Adani Enterprises Limited — Q4 FY26 earnings call

Call held 30 Apr 2026

Management summary

Adani Enterprises Limited concluded FY26 with strong financial results, reporting a total income of INR 1,02,943 crores and EBITDA of INR 16,464 crores. The company's strategic pivot towards core infrastructure and services businesses is evident, now contributing 80% of its EBITDA. While the Commercial Mining segment faced temporary headwinds from weather and forex fluctuations in Q4, significant incremental EBITDA is anticipated from newly operational assets like Navi Mumbai Airport, Kutch Copper, and Ganga Expressway in FY27, underscoring a clear path for value unlock and sustained growth.

Highlights

  • FY26 Total Income of INR 1,02,943 crores demonstrates strong overall performance.

  • FY26 EBITDA of INR 16,464 crores reflects robust operational profitability.

  • Airport segment income grew 28% YoY to INR 13,081 crores, with EBITDA up 55% YoY to INR 5,394 crores, driven by tariff revisions and non-aero growth.

  • 80% of EBITDA now comes from core infrastructure and services businesses, indicating a successful portfolio transformation.

  • Navi Mumbai Airport, Kutch Copper, and Ganga Expressway are expected to add over INR 3,000 crores incremental EBITDA in FY27.

Concerns

  • Commercial Mining EBIT declined Q-o-Q in Q4 FY26 due to weather events in Australia, constraining production for nearly a quarter.

  • A non-cash mark-to-market loss of INR 600 crores due to exchange rates impacted Commercial Mining EBIT in Q4 FY26.

  • Short-term margin compression is expected in solar sales due to the primary focus on the India market.

Key financials

  1. Total Income ₹1.03L Cr
  2. EBITDA ₹16,464 Cr
  3. Profit Before Tax ₹4,309 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

  • Mining Services (FY26)
    49.4 MMT Dispatch Volume₹4,536 Cr Revenue₹1,986 Cr EBITDA
  • Integrated Resource Management (FY26)
    44.6 MMT Volume₹29,112 Cr Revenue₹2,767 Cr EBITDA
  • Airports (FY26)
    95.3 million passengers Passenger Traffic₹13,081 Cr Total Income₹5,394 Cr EBITDA26% Aero Revenue Growth31% Non-Aero Revenue Growth
  • ANIL (Solar & Wind) (FY26)
    ₹3,700 Cr Solar EBITDA₹760 Cr Wind EBITDA₹12,000 Cr Solar Top Line₹3,700 Cr Wind Top Line

Capital allocation

high confidence
  • Capex ₹40,000 Cr
    • Airports ₹17,000 Cr
    • PVC ₹9,000 Cr
    • Natural resources, metals, mining ₹4,000 Cr
    • Adani New Industries, hydrogen, etc. ₹10,000 Cr
    We expect the next year to be around the same level, about INR40,000 crores. And of that, there are 3 core areas where the capex is, especially airports, which will be roughly, give or take, about INR17,000 crores. The PVC will continue its capex. Next year, we should hit closely -- capitalize close to about INR9,000 crores. So that's 26K. And another INR4,000-odd crores would be in the natural resources, metals and mining space. And all of the businesses combined would be Adani New Industries, hydrogen, etc. So those businesses will take the other INR10,000 crores all of the rest.
  • Debt 3.9× EBITDA
    I think right now, you're at 3.9x. As Navi Mumbai, Ganga Expressway, some of the other assets come online and contribute fully. How should we think about the leverage profile of the business in 1 to 2 years? So two questions there... So for example, in core infra, which is platform, we have a net external debt of, say, INR45,000 crores, which is about just under $5 billion. Against that, the regulatory asset base itself is just under $4 billion. So it is heavily supported by the regulatory asset base. On the metals, materials and mining, we have a net external debt of about $2 billion, against where we call our operating assets, which are roughly around about $6 billion. So we keep a low or very conservative leverage profile on the metal, materials and mining side, given the volatilities we face in those businesses. And we keep the normal core infra profile on the core infra side. We don't expect that to change. So our core infra will track the core infra. So we guide to that in the core infra while we are growing, we will be closer to the 3.5 to 4.5 range. And obviously, we'll be lower in relation to the mining. So we don't expect the numbers next year to be materially different from this, including our capex plan of about $4.5 billion. So the 3.9x is likely to remain either flat or slightly down.
  • M&A AGHPort Aviation Services Private Limited Acquisition · Closed

