Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Adani Enterprises Ltd. (NSE: ADANIENT) Q4 2026 Earnings Call dated Apr. 30, 2026
Corporate Participants:
Arun Bansal — Chief Executive Officer (Airports)
Robbie Singh — Chief Financial Officer
Analysts:
Ishan Verma — Analyst
Manish Somaiya — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Adani Enterprises Limited Q4FY26 earnings conference call hosted by Amtech Stockbroking Limited. As a reminder, all participant lines will remain in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal the operator by pressing Star then zero on your touchstone telephone. Please note that this conference is being recorded.
I will now hand the conference over to Mr. Ishan Verma from Antique Stock Broking Ltd. For opening remarks. Thank you. And over to you, Ishan.
Ishan Verma — Analyst
Thank you. Good evening everyone. On behalf of Antique Stoke Broken, I welcome you all to the Q4FY26 earnings conference call of Adani Enterprise Limited. We have with us the senior management of the company led by Mr. Robbie Singh, CFO, Adani Enterprise Ltd. Mr. Arun Bunsen, CEO, Adani Airport Holdings Ltd. Mr. Rajesh Poda, CFO, Adani Airport Holdings Limited Mr. Manan Wakaria, Head of Finance, Adani Enterprise Ltd. And Mr. Jitendra Khralia, Industrial, Adani Enterprise Ltd. We will start with a brief opening remark which will be followed by a Q and A session.
Thank you. And over to you Mr. Arun sir.
Arun Bansal — Chief Executive Officer (Airports)
Good evening everyone. Thank you for joining us today for Adan Enterprises earnings call for the quarter and year ended 3-31-2026. AVL’s portfolio comprises primarily of infrastructure focused businesses which is spans across energy and utility, transport and logistics and primary industries. Before I discuss quarterly earnings today, I want to highlight important elements of AEL’s current EBITDA and asset profile which has taken shape in last five years. And what does AEL’s EBITDA represent today?
AEL’s EBITDA profile has once again transformed into an infra utility portfolio as we close this financial year. With 50% of the EBITDA share coming from core infrastructure and services businesses. Intel is now getting ready for value unlock through demergers. These businesses are independent sector leading large core infra platforms spread across airports, roads, ANIL ecosystem and long term contracting MDL services which are ready to turn into value creation mode. Let’s start with airports already a sector leading platform with robust EBITDA growth and cash flow.
Generating new energy ecosystem expanding its capacity by two and a half times roads and mining services, stable cash flow generating assets with long term contracts so what I want to highlight here is that when you take a broader view of an incubator entity like ael, what emerges is a clear picture where initial and primary capex sales is reaching maturity across businesses and EBITDA mix has shifted to mature scalable platforms and path for value unlock is taking shape. Incubation journey is a repeatable playbook for us.
Build, standardize, scale and unlock. We are already past three phases and value unlock is the next phase of our journey. The roadmap we are building is designed not just to perform in the next quarter or quarter after that, it is designed to deliver compounded growth and strength over decades. We are pleased to inform you that we have completed India’s largest greenfield conveyance expressway project in a record time of less than three and a half years. It’s a long term asset with a concession period of 27 years for solar module manufacturing.
Domestic sales was 96% on year on year basis. As I mentioned in our earlier interaction, this year full year 26 is the stabilization phase of our incubation business. Despite global uncertainty, AIEL has maintained the EBITDA on year on year basis. In the next fiscal year AEL is set to unlock EBITDA from Navi Mumbai Airport, Hopper and Ganga Expressway which are expected to add over 3,000 crore EBITDA to England. Consolidated results for the year end are total income of 1,2943 crore EBITDA at rupees 16,464 crores.
Profit before tax stood at 4309 crore and this excludes exceptional gain of 9215 crore. In our mining services portfolio we have a portfolio of 18 MGO service agreements with total peak capacity of 145 million metric ton per annum. We are currently operating at run rate annual capacity of almost 50 million metric tonnes from six services contract which is approximately 34% capacity of contracted potential of this business. During the quarter MDO service contract for GP2 mined with peak capacity of 23.6 million metric ton per annum is made operational taking our current portfolio to seven operational service contracts.
