Adani Enterprises (ADANIENT) Q4 25/26 earnings summary

Executive summary

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

• FY26 consolidated total income rose to ₹1,02,943 crore, with EBITDA at ₹16,464 crore, excluding exceptional pre-tax gains.

• Major value unlock expected through demergers of sector-leading businesses in airports, roads, and mining.

• Incubating businesses, especially airports and new energy, showed strong growth, while established businesses faced headwinds from lower trade volumes and price volatility.

• Audited results for FY26 approved, with a recommended final dividend of ₹1.30 per share, subject to AGM approval.

Financial highlights

• Consolidated total income for FY26 was ₹1,02,943 crore; EBITDA reached ₹16,464 crore, and profit before tax was ₹4,309 crore, excluding exceptional gain of ₹9,215 crore.

• Mining services revenue up 20% to ₹4,746 crore; EBITDA up 18% to ₹1,986 crore.

• Airport segment income up 28% YoY to ₹13,081 crore; EBITDA up 55% to ₹5,394 crore.

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

• 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.

• Peak EBITDA from new assets projected at ₹6,000–6,800 crore by FY28.

• CapEx for FY27 planned at ₹40,000 crore, with major allocations to airports, PVC, and natural resources.

• 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.