Adani Enterprises Ltd. (NSE: ADANIENT) Q3 2025 Earnings Call dated Jan. 30, 2025
Corporate Participants:
Jugeshinder Singh — Chief Financial Officer
Vinay Prakash — Director, Adani Enterprises and Chief Executive Officer, Natural Resources
Analysts:
Mohit Kumar — Analyst
Mahesh Patil — Analyst
Prateek Kumar — Analyst
Naman Jain — Analyst
Sarang Joglekar — Analyst
Deval Shah — Analyst
Dhananjay Mishra — Analyst
Bhavik Shah — Analyst
Giriraj Daga — Analyst
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to the Adani Enterprises Limited Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions].
I now hand the conference over to Mr. Mohit Kumar. Thank you, and over to you.
Mohit Kumar — Analyst
Thanks, Mike [Phonetic]. Good evening, everyone, and welcome to the Q3 FY ’25 earnings call of Adani Enterprises. Today, we have with us the senior management of the company, represented by Mr. Vinay Prakash, Director, Adani Enterprises Limited and CEO, Natural Resources; Mr. Robbie Singh, CFO, Adani Enterprises; and Mr. Manan Vakharia, Investor Relations.
Without much delay, I will now hand over the call to Mr. Robbie Singh for his opening remarks, which will be followed by Q&A. Over to you, sir. Thank you.
Jugeshinder Singh — Chief Financial Officer
Thank you, everyone, for joining. Good evening. We welcome you to the earnings call to discuss Adani Enterprise results announced today for quarter and nine months December 31, 2024. Adani Enterprise Limited is the flagship company for Adani Group, one of India’s largest business incubators. Over the years, Adani Enterprise has focused on building utility and infra assets, contributing to addressing logistics and energy transition challenges of India. The business portfolio of AEL is clubbed under incubating and established businesses, which comprise assets spread across energy and utility, transport and logistics, direct-to-consumer and primary industries. AEL’s emerging core infra businesses under its incubation portfolio are represented by Adani new Industries, data center airports and road businesses. The established business portfolio is represented by primary industry verticals, spread across mining services, metals and minerals, commercial mining and industrials.
The emerging core infra businesses have yet again delivered robust nine months results. ANIL green hydrogen ecosystem EBITDA increased by 121% to INR3,666 crores. Module sales are now at run rate of 1 gigawatt per quarter. And the wind business has supplied over 100 turbine sets during this nine months period.
Adani Airport’s EBITDA grew by 43% to INR2,527 crores with the percentage of volume increasing 7% to 69.7 million. And this is at a run rate of roughly 90 million per year.
The incubating businesses results during the nine-month period are: Income up by 47% to INR25,170 crores, EBITDA up by 27% to INR7,674 crores, and PBT up by 114% to INR4,016 crores. This consistent high contribution of these emerging core and infra businesses boosted the overall consolidated results during the nine months period. With the consol income up by 6% to INR72,763 crores, consol EBITDA up by 29% to INR12,377 crores, incidentally, just so that everyone understands. This nine-month EBITDA is roughly the same as last full year EBITDA of INR13,200 crores. The consolidated profit before tax up by 21% to INR5,220 crores. And just again, this is roughly same as last full years profit before tax.
I just want to also highlight for everyone that as part of the holding structure of the mining business, which is within AEL, we use an instrument to invest when AEL invest in its mining subsidiaries, it uses a shareholder loan, which is generally given in US dollars to the mining business, primarily in Australia. So consequently, we have a non-cash, non-payable mark-to-market of roughly can vary, but this quarter it was roughly about over INR1,000 crores. So consequent to that non-cash, non-payable mark-to-market the — there is a proportionate increase in — because of reporting requirements in the interest to 2,000 — finance cost to INR2,141 crores. Please note out of the INR2,141 crores, roughly INR750 crores to INR770 crores of debt is non-cash, non-payable MTM only. So the actual interest cost in cash is INR1,390 crores only.
