline for green hydrogen cost targets or final investment decision, indicating potential delays.
low · analyst_questionNotable Quotes
We are already passed first three phases and value unlock is the next phase of our journey.
We expect the next year to be around the same level about 40,000 cr.
The business would be ready around that period and this business does require like any separate investment from outside investors.
Frequently Asked Questions
What was Adani Enterprises's revenue in Q4 FY26?
Adani Enterprises reported revenue of ₹32,439 Cr in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did Adani Enterprises management give for FY27?
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. 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. Mining Services High Double-Digit Growth: Mining services volumes expected to grow ~20% in FY27, driven by ramp-up of operational mines. Airport Business Ready for Demerger by FY27-28: Airport platform expected to be ready for demerger around FY27-28, with strong investor interest.
What are the key risks for Adani Enterprises in FY27?
Key risks include Weather Disruption at Carmichael Mine — Heavy rainfall in Australia impacted mining production for nearly a quarter, causing ~₹300 crore EBITDA loss.; Solar Module Margin Compression — Shift to domestic-only sales and tolling arrangements compresses margins; management acknowledged short-term pressure.; Mark-to-Market Losses on Mining Assets — Non-cash mark-to-market loss of ~₹600 crore due to exchange rate movements impacted reported EBITDA.; Green Hydrogen Execution Delay — Management provided no specific timeline for green hydrogen cost targets or final investment decision, indicating potential delays..
Did Adani Enterprises meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Adani Enterprises Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.