NSE: ADANIENT · BSE: 512599
ADANI ENTERPRISES LIMITED
Runs a diversified infrastructure and resources platform spanning mineral trading, copper smelting, airports, toll roads, solar manufacturing, data centers and defence. In FY26 (year to 31 March 2026), segment revenue came 27.5% from Integrated Resources Management, 15.0% from the New Energy Ecosystem, 14.8% from Copper, 13.9% from Other businesses, 12.8% from Airports, 6.2% from Roads, 5.5% from Commercial Mining and 4.3% from Mining Services. Copper operations commenced at the Mundra smelter in Q1 FY27, with subsidiary Kutch Copper securing London Metal Exchange brand registration for Grade-A cathodes. The airports business started international operations at Navi Mumbai from 15 July 2026 and the Ganga Expressway toll road was inaugurated. Solar manufacturing commissioned a 1.7 GW module line in June 2026, while a new 400 MW data center contract was signed, taking signed data center capacity to roughly 1 GW. The defence arm is investing Rs 2,500 cr in a missile manufacturing complex. Materials account for 27