With this now we have growth potential to achieve 86 million ton on annual basis. This clearly demonstrates long Runway available for growth in this business. During the year the dispatch volume up by 14% to 49.4 million metric ton, revenue up by 20% to 426 crore and EBITDA up by 18% to 1,986 crore in integrated resource management business portfolio. During the year the volume stood at 44.6 million metric tonnes. Revenue stood at 29,112 crores and EBITDA stood at 2,767 crores. Moving on to the airport.
Adani Airport is India’s largest private operator platform. Operating a platform of eight airports including the recently commissioned Greenfield Navi Mumbai International Airport. Adani airport contributes approximately 23% of India’s passenger traffic and 29% of countries near cargo volume. Underscoring our scale and depth in India’s aviation ecosystem. The results in 25:26 were led by traffic tariff revisions at our airport and more importantly, continued strong momentum in our known aeronautical airflows.
This demonstrates resilience despite geopolitical headwinds. Financial performance during 2526 we have passenger traffic of 95.3 million passengers, total income of 13,081 crore up by 28% year over year and EBITDA increased by 55% to 5394 crore on account of tariff revision and non error growth. Aero and non arrow revenue delivered robust year over year growth of 26% and 31% respectively in financial year 2016. Commencement of operations in Greenfield Navi Mumbai International Airport from 25th of December 2025 and inauguration of new terminals at Guwahati coupled with acquisition of AGX Port Aviation Services Private Limited for airport ground handling segment and Skywave Private Limited for advertising capability and innovative media solutions position Adani Airport for a strong performance and value creation in the coming years.
So with that I finished the commentary and we can go to Q and A.
Questions and Answers:
Operator
Thank you. Ladies and gentlemen. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Arun Bansal
Hi, good evening and thanks for the opportunity. My first question is on the weak numbers for the quarter. The precious Q4FY26 results were impacted by depreciation of Nai, Mumbai and newly Commissioned and the copper assets. Right? But however in the EBIT numbers which have been shared suggests weakness in commercial mining. So commercial mining EBIT has declined. Qoq. Can you please explain that? Why there is Such a sharp decline in the commercial mining EBIT for the quarter.
Ishan Verma
Just one second Mo. I’ll come back to you.
Arun Bansal
Mohan. The number that you were highlighting which is basically on commercial mining weakness is related to the specific event weather events this occurred in Australia in this year at Carmichael Mine which resulted in. Which was largely a rain related event where region of all the. We had to pump out the water that has accumulated due to seasonally or decadely higher rain and that resulted in mining production being severely constrained for about just over a period of well nearly a quarter. We expect that to not be here this year.
But that was the main change in the commercial mining and other part of that is because the way we have invested in Australia mining business we take a non cash mark to mark market markdown which has happened due to the exchange rates which is about 600 odd crores. So those two elements are Mark to mark market which is non cash purely market based the way we account for it. Yes, about 600 crores and about another 26%. Another 300. Just over 300 crores is related to the specific weather event that occurred this year.
Ishan Verma
Understood, that’s very helpful. Second, can you help us with the new hyperscale order of 358megawatt which has signed this quarter. What is the timeline for execution? We are looking at.
Arun Bansal
Standard form. You know roughly you can zone about 40 months.
Ishan Verma
And when do you expect to break the ground?
Arun Bansal
Ground is
Ishan Verma
In pre planning stage so just over a quarter.
Arun Bansal
Understood. My third question is is there a plan to go into. Of course we already have ingot and wafer of 2 gigawatt. Is there a scale that to 10 gigawatt in the. In. In the medium term in the next couple of years? Because given that a full list of models is
Ishan Verma
Kicking from June 28th so is it fair to expect that we’ll do. We’ll scale it up.
