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Adani Enterprises Ltd

Q4 FY26Metals & Minerals Trading

Adani Enterprises Q4 FY26 earnings call: Revenue & Margins

Q4 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹2,993

Market cap₹4.1L Cr

P/E172.2

Updated23 Sept 2026

Read5 min read

What the Q4 FY26 call signalled

2 of 4 strong

RevenueGood growth

MarginMargins steady

CapexCapex planned

FundraiseNo fundraise planned

The short version

Green hydrogen segment is focused on ramping up integrated manufacturing and renewable power sites; full operational details to be disclosed when ready (Page 11). Green hydrogen business is in the integrated manufacturing setup phase; ramp-up and cost targets are to be disclosed once operations stabilize.

From Adani Enterprises Ltd's Q4 FY26 earnings-call transcript · updated 23 Sept 2026.

Revenue & Sales Performance

Good growth

Green hydrogen segment is focused on ramping up integrated manufacturing and renewable power sites; full operational details to be disclosed when ready (Page 11).
Copper business, Navi Mumbai Airport, and Ganga Expressway expected to add over INR 3,000 crores EBITDA next year (Page 9 & 11).
Peak EBITDA from Copper, Navi Mumbai Airport, and Ganga Expressway expected around INR 6,000-6,800 crores by end of FY '28 (Page 10).
Mining services volume expected to grow high double digits (~20%) next year from current 50 million MMT annualized capacity (Page 7).
Solar and wind segments growing, with solar EBITDA ~INR 3,700 crores and wind ~INR 760 crores, top line INR 12,000 crores and INR 3,700 crores respectively (Page 10).

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Profitability & Margins

Green hydrogen business is in the integrated manufacturing setup phase; ramp-up and cost targets are to be disclosed once operations stabilize.
Navi Mumbai Airport, Ganga Expressway, and Kutch Copper assets expected to add over INR 3,000 crores EBITDA in FY27, with peak EBITDA of INR 6,000-6,800 crores anticipated toward FY28.
Airports EBITDA in Q4 grew ~50% quarter-on-quarter, with phased growth expected as Navi Mumbai ramps up over 18 months.
Road assets transitioning to stable cash flow generation with Ganga Expressway operational since April 2026, providing predictable growth.
Mining services expected to grow around 20% next year given current ramp-up.
Capex plan around INR 40,000 crores for FY27 supports growth in airports (INR 17,000 crores) and other key segments.

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Capital Expenditure Plans

Capex planned

Capex for FY27 is planned around INR 40,000 crores.
Major allocations include:
Airports capex: Approximately INR 17,000 crores, including Phase 2 of Navi Mumbai Airport and new terminal construction in Ahmedabad for Commonwealth Games 2030.
PVC (likely Power, Value Chain) segment: Around INR 9,000 crores.
Natural resources, metals, and mining: INR 4,000+ crores.
Other businesses including Adani New Industries and hydrogen: About INR 10,000 crores.
No specific plans for data center capex disclosed yet; response to be provided later.
Green hydrogen focus is on setting up integrated manufacturing complex and preparing for solar & wind sites; no final investment decision made yet.

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Fundraising & Capital Structure

There is no current plan for specific equity issuance for Adani Enterprises Limited (AEL).
Any rights issue done by AEL is non-dilutive.
The company expects to fund its planned capex of around INR40,000 crores for the next year primarily through expected cash generation and debt.
A headline of $1.5 billion new capital raise across domestic and international markets was mentioned, but detailed staging or use of those funds was not specified.
The company maintains a conservative leverage profile, with core infra net external debt just under $5 billion, supported by regulatory asset base.

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Order Book & Pipeline

Current solar module manufacturing capacity is 4 GW, with sales exceeding capacity due to tolling arrangements.
Plans to start next 6 GW module line and cell line production from second half of FY'27.
Mining Services portfolio includes 18 MDO service agreements with a total peak capacity of 145 MMTPA.
Currently operational 7 service contracts with an annual run rate capacity of about 50 MMT, with growth potential to reach 86 MMT.
New hyperscale order of 358 MW signed in the quarter; execution timelines not explicitly stated.
In Airports, capex plans of approximately INR17,000 crores, covering developments across 5 airports including new terminals and expansions.

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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.

Full financials →

What Adani Enterp.'s management said in earlier quarters

Others in Metals & Minerals Trading this season

Lloyds Enterpris (Q4 FY26)
For FY26, Lloyds Enterprises reported consolidated revenue of INR 1,756 crore, an 18% increase over FY25 (Page 4). Key concall takeaways from Lloyds…
Mangalam World. (Q4 FY26)
Q4 FY26 Total Income (Revenue) was ₹266.51 Cr, down 17.89% YoY from ₹324.56 Cr in Q4 FY25. Key concall takeaways from Mangalam Worldwide Ltd's Q4 FY26 earnings…
SG Mart (Q4 FY26)
Capex of INR600 crores planned over next two years to support expansion, including acquisition of land and setting up new service centers. Key concall…

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Frequently Asked Questions

What were Adani Enterprises Ltd Q4 FY26 results?

Green hydrogen segment is focused on ramping up integrated manufacturing and renewable power sites; full operational details to be disclosed when ready (Page 11). Green hydrogen business is in the integrated manufacturing setup phase; ramp-up and cost targets are to be disclosed once operations stabilize.

What is Adani Enterprises Ltd share price analysis?

Adani Enterprises Ltd currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 172.2 with a market cap of ₹408,736 Cr. Investors should review the full earnings analysis for detailed insights.

Is Adani Enterprises Ltd planning capital expenditure?

Capex for FY27 is planned around INR 40,000 crores.

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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.