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Adani Enterprises Ltd.

NSE: ADANIENTEnergyThermal Coal

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₹2,579.40
Day change
−₹28.50 (−1.09%)vs
Market cap
₹3.65 lakh crIndian rupees
Research updated
3 reports
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About Adani Enterprises

Adani Enterprises Ltd. is the flagship incubator company of the Adani Group, focusing on developing and nurturing diverse infrastructure and industrial businesses across multiple sectors in India. It operates in key areas including airports, managing major facilities such as Mumbai, Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram, along with the greenfield Navi Mumbai airport; roads, metro, and rail infrastructure; water management through sewage treatment plants and related projects; data centers for hyperscale capabilities; solar manufacturing as India's largest vertically integrated solar PV producer; defence and aerospace to bolster national security; mining services as a pioneer in the Mine Developer and Operator model with operations in India, Indonesia, and Australia; integrated resource management for coal sourcing and delivery; and integrated agri products alongside edible oils and foods. Adani Enterprises Ltd. also engages in consumer goods through branded FMCG products and digital initiatives like the Adani One super-app. Founded in 1993 and headquartered in Ahmedabad, India, it plays a pivotal role in building critical infrastructure assets that support India's economic growth and underserved sectors.

Sector
Energy
Industry
Thermal Coal
Listing
NSE: ADANIENT
Chief executive
Dr. Vinay Prakash Goel
Employees
10,463
Headquarters
Ahmedabad, India
ISIN
INE423A01024
Website
adanienterprises.com

Public research · Report of

Business model & financial foundation

Adani Enterprises (NSE: ADANIENT), Infrastructure and industrial business incubator: revenue of ₹1,00,469 crore in FY26 (+2.6% on FY25), an EBITDA margin of 16.4%, net profit of ₹9,339 crore and net debt of ₹72,738 crore.

Key figures
Revenue, FY26 (₹ crore)
1,00,469
consolidated
Revenue growth, FY26
+2.6%
on FY25
EBITDA margin, FY26
16.4%
EBITDA (Company-reported EBITDA (rounded)) / revenue
Net profit, FY26 (₹ crore)
9,339
to owners
Return on equity, FY26
12.8%
on average equity
Net debt, FY26 (₹ crore)
72,738
Liquidity-adjusted debt incl shareholder loans, excluding leases
Market capitalisation (₹ crore)
3,64,828
at the close of 13 Oct 2026

Company profile

Adani Enterprises incubates capital-intensive infrastructure and industrial businesses, financed through operating cash, equity raises and project debt. Its portfolio includes airports, new energy manufacturing, roads, mining services, resource management and copper, alongside equity-accounted data centres and early-stage projects.

Item, Value
ItemValue
Legal nameAdani Enterprises Limited
Exchange and tickerNSE: ADANIENT; BSE: 512599
ISININE423A01024
CINL51100GJ1993PLC019067
SectorDiversified infrastructure
IndustryInfrastructure and industrial business incubator
HeadquartersAhmedabad, India
Fiscal year endMarch
Reporting basis and unitconsolidated, in ₹ crore
AuditorShah Dhandharia & Co LLP
Market capitalisation₹3,64,828 crore (13 Oct 2026)
Shares outstanding129.27 crore shares (FY26)
Price₹2,630 (close, 13 Oct 2026)
52-week range₹1,753 - ₹3,245 (to 13 Oct 2026)
Websitehttps://www.adanienterprises.com

Corporate structure and shareholding

Entity, Holding, Business
EntityHoldingBusiness
Adani Airport Holdings Limited100%Airport platforms; September 2026 proposed minority raise not confirmed closed.
Adani New Industries Limited100%Solar, wind and hydrogen ecosystem; survives April 2026 composite scheme.
Adani Road Transport Limited100%Road concessions and construction.
Adani Defence Systems and Technologies Limited100%Defence technology and manufacturing.
Mumbai International Airport Limited74%Combined group voting stake, not direct AEL ownership.
Navi Mumbai International Airport Limited74%Direct stake held by MIAL; not direct AEL ownership.
AdaniConneX50%Equity-accounted data-centre JV; gross MW not consolidated capacity.