So I just wanted to clarify that because we’ve seen some of the questions because there was a delay in putting our presentations onto the website. But if you go to our — and the equity presentation — earnings presentation, which is on the website, if you go to Page 28 of that presentation, you will see in the gray-shaded area for clarity of investors, we have highlighted that clearly. And I just wanted to make sure that you — investors/analysts do not get unnecessarily worried about this. And we will make sure that we clarify this appropriately as a of comment always in the future, so it doesn’t cause any unnecessary confusion.
Continuing. On the Adani Wilmar transaction, during the quarter, we agreed for an agreement with respect to Adani Wilmar JV. Subsequently, we launched an offer for sale and reduced our stake by 13.5%. Further steps consist of transferring the remaining stake of 30.4% will be taken as per the agreement. Just to give you a highlight, Wilmar contributed roughly — Adani Wilmar contributed roughly about INR250 crores to our — as a cash after tax number to AEN to highlight this transaction and the benefit of this transaction for AEL shareholders. The post-tax equity proceed of this transaction will be roughly INR14,200 crores, which will enable Adani Enterprise to invest up to INR70,000 crores in its core infra businesses. At a rate of return of what we earn, which is around about 15% to 18%, it will enhance EBITDA of Adani Enterprise by INR11,000 crores and a cash after tax of roughly INR5,000 crores. So we lose the cash after tax of roughly INR250 crores and we will — our new investments will result in a cash after tax of about INR5,000 crores. So it’s a 20-time improvement in the actual cash after tax post this transaction. So it’s massively accretive in terms of earnings, EBITDA, cash flow for Adani Enterprise shareholders.
Coming to project and operational updates on major businesses. I’m pleased to inform that Adani wind manufacturing business of ANIL has also listed 3.3 megawatt wind turbine in RLMM. Now we have four turbines listed; two of 5.2 size and one of 3 and one and the latest one 3.3. In AAHL, airports, during the quarter, as you might have seen reports, Navi Mumbai Airport successfully conducted the first commercial flight validation testing. Mumbai Airport is now the first airport in India and third globally to achieve Level 5 accreditation, distinguishing it as a leader in passenger satisfaction. Adani Airport further added 14 new routes, four new airlines and nine new flights during the quarter across all of its operating assets.
On our commitment to ESG, we are pleased to inform you that during this quarter, AEL and secured sector-leading net score of 63 out of 100 in the S&P Global Corporate Sustainability Assessments for year 2024. This marks a significant improvement from our previous score of 49. AEL has now been ranked among the top-five companies globally in the ESG performance out of 180 sector peers globally.
I hand over to my colleague, Vinay, to go through the mining services portfolio.
Vinay Prakash — Director, Adani Enterprises and Chief Executive Officer, Natural Resources
Thank you, Robbie. Good afternoon, everyone. As far as the mining service business is concerned, Adani Enterprise Limited is a pioneer of MDO, which is mine developer and operator concept in India, with an integrated business model that expands across developing mine as well as the entire upstream and the downstream activities. It provides the full service range right from seeking various approvals, land acquisition, INR, developing required infrastructure, mining benefication, which is washery, and transportation to designated consumption points.
Our success is underpinned by our commitment to excellent risk management and sustainable mining practices. The company is now MDO for nine coal blocks and two iron ore blocks. During the quarter, the dispatch volume increased by 55% to 11.8 million metric tonnes. The revenue increased by 57% to INR856 crores and EBITDA increased by 148% to INR354 crores, in line with the growth in volume and improved revenue mix. As far as our IRM business is concerned, integrated resource management business, we have continued to develop business relationships with diversified customers across various end user industries. We remain number one player in India and endeavor to maintain this position going forward.
Over the past couple of years, the IRM business has been exploring ways to tap into the newer market segments through initiatives like the IRM portal, which is e-portal for the online trading of natural resources. Also by leveraging technologies for faster and more reliable supplies, the portal has ensured ease of doing business for retail customers, leading to a larger market share for AEL. IRM continues to target our balanced customer mix of retail and public sector
Enterprise customers.
