Adani Enterprises Limited — Q3 FY26 earnings call

Call held 3 Feb 2026

Management summary

Adani Enterprises reported robust 9M FY26 results with EBITDA of INR11,985 crores, exceeding FY25 figures. The quarter saw the commissioning of Navi Mumbai Airport and the imminent operationalization of Ganga Expressway, both poised to significantly boost future EBITDA. The company also highlighted Adani Solar's global recognition and progress in new ventures like Aerospace & Defense and AI-focused GCC, while addressing variability in IRM and a slight delay in Kutch Copper's full ramp-up.

Highlights

  • Adani Solar recognized as world's top 10 solar manufacturer with >15 GW cumulative shipments, demonstrating excellent vertical integration and high capacity utilization.

  • Navi Mumbai Airport commissioned on Dec 25, 2025, significantly adding to Adani Airports' regulatory asset base and expected to contribute >INR2,000 crores to EBITDA.

  • Ganga Expressway, an INR18,000 crores asset, is set to go live this quarter, projected to double the Road business's current INR1,500 crores EBITDA.

  • Consolidated 9M FY26 EBITDA reached INR11,985 crores, already surpassing the full year FY25 EBITDA.

  • Adani Airports' business is tracking over INR5,200 crores in annual EBITDA, contributing approximately 23% to India's passenger traffic and 29% to air cargo volumes.

Concerns

  • The core Integrated Resource Management (IRM) business was ~11% less than last year, indicating inherent variability due to global/domestic interplays.

  • Kutch Copper experienced a slight delay in ramp-up, with full utilization now expected in Q1 next financial year.

  • Airport business sequential growth slowed from 43% YoY in Q2 to 32% YoY in Q3, though management expects acceleration due to regulatory asset accounting.

Key financials

  1. Total Income ₹69,756 Cr
  2. EBITDA ₹11,985 Cr
  3. Profit Before Tax ₹3,581 Cr
  4. Incubating Businesses EBITDA ₹8,224 Cr +7%YoY
  5. Airport Business Income ₹9,652 Cr +31%YoY
  6. Airport Business EBITDA ₹3,724 Cr

What they filed

Q1 FY27: revenue up 1.3%, net profit down 280.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue6,587 6,157 6,165 5,878 5,066 −23%5,304 −14%6,813 +11%5,954 +1%
EBITDA739 625 519 579 666 −10%474 −24%175 −66%927 +60%
Net profit628 535 4,275 494 4,234 +574%6,296 +1077%344 −92%-890 −280%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

Share of EBITDA (9M FY26)
₹3,493 Cr Total
  • Integrated Resource Management ₹2,069 Cr 59.2%
  • Mining Services ₹1,424 Cr 40.8%

Capital allocation

high confidence
  • Capex ₹36,000 Cr
    • 6 GW cell and module capacity ₹10,000 Cr
    • Coal to PVC project (expensed portion) ₹9,000 Cr
    So our total target that we had outlined was roughly INR36,000 crores, and we have already done just about INR25,200 crores.
  • Debt Gross ₹78,000 Cr
    • New borrowing Completed rights issue raising ₹24,930 Cr
    • New borrowing Issued NCDs in January (third in series) ₹1,000 Cr
    Yes, we will actually provide a lot more detail, but just basically, our incremental total external debt now is roughly around over INR36,000 crores (that is allocated to our incubating businesses). And overall, just to give you a basic long-term debt number, the gross long-term debt is about INR78,000 crores. ... So the external debt of that would be ~INR 62,000 crores. So ~INR 78,000 crores being the total debt, ~INR 16,000 crores being shareholder loans, giving us a total external debt of about ~INR 62,000 crores. Of this INR62,000 crores, majority, INR 37,000 crores is just allocated to the -- is actually Airports, Roads, Kutch Copper and the current PVC under construction.
  • M&A AGHPort Aviation Services Acquisition · Closed

    Provides Adani Airports with full operational control and strengthens presence in airport ground handling.