Subsidiary holdings describe direct/group voting ownership as labelled, not uniform look-through economic interests. Jabil 50:50 MoU is non-binding and not a constituted operating JV.

Shareholding (% of shares)
Shareholding (% of shares)Q3FY26Q4FY26Q1FY27Q2FY27
Promoter73.97%74.67%74.84%71.97%
Promoter holding pledged0.81%0.80%0.79%0.79%
Foreign institutions11.65%10.80%8.77%10.66%
Domestic institutions6.72%6.70%9.33%10.62%
of which mutual funds2.78%2.71%5.40%6.62%
Retail2.98%3.07%2.71%2.54%
Other4.68%4.76%4.35%4.21%

The promoter holding pledged is a share of the promoter's own holding.

Business model

Segment, revenue, FY26 (₹ crore), Share, segment result, FY26 (₹ crore)
Segmentrevenue, FY26 (₹ crore)Sharesegment result, FY26 (₹ crore)Share
Integrated Resources Management28,36227.5%2,20512.9%
Mining Services4,4464.3%1,71010.0%
Commercial Mining5,6425.5%-2,080-12.2%
New Energy Ecosystem15,39915.0%3,60921.1%
Airport13,21512.8%2,77016.2%
Road6,3476.2%679.54.0%
Copper15,28414.8%-402.7-2.4%
Others (scope annotated for Copper and discontinued Power Trading)14,29013.9%8,57850.3%

Segments as the company reports them (consolidated); each share is of the segments' sum.

Peer, Why the dossier compares them
PeerWhy the dossier compares them
Larsen & Toubro (LT)EPC execution and capital allocation comparator.
Reliance Industries (RELIANCE)Diversified capital-intensive platform comparator.
GMR Airports (GMRAIRPORT)Airport concession economics; capital structures differ.
Vedanta (VEDL)Commodity and metals exposure, not a group-wide substitute.
Waaree Energies (WAAREEENER)Solar manufacturing economics.
Premier Energies (PREMIERENE)Solar manufacturing and capacity ramp.

