Adani Enterprises Ltd

Q3 FY26Metals & Minerals Trading

Adani Enterprises Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q3 FY26 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

Navi Mumbai Airport operations began in December 2025; Phase 2 construction starting post-monsoon 2026, with fully booked airline slots, indicating volume growth (Page 8). Navi Mumbai Airport and Ganga Expressway expected to significantly boost EBITDA; Ganga Expressway alone could double road segment EBITDA (~INR1,500-2,000 crores currently).

From Adani Enterprises Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Navi Mumbai Airport operations began in December 2025; Phase 2 construction starting post-monsoon 2026, with fully booked airline slots, indicating volume growth (Page 8).
Airport segment EBITDA expected to grow significantly, with Navi Mumbai adding over INR 2,000 crores EBITDA on normalization (Page 6).
Ganga Expressway commissioning soon, anticipated to double the Road segment EBITDA from around INR 1,500 crores currently (Page 8).
Kutch Copper full utilization expected in next 2-3 months, potentially adding INR 2,800–3,100 crores EBITDA (Page 6).
6 GW solar cell and module capacity to be completed by September 2026, with enough orders to sustain a 2,000 MW per quarter supply run rate (Page 9).
Overall infrastructure additions and strategic initiatives position Adani for sustained growth; incubating businesses EBITDA up 7% YoY (Page 3).

Profitability & Margins

Navi Mumbai Airport and Ganga Expressway expected to significantly boost EBITDA; Ganga Expressway alone could double road segment EBITDA (~INR1,500-2,000 crores currently).
Post stabilization, Navi Mumbai, Kutch Copper, and Ganga Expressway expected to add over INR3,000 crores to EBITDA.
Kutch Copper full utilization expected in Q1 FY '27, adding INR2,800 - 3,100 crores EBITDA, with potential 20% upside from secondary refining.
Adani Solar continues robust growth, shipping over 1 GW per quarter; 6 GW cell & module capacity commissioning by Sept 2026 with INR10,000 crores capex, supporting supply growth to 2,000 MW per quarter.
Airport segment EBITDA growing around 40% year-on-year, with new regulatory assets adding ~40% more to normalized EBITDA.
Legacy businesses showing growth potential; MDO business can grow another 56% on current contracts.
Defense segment updates expected from H1 FY '27.

See what Adani Enterprises Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Total capex target for FY '26 is INR 36,000 crores, with INR 25,200 crores already incurred in the first 9 months. (Page 9)
6 GW cell and module capacity plant: Total capex around INR 10,000 crores; expected completion and production by September 2026. (Page 9)
Coal to PVC project: Current capex incurred about INR 9,000 crores (one-third of total); expected revenue from calendar year 2028; base completion towards end of 2026 with 6-9 months ramp-up. (Page 8)
Ganga Expressway (INR 18,000 crores asset) set to go live soon, expected to double road segment EBITDA in FY '27. (Page 8 & 3)
Navi Mumbai Airport: Phase 2 construction to begin after monsoons 2026; slot bookings full; key for strategic growth in aviation assets. (Page 8 & 3)
Incremental external debt of around INR 36,000 crores allocated to incubating businesses, total gross long-term debt about INR 78,000 crores. (Page 7)

Fundraising & Capital Structure

Recent fundraising included a rights issue raising INR 24,930 crores and INR 1,000 crores of Non-Convertible Debentures (NCDs) issued in January.
Total external debt stands at roughly INR 62,000 crores (gross INR 78,000 crores minus shareholder loans).
Incremental debt for incubating businesses is around INR 36,000 crores.
Management indicated they will provide a proforma capital structure post-results and respond to further queries publicly, implying possible future capital market activity.
No explicit new fundraising announcements were made during the call, but ongoing capital management efforts suggest readiness for future financing aligned with growth plans.

See what Adani Enterprises Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

For the 6 GW cell and module capacity expected to be completed by September 2026, the company states they have enough orders to fully utilize the capacity.
Current run rate is about 4 GW, and once the 10 GW capacity is available, they can supply about 2,000 MW per quarter.
No specific mention of other pending orders or orderbook details beyond the solar manufacturing capacity and expected orders tied to that capacity.

Adani Enterprises Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: 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 Enterprises Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Adani Enterprises Ltd Q3 FY26 results?

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?

Total capex target for FY '26 is INR 36,000 crores, with INR 25,200 crores already incurred in the first 9 months.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.