Adani Enterprises (ADANIENT) Q4 24/25 earnings summary

Executive summary

• FY25 consolidated total income grew 2% year-over-year to ₹1,00,365 crore, with strong performance in incubating businesses, especially green hydrogen, airports, and roads.

• EBITDA increased 26% year-over-year to ₹16,722 crore, and PBT rose 16% to ₹6,533 crore, excluding an exceptional pre-tax gain of ₹3,946 crore from the Adani Wilmar stake sale.

• Net profit for FY25 rose to ₹8,004.99 crore (consolidated), up from ₹3,335.27 crore YoY; board recommended a final dividend of ₹1.30 per share.

• Board approved fund raising up to ₹15,000 crore via equity or eligible securities, subject to approvals.

• AEL’s ESG performance improved, with a DJSI CSA score of 60/100 and a CDP rating upgrade to A- (leadership category) for 2024.

Financial highlights

• FY25 consolidated revenue from operations: ₹1,00,365.08 crore (up from ₹97,894.75 crore YoY); EBITDA: ₹16,722 crore (up 26% YoY); PBT: ₹6,533 crore (up 16% YoY, excluding exceptional gain).

• Consolidated net profit: ₹8,004.99 crore (vs. ₹3,335.27 crore YoY); EPS: ₹60.55 (vs. ₹27.24 YoY).

• Realized gain of ₹3,946 crore from 13.5% stake sale in Adani Wilmar.

• Incubating portfolio income up 42% to ₹34,546 crore; EBITDA up 68% to ₹10,025 crore; PBT up 87% to ₹4,996 crore over two years.

• Interest coverage ratio improved to 3.6x; debt service coverage ratio at 2.6x; net external debt at ₹49,306 crore as of March 2025.

Segment performance

• Green hydrogen ecosystem EBITDA up 108% to ₹4,776 crore; module sales up 59%, WTG supply doubled.

• Airport business EBITDA up 43% to ₹3,480 crore, with passenger movement up 7% YoY to 94.4 million.

• Roads: FY25 total income ₹10,086 crore (up 33% YoY), EBITDA ₹1,769 crore (up 44% YoY); road construction up 3.7x to 2,410.1 lane-kms.

• Mining services dispatch volume up 40% to 43.3 million MT; revenue up 60% to ₹3,787 crore; EBITDA up 100% to ₹1,688 crore.

• IRM business volume at 56.5 million MT, EBITDA ₹3,585 crore; FY25 sales volume down 31% YoY, impacting established business performance.