Arun Bansal
The first thing would be that we will be prepared to. But you know from we have the capacity to. But there’s no specific planning other than the fact that we want to make sure that the total line capacity on some modules and cells is the stand we what constitutes the wafer and in that capacity with the changes at 29 we will value that little bit further to the. To the PDF because overall we can actually because of the planning prep time it’s about 2420 months for us to ramp up. If we require to ramp up.
Operator
That’s true. My second my other question related to solar only this quarter started selling completely in India. Will we continue to sell only in India and F27 onwards or do you think there’s some some chance that it will start exporting also? Or is it market a bit dead now
Arun Bansal
As I mentioned in wheat will continue to sell in India There could be certain of the markets ongoing marketing efforts continue and there are as you know recently there was a EU FTA also signed so there are few opportunities around EU area as well. But I think overall we can from the numbers model as I mentioned we can just assume that it’s primarily India and it doesn’t the thing it does is compresses the margin but that gain we will make from productivity as we go through this. So short term is slight margin compression which you notice in the numbers but beyond that I think from a business point of view the sales and ramp up of sales is quite solid.
Ishan Verma
Understood. My last question on the CAPEX what is the CAPEX signature plan for F27 FY21 based on the current CAPEX program and is it possible to break that into various segments?
Arun Bansal
So we expect like you know we were basically close to, you know we have one off timing adjustment in CAPEX around the airport but overall you know we were close to just about 95% of the target CAPEX this year. So it’s been a very good year from their point of view. We expect the next year to be around the same level about 40,000 crores and of that there are three core areas where CAPEX is expected airports which will be roughly give or take about 17,000. The PVC will continue its CAPEX next year we should hit we capitalize close to about 9,000 crore so that’s 26 and another 4,000 crore will be in the natural resources, metals and mining space combined would be allowing new industries, hydrogen, etc.
So those businesses will take the other 10,000 all of the rest. And is
Operator
Any specific CAPEX you’re looking for data centers if I may ask?
Arun Bansal
Yeah, your data center we don’t specifically report out but we expect to complete close to. Actually because that we can give you the exact number. So can we take this question on note and you can respond formally?
Ishan Verma
Sure. So I’ll just refer. Thanks and all the. Because we
Arun Bansal
Do so I don’t want to just give you
Ishan Verma
The thank you and all the best. Thank you.
Arun Bansal
Thank
Operator
You. Thank you. We take the next question from the line of Pratik Kumar from Jeffries. Please go ahead.
Arun Bansal
Yeah, good evening sir. My first question is on your module sales. You close the year at 4.9 gigawatt of sales. You have capacity of 4 gigawatts. So how should we understand your sales potential from your capacity? Typically we understand that some of the peer companies are actually selling less than the rated capacity. So. But your volume seems
Operator
Much higher. So how should we look at these volumes can this better?
Arun Bansal
That is largely because of the demand that we have the participants in the market who are unable to utilize their capacity. So we have a. You can say a quote unquote a tolling type sell higher than our capacity. You have tooling arrangement besides your rated capacity of 4 gigawatts which you used to sell to your customers as well.
Robbie Singh
Yes. Yes. So that’s how.
Arun Bansal
And timelines of. I think we talked about it. But timelines of the next six key about module and cell. Can you just reiterate again
Ishan Verma
Safely assume that you start seeing
Arun Bansal
Some of the numbers towards the module line towards the second half of the year and then we should have sorry the deadline module line and then the cell line we should complete in the second half and you will see the numbers from the next
Robbie Singh
Year onwards.
Arun Bansal
Sure. The question is on your mining services segment ended on on a good note, how should we look at your full year expectation going forward? Like when you’re on like 60, 16 million 10 and like 64. So
Robbie Singh
How should we look at growth in next year
Ishan Verma
And year after that.
Arun Bansal
It ended the year at around 50. You can expect that we will be high double digit growth next year as well. So say close to 20%. Mark
Ishan Verma
You your.
Arun Bansal
You said your rated capacity has including the mines to be commercialized has also moved to 145. But based on your minds that are already operational it’s 86. Is that the right.
Ishan Verma
No, I think.
