Adani Enterprises (ADANIENT) Q4 25/26 earnings summary

Executive summary

• 80% of EBITDA now comes from core infrastructure and services, up from 50% in FY23, reflecting a mature infra-utility portfolio and strong growth in transport, logistics, and energy.

• FY26 consolidated total income rose 3% year-over-year to ₹1,02,943 crore, with EBITDA up 2% to ₹16,464 crore, excluding exceptional pre-tax gains.

• Major value unlock expected through demergers, with businesses in airports, roads, new industries, and mining services ready for independent growth.

• Audited standalone and consolidated financial results for FY26 were approved, with a recommended final dividend of ₹1.30 per equity share, subject to shareholder approval.

• Appointment of Ernst & Young LLP as new Internal Auditor and approval to raise up to ₹15,000 crore via equity or eligible securities, pending approvals.

Financial highlights

• FY26 consolidated total income: ₹1,02,943 crore; EBITDA: ₹16,464 crore; Profit before tax: ₹4,309 crore (excluding exceptional gain of ₹9,215 crore).

• Consolidated net profit after tax for FY26 was ₹9,950.69 crore, compared to ₹8,004.99 crore in FY25.

• Mining services: dispatch volume up 14% to 49.4 million MT, revenue up 20% to ₹4,746 crore, EBITDA up 18% to ₹1,986 crore.

• Airport segment: total income ₹13,081 crore (up 28% YoY), EBITDA ₹5,394 crore (up 55% YoY), passenger traffic 95.3 million.

• Exceptional gains of ₹8,600.81 crore (post-tax ₹7,116.68 crore) recognized from divestment of AWL Agri Business Limited.

Outlook and guidance

• FY27 EBITDA expected to increase by over ₹3,000 crore from Navi Mumbai Airport, Kutch Copper, and Ganga Expressway.

• Core infra EBITDA profile expected to increase 2.8x over three years as 34% of assets under development become operational.

• CapEx for FY27 guided at ₹40,000 crore, with major allocations to airports, PVC, natural resources/metals/mining, and new industries.

• Board approved raising up to ₹15,000 crore through equity or eligible securities to support future growth.

• Dividend of ₹1.30 per share recommended for FY26, subject to AGM approval.