Financial databook

Profit and loss (₹ crore)
Profit and loss (₹ crore)FY22FY23FY24FY25FY26
Revenue from continuing operations69,3041,27,39096,42197,8951,00,469
Cost of revenue (vendor classification) *61,4511,04,66562,21367,29474,066
Other operating costs (vendor classification) *5,04215,97225,09016,81114,040
EBITDA (vendor classification) *4,2609,11712,34615,26416,784
EBIT before exceptional items and associates, including other income2,9126,24110,19512,51110,328
Finance costs, including financing forex net1,9603,0034,5555,9786,019
Profit before tax from continuing operations952.13,2384,92510,47913,525
Total tax expense from continuing operations476.71,0381,6322,9693,831
Profit for year including discontinued operations and NCI787.72,4223,3358,0059,951
Diluted EPS, continuing and discontinued operations (₹)7.0621.7827.2458.7973.59
Cost of materials consumed7,8319,71127,778
Purchases of stock-in-trade43,67639,81429,155
Changes in finished goods, WIP and stock-in-trade-1,1161,845-2,825
Employee benefits expense2,3313,1193,658
Operating and other expenses (annual-report classification)32,32229,15528,713
Company-reported EBITDA (rounded)13,23716,72216,464
Other income1,8612,4702,475
Depreciation, amortisation and impairment expense3,0424,2116,135
Exceptional items net (gain positive, loss negative)-715.43,9469,215
Share of profit/loss from jointly controlled entities and associates40.6507.7257.2
Profit attributable to non-controlling interests94.5906.0611.2
Profit attributable to owners including discontinued operations3,2417,0999,339
Profit/loss from discontinued operations after tax1.23-13.00.00
Materials consumed plus traded purchases plus inventory change50,39151,36954,109
Operating EBITDA excluding other income, associates and exceptional11,37714,25213,989
Balance sheet (₹ crore)
Balance sheet (₹ crore)FY22FY23FY24FY25FY26
Total equity including NCI and perpetual equity instruments26,92837,89044,18656,47089,178
Total current and non-current borrowings excluding leases41,60453,20050,12475,89086,702
Cash and cash equivalents912.21,8822,3073,1066,267
Trade receivables net of credit allowances13,71212,5539,7939,61612,543
Inventories6,7886,9189,48710,28718,713
Trade payables incl. separately presented trade credits and acceptances18,14329,12024,66921,21427,370
Net PPE excluding ROU/intangibles2,45510,30143,21452,25679,686
Capital work-in-progress excluding intangible development20,88820,47321,93131,85728,815
Total assets including held-for-sale assets1,01,7601,41,4881,60,7321,98,1362,61,600
Non-current borrowings excluding leases43,71864,60176,166
Current borrowings including current maturities, excluding leases6,40611,28910,536
Non-current lease liabilities13,92014,23018,012
Current lease liabilities1,2671,3531,908
Trade payables to micro and small enterprises203.3270.6499.1
Trade payables to creditors other than micro/small enterprises24,46617,40619,791
Trade credits and acceptances separately presentedn.d.3,5387,080
Bank balances other than cash equivalents4,7623,8575,543
Bank deposits with original maturity over 3 to 12 months32.7181.3173.8
Liquid treasury investments excluding quoted strategic equity1,4542,2562,155
Company-reported net external debt (rounded)30,96649,30664,051
Right-of-use assets net15,48514,89918,688
Other intangible assets net excluding goodwill5,9998,79615,617
Intangible assets under development13,24919,65922,938
Liquidity-adjusted debt incl shareholder loans, excluding leases41,60166,67272,738
Cash flow (₹ crore)
Cash flow (₹ crore)FY22FY23FY24FY25FY26
Net cash from operating activities (incl. discontinued)-7,1652,63610,3124,5132,357
Capex on PPE, intangibles and investment property (outflow negative)1.8769.9-22,366-29,879-33,369
Free cash flow (vendor definition) *-10,2622,902-12,054-24,658-31,012
Dividends paid to equity shareholders (outflow negative)-110.0-114.0-136.8-148.2-150.0
Distributions on unsecured perpetual securities (outflow negative)0.000.00-490.0
CFO less cash capex; outflow capex negative-12,054-25,366-31,012
Cash dividends to non-controlling interestsn.d.n.d.n.d.
Other reported lines (₹ crore)
Other reported lines (₹ crore)FY22FY23FY24FY25FY26
Issued equity shares outstanding at period end109.98113.55114.00115.42129.27
Closing issued equity share count (unscaled) (shares)1,14,00,01,1211,15,41,80,7291,29,26,82,416
Quarterly profit and loss (₹ crore)
Quarterly profit and loss (₹ crore)Q2FY25Q3FY25Q4FY25Q1FY26Q2FY26Q3FY26Q4FY26Q1FY27
Revenue from continuing operations22,60822,84826,96621,96121,24924,82032,43932,924
Cost of revenue (vendor classification) *11,94813,11627,84411,95514,61822,15821,663
Other operating costs (vendor classification) *7,2606,630-6,5917,0177,0377,7507,074
EBITDA (vendor classification) *3,3192,7171,6512,9773,0582,6343,709
EBIT including other income, BEFORE exceptional and associates3,3192,7173,1092,5022,5262,9262,3753,716
Finance costs including financing forex net909.82,1411,7961,0351,7111,6261,6462,421
PBT continuing after exceptional, before associates2,409575.65,2591,4664,3986,932728.8-1,349
Total current and deferred continuing tax expense512.4588.41,284571.31,0011,405853.7219.0
Total PAT including NCI, associates and discontinued operations1,989228.64,015976.53,4145,727-166.8-1,462
Diluted EPS including discontinued, annotated rights / ANIL basis (₹)14.820.0432.026.0226.5846.12-1.71-8.91
Cost of materials consumed1,7922,5683,5903,3934,9627,59611,82814,255
Purchases of stock-in-trade9,6699,06810,9787,3996,9537,4627,3417,343
Changes in finished goods, WIP and stock-in-trade (signed)-548.4474.3325.7-120.3-1,778-1,812886.3-1,860
Employee benefits expense742.3741.5756.8962.8897.6894.2903.41,094
Operating and other expenses including non-financing forex7,1876,9267,6057,0176,9097,0377,7507,074
Other income588.1652.1635.8475.4595.6655.9747.8622.3
Depreciation, amortisation and impairment1,0351,0061,2361,2841,3771,3722,1031,926
Company-reported EBITDA including other income (rounded)4,3543,7234,3463,7863,9024,2974,4795,642
Exceptional gain positive / loss negative0.000.003,9460.003,5835,6320.00-2,644
Signed after-tax share of JV/associate profit or loss98.2245.240.381.517.9199.8-41.9106.9
Current continuing tax expense471.8479.21,360658.81,0601,462703.9466.8
Deferred continuing tax expense / credit signed40.6109.2-75.5-87.6-58.6-56.9149.8-247.7
After-tax discontinued Power Trading profit / loss-5.54-3.660.000.000.000.000.000.00
Signed profit attributable to non-controlling interests247.4170.8170.0242.1215.799.653.9-301.3
Profit attributable to owners including discontinued result1,74257.83,845734.43,1995,627-220.7-1,160
Materials plus traded purchases plus signed inventory change10,91312,11014,89410,67110,13613,24720,05519,737
Operating EBITDA excluding other income, associates and exceptional3,7663,0703,7103,3103,3073,6423,7315,019

Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.

Metrics dashboard

Metric, FY22, FY23, FY24
MetricFY22FY23FY24FY25FY26
Revenue growth75.7%83.8%-24.3%1.5%2.6%
EBITDA margin13.7%17.1%16.4%
Net margin3.4%7.3%9.3%
Return on equity7.9%14.1%12.8%
Return on capital employed5.6%7.8%11.0%11.0%6.7%
Return on assets2.1%4.0%4.1%
Net debt (₹ crore)41,60166,67272,738
Net debt / EBITDA3.14x3.99x4.42x
Interest cover1.49x2.08x2.24x2.09x1.72x
Asset turnover0.90x1.05x0.64x0.55x0.44x
Receivable days7236373646
Inventory days (on revenue)3620363868
Payable days (on revenue)9683937999
Cash conversion3.18x0.64x0.25x
Capex intensity0.0%0.1%23.2%30.5%33.2%
Free cash flow (₹ crore)-7,1672,566-12,054-25,366-31,012
Dividend payout4.2%2.1%1.6%
EPS, diluted (₹)7.0621.7827.2458.7973.59
Book value per share (₹)244.8333.7387.6489.3689.9

Computed from the statements above:

  • Revenue growth: revenue over the previous year's, less one.
  • EBITDA margin: EBITDA (Company-reported EBITDA (rounded)) / revenue.
  • Net margin: net profit to owners / revenue.
  • Return on equity: net profit to owners / average equity.
  • Return on capital employed: EBIT / average equity plus borrowings.
  • Return on assets: net profit to owners / average total assets.
  • Net debt (₹ crore): Liquidity-adjusted debt incl shareholder loans, excluding leases; negative is net cash.
  • Net debt / EBITDA: net debt / EBITDA (Company-reported EBITDA (rounded)).
  • Interest cover: EBIT / finance cost.
  • Asset turnover: revenue / average total assets.
  • Receivable days: receivables / revenue x 365.
  • Inventory days (on revenue): inventory / revenue x 365.
  • Payable days (on revenue): payables / revenue x 365.
  • Cash conversion: cash from operations / net profit to owners.
  • Capex intensity: capital expenditure / revenue.
  • Free cash flow (₹ crore): cash from operations less capital expenditure.
  • Dividend payout: dividends paid / net profit to owners.
  • EPS, diluted (₹): as reported (Diluted EPS, continuing and discontinued operations).
  • Book value per share (₹): equity / shares outstanding.

Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.

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Report history

Reports on Adani Enterprises

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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 2 Nov 2026.

Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.