    On the strategic front, Adani Airports acquired 100% stake in AGHPort Aviation Services. This acquisition provides Adani Airports with full operational control and strengthen our presence in the airport ground handling.

Guidance & targets

EBITDA

  • EBITDA addition from Navi Mumbai, Kutch Copper, Ganga Expressway EBITDA · Post stabilization · High confidence >INR3,000 crores
    Post stabilization, these 3 assets are expected to add well over INR3,000 crores to EBITDA.

    — Robbie Singh

  • Navi Mumbai Airport EBITDA contribution (normalized run rate) EBITDA · Normalized run rate basis · High confidence >INR2,000 crores
    But on a normalized run rate basis, of about just over INR2,000 crores to the EBITDA line itself against our current EBITDA of around annualized EBITDA of around INR5,200 crores. So just one asset will add about 40%.

    — Robbie Singh

  • Kutch Copper EBITDA addition (70% utilization) EBITDA · Q1 next financial year · High confidence ~INR2,800 crores
    And at various utilization rates, say, if it is 70%, then it will add roughly INR2,800 crores of EBITDA

    — Robbie Singh

  • Kutch Copper EBITDA addition (80% utilization) EBITDA · Q1 next financial year · High confidence ~INR3,100 crores
    if it is 80%, around INR3,100 crores.

    — Robbie Singh

  • Ganga Expressway impact on Road business EBITDA EBITDA · Post commissioning · High confidence Double current size
    Basically, Ganga Expressway should just double the size of EBITDA of this business, which is currently INR1,500 crores EBITDA that is sort of run rate.

    — Robbie Singh

Capacity

  • Adani Solar 6 GW cell and module line readiness Capacity · September 30, 2026 · High confidence Ready by September 30 this year
    The new lines would be expected to be ready by 30th September this year.

    — Robbie Singh

  • 6 GW cell and module capacity production Capacity · Post September 2026 · High confidence 2,000 MW per quarter
    Okay. So we can supply once we have the capacity, run rate could be 2,000 megawatts per quarter? ... Yes.

    — Robbie Singh

Tax

  • Tax rate on gain on sale of assets Tax · Ongoing · High confidence 15%
    It will be taxed at 15%.

    — Robbie Singh

Capacity Utilization

  • Kutch Copper full utilization Capacity Utilization · Next 2-3 months (Q1 next financial year) · High confidence Full utilization
    But we expect that now the full utilization should start over the next 2 to 3 months. So you'll start seeing the numbers in the first quarter of the following financial year, which you haven't seen an impact in this quarter.

    — Robbie Singh

Revenue

  • Coal to PVC project revenue generation Revenue · CY28 · High confidence Calendar year '28
    I think from a revenue perspective, we should look at calendar year '28.

    — Robbie Singh

  • Ganga Expressway toll collection Revenue · Q1 FY27 · High confidence Start from Q1 next year
    So I mean, in terms of toll collection and all, it will start from Q1 only, not material in Q4? ... Not material at all in Q4.

    — Robbie Singh

Project Completion

  • Coal to PVC project base completion Project Completion · End of 2026 · High confidence End of this year
    And completion point of view, base completion towards end of this year and then ramp up, which will continue in that business, you can estimate roughly 6 to 9 months.

    — Robbie Singh

  • Ganga Expressway provisional completion certificate Project Completion · February 2026 · High confidence Next month itself
    Ganga Expressway, this provisional completion certificate will come in next 2 months itself? ... It will come in the next month itself.

    — Robbie Singh

Capex

  • Total capex target Capex · FY26 · High confidence ~INR36,000 crores
    So our total target that we had outlined was roughly INR36,000 crores, and we have already done just about INR25,200 crores.

    — Robbie Singh

What to watch in Q4 FY26

Defense business segment update

H1 next year (post September results)
Current Taking shape, details deferred
Target Full segment update with financials and strategy

Why it matters

Defense is a new strategic segment; detailed financials are crucial for assessing its contribution and growth trajectory.

I said in the on the Defense side, we will update fully as a segment in detail from the first half of next year. So post the September results.

