Any current/future new fundraising through debt or equity?

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

Any current/future capex/capital investment/strategic investment?

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 bil

Future growth expectations in sales/revenue/volumes?

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

Future growth expectations in earnings/operating earnings/profits/EPS?

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 EBI

Current/ Expected Orderbook/ Pending Orders?

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 provid

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Adani Enterprises LtdQ4 FY26Metals & Minerals Trading

Adani Enterprises Ltd Q4 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹3,060P/E: 111.3Market Cap: ₹3.5L CrSector: Metals & Minerals Trading

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→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).

Margin guidance

Category 3

→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.

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Fundraise plans

Yes

→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.

Order book

→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.

Capex plans

Yes

→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.

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