During this quarter, the volume stood at 12.1 million metric tons. The revenue from IRM business stood at INR9,562 crores and EBITDA stood at INR745 crores.
Under the commercial mining, where we have a tenement block in Australia Carmichael mine, the production increased by 14% to 3.3 million metric tons and the shipment increased by 7% to 3.2 million metric tonnes during the quarter.
Now we are open for the Q&A.
Questions and Answers:
Operator
Thank you, sir. We will now begin the question-and-answer session. [Operator Instructions] We have the first question from the line of Mahesh Patil from ICICI Securities. Please go ahead.
Mahesh Patil
Yeah. Hello, sir. Sir, my question is on the Navi Mumbai Airport. So if you could just highlight the current status of this airport. And the follow-up question would be in initial days till the tariff gets decided, how will the revenues be booked for aero charges here?
Jugeshinder Singh
I think the status is, we are pretty much on track there. Because of logistics and everything they are trying to formalize the formal launch it will sometimes be in April. Now the tariff order will get determined, but in the meantime, you are able to charge provisional tariff, and it will be done on the normal basis of provisional charge. And that is a well-established process, for which we’ve already filed. Once we receive formal clearances in about March, we’ll highlight those numbers in our May presentation post the annual results. But all of that work is going on as per schedule. We don’t expect any delay in any of that process.
Mahesh Patil
Okay, sir. And sir, the another question is on the solar manufacturing side. How do you think about solar manufacturing for the order book currently? And how do you think about the U.S. market given the recent events that have happened?
Jugeshinder Singh
I think there we are pretty, pretty much at our current run rate of about 1 gigawatt. So we are pretty much at full capacity there already. Eventually, as we have already said before, their final target is to have 10 gigawatts of capacity. But today, our actual capacity, we are at practically at 100%, which is roughly about 4.5 gigawatt annual. No near-term changes in that and no near-term changes in the forecast, we expect to run at about gigawatt per quarter of sales.
Mahesh Patil
Okay, sir. And sir, on the U.S. market, how do you see your growth market for solar exports?
Jugeshinder Singh
No, not real — no real dramatic change there. So we will — our mix will continue as we are. But we don’t expect that because it’s a — it’s a large-ish market, although there’s lot of noise, but the largest market. So it doesn’t — we are a very, very small part of a very large market. So it doesn’t change much from that basis. Very limited changes.
Mahesh Patil
Okay, sir. Thank you for answering my questions.
Operator
Thank you. We have the next question from the line of Prateek Kumar from Jefferies. Please go ahead.
Prateek Kumar
Yeah, good evening, sir. I have three questions. Firstly, on your airport EBITDA of — has moved from INR744 crores in Q2 to INR1,100 crores in Q3. How is this EBITDA change in Mumbai quarter-to-quarter and the six airports quarter-to-quarter?
Jugeshinder Singh
We can take this question specifically on notice. We have the detail but I don’t want to just give you a rough number. Prateek, if you don’t mind, we’ll put this number up as a note, and we share with you. But largely, it is because our RAB assets have come online in our six non-Mumbai airports, plus the change growth in non-aero is driving this number to INR1,100 crores from INR743 crores. So we can do the detailing as you request, but we’ll provide that as a separate answer. We’ll note it as an FAQ and we’ll share it.
Prateek Kumar
And the impact of tariff orders on five airports is now completely baked in this quarter or like more of it is be expected? I know for one of the airport, it’s still not there and of course, for Navi Mumbai, it’s not there, but yeah, I mean for remaining five, it’s all baked in?
Jugeshinder Singh
Five airports, Prateek, it’s baked in this quarter. So in this quarter’s numbers, you see the impact of the tariff change.
Prateek Kumar
Right. And in terms of that Adani Wilmar deal, while 13% stake has been sold already, the remaining 30% stake is expected to close within this financial year?
Jugeshinder Singh
It is largely the agreement is done is agreement is subject to various antitrust approvals is the competition approvals now they generally can be completed within sort of six weeks to say 30 weeks. So we expect somewhere in that range that all the competition approvals will be completed.
