Adani Enterprises Ltd

- There is no specific mention of new fundraising through debt or equity in the current Q2 FY25 earnings call transcript. - Interest expense is expected to remain steady or slightly rise as constituent businesses grow, with a current run rate around Rs. 1,100–1,150 crore. - FX-based borrowing gains of approximately Rs. 200 crore have been noted, impacting interest costs. - Capex plans are robust, with about Rs. 67,000 crore expected this year across segments, indicating significant internal funding or prior arrangements. - No direct commentary on fresh equity or debt issuance was provided in the discussed pages.

- FY25 capex is estimated around Rs. 67,000 crore across segments. - New Industries (Adani New Industries Limited, ANIL) capex for FY25 expected at Rs. 28,000 crore, primarily toward manufacturing ecosystem, green hydrogen development, onsite electrolyzer, and downstream plants. - Airports capex including Navi Mumbai Airport is around Rs. 16,000 crore. - Roads segment capex is expected to be roughly Rs. 12,000 crore to complete ongoing projects. - Data Centers capex is anticipated at roughly Rs. 6,000 crore this year. - Wind and solar generation capex over next two years estimated at Rs. 33,000–34,000 crore targeting around 7 gigawatt capacity by FY27. - Wafer capacity will increase in synchronization with module and cell capacity to reach 10 GW by FY28. - Coal-to-PVC project commissioning targeted for December 2026 with Rs. 4,000 crore EBITDA potential. - Green hydrogen manufacturing and power generation facilities are under phased development through FY27-FY28.

- Copper sales to meaningfully appear from Q4 FY25, with significant EBITDA and cash flow expected over the next 12 months. - WTG (Wind Turbine Generator) sales: Rs. 1,000 crore in 1H FY25 and Rs. 300 crore in Q2 FY25. - Solar and wind generation capacity is expected to reach approximately 7 GW by FY27. - Wind EBITDA forms about 8% of ANIL ecosystem EBITDA, solar manufacturing 92%. - Planned capacity expansions include synchronized increase in wafer, module, cell, and ancillary components to reach 10 GW by FY28. - MDO operations expected around 40 MT in FY25, and 50 MT in FY26 (down from earlier guidance). - Carmichael mine production steady at roughly 15 MT per annum. - Airports’ tariff increases to be reflected progressively by mid-FY26; international airport business capex not material in medium term. - Emerging core infra businesses (green hydrogen, data centers, airports, roads) showing strong growth, with Rs. 5,233 crore EBITDA in H1 FY25, up 85% YoY.

- Adani Enterprises expects significant growth from its emerging core infra businesses, with half-year EBITDA up 85% YoY. - The green hydrogen ecosystem, including manufacturing and generation, is a major capex focus with planned Rs. 56,000 crore capex over next two years. - Copper business will meaningfully contribute EBITDA and cash flow starting Q4 FY25 and over the next 12 months. - Coal-to-PVC project commissioning is on schedule for December 2026 with expected Rs. 4,000 crore EBITDA. - Solar and wind generation capacity targeted to reach ~7 GW by FY27, with Rs. 33,000-34,000 crore generation capex over next 2 years. - Airport business growth due to new routes, tariff hikes from FY25 Q4, and Navi Mumbai airport operational in 2025. - Road assets and data center businesses expected to expand steadily with detailed updates in May 2025. - Earnings uplift expected from expanding manufacturing ecosystem synchronized with capacity expansions, especially solar module (10 GW) by FY28.

- The current order book for the segment (likely related to manufacturing or ANIL) is just over 1.1 gigawatt. - Capacity is at 4.5 gigawatt, with operations running close to capacity at around 1.1-1.2 gigawatt per quarter. - Last quarter’s higher order book of 1.3 gigawatt was driven by sales recorded largely from the previous quarter's production. - No explicit mention of pending orders, but the order book and capacity indicate steady demand and production. - No signs of changes or slowdowns in export market demand for these products; the demand is stable. - The order book status shows ongoing operational stability and pace aligned with capacity limits.