Adani Enterprises Ltd(ADANIENT)

NSE: ADANIENTBSE: 512599

₹ 2,512.2+0.97%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 3.40 L crNext results: 28 Oct 2026Website: www.adanienterprises.comUpdated: 26 Oct 2026

About

Adani Enterprises Ltd is the flagship company of the Adani Portfolio. It starts up new infrastructure businesses in green hydrogen, airports, data centres, roads, copper and PVC, and it also runs coal trading and mining services. In FY26 it reported revenue of Rs 100468.61 Cr across 8 reported segments, the largest being Integrated Resources Management at 27.5%. It describes itself as India's largest mine developer and operator (MDO) and India's no. 1 player in Integrated Resources Management.^[1][2][3]

Business segments

Integrated Resources Management (coal trading) was the largest segment in FY26 at 27.5% of revenue (Rs 28362.46 Cr).^[3]
FY26 revenue shares of the other segments: New Energy Ecosystem 15.0%, Copper 14.8%, Other 13.9%, Airport 12.8%, Road 6.2%, Commercial Mining 5.5%, Mining Services 4.3%.^[3]
By Q1 FY27, core infrastructure and mining services made up 80% of consolidated EBITDA, up from 50% in FY23.^[4]

Operations and installed capacity

The Kutch Copper plant has 500 KTPA of smelting and refining capacity. It ran at about 52% utilisation in Q1 FY27, up from about 45% in Q4 FY26.^[5]
Kutch Copper Tubes commissioned a 30 KTPA copper tubes plant in FY25. The Mundra complex also has 250 KTPA of copper rods and 1,500 KTPA of sulphuric acid capacity.^[1]
Solar module capacity reached 5.7 GW after a new 1.7 GW line was commissioned in June 2026. Cell capacity is 4 GW, with expansion in progress.^[5]
As of FY25, ANIL had 2 GW of ingot-wafer capacity and 2.25 GW of wind turbine capacity. Wind turbine output capacity was raised from 300 to 450 sets per annum.^[1]
Mining Services runs 7 operational MDO contracts with combined peak capacity of 86.6 MMTPA. Total contracted MDO peak capacity is 140 MMTPA.^[4]
As of FY25, AEL was India's largest MDO, serving 11 coal blocks and 2 iron ore blocks. The Carmichael mine in Australia produced 12.9 million tonnes of coal in FY25.^[1]
AdaniConneX had 65.4 MW of operational data centre capacity, with 960+ MW tied up after a 400 MW Vizag order in Q1 FY27.^[5]
Adani Defence has a 500-acre ammunition complex at Kanpur, a small arms plant at Gwalior and a UAV/missile complex at Hyderabad (FY25).^[1]

Key operating volumes

IRM sales volume fell 35% YoY to 8.3 MMT in Q1 FY27, from 12.8 MMT in Q1 FY26.^[5]
MDO dispatch volume was 11.8 MMT in Q1 FY27 (-2% YoY). Full-year FY26 dispatch was 49.4 MMT (+14% YoY).^[5]
Copper sales volume was 64.7 KT in Q1 FY27, against 11.5 KT in Q1 FY26. Full-year FY26 sales were 113.6 KT.^[5]
Solar module sales were 1,340 MW in Q1 FY27 (-1% YoY). FY26 module sales totalled 4,904 MW.^[5]
Wind turbine sales were 64 sets in Q1 FY27 (+83% YoY).^[5]
Airport passengers numbered 24.2 Mn in Q1 FY27 (+3% YoY). Air traffic movements were 160.4k (+4% YoY) and cargo was 3.0 Lacs MT (+7% YoY).^[5]

Airports

Adani Airports operates 8 airports and handles about 23% of India's passenger traffic and about 29% of its air cargo.^[6]
In Q1 FY27, aero revenue per passenger was Rs 520 (+12% YoY) and non-aero income per passenger was Rs 883 (+48% YoY).^[5]
Navi Mumbai International Airport began domestic operations on 25 December 2025 with Phase 1 capacity of 20 million passengers per annum. International operations began on July 15, 2026.^[4]
Navi Mumbai Airport has a provisional Regulatory Asset Base close to Rs 20,000 cr, with a regulatory return of 12 - 14%.^[6]

Customers and markets

Volumes in IRM depend on global commodity markets. They fell 17% YoY in H1 FY26 and 35% YoY in Q1 FY27 amid trade disruption.^[7]
Domestic solar module sales rose 96% YoY in FY26. In Q1 FY27, domestic demand absorbed all export volumes after US tariff uncertainty.^[4]
Adani Solar supplied 1.6 GW of modules to the largest utility company in the USA. It holds the largest market share in India's rooftop and KUSUM segments (FY25).^[1]
AdaniConneX's hyperscale orders include 400 MW in Vizag and an earlier 358 MW in Hyderabad.^[5]

Expansion and capex

FY27 capex guidance is about Rs 40,000 cr: airports about Rs 17,000 cr, PVC about Rs 9,000 cr, natural resources about Rs 4,000 cr, and ANIL/hydrogen and others about Rs 10,000 cr.^[4]
Navi Mumbai Airport Phase 2 (capex about Rs 30,000 cr) is accelerating from FY27. A new Ahmedabad terminal is being built for the Commonwealth Games 2030.^[7]
The coal-to-PVC plant's base construction is targeted for the end of CY2026, with revenue expected from CY2028.^[6]
Plans for a 10 GW integrated solar manufacturing ecosystem at Mundra by 2028, and 1 MMTPA of green hydrogen capacity.^[1]
AdaniConneX targets a 2 GW data centre platform by 2030.^[5]

Recent developments

On 7 October 2026, CARE Ratings upgraded the company's long-term rating from AA- to AA, with a stable outlook.^[8]
In July 2026, AEL raised Rs 15,000 cr through a QIP with 3.8x bids. Promoter shareholding was 71.97% after the QIP.^[5]
In Q1 FY27, the IGRL BOT road project (620.6 lane km on NH-59) was added, taking the roads portfolio to 21 projects.^[5]
In Q4 FY26, the GP-II MDO mine (peak 23.6 MMTPA) became operational.^[4]
AEL diluted 13.51% of its Wilmar JV (AWL) through an offer for sale on January 13, 2025, as part of its exit.^[1]

Market Cap

₹3,40,082 Cr

High / Low

₹3,245 / 1,753

Stock P/E

43.2

Price / Book

4.0

Book Value

₹626

EPS

₹72.3

No. of Shares

129.27 Cr

ROCE

5.9%

ROE

14.2%

OPM

10.0%

Debt / Equity

1.41

Sales

₹1,00,469 Cr

Net Profit

₹9,951 Cr

Promoter holding

72.0%

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Adani Enterprises Ltd(ADANIENT)

About

Business segments

Operations and installed capacity

Key operating volumes

Airports

Customers and markets

Expansion and capex

Recent developments

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