Prateek Kumar
Right. Thirdly, on your leverage position in this quarter, we have not given the net debt number for quarter end, because you’re not giving cash number — what is the net debt number or cash number whichever number if you can give. And third question is the capex for nine months and the full year capex target for the company?
Jugeshinder Singh
No, we have given the number. If you go to our earnings presentation on Page 31, you have non — we have given the number INR33,171 crores, which is a noncurrent debt, external debt number provided for and which is which was for March ’24 and then December net external debt INR46,858 crores is provided for. It’s on Page 31 of the presentation.
Prateek Kumar
Yeah. So it is external debt, but it is not net debt. So I was asking about the cash position. It was reported as I mean, I was asking about the net-debt position, which is gross debt minus a cash position and not talking about external debt. Maybe I can take that offline. But on the capex margin…
Jugeshinder Singh
Just one second, we’ll give you the number, just one second net external debt is 46 — noncurrent debt is INR46,858 crores and cash on balance sheet is INR5,800 crores.
Prateek Kumar
Right. And the capex is targeted for this year and nine months capex, how would that stack up?
Jugeshinder Singh
So in the capex, the only capex that we have a slight variation because of various approvals, etc. is related to the PVC project and a slight timing change in the green hydrogen ecosystem about INR4,000 crores and in the PVC of about INR7,000 crores. So aside from that, INR11,000 crores, our capex on rest of the business is on track. So we had highlighted guideline of around about INR80,000 crores and our planning is at INR69,562 crores.
Prateek Kumar
Guideline for this year was INR80,000 crores, your target was INR69,000 crores, and like nine months capex would be how much?
Jugeshinder Singh
Two variation. INR7,000 crores variation in the PVC project and about INR4,000 crores timing difference in terms of just when we execute with — currently where the prep work is going on. So there is a timing difference of about INR4,000 crores in the ANIL ecosystem, green hydrogen ecosystem.
Prateek Kumar
Yeah. And sir, the nine-month capex would be how much?
Jugeshinder Singh
So the nine-month, we are at roughly around INR21,000 crores.
Prateek Kumar
Okay. So around over like INR50,000 crores is like expected in like last quarter, that’s the expectation.
Jugeshinder Singh
I will give you a number what will not come in due to timing difference, what will be billing. What you will see is that roughly the INR28,000 crores of the ANIL ecosystem will not come in this year from an accounting perspective. So that is one big number. And because of the way we will complete formal completion of Navi Mumbai Airport will take place in April. So consequently that number will also come up next year. So this year, that number will be round about INR11,000 crores. So INR40,000 crores is just these two timing differences.
Prateek Kumar
Okay. So maybe like this year’s reported capex might be INR30,000 crores eventually versus nine months of INR21,000 crores?
Jugeshinder Singh
Correct. Little bit that would be the correct number because then in next year, Navi Mumbai, INR11,000 crores to INR12,000 crores will get added simply because of the fact that the closure will be reported in April. And then consequently, as we start on the ANIL ecosystem, those numbers will come up in the next year from accounting perspective.
Prateek Kumar
Sir, I’ll get back to the queue. Thank you.
Operator
Thank you. We have the next question from the line of Naman Jain from Kotak Institutional Equities. Please go ahead.
Naman Jain
Hello, am I audible?
Jugeshinder Singh
Yes.
Naman Jain
I have a few questions primarily on the ANIL ecosystem. Firstly, there has been a sequential drop-in exports when it comes to modules. So if you can elaborate on that. Second, how do we see the realization in the domestic DCR market? And what’s your view going-forward? Third, the 10-gigawatt target which you were looking for, is it still 2028 or are we preparing that?
Jugeshinder Singh
I think just a 10 gigawatt is as originally planned, it would not be preponed. Has a change, if there is a change, we will update. In relation to the sequential change, that is the — that’s how the customers scheduling worked. And as the scheduling — as the scheduling washes through, the numbers will come back to the normal schedules that the customers have. So that’s largely just the ordering schedule of the customers for the overseas export orders.