Arun Bansal
So. The peak capacity of the mines that are Already operating is 86.6. Of which we have. We have this year produced 50 and it is expected to go up by say high double digits so close to say 20%. Okay. This quarter we have started giving copper segment performance. Also I think the EBITDA numbers are not mentioned. Can you highlight what is the EBITDA number of copper segment
Robbie Singh
This quarter?
Arun Bansal
We have to report that from a technical the coming quarter we report first times as a separate line item. We just on the revenue point of view to report given it met the revenue threshold of given the revenue number. But from a overall business point of view report from next quarter.
Operator
Sure. And on airport segment
Arun Bansal
In strong exit to the year. When should we look at this company in this segment looking to monetize or not monetize but demerger which we have talked about in the past.
Operator
Ladies and gentlemen, we have lost the line of the management. Please stay connected while I reconnect the management. Thank you. Ladies and gentlemen, we have the management line reconnected. Pratik, if you could please repeat your question for the management. Thank you.
Arun Bansal
Yeah, thank you. Yeah. I was asking regarding the airport segment. You have exited this year on strong notes. When should we look at the merger of this business which you have talked about in the past? I think from airport business standpoint of your critique I think the airport team, the airport management would be be ready by comfortable round say 27, 28 and then for after that. You know it’s very and bold to determine but I think from business point of view the business will be ready around that period.
Operator
And this business does this require like any separate investment from outside investors? I know you have your internal capex plan running at 15,000 to 20,000 crores.
Arun Bansal
Business has its plans laid out. Are investors interested in it? That’s the question. Yeah, very much so because it’s a premier business of its type in Asia. So you know from a. But does a business need that from its own point of view? We are comfortable with the business plan as it is ourselves. But that doesn’t mean that people are not interested. And for matter of disclosure when it’s appropriate if
Robbie Singh
There’s anything we will disclose to market.
Arun Bansal
Lastly on airport itself like we talked about 15,17,000 crores capex. Here we are. This goes on like what sub projects given Navi Mumbai we completed this year. What are the projects which we are looking at for FY27.
Robbie Singh
So
Arun Bansal
Couple of key projects. Number one is the phase two of Navi Mumbai we have to start now. All the traffic projections of Navi Mumbai Mumbai MMR region shows that we will be filled with Navi Mumbai already in next 12 to 18 months. So we are accelerating that project. The second big bucket of the capex will go to our city. Site development across files. Mumbai Navi Mumbai, Ahmedabad Lucknow Airport and we are building new terminal in Ahmedabad also with Commonwealth games in flight for 2030.
Robbie Singh
Sure. Thank you. And I’ll get back to the view.
Operator
Thank you. We take the next question from the line of Manish Somaya from Cantor Fitzgerald. Please go ahead.
Manish Somaiya
Good evening and thank you for taking my questions. I did have a bit of a difficulty listening into the opening comments because of a lot of disturbance on the line. So apologies if I’m repeating the questions. My first question is on the EBITDA conversion in the fourth quarter. I mean Obviously you had decent revenue growth, but EBITDA was down year over year plus vis a vis our estimates. We touched on the commercial mining piece earlier in the call, but perhaps if you can talk about integrated resources, you know what happened there airports and I imagine you know some of the deviation is from the startup of Navi Mumbai Roads in particular.
If you can just help us understand, you know what’s going on in some of those segments that would be super helpful and more importantly how we should think about 2027 for those segments.
Arun Bansal
So Manish, thank you. Just to go through the overall consolidated EBITDA is flat and I’ll come to that point and on a quarter to quarter basis there is a slight growth and the largely speaking two things are happening here simultaneously. The core airport business, the EBITDA is well on a quarter to quarter basis. On a stable basis if you look at it is almost 50% higher roads business as a road business transitions to majority of the risk based assets online which is Ganga Expressway which has come online in April.
Now what you will have is that the so it is the overall all four parts of it for become the largest business within the road business only. And that asset itself will add so the three assets itself will add close to just say we are guiding to 3,000 but around that in terms of so roughly speaking 16, 17% of the growth next year will just come from these three assets which have started operating. So the conversion that you accounting artifact we book the assets and the assets are now fully online.
