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Adani Enterprises Ltd

Q3 FY25Metals & Minerals Trading

Adani Enterprises Q3 FY25 earnings call: Revenue & Margins

Q3 FY25 earnings call: what management guided on revenue, margins and order book.

Price₹2,997

Market cap₹4.1L Cr

P/E173.0

Updated23 Aug 2026

Read4 min read

The short version

ANIL ecosystem’s EBITDA grew 121% in nine months; module sales at a run-rate of 1 GW per quarter (Page 2). Emerging core infra businesses delivered strong 9-month results: - ANIL (Green Hydrogen Ecosystem) EBITDA increased 121% to INR 3,666 crores.

From Adani Enterprises Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

ANIL ecosystem’s EBITDA grew 121% in nine months; module sales at a run-rate of 1 GW per quarter (Page 2).
Target of 10 GW solar module capacity by FY28; 4.5 GW expected by FY27/FY28 (Page 11).
Wind turbine manufacturing income at INR 1,700 crores with over 100 turbine sets supplied in nine months (Page 6, 9).
Data center capacity: 270 MW under construction, 210 MW order book, 30 MW commercialized; projects on track (Page 12).
Airport business growing with passenger volume at 69.7 million for nine months, run-rate roughly 90 million per year; EBITDA up 43% (Page 2, 6).
Mining services dispatch volume increased 55%, revenue up 67%, EBITDA up 148% in quarter, driven by production ramp-up (Page 4).

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Profitability & Margins

Emerging core infra businesses delivered strong 9-month results:
ANIL (Green Hydrogen Ecosystem) EBITDA increased 121% to INR 3,666 crores.
Module sales at 1 GW per quarter run-rate.
Wind business supplied 100+ turbine sets in 9 months.
Adani Airports EBITDA up 43% to INR 2,527 crores with passenger volume growing 7% to 69.7 million (run rate ~90 million annually).
Incubating businesses’ 9-month income rose 47% to INR 25,170 crores; EBITDA up 27% to INR 7,674 crores; PBT up 114% to INR 4,016 crores.
Consolidated 9-month income up 6% to INR 72,763 crores; consolidated EBITDA jumped 29% to INR 12,377 crores.

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Capital Expenditure Plans

ANIL ecosystem capex (Green Hydrogen, solar modules, wind turbines) ongoing; slight timing shift expected with INR 4,000 crores delayed to next year; total ANIL capex ~INR 28,000 crores next year.
Navi Mumbai Airport capex of INR 11,000-12,000 crores will be booked next year post-completion in April.
Copper business capex mostly completed; ramp-up expected next financial year.
No significant new capex for data centers and Carmichael (capex already done).
Total capex guideline for FY'25 revised from INR 80,000 crores to ~INR 69,500 crores due to timing differences.

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Fundraising & Capital Structure

No immediate specific need for new equity fundraising in FY'26 as per current capex and financing plans; existing approvals for equity raise will be renewed if required.
Adani Wilmar transaction expected to conclude in FY'26, generating post-tax equity proceeds of approx. INR 14,200 crores, which will enable up to INR 70,000 crores investment in core infra.
$2.5 billion raised so far via QIP and other sales; potential room for additional $1 billion but no fixed timing.
Debt plan includes INR 70,000 crores possibly funded through debt next year.

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Order Book & Pipeline

Data Centers: Current commercial capacity is around 30 MW.
Under construction capacity: Approximately 270 MW.
Order book: Approximately 210 MW of confirmed orders.
All contracts for the data center segment are customer-driven and actively ongoing with no changes planned.
Solar manufacturing and wind turbine businesses are operating as per planned schedules with 10 GW capacity target by 2028 (not preponed).

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Adani Enterprises Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹32.4K Cr, net loss ₹167 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Adani Enterp.'s management said in earlier quarters

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Frequently Asked Questions

What were Adani Enterprises Ltd Q3 FY25 results?

ANIL ecosystem’s EBITDA grew 121% in nine months; module sales at a run-rate of 1 GW per quarter (Page 2). Emerging core infra businesses delivered strong 9-month results: - ANIL (Green Hydrogen Ecosystem) EBITDA increased 121% to INR 3,666 crores.

What is Adani Enterprises Ltd share price analysis?

Adani Enterprises Ltd currently shows a neutral. The stock trades at a P/E of 173.0 with a market cap of ₹410,779 Cr. Investors should review the full earnings analysis for detailed insights.

Is Adani Enterprises Ltd planning capital expenditure?

ANIL ecosystem capex (Green Hydrogen, solar modules, wind turbines) ongoing; slight timing shift expected with INR 4,000 crores delayed to next year; total ANIL capex ~INR 28,000 crores next year.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.