Naman Jain
Sir, and the view on the DCR market, the realization right now and how do we see it going-forward? Because we saw a drop in EBITDA margin too this quarter. So has there been some pressure in the domestic market?
Jugeshinder Singh
So I think, if I understand your question correctly, the margin between DCR and exports roughly in single-digits, low-single-digits. So there is no significant — it doesn’t significantly alter the EBITDA profile of the business in terms of DCR or exports at the moment.
Naman Jain
Okay. Got it. And just one last question. If you can share the WTG sales and EBITDA for the year, that will be helpful.
Jugeshinder Singh
Yeah. So WTG with the wind and manufacturing, the total income for the year was nine months is roughly INR1,700 crores and the EBITDA is around — actually close to INR340 crores.
Naman Jain
Okay. Thank you, sir. Thanks a lot. And best of luck for the next quarter.
Operator
Thank you. We have the next question from the line of Sarang Joglekar from Vimana Capital. Please go ahead.
Sarang Joglekar
Yeah, thanks for the opportunity. Just wanted to get some idea on the solar manufacturing. So in the domestic side, is it the same is through to the group company or out of external?
Jugeshinder Singh
Solar is external. Solar modules is external. Wind turbines is largely to AGEL.
Sarang Joglekar
Okay. Got it. And in the external market, just wanted to understand if the sale is usually through channel partners distribution to the retail market or to the EPC players. And I mean, roughly what is the size of this retail market that is growing, for example, rooftop solar?
Jugeshinder Singh
See for us it is both the retail plus the utility market. We’ll take this question as an FAQ and come specifically on the module mix in the domestic market, we can come back to you.
Sarang Joglekar
Okay. Got it. Thanks.
Operator
Thank you. We have the next question from the line of Deval Shah from RBSA Investment Managers. Please go ahead.
Deval Shah
Yeah, hello. Good afternoon. Sir, my question pertains to the solar manufacturing side. So while we have reported revenue growth of 38% and EBITDA of 34%. And on subsequent slide, it is mentioned that the realization and the EBIT — operating efficiency both has increased. So just wanted to understand, sir, is it because of the higher proportion of the WTG, which has reduced the margin or I would say diluted the margin?
Jugeshinder Singh
Just give us one second. I think on the margin question, if you go back to our previous presentation, the margin largely is in line with what we indicated at that time that the excessive margin of previously will not be continued, largely because of the fact that the realization of the modules is now more normalized than the number that was there previously. But not related to specifically to the wind turbine, as it increased this percentage. Okay. So if I consider the normalized scenario, the commentary says that the realization has improved and the efficiency has also improved for the solar manufacturing. So it’s margin-accretive in the normalized scenario? Correct. And that’s likely to continue in the future as more and more indigenization keeps happening.
Deval Shah
Okay. And sir, just on the clarification on the capex side, which you have mentioned, mentioned and connecting that with your slide on the AWL spends where you have mentioned how the cash would be invested. So I understand that INR78,000 crores of what we are planning to invest is inclusive of the projects which we are considering like the green hydrogen ecosystem and all.
Jugeshinder Singh
Yes. Those outcomes — it doesn’t change. It is just that, like, for example, one of the things is Navi Mumbai airport is relatively complete. It will formally complete in April. So, the numbers won’t come up in that period when it completes. Then the timing difference which is there in ANIL ecosystem. So more or less the — we generally don’t assume and we don’t forecast on potential capex that we might do. These are all known projects that we’ve already highlighted.
Deval Shah
Okay. That’s the integration I was looking at. And sir, also INR80,000 crores, which we earlier said, so this year we will be ending by spending only INR30,000 crores. I understand the accounting difference, but this year the spend would be INR30,000 crores?
Jugeshinder Singh
Yeah. On books you will see a number around that, yes.
Deval Shah
Okay. sir. Thank you.