    For Airport Ground Handling segment

    coupled with acquisition of AGHPort Aviation Services Private Limited for Airport Ground Handling segment
  • M&A SKYIWAVE Private Limited Acquisition · Closed

    For enhancing advertising capability and innovative media solutions

    and SKYIWAVE Private Limited for enhancing advertising capability and innovative media solutions

Guidance & targets

EBITDA

  • Incremental EBITDA from new assets EBITDA · FY27 · High confidence Over INR 3,000 crores
    In the next fiscal year, AEL is set to unlock EBITDA from Navi Mumbai Airport, Kutch Copper and Ganga Expressway, which are expected to add over INR3,000 crores EBITDA to AEL.

    — Arun Bansal

  • Peak Capacity Contribution from Copper, Navi Mumbai, Ganga Expressway EBITDA · End of FY28 · High confidence INR 6,000-6,800 crores
    So overall, these businesses will contribute at peak capacity somewhere between INR6,000 crores to INR6,800 crores. ... Towards the end of FY '28.

    — Robbie Singh

Mining Services

  • Dispatch Volume Growth Mining Services · FY27 · High confidence High double-digit growth, close to 20%
    You can expect that we will be high double-digit growth next year as well. So say close to 20% mark.

    — Robbie Singh

Airport

  • Demerger Readiness Airport · FY27-FY28 · Medium confidence Ready by '27, '28
    I think from Airports business plan point of view, Prateek, I think the airport team airport management would be ready by -- they are comfortable around, say, '27, '28.

    — Robbie Singh

Capex

  • Total Capex Capex · FY27 · High confidence Around INR 40,000 crores
    We expect the next year to be around the same level, about INR40,000 crores.

    — Robbie Singh

New Energy

  • Hyperscale Order Execution Timeline New Energy · Next 40 months · High confidence Roughly 40 months
    This will be a standard form, roughly, you can assume about 40 months.

    — Robbie Singh

  • Hyperscale Order Groundbreaking New Energy · Next quarter · High confidence Just over a quarter
    Ground is in pre-planning stage. So just over a quarter.

    — Robbie Singh

  • Module Line Numbers (6 GW) New Energy · H2 FY27 · High confidence H2 FY27
    Safely assume that you will start seeing some of the numbers for module line towards the second half of the year

    — Robbie Singh

  • Cell Line Completion (6 GW) New Energy · H2 FY27 · High confidence H2 FY27
    and then we should have the cell line, we should complete in the second half, and you will see the numbers from the next year onwards.

    — Robbie Singh

EBITDA Mix

  • Core Infra Share of Total Business EBITDA Mix · Next 2-3 years · Medium confidence 4/5th
    So the next 2 to 3 years, we expect these numbers to continue inch higher a little bit, but SO broadly speaking, it will mirror our core infra strategy, which is about 4/5th of our total business is in core infra.

    — Robbie Singh

Leverage

  • Net Debt to EBITDA Leverage · Next year · Medium confidence Flat or slightly down from 3.9x
    So the 3.9x is likely to remain either flat or slightly down.

    — Robbie Singh

What to watch in Q1 FY27

Commercial Mining Volume Recovery

Next year (FY27)
Current Constrained for nearly a quarter in Q4 FY26 (produced ~50 MMT vs 86.6 MMT peak capacity)
Target High double-digit growth, close to 20% for FY27

Why it matters

Q4 performance was impacted by weather events; recovery and growth in this segment are key for overall profitability.

We expect that to not be there this year, but that was the main change in the Commercial Mining. ... You can expect that we will be high double-digit growth next year as well. So say close to 20% mark.

Risks & concerns

  • Commercial Mining production constraint due to weather events

    medium

    Rain-related events at Carmichael mine in Australia constrained production for nearly a quarter in Q4 FY26.

    Management acknowledged

  • Non-cash mark-to-market loss due to exchange rates

    low

    INR 600 crores non-cash loss impacted Commercial Mining EBIT in Q4 FY26.

    Management acknowledged

  • Short-term margin compression in solar sales

    low

    Focus on the India market for solar sales is expected to lead to slight margin compression in the short term.

