Adani Enterprises (ADANIENT) Q1 25/26 earnings summary

Executive summary

• Portfolio spans energy, utilities, transport, logistics, consumer services, and primary industries, with both incubating and established businesses.

• Q1 FY26 consolidated total income ranged from ₹21,961.20 crore to ₹26,067 crore, with EBITDA between ₹3,786 crore and ₹4,300 crore, impacted by lower trade volumes and price volatility in IRM and Commercial Mining.

• Incubating businesses, especially Airports and Roads, maintained EBITDA growth momentum, while large infra assets like Navi Mumbai Airport, Copper Plant, and Ganga Expressway are expected to unlock further EBITDA from FY26.

• The quarter included significant exceptional gains from the sale of equity in AWL Agri Business Limited and the reclassification of this investment.

• Unaudited standalone and consolidated financial results for the quarter ended 30th June 2025 were approved and reviewed by the Board and Audit Committee.

Financial highlights

• Q1 FY26 consolidated income ranged from ₹21,961.20 crore to ₹26,067 crore; EBITDA between ₹3,786 crore and ₹4,300 crore.

• Incubating EBITDA increased by 5% to ₹2,800 crore, led by Airports and Roads.

• Segmental EBITDA: Airports up 61% to ₹1,094 crore, Roads up 44%, ANIL down 26%, IRM down 39%.

• Mining services dispatch volume up 30% to 12.1 million metric tons; revenue up 35% to INR 1,159 crore; EBITDA at INR 484 crore.

• Consolidated net profit after tax for Q1 FY26 was ₹976.48 crore; earnings per share (consolidated) was ₹6.02.

Outlook and guidance

• Large infrastructure assets (Navi Mumbai Airport, Copper Plant, Ganga Expressway) are expected to contribute significantly to EBITDA from FY26.

• Ganga Expressway 85% complete, set for completion in H2 FY2026.

• CapEx guidance for FY2026 remains at INR 30,000–35,000 crore.

• Targeting 1 GW data center capacity powered by renewables by 2030.

• Rate of return on new assets expected above 15%.