Adani Enterprises (ADANIENT) Q3 25/26 earnings summary

Executive summary

• Achieved recognition as a top 10 global solar manufacturer, the only Indian company in this group, with over 15 GW cumulative shipments and high capacity utilization.

• Board approved unaudited results for Q3 and 9M FY26, with strong year-over-year growth in profitability and revenue.

• Major infrastructure assets like Navi Mumbai Airport, Copper Plant, and Ganga Expressway are expected to unlock further EBITDA.

• Rights issue raised ₹24,930 crore, increasing paid-up equity capital to ₹122.34 crore and oversubscribed by 30%.

• Aerospace and defense business progressing, with partnerships for regional civilian transport and helicopter ecosystems.

Financial highlights

• Nine-month consolidated income: INR 96,976 crore; EBITDA: INR 11,985 crore; profit before tax: INR 3,581 crore, excluding a one-off gain of INR 9,215 crore.

• Q3 FY26 consolidated income was ₹25,475 crore, up 8% year-over-year; net profit after tax for Q3 FY26 was ₹5,726.57 crore.

• Incubating businesses' EBITDA up 47% year-over-year, led by airports and data centers.

• Airport segment EBITDA for nine months: INR 3,724 crore, surpassing FY25 full-year EBITDA; income up 31% to INR 9,652 crore.

• Exceptional gains of ₹5,632.09 crore in Q3 FY26 from divestment of AWL Agri Business Limited stake.

Outlook and guidance

• Large infra assets nearing completion, including Navi Mumbai, Kutch Copper, and Ganga Expressway, expected to add over INR 3,000 crore to EBITDA.

• Kutch Copper to reach full utilization in Q1 next year, with expected EBITDA addition of INR 2,800–3,100 crore at 70–80% utilization.

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

• Coal to PVC project revenue expected from calendar year 2028; CapEx to date about INR 9,000 crore.

• 6 GW solar cell/module line to be ready by September 2026, with total CapEx of INR 10,000 crore.