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Revenue
₹24,820 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹7,985 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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). Incubating businesses grew 7% YoY to ₹8,224 crore EBITDA. Airport segment revenue rose 31% to ₹9,652 crore, with EBITDA already surpassing full-year FY25 at ₹3,724 crore. The commissioning of Navi Mumbai airport (Dec 2025) and upcoming Ganga Expressway (doubling road business to ~₹3,000 crore) are key growth catalysts. Copper cathode production is expected to ramp up from Q1 FY27, adding ₹2,000-3,000 crore EBITDA at 70-80% utilization. Risks include volatility in the integrated resource management business (down 11% YoY) and delayed ramp-up of Kutch Copper.
Colored figures show movement against the previous available record.
Guidance to track
- Ganga Expressway commissioning in Q4 FY26 is expected to double the road segment's EBITDA from ~₹1,500 crore to ~₹3,000 crore.
- Copper cathode production ramp-up from Q1 FY27; at 70-80% utilization, it will add ₹2,000-3,000 crore 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.
- The 6 GW solar cell line, with total capex of ~₹10,000 crore, is on schedule for commissioning by September 2026.
Risks flagged
- IRM business is down 11% YoY due to global/domestic price interplays, and its inherent variability could persist.
- Kutch Copper ramp-up was delayed; full utilization expected only in Q1 FY27, impacting near-term copper EBITDA contribution.
- Management deferred detailed rollout plans for the Google data center partnership by another quarter to four months, indicating potential delays.
- Management declined to provide defense segment financials, stating they will only be disclosed from H1 FY27, leaving investors in the dark.
Key quotes
- Mumbai airport itself will add on a normalized run rate basis of about just over 2,000 cr to the EBITDA line, against the current annualized EBITDA of around 5,200.
- Ganga Expressway should just double the size of this business.
- We will update on defense fully as a segment in detail from the first half of next year.
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