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-c...
neutral
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✓ 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.
71%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Why did commercial mining EBIT decline sharply QoQ?
Asked by Mohit Kumar, ICICI Securities
CFO provided specific reasons: weather event and mark-to-market loss, with quantified impacts.
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Question
Commercial mining EBIT has declined QOQ. Can you please explain that why there is such a sharp decline in the commercial mining EBIT for the quarter?
Robbie Singh, CFO
the number that you were highlighting, which is basically on commercial mining weakness is related to the specific event which weather event is occurred in Australia in this year at Carmichael Mine, which was largely a rain-related event...
Answered
Medium priority
Timeline for execution of new hyperscale orders (350 MW and 58 MW)?
Asked by Mohit Kumar, ICICI Securities
CFO gave a clear timeline of 40 months.
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Question
can you help us with the new hyperscale order of 350 MW and 58 MW you just signed this quarter? What is the timeline for execution we are looking at?
Robbie Singh, CFO
That is a standard form. You know, roughly you can assume about 40 months.
Partial answer
Medium priority
Plan to scale ingot/wafer capacity to 10 GW?
Asked by Mohit Kumar, ICICI Securities
Acknowledged capacity but no concrete plan; deferred to closer to the period.
no specific commitmentdeferred decision
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Question
we already have Ingot and Wafer of 2 GW. Is there a plan to scale back to 10 GW in the medium term, in the next couple of years?
Robbie Singh, CFO
we have the capacity to, but there is no specific planning other than the fact that we want to make sure that the total line capacity on terms of modules and cells is the 10 GW right now.
Answered
Medium priority
Will solar sales remain only in India in FY27?
Asked by Mohit Kumar, ICICI Securities
CFO clearly stated primary focus is India, with possibility of exports but not assumed.
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Question
will we continue to sell only in India in FY 2027 onwards, or do you think there's some chance that we'll start exporting also?
Robbie Singh, CFO
we'll continue to sell in India. There could be certain other markets if our ongoing marketing efforts continue... we can just assume that it's primarily India.
Answered
High priority
CapEx plan for FY27 and breakdown by segment?
Asked by Mohit Kumar, ICICI Securities
CFO provided a clear total and breakdown for three segments.
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Question
What is the CapEx expenditure plan for FY 2027, FY 2021 based on the current CapEx program, and is it possible to break that into various, you know, two segments?
Robbie Singh, CFO
We expect the next year to be around the same level, about INR 40,000 crore. Of that, there are three core areas where the CapEx is expected. Airports... about INR 17,000 crore. PVC... about INR 9,000 crore. Another INR 4,000 crore would be in the natural resources, metals and mining space.
Deflected
Medium priority
Specific CapEx for data centers?
Asked by Mohit Kumar, ICICI Securities
CFO did not provide the number and deferred to a formal response.
deferred to laterno number given
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Question
Is there any specific CapEx you're looking for data centers, if I may ask?
Robbie Singh, CFO
data center, we don't specifically report out, but we expect to complete close to. Actually because that we can give you the exact number. Can we take this question on note and we can respond formally?
Answered
Medium priority
How can module sales exceed rated capacity of 4 GW?
Asked by Prateek Kumar, Jefferies
CFO explained the tooling arrangement clearly.
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Question
You've closed the year at 4.9 GW of sales. You have capacity of 4 GW, how should we understand your sales potential from your capacity?
Robbie Singh, CFO
That is largely because of the demand that we have. The market, the participants in the market who are unable to utilize their capacity. We have a, you can say a quote-unquote, a tooling type arrangement. We use their capacity to sell higher than our capacity.
Answered
High priority
Timeline for next 60 GW module and cell capacity?
Asked by Prateek Kumar, Jefferies
CFO provided a timeline for completion in the second half.
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Question
Timelines of, I think you talked about it, but timelines of the next 60 GW module and cell, can you just reiterate again?
Robbie Singh, CFO
Safely assume that you start seeing some of the numbers towards the for module lines towards the second half of the year and then Sorry, the cell line, module line and then the cell line. We should complete in the second half.
Answered
High priority
Growth expectation for mining services segment?
Asked by Prateek Kumar, Jefferies
CFO gave a specific growth percentage.
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Question
How should we look at your full year expectation going forward? Like, when you're on, like, 60 million tons-50 million tons annualized before. How should we look at growth in next year or any year after that?
Robbie Singh, CFO
We sort of ended the year at around 50. You can expect that we will be high double-digit growth next year as well. Say close to 20% mark.
Evasive
Medium priority
EBITDA number for copper segment this quarter?
Asked by Prateek Kumar, Jefferies
CFO did not provide the EBITDA number and deferred to next quarter.
no number givendeferred to next quarter
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Question
This quarter you started giving copper segment performance also. I think the EBITDA numbers are not mentioned in your highlights. What is the EBITDA number of copper segment this quarter?
Robbie Singh, CFO
We had to report that from a technical view. This coming quarter we report first time as a separate line item. From the revenue point of view, we have to report given it met the revenue threshold... From an overall business point of view, we report from next quarter onwards.
Partial answer
High priority
Timeline for airport segment demerger?
Asked by Prateek Kumar, Jefferies
CFO gave a readiness timeline but no commitment on demerger timing.
no commitment on timingboard decision pending
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Question
When should we look at demerger of this business which you have talked about in the past?
Robbie Singh, CFO
I think from airport business plan point of view, Prateek, I think the airport team, the airport management will be ready by. They are comfortable around, say, 2027, 2028. Then for after that, you know, it's for AEL board to determine.
Partial answer
High priority
Why was EBITDA down YoY despite revenue growth?
Asked by Manish Somaiya, Cantor Fitzgerald
CFO explained EBITDA conversion as an accounting artifact and highlighted run rate, but did not fully address YoY decline.
reframed to run rateattributed to accounting artifact
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Question
I mean, obviously, you had, you know, decent revenue growth, EBITDA was down year-over-year, plus, you know, vis-a-vis our estimates. We touched on the commercial mining piece earlier... If you can just help us understand, you know, what's going on, in some of those segments, that would be super helpful.
Robbie Singh, CFO
The overall consolidated EBITDA is flat, and I'll come to that point. On a quarter-to-quarter basis, there is a slight growth. Largely speaking, two things are happening here simultaneously. The core airport business, the EBITDA is well on a quarter-to-quarter basis. On a stable basis, if you look at it, is almost 50% higher.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Run rate EBITDA of INR 19,000 crore per year | ₹19,000 cr | ₹16,464 cr | Overstated vs filing |
| Solar EBITDA roughly INR 3,700 crore | ₹3,700 cr | ₹16,464 cr | Understated vs filing |
| Wind EBITDA INR 760 crore | ₹760 cr | ₹16,464 cr | Understated vs filing |
| Solar top line about INR 12,000 crore | ₹12,000 cr | ₹32,439 cr | Understated vs filing |
| Wind top line INR 3,700 crore | ₹3,700 cr | ₹32,439 cr | Understated vs filing |
| Peak EBITDA of Navi Mumbai Airport close to INR 3,000 crore | ₹3,000 cr | ₹16,464 cr | Understated vs filing |
| Ganga Expressway peak EBITDA close to INR 1,800 crore | ₹1,800 cr | ₹16,464 cr | Understated vs filing |
| Copper peak EBITDA close to just over INR 2,000 crore | ₹2,000 cr | ₹16,464 cr | Understated vs filing |
| Combined peak EBITDA of three assets INR 6,000-6,800 crore | ₹6,000 cr | ₹16,464 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.