Operator
Thank you. [Operator Instructions] We have the next question from the line of Dhananjay Mishra from Sunidhi Securities. Please go ahead.
Dhananjay Mishra
Yes. Thanks for the opportunity. So in terms of our ongoing capex, so in view of a slight shift on capex on ANIL ecosystem front and then we are expecting close to INR10,000 crores again from Wilmar sale next year and INR70,000 crores we can go with that. So our QIP plan for equity raising fund, that will — do we need really in FY ’26 or it will be — it can be delayed in FY ’27?
Jugeshinder Singh
That is largely because as a process we take enabling approvals. But you’re right, in the short term, there is no specific need, but our run rate equity requirements will continue broadly. But we will renew that approval if required, but no specific additional need outside of what we have already raised.
Dhananjay Mishra
Okay. So FY ’26, as such, we don’t need to raise as per our current schedule of capex, right? Will be concluded or Adani Wilmar?
Jugeshinder Singh
Adani Wilmar will conclude. So yes, so we said that we will raise about $2.5 billion. So that’s roughly what we have raised $0.5 billion in QIP and got $2 billion here, roughly.
Dhananjay Mishra
Okay. So there is a room for $1 billion more, right? Thank you.
Jugeshinder Singh
But, we don’t have definite timing, but yes.
Dhananjay Mishra
Okay. Thank you. This is all from my side.
Operator
Thank you. We have the next question from the line of Bhavik Shah from MK Ventures. Please go ahead.
Bhavik Shah
Hello, sir. Sir, what I understand is that current year capex will be at around INR30,000 crores, INR32,000 crores. So can you help us with the capex for next two years, say FY ’26 and ’27, how much will be our capex for next two years?
Jugeshinder Singh
I think this — we will not be able to specifically answer this question for this quarter because we update that annually. And with more — if you — I mean, we can attempt to give you a broad, but I don’t want to hazard a guess till we complete our process to go through the planning for the next 12 months, which will be in May. So I will more accurately be able to answer this question in May when we have all the necessary information from a planning perspective.
Bhavik Shah
Okay. And sir, do we have any major loan repayments coming up in say FY ’26? What will be the quantum of loan repayments in FY ’26?
Jugeshinder Singh
We are normal. The short-term debt is very, very limited at AEL. So at maximum, it would be around INR3,300 crores, for which with the cash held at AEL is INR5,800 crores.
Bhavik Shah
Okay. Okay. So basically what I understood from the previous line is that around INR39,000 crores, INR28,000 crores from Anil and INR11,000 crores of airports will be spent in next year, right?
Jugeshinder Singh
Yeah.
Bhavik Shah
Yes. So we’ll — that will be the minimum requirements of…
Jugeshinder Singh
No, no. It will be booked in next year. ANIL will be spent and airport will be booked.
Bhavik Shah
Okay. Okay. Understood, sir. And sir, say, other businesses like say data center or in our old Carmichael or anything, do we need any capex there?
Jugeshinder Singh
Yeah. No, the data that other than what’s flagged same, Carmichael and all no, no all capex done.
Bhavik Shah
So after Navi Mumbi Airport, will the other airports also need capex?
Jugeshinder Singh
Navi Mumbai itself will need capex.
Bhavik Shah
Okay. So that will begin from — after like after Phase 1 only?
Jugeshinder Singh
Yeah, yeah. After first year itself, new capex will start.
Bhavik Shah
Okay. And sir from the copper, how much capex is required in next year for copper business?
Jugeshinder Singh
Copper capex is mostly done, it’s just the business is now ramping-up. We expect the business to ramp up in the next financial year fully.
Bhavik Shah
Okay. So we expect to like hit peak utilization next year itself?
Jugeshinder Singh
Just repeat your question please?
Bhavik Shah
So we expect to hit peak utilization levels in copper business next year itself?
Jugeshinder Singh
Next financial year, plus/minus say the normal scheduling changes, but towards the first quarter of the following year.
Bhavik Shah
Okay. Okay. Understood, sir. Thank you so much.