And so if you do a run rate on these assets would have on a run rate. If you were to report a run rate number on that we would have reported instead of 16. We were reporting the number close to 19 because assets operated only for one week or one day or two months including the Iran US war issue for airport. But even then if you just take the run rate we are at a run rate already of about 19,000 cr e which is 20% close to just under 20% higher than the number that we have or accounting number we have.
Manish Somaiya
Okay, that’s helpful. So maybe if I can ask you on your EBITDA mix, I think you highlighted 80% of EBITDA come from the core the incubating businesses. How should we think about that mix over the next two to three years?
Arun Bansal
Why we highlighted this we originally had outlined in our plan way back. You were not covering us at that stage in 2019 that if we stick to our plan this is where we’ll end up. Of course when we say that at that point in time it is outlandish because the 68 and 1218 number were 12%. Okay, so having the idea was to just say that it happens in a methodical manner and eventually we have a core infra and utility platform. And as we go through our capex investment cycle, AEL will reflect the core infra and utility platform.
If you look at Rani Group and portal, including AEN plus our other listed portfolio, we are about 82%, 25% core infra. Now AEL is mirroring that because its infra is taking precedence. So the next two to three years we expect these numbers to continue inch higher a little bit. But so broadly speaking, it will mirror our core infra strategy which is about 4/5 of our total businesses in core infra.
Manish Somaiya
Okay, got it. And then maybe lastly on the leverage and the funding, I did see headline Around 1.5 billion of new capital raise across domestic international markets. If you can help us understand the use of funds, how are you sort of thinking about staging that? And more importantly, how should we think about leverage overall? I think right now you’re at 3.9 times, you know, as Navi Mumbai, Ganga Expressway, some of the other assets come online and contribute fully. How should we think about the leverage profile of the business in one to two years?
Arun Bansal
So two questions there,
Manish Somaiya
Go ahead.
Arun Bansal
Okay, so if I pass your question in two parts, the way we look at the leverage profile is that for us the first and foremost becomes that we have two risk, fundamental risk profile in one is core infra and the other is metals, materials and mining. And we handle them quite differently. So for example, infrastructure, which is platform, we have a net external debt of say 45,000, which is about just under 5 billion. Against that, the regulatory asset base itself is just under 4 billion. It is heavily supported by the regulatory asset base.
On the metal, material and mining, we have a net external debt of about 2 billion against where we call our operating assets, which are roughly around about 6 billion. So, so we keep a low, very conservative leverage profile on the metal material and mining side given the volatilities we face in those businesses. And we keep the normal core infra profile. On the, on the core infra side, we don’t expect that to change. Our core infra will track the core infra so we guide to that in the core infra while we are growing new, be closer to the 3.5 to 4.5 range and obviously we will be lower in relation to the mining.
So we would expect the numbers next year to be materially different from this including our capex plan of about 4.5 million. So the 3.9 is likely to remain either flat or slightly down. And most likely. Okay.
Operator
Manish.
Manish Somaiya
Yes, I think that’s fine for now. I’ll follow up separately. Thank you so much.
Operator
You’re welcome. Ladies and gentlemen, if you wish to ask a question Please press star and 1. We take the next question from the line of Dharan Che Mishra from Sunidi Securities. Please go ahead.
Arun Bansal
Am I audible sir?
Operator
Yes.
Arun Bansal
Yeah. So just one clarification. You said we could have 3,000 crore incremental EBITDA from copper
Operator
Business, airport and Runway access were put together or am I reading something wrong?
Arun Bansal
No, no, that’s not. Yeah, we will 100 have that.
Operator
Sorry.
Arun Bansal
We will one. We will close to 100 probability have that.
Operator
But that is not the peak EBITDA right That you are saying maybe for about 27.
Arun Bansal
So there will be a naming Bai will. As the airport team mentioned, Navimbai is still ramping up. It will ramp up in about 18 months. So the peak of November itself will be closer to. In fact it will approach this number itself. So we are not. It’s not peak number at all.
