Detailed Narrative
Adani Solar's Global Recognition and Capacity Expansion
Adani Solar, a part of Adani New Industries, achieved global recognition as one of the top 10 solar manufacturers worldwide, being the only Indian company on this list. This was driven by over 15 GW of cumulative shipments and high capacity utilization. The company is on schedule to commission its 6 GW cell and module line by September 30, 2026, with a total capex of approximately INR10,000 crores, and expects to supply 2,000 MW per quarter from this new capacity.
Strategic Airport Infrastructure Development and Performance
Adani Airports commissioned the Navi Mumbai Airport on December 25, 2025, and an integrated new terminal at Guwahati, significantly enhancing its regulatory asset base. Navi Mumbai Airport, a regulatory asset with a provisional base of nearly INR20,000 crores, is expected to generate a 12-14% rate of return and add over INR2,000 crores to EBITDA on a normalized run rate basis. For the first nine months of FY26, the airport business reported an income of INR9,652 crores (up 31%) and an EBITDA of INR3,724 crores, already surpassing its full year FY25 EBITDA.
Road Business Growth Driven by Ganga Expressway
The Road business expanded its portfolio by completing two more HAM projects, bringing the total operational projects to nine. The Ganga Expressway, a significant INR18,000 crores asset, is slated to go live this quarter (Q3 FY26) and is projected to significantly boost Adani Roads' revenue and EBITDA, with management expecting it to double the segment's current INR1,500 crores EBITDA. Toll collection for the Ganga Expressway is anticipated to commence from Q1 next financial year.
Incubating Businesses and Future Growth Initiatives
Adani Enterprises is actively shaping its Aerospace, Technology & Defense business, with recent announcements including collaborations for regional civilian transport with Embraer and a helicopter ecosystem with Leonardo. The company has also established the Adani Capability Center (GCC) within AEL, focusing on artificial intelligence and an agentic workforce model. Further details on the Aerospace, Technology & Defense segment are expected from mid-year, indicating these new ventures as key future growth drivers.
Capital Management and Debt Profile
The company successfully completed a rights issue, raising INR24,930 crores, and further issued INR1,000 crores of NCDs in January. The total capex target for FY26 is approximately INR36,000 crores, with INR25,200 crores already incurred in the first nine months. The gross long-term debt stands at about INR78,000 crores, with approximately INR37,000 crores of the total external debt (around INR62,000 crores) allocated to key incubating projects like Airports, Roads, Kutch Copper, and the PVC project.
Kutch Copper and Coal to PVC Project Progress
The Kutch Copper project, a major incubating asset, is expected to achieve full utilization within the next 2-3 months, with numbers anticipated to reflect in Q1 next financial year. At 70% utilization, it is projected to add approximately INR2,800 crores to EBITDA, increasing to INR3,100 crores at 80% utilization. The Coal to PVC project is targeting revenue generation by calendar year 2028, with its base completion expected by the end of this year and a ramp-up phase of 6-9 months, having already expensed approximately INR9,000 crores in capex.
Integrated Resource Management and Mining Services Performance
The Integrated Resource Management (IRM) segment recorded an EBITDA of INR2,069 crores for the nine months, though the core IRM business was about 11% less than the previous year, attributed to inherent variability from global and domestic interplays. The Mining Services (MDO) business demonstrated strong operational performance, with dispatch volumes increasing by 14% to 33.3 MT and EBITDA growing by 29% to INR1,424 crores for the nine months, with significant ramp-up potential from existing and yet-to-be-activated contracts.