Operator
Thank you. We have the next question from the line of Giriraj Daga from Visaria Family Trust. Please go ahead.
Giriraj Daga
Yeah. Hello. Am I audible?
Operator
Yes, we can hear you.
Jugeshinder Singh
Yes.
Giriraj Daga
Yeah. So my first question is on the IRM side. So we are seeing material drop-in our volume and earnings per se. Like would you say this was just one-off thing and it will come back to the normal run rate or for next few quarters, we will settle somewhere in between?
Vinay Prakash
So as far as the IRM business is concerned, as we have been saying in the past also, we consider it also as a service function where we are actually supplying the fuel need of our customers. Considering that there is a good domestic coal availability for customers, the market has come down. So, if you really see how things are happening in India in terms of domestic coal production and the power demand, it will have similar type of figures for at least a few quarters, but then it has to go up — and also, as I said in the statement, we are trying to see how we’re going to have more into services like by adding Sagarmala or by adding some other activities where we can take the advantage of being there in the service function for last two decades. So you will see a volume getting back but then we have a composition of coal trading plus services.
Giriraj Daga
Okay. Okay. Understood. Second, my question is on the capex. So just to get myself clear, first, we are talking about the ANIL ecosystem capex where we’ll be consuming internally the module and the wind turbine, sir. So that INR28,000 crores, INR30,000 crores roughly — roundabout number, that will come when we’ll start consuming for clean hydrogen projects, right? So are we looking to — for next year?
Jugeshinder Singh
No. I think the capex on the manufacturing ecosystem is completed. Mostly it’s just the final weeks of completion of the ingot wafer is going on. And at some point in time, the foundry will start. So that’s the only capex lift. There is ecosystem capex, which will — which is — which is we encourage that, but others also invest in that, it’s not just us.
Now wind turbine, yes, mostly of the wind turbine capacity is being utilized by AGEL at the moment because it’s a specific 5.2 megawatt wind turbine is not available anywhere else. So it and AGEL needs are quite large. The capex that ecosystem will happen is that when we move towards the generation of the green electrons for the production of green hydrogen. So the site work and all the PEP work is going on at the moment. As that — when that picks up, as we — you for say just not our sister firm, Adani Green, once that picks up, then the capex happens quite rapidly on the side prep and all those work goes on. So once that starts, which is the ecosystem for the production of green hydrogen, then the capex will pick up rapidly. Understood. So what my question is that so currently we are selling, let’s say, 1 gigawatt of module every quarter. And if we, let’s say sell 1 gigawatt from FY ’26 entirely 4 gigawatts, then this ecosystem capex will still be very low, right, next year also? Yes, it is. Because the manufacturing part of the green hydrogen ecosystem, which is manufacturing area, their capex — that investment we’ve already completed.
Giriraj Daga
Correct. So as per your estimate, when we will stop selling models in external market and consuming basically for our ecosystem, when we’ll hit that timeline?
Jugeshinder Singh
No, modules, we’ll continue to sell externally a very large amount. But overall, the — I don’t think that once we will also have — this module capacity itself will also rise. So it will never be that we will be consuming the modules ourselves only.
Giriraj Daga
So next year we will have module capacity of what 10 gigawatt is our target for FY ’28, right?
Jugeshinder Singh
Yeah, 4.5.
Giriraj Daga
4.5. And how is the schedule for FY ’27 like will we reach there? Will we combine one content capex of 10 directly to FY ’28?
Jugeshinder Singh
That’s more likely ’27, ’28, yes.
Giriraj Daga
Okay. Okay. Understood. Understood. So next year, like just to next year also cash capex will be somewhere about INR30,000, crores INR35,000 crores, right, because ANIL ecosystem capex will still be a year away from that?
Jugeshinder Singh
Correct.
Giriraj Daga
Understood. Okay. Thank you.
Operator
Thank you. We have the next question from the line of Prateek Kumar from Jefferies. Please go ahead.
