Adani Enterprises Ltd Q4 FY26 Earnings Analysis

- 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).

- 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.

- 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)

- 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.

- 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.