    Management acknowledged

Q&A highlights

7 direct
Commercial Mining EBIT decline in Q4 FY26 Direct
Mohit, the number that you were highlighting, which is basically on Commercial Mining business is related to the specific event, weather events that occurred in Australia in this year at Carmichael mine, which was largely a rain-related event where the regional -- all the mines we had to pump out the water that had accumulated due to a seasonally or decadally higher rain. And that resulted in mining production being severely constrained for about just over a period of nearly a quarter. We expect that to not be there this year, but that was the main change in the Commercial Mining. And other part of that is because the way we have invested in Australia mine business, we take a noncash mark-to-market loss, which has happened due to the exchange rates, which is about INR600-odd crores.

Explains the reasons behind the Q-o-Q decline in Commercial Mining EBIT, attributing it to temporary weather events and a non-cash forex loss.

Asked by Mohit Kumar

Execution timeline for new 358 MW hyperscale order Direct
This will be a standard form, roughly, you can assume about 40 months. Ground is in pre-planning stage. So just over a quarter.

Provides specific timelines for a new significant order, indicating a long-term project with near-term preparatory work.

Asked by Mohit Kumar

Solar sales strategy (India vs. exports) and margin impact Direct
As I mentioned in my last call, we will continue to sell in India. There could be certain of the markets, where ongoing marketing efforts continue. And as you know, recently, there was a EU FTA also signed. So there are a few opportunities around EU area as well. But I think overall, we can from the numbers point of view, as I mentioned, we can just assume that it's primarily India. And the thing it does - it compresses the margin, but that gain we will make from productivity as we go through this. So short term there is slight margin compression, which you will notice in the numbers. But beyond that, I think from a business point of view, the sales and the ramp-up of sales is quite solid.

Clarifies the primary market for solar sales (India) and acknowledges short-term margin compression, while maintaining confidence in sales ramp-up.

Asked by Mohit Kumar

FY27 Capex plan and segment breakdown Direct
We expect the next year to be around the same level, about INR40,000 crores. And of that, there are 3 core areas where the capex is, especially airports, which will be roughly, give or take, about INR17,000 crores. The PVC will continue its capex. Next year, we should hit closely -- capitalize close to about INR9,000 crores. So that's 26K. And another INR4,000-odd crores would be in the natural resources, metals and mining space. And all of the businesses combined would be Adani New Industries, hydrogen, etc. So those businesses will take the other INR10,000 crores all of the rest.

Provides a detailed breakdown of the significant FY27 capex, outlining investment priorities across key business segments.

Asked by Mohit Kumar

Timeline for Airport segment demerger/monetization Partial
I think from Airports business plan point of view, Prateek, I think the airport team airport management would be ready by -- they are comfortable around, say, '27, '28. And then -- after that, it's very much for AEL Board to determine. But I think from a business point of view, the business will be ready around that period.

Gives a potential timeline for a major strategic event (demerger) for the Airport business, indicating management's internal readiness.

Asked by Prateek Kumar

Clarification on INR 3,000 crores incremental EBITDA and peak contribution Direct
No, there will be as the Airport team mentioned, Navi Mumbai is still ramping up. It will ramp up in about 18 months. So the peak EBITDA of Navi Mumbai itself will be closer to in fact, it will approach this number itself. So we are not it's not peak number at all. ... Just over INR15,000 crores. That will be one point. As Copper itself will be close to just over INR2,000 crores. So overall, these businesses will contribute at peak capacity somewhere between INR6,000 crores to INR6,800 crores. ... Towards the end of FY '28.

Clarifies that the INR 3,000 crores incremental EBITDA is not the peak and provides a higher peak contribution target for new assets by FY28, indicating significant future growth potential.

Asked by Dhananjay Mishra

Progress on Green Hydrogen ecosystem and future plans Direct
See, first of all, the green hydrogen, currently, our main focus is to get the integrated manufacturing complex up. Second, do the pre-prep and planning for the new site for the solar and wind assets. And the electrolyzer testing is underway. So we will once all of that is completed, we get good feedback. Then we look at on to your later part of the question, once we are ready with that aspect of the business, which is finally the decision on implementing the green power and then the derivative of hydrogen later, I think that if you allow a certain time when we are ready to disclose the full operating details of that to the market once we have taken those decisions. So at this point in time, like I said, first objective to have the integrated manufacturing facility up and running fully at full capacity, not just the current capacities. Prepping all of the work that is required for the site for the renewable power. Beyond that, we have not made any final investment planning and decision on that.

Provides a detailed update on the multi-stage development of the green hydrogen ecosystem, emphasizing current focus on manufacturing and planning before final investment decisions.

Asked by Deval Shah

Future equity dilution plans Direct
Dilution, I don't know what you mean by dilution. We do the rights issue. So it's not dilutary. But we don't have any plan for any specific equity issuances for the business now.