Ishan Verma
Mumbai we have done close to 20,000 in the first phase. Right. So on that
Arun Bansal
It itself will close to 3,000.
Ishan Verma
What is the total investment and what could be the peak?
Arun Bansal
Just 15. Just over 15,000.
Robbie Singh
Okay. So once we have
Arun Bansal
Will be one and copper itself will be close to just over 2,000. So overall these businesses contribute at peak capacity somewhere between 6,000 to 6,800 cr.
Operator
And that number we can see in FY28. Mostly
Arun Bansal
Towards the end of FY28.
Operator
Okay.
Arun Bansal
And my second question in with respect to Anil ecosystem. So we have 15,000 crore on top line which. So what is the breakup between solar and wind in that top line and EBITDA term? Or you can give me the wind number, wind turbine number, revenue. Solar EBITDA is roughly around 3700cr and wind is 760. And top line
Ishan Verma
For the same
Arun Bansal
The top line is just about 12,000 for solar, 3,700 for wind. Okay, that is helpful. Thank you.
Operator
Thank you. We take the next question from the line of Devil Shah from RBSA Investment Management. Please go ahead.
Robbie Singh
Yeah. Hello, good evening. My question pertains to green hydrogen ecosystem. So I just want a directional update on the progress of the green hydrogen. I guess we just wanted to know how the. So what is the plan for the electrolyzers and when we are planting up and are we underlined to achieve our cost target for the GH2 and pertaining to that passion only since now it’s the nuclear sector has been open for the private. So are we even considering for the strategic purposes to have that as a baseload backing a green hydrogen to bring the cost down structurally or are we considering that also as an option?
So that’s that the question pertaining to grade hydrogen and another question with regards to the road assets just a little clarify just on the, on the, on the bottom line of the road. That’s why it has fallen for this year.
Arun Bansal
See first on the green hybrid our main focus is to get the integrated manufacturing complex up. Second do the pre prep and planning for the new site for the. Where the solar. Solar and wind accessory. So and the electrolyzer testing is underway. So so we will once all of that is completed we get full feedback then we look at. On the. On to your later part of the question once we are ready with that aspect of the business which is finally the decision on implementing the green power and then the derivation of hybrid.
I think that if you allow a certain time when we are ready to disclose the full operating details of that to the market once we have taken those decisions. So at this point in time like I said first objective to have the integrated manufacturing facility up and running fully at full capacity not with the current capacities prepping all of the work that is required for the site for the renewable power. Beyond that we have not made any final investment planning and decision on that in relation to the road business.
Now that we have completed the majority of our road assets it will become more standard form accounting treatment. So consequently on the next year you will get the baseline numbers of the road business and you will see a steady more predictable growth profile which we will outline once Ganga Expressway operates for the next five months we will give a full fledged briefing on that post September.
Robbie Singh
Okay and sorry one more question on the CapEx. So we are planning for almost 40, 45,000 crores for CapEx for the next year and we have any further 40,000 crores right?
Arun Bansal
Yeah.
Robbie Singh
Yeah. So. So do we have any plan for further dilution or it’s going to be more from the expected cash generation. And, and that
Arun Bansal
I don’t know what you mean by dilution. We need the rights issue so it’s not dilutary but we don’t have any plan for specific equity issuances for the business.
Robbie Singh
Okay. Okay, thank you.
Arun Bansal
Thank you.
Operator
Thank you ladies and gentlemen. With that we conclude the question and answer session. I now hand the conference over to the management for their closing comments.
Arun Bansal
Thank you, Ishan and atiq, for organizing the meeting. Thank you to to Manan team. And thank you to Arun, our CEO, the Air Force business, for being part of the conference. So you will see that Air Force will continue to remain part of each one of our conferences because of the stage at which the business is and we keep the market informed, as close to action, as close to its events as is allowed within the disclosure limits. So, once again, Tushan, and indeed, thank you so much.
Operator
Thank you. On behalf of Antec Stock Broking Ltd. That concludes this conference call. Thank you for joining us. And you may now disconnect your lines.