Risks & concerns

  • Variability in Integrated Resource Management (IRM) business

    medium

    Core IRM business was ~11% less than last year due to inherent variation and fluctuation from global/domestic interplays.

    Management acknowledged

  • Slight delay in Kutch Copper ramp-up

    low

    Full utilization for Kutch Copper is now expected in Q1 next financial year, a slight delay from previous expectations.

    Management acknowledged

Q&A highlights

5 direct, 1 evasive
Defense business top line and investment details Evasive
I said in the on the Defense side, we will update fully as a segment in detail from the first half of next year. So post the September results.

Management deferred providing specific financial details for a new, strategically important business segment, indicating information is not yet ready for disclosure.

Asked by Mahesh

Navi Mumbai Airport modeling for FY27 and interim losses Direct
No. Airport is a regulatory asset, so there is no question of any losses. On the aero side, the way to model it is to take the regulatory asset base. Provisionally, it will be high teens close to INR 20,000 crores. And on the regulatory asset, the weighted average rate of return is expected to be around 12% to 14%.

Clarifies the financial structure of the newly commissioned Navi Mumbai Airport, assuring no interim losses due to its regulatory asset nature and providing key metrics for modeling.

Asked by Mahesh

Airport business sequential growth slowdown from Q2 to Q3 Partial
No. I think what you will see is that actually that number will again accelerate only because it's a timing of various accounting of regulatory assets. So as the regulatory assets kick in, you will see that you will have the revenue from those regulatory assets come in at different times.

Addresses analyst concern about growth deceleration, attributing it to accounting timing for regulatory assets and projecting future acceleration, rather than underlying operational issues.

Asked by Manish Somaiya

Improvement in legacy businesses, specifically Kutch Copper ramp-up Direct
But we expect that now the full utilization should start over the next 2 to 3 months. So you'll start seeing the numbers in the first quarter of the following financial year, which you haven't seen an impact in this quarter. ... at various utilization rates, say, if it is 70%, then it will add roughly INR2,800 crores of EBITDA; if it is 80%, around INR3,100 crores.

Provides a clear timeline and quantified EBITDA contribution for Kutch Copper, a significant incubating asset, indicating its material impact on future financials.

Asked by Manish Somaiya

Details on the data center partnership with Google Partial
It's a little bit too early at this point. Just to give you an idea, we are just currently working through with the relevant agreements, and so there's nothing that we can share which will be complete. ... Probably, I think given their timelines and what we are aware of, probably say it's about another quarter to 4 months away before we will be able to publicly share the rollout plans.

Indicates a significant new strategic partnership is in early stages of development, with specific details and rollout plans expected within the next 1-4 months.

Asked by Manish Somaiya

Coal to PVC project timelines, capital employed, and total project capex Direct
I think from a revenue perspective, we should look at calendar year '28. And completion point of view, base completion towards end of this year and then ramp up, which will continue in that business, you can estimate roughly 6 to 9 months. obviously, we'll provide a lot more detail closer to the event. But currently, our capex that has already been expensed on that business is in the vicinity of about INR9,000 crores, so just over one-third of the capex.

Provides crucial timelines for revenue generation and project completion, along with a significant figure for capex already incurred for a large-scale industrial project.

Asked by Prateek Kumar

Total capex target for FY26 and amount incurred till 9 months Direct
So our total target that we had outlined was roughly INR36,000 crores, and we have already done just about INR25,200 crores.

Confirms the company's significant capital expenditure plans for the fiscal year and the progress made in spending, indicating continued investment in growth.

Asked by Prateek Kumar

6 GW cell and module capacity capex and order book sufficiency Direct
The total capex for this project is around INR10,000 crores and it is on schedule completion. So we expect it to be ready and producing by September 2026. ... It depends on capacity only, we have enough orders.

Confirms the capex and timeline for a major green energy manufacturing asset and assures market demand, indicating strong future prospects.

Asked by Dhananjay Mishra

3 min read 7 chapters

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.

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