Reassures investors that there are no current plans for specific equity issuances, clarifying the company's capital raising strategy.

Asked by Deval Shah

3 min read 8 chapters

Detailed narrative

Strong FY26 Performance and Infra-Utility Transformation

Adani Enterprises Limited concluded FY26 with robust financial results, reporting a total income of INR 1,02,943 crores and an EBITDA of INR 16,464 crores. The company's strategic portfolio transformation has been successful, with 80% of its EBITDA now originating from core infrastructure and services businesses, a significant increase from 12% in 2019. This shift aligns with the broader Adani Group's strategy and positions AEL for future value unlock through demergers, as its initial capex phase reaches maturity.

Airport Business Soars with New Additions and Strong Growth

The Airport segment demonstrated exceptional growth in FY26, with total income surging by 28% YoY to INR 13,081 crores and EBITDA increasing by 55% YoY to INR 5,394 crores. This strong performance was primarily driven by tariff revisions and a robust 31% YoY growth in non-aeronautical revenues. The commissioning of the greenfield Navi Mumbai International Airport in December 2025, the inauguration of a new terminal at Guwahati, and strategic acquisitions in ground handling and advertising further solidify Adani Airport's leading position in India's aviation ecosystem.

Mining Services and IRM Deliver Consistent Performance

The Mining Services portfolio achieved a 14% YoY growth in dispatch volume, reaching 49.4 MMT in FY26, and contributed INR 1,986 crores in EBITDA, an 18% increase. The operationalization of the GP-II mine, with a peak capacity of 23.6 MMTPA, expanded the current operational service contracts to seven, with a total growth potential of 86 MMT annually. The Integrated Resource Management (IRM) business also reported strong figures for FY26, with a volume of 44.6 MMT, revenue of INR 29,112 crores, and EBITDA of INR 2,767 crores.

Strategic Capex Plan for FY27 to Fuel Future Growth

Adani Enterprises has outlined a substantial capital expenditure plan of approximately INR 40,000 crores for FY27. This investment is strategically allocated across key growth areas, including roughly INR 17,000 crores for Airports, INR 9,000 crores for PVC projects, INR 4,000 crores for natural resources, metals, and mining, and INR 10,000 crores for Adani New Industries and hydrogen initiatives. This significant capex underscores the company's commitment to expanding its core infrastructure platforms and driving long-term value creation.

Green Hydrogen Ecosystem Development Underway

The company is actively progressing its green hydrogen ecosystem, with a primary focus on establishing an integrated manufacturing complex and undertaking pre-preparation and planning for new solar and wind assets. Electrolyzer testing is currently underway. While no final investment decisions have been made beyond the current preparatory work, the objective is to ensure the integrated manufacturing facility is fully operational at full capacity, indicating a strategic long-term commitment to the new energy sector.

New Assets to Drive Significant Incremental EBITDA

Adani Enterprises anticipates a substantial boost in its EBITDA from newly operational assets in the next fiscal year. Navi Mumbai Airport, Kutch Copper, and the Ganga Expressway are collectively expected to add over INR 3,000 crores in incremental EBITDA in FY27. Furthermore, the peak capacity contribution from these three businesses is projected to reach between INR 6,000-6,800 crores by the end of FY28, highlighting their significant potential to enhance the company's earnings as they fully ramp up operations.

Leverage Profile Maintained Amidst Growth

Despite ambitious growth plans and significant capital expenditure, Adani Enterprises expects its overall leverage profile to remain stable. The net debt to EBITDA ratio, currently around 3.9x, is projected to remain flat or slightly decrease, even with a capex plan of $4.5 billion. The company maintains a differentiated and conservative leverage approach for its core infrastructure businesses (targeting 3.5-4.5x) compared to its more volatile metals, materials, and mining segments, and has no plans for specific equity issuances beyond its non-dilutive rights issue.

Q4 Commercial Mining Impacted by External Factors

The Commercial Mining segment experienced a Q-o-Q decline in EBIT during Q4 FY26, primarily due to specific weather events at the Carmichael mine in Australia. Heavy rains constrained production for nearly a quarter, impacting dispatch volumes. Additionally, the segment incurred a non-cash mark-to-market loss of INR 600 crores due to exchange rate fluctuations. Management expects these issues to be temporary and not recur in the upcoming fiscal year, anticipating a recovery in mining volumes.

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