Prateek Kumar
Yeah. Thanks for the follow-up, sir. Final question is on commercial mining. So there is this large PBIT loss which has been put in this segment. This is largely to that MTM loss which you said in the beginning. Is that right? And also what is the segment EBITDA during this quarter in this segment?
Jugeshinder Singh
So just on the MTM, it’s not an MTM loss on any borrowing or any external debt or external contract we have. It is just basically an artifact of how when we invest equity overseas, all of that is not just invested as pure equity, it is also invested as shareholder loans. So we booked the movement on the shareholder loan. It is not payable, it’s non-cash. And so it’s just that item. And the second part of your question, segmental, the Carmichael mine financials, just so that you are, income was roughly INR5,400 crores for the nine months, EBITDA INR763 crores.
Prateek Kumar
So even the EBITDA is like sort of negative for the same reason which you mentioned for the quarter?
Jugeshinder Singh
Yes, for that is largely because of the MTN of the shareholder loan.
Prateek Kumar
Okay. Okay. I have like a couple of other…
Jugeshinder Singh
Other item in the finance cost. That’s why it goes that way.
Prateek Kumar
And okay. On data centers, we have — I see that we have around 270 megawatt of capacity under-construction and we have order book of around 210 megawatts. While the commercialized capacity is only around 30 megawatt, how are we like in context of current environment around chip prices which may get impacted because of so new thing which has come up, like how are the contracts for us like work — like we have talked about earlier 210 gigawatt of order book. So how are the CHIP contracts like sort of work here? And how do you see that?
Jugeshinder Singh
Prateek, that is already customer-driven. So all the contracts are afoot. There is no change in that. We have roughly 210 under near-term completion. So that will be done. And we just another roughly 20 megawatt came online this quarter itself. So we — there is no change in the in the construction and development plan of that business.
Prateek Kumar
Okay. Sir, these are my questions. Thank you.
Operator
Thank you. [Operator Instructions] We have the next question from the line of Deval Shah from RBSA Investment Managers. Please go ahead.
Deval Shah
Thank you for the follow-ups. Sir, I just need a clarification on the PVC. You mentioned that the project has been — the INR7,000 crores of capex is post. Is it postponed or there is a change on the plan. So just wanted to understand on the PVC side of the capex.
Jugeshinder Singh
It’s just that the — given all the approvals required, etc., construction, the scheduling means that lot of that capex will come in the following year rather than just accounting year from booking perspective.
Deval Shah
It’s just the timing difference. For PVC, it’s the timing difference.
Jugeshinder Singh
It’s timing, yeah. It will get — the project is scheduled to complete as as we have outlined in calendar ’27.
Deval Shah
Okay. And sir, just wanted to understand your thought on the — obviously on the rupee depreciation. So what is its impact, what management is foreseeing impacting our debt profile and our capability on fundraising as well because of the INR/USD volatility.
Jugeshinder Singh
No, we plan for what is called the long long-run volatility curve of roughly about 4%. So if you look at the last 10 years or any 10-year period in the last, you’ll see a volatility curve around about 3.2 to 3.7 independent of what happens in one or two years. But because we cover that volatility curve over the 10-year period, there is no impact on our finance charges because of the rupee volatility.
Deval Shah
Okay. So as I understand, sir, in your projections as well, whenever you are planning for the overseas direction or commercial borrowings or whatever, we are taking the 4% depreciation impact in our projections, probably in the linear or some of the other models, but we are taking — considering the 4% depreciation.
Jugeshinder Singh
We assume that occurs. So consequently, we plan that way already.
Deval Shah
Okay. Well, I understand. Thank you so much. Thank you. That was the last question. I now hand it over to the management for closing comments. Thank you.
Jugeshinder Singh
Mohit, thank you for organizing this and to all the participants in Q&A. Thanks, investors. If there’s anything further via Mohit, you can please reach us. We will update a few FAQs that we have noted down. We’ll upload them and then we will also send to Mohit and so that can be distributed to the people who ask the questions. Thank you.
Operator
[Operator Closing Remarks]