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Revenue
₹32,439 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹16,464 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 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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects ₹3,000 crore additional EBITDA from Navi Mumbai airport, Kutch Copper, and Ganga Expressway in FY27.
- 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 volumes expected to grow ~20% in FY27, driven by ramp-up of operational mines.
- Airport platform expected to be ready for demerger around FY27-28, with strong investor interest.
Risks flagged
- Heavy rainfall in Australia impacted mining production for nearly a quarter, causing ~₹300 crore EBITDA loss.
- Shift to domestic-only sales and tolling arrangements compresses margins; management acknowledged short-term pressure.
- Non-cash mark-to-market loss of ~₹600 crore due to exchange rate movements impacted reported EBITDA.
- Management provided no specific timeline for green hydrogen cost targets or final investment decision, indicating potential delays.
Key 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.
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