Adani Enterprises Ltd (AEL) closed Q4 FY26 with a stronger top‑line and steady operating performance as its incubating infrastructure businesses gained momentum, but depreciation from recently commissioned assets such as Navi Mumbai and its copper plant pushed reported net profit for the quarter into a loss.
Higher expenses due to a rise in raw material costs and a fall in revenue in its integrated resources management segment also hit the bottomline.
The flagship of the Adani group reported a loss of ₹221 crore in Q4 compared to a profit of ₹3,845 crore a year ago, while revenue rose over a fifth to ₹32,439 crore. Quarterly EBITDA increased to ₹4,479 crore, reflecting higher activity across ANIL (new industries), airports and data centre operations.
The company was getting ready for value unlocking through demergers, said group Chief Financial Officer Jugeshinder Singh, adding that in the current fiscal year unlocking of value in Navi Mumbai airport, Kutch Copper and Ganga Expressway will add over ₹3,000 crore to the company.
He pointed out that FY26 marked the stabilisation phase of AEL’s incubating businesses, which included airports, roads and new energy. “Airports is already a sector-leading platform with robust EBITDA growth and visibility,” he said.
In an analyst call, the management said the company’s capex in FY27 would remain at ₹40,000 crore, similar to last year. Of the total, around ₹17,000 crore would go into airports.
The company had several operational wins during the quarter such as the inauguration of the Ganga Expressway on April 29, 2026, after a sub‑3.5‑year build, three new road projects added (one HAM and two TOT), a 70 per cent jump in wind turbine generator (WTG) set deliveries to 102 units, and a surge in domestic solar module sales.
Data centre arm AdaniConneX secured a 358 MW hyperscale order in Hyderabad and commissioned an additional 4.8 MW in Phase II, taking operational capacity to more than 55 MW.
Full year show
For the full year AEL reported consolidated revenue of a little over ₹1 lakh crore, up 2.6 per cent, and maintained EBITDA at ₹16,464 crore as the group’s earnings mix shifted toward long‑term, contracted infrastructure and utility assets. Singh said that 80 per cent of EBITDA now comes from core infra‑utility businesses and mining services, a structural shift that improves earnings visibility and cash‑generation potential.
Profit after tax rose to ₹9,339 crore for the year, up 31 per cent over a year ago, helped by one‑offs and stronger performance in airports and select ANIL segments. Airports delivered robust growth — FY26 airport income rose 28 per cent to ₹13,081 crore and airport EBITDA jumped 55 per cent to ₹5,394 crore — while mining services and commercial mining showed mixed volume trends.
AEL said its consolidated net debt profile and regulatory asset base underpin long‑term returns even as investments continue in projects such as Navi Mumbai Airport, copper and PVC plants.
Chairman Gautam Adani described FY26 as a year of “disciplined execution, stable EBITDA and continued momentum” as the company scales its core infra‑utility platform.
Published on April 30, 2026