Adani Enterprises Ltd Q4 FY25 Earnings Analysis

- 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). - Copper business expected to reach peak utilization next financial year (Page 10). - Capex plans ongoing with INR 28,000 crore for ANIL ecosystem and INR 11,000 crore for airports next year, indicating growth investments (Page 8, 9, 11).

- 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. - Post Adani Wilmar stake sale, equity proceeds (~INR 14,200 crores) enable investments up to INR 70,000 crores, expected to enhance EBITDA by INR 11,000 crores and cash after tax by INR 5,000 crores. - Overall strong earnings growth and profitability expected driven by ramp-up in green hydrogen, airports, and infra businesses.

- 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. - Equity fundraising (~$2.5 billion) linked to Adani Wilmar stake sale supports INR 70,000 crores investment in core infra businesses. - Capex for FY'26 and FY'27 to be updated in May post annual planning; likely INR 30,000-35,000 crores per year.

- 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. - Short-term debt is limited; upcoming loan repayments (e.g., ~INR 3,300 crores in airports) covered by cash on balance sheet (~INR 5,800 crores). - Overall, financing needs are largely in place with no urgent plans for fresh capital raising beyond existing frameworks.

- 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). - The sequential changes in solar module exports and order schedules are customer-dependent and expected to normalize. - No specific update on other segments' order books was given in the provided transcript.