Adani Enterprises Ltd (AEL), the flagship company of the Adani Group, announced its results today for the quarter and year ended March 31, 2026.
With close of fiscal 2026, AEL has transitioned to a core infrastructure-led model, with 80% of its EBITDA coming from mature, long-term and contracted businesses, which significantly enhances earnings visibility. AEL’s incubation journey has now firmly crossed milestones of initial capex-heavy and stabilization phases, with EBITDA-mix shifting towards stability, thus positioning the company for sustained cash generation and future value unlock.
“Adani Enterprises has delivered yet another year of disciplined execution, stable EBITDA and continued momentum across our core infrastructure and incubation platforms,” said Mr Gautam Adani, Chairman of the Adani Group. “What is particularly encouraging is that majority of the EBITDA is now led by our core infrastructure incubating businesses and stable mining services, reflecting the maturity and scale of our operating portfolio. FY26 has also been a year of decisive progress in building and making ready some of the large infra-assets of the Navi Mumbai International Airport, Guwahati Airport and the Ganga Expressway. As India’s growth accelerates, we continue to focus on building and scaling globally competitive infrastructure businesses with our robust project pipeline.”
Consolidated Financial Highlights
(Rs. in Crore)
| Particulars | Q4 FY25 | Q4 FY26 | % change Y-o-Y | FY25 | FY26 | % change Y-o-Y | |
| Total Income | 27,602 | 33,187 | 20% | 1,00,365 | 1,02,943 | 3% | |
| EBITDA | 4,346 | 4,479 | 3% | 16,722 | 16,464 | (2%) | |
| Exceptional Gain | 3,946 | – | – | 3,946 | 9,215 | – | |
| Profit Before Tax | 5,259 | 729 | (86%) | 10,479 | 13,525 | 29% | |
| Profit After Tax1 | 3,845 | (221)2 | – | 7,112 | 9,339 | 31% |
Note: 1. PAT attributable to owners | 2. Q4 FY26 results were affected by depreciation on recently commissioned assets of Navi Mumbai and Copper plant
Incubating Businesses Financial Highlights
| Particulars | Q4 FY25 | Q4 FY26 | % change Y-o-Y | FY25 | FY26 | % change Y-o-Y | |
| ANIL Ecosystem | |||||||
| Total Income | 3,661 | 5,168 | 41% | 14,236 | 15,563 | 9% | |
| EBITDA | 1,110 | 1,173 | 6% | 4,776 | 4,532 | (5%) | |
| PBT | 925 | 924 | – | 3,958 | 3,452 | (13%) | |
| Airports | |||||||
| Total Income | 2,831 | 3,429 | 21% | 10,224 | 13,081 | 28% | |
| EBITDA | 953 | 1,670 | 75% | 3,480 | 5,394 | 55% | |
| PBT | (5) | 448 | – | (5) | 1,427 | – | |
Operational Highlights
| Volume | Q4 FY25 | Q4 FY26 | % change Y-o-Y | FY25 | FY26 | % change Y-o-Y | |
| ANIL Ecosystem | |||||||
| Module Sales (MW) | 990 | 1464 | 48% | 4263 | 4904 | 15% | |
| WTG (sets) | 60 | 102 | 70% | 164 | 231 | 41% | |
| Airports | |||||||
| Pax movement (Mn) | 24.7 | 24.7 | – | 94.4 | 95.3 | 1% | |
| ATMs (‘000) | 157.8 | 158.3 | – | 623.8 | 619.0 | (1%) | |
| Cargo (Lacs MT) | 2.7 | 3.0 | 11% | 10.9 | 11.7 | 7% | |
| Roads | |||||||
| Construction (L-KM) | 694.6 | 110.7 | (84%) | 2410.1 | 1451.7 | (40%) | |
| Mining Services | |||||||
| Dispatch (MMT) | 14.0 | 16.1 | 15% | 43.3 | 49.4 | 14% | |
| IRM | |||||||
| Volume (MMT) | 15.3 | 9.3 | (40%) | 56.5 | 44.6 | (21%) | |
Business Updates
| Adani New Industries (ANIL – Green Hydrogen Ecosystem) |
| Adani Wind under ANIL is the only Indian company to feature in Bloomberg NEF Global Top 15 wind turbine manufacturers listDomestic solar module sales surge 95% to 1459 MW during the quarter on Y-o-Y basis |
| AdaniConnex Pvt Ltd (ACX – Data Center) |
| Received new hyperscale order for 358 MW in Hyderabad, taking cumulative tied-up capacity to 560+ MWHyderabad data center phase II 4.8 MW capacity is now operational, and total operational capacity is 55+ MW from four data centers |
Adani Airports Holdings Ltd (AAHL – Airports)
Aero and non‑aero revenue delivered robust YoY growth of 26% and 31% respectively in FY26
During the quarter 3 new routes and 20 new flights added
Adani Road Transport Ltd (ARTL – Roads)
Added three new road projects, taking total projects tally to 20 projects
Chennai Outer Ring Road, TOT project in the state of Tamil Nadu
Palanpur-Radhanpur-Samkhayili NH-27, operational TOT project in the state of Gujarat
Ganga Path extension Digha-Koilwar, HAM project in the state of Bihar
ESG Highlights
AEL is assigned ESG rating score of 83 by CareEdge ESG Ratings which denotes a “Leadership” category in managing ESG risk through best-in-class disclosures, policies and performance
About Adani Enterprises Ltd
Adani Enterprises Limited (AEL) is the flagship company of Adani Group, one of India’s largest business organisations. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses, contributing to nation-building and divesting them into separate listed entities. Having successfully built sizeable and scalable businesses like Adani Ports & SEZ, Adani Energy Solutions, Adani Power, Adani Green Energy, Adani Total Gas and Adani Wilmar, the company has contributed to make India self-reliant with our robust businesses. This has also led to significant returns to our shareholders for three decades.
The next generation of its strategic business investments are centered around green hydrogen ecosystem, airport management, data center, roads and primary industries like copper and petrochem – all of which have significant scope for value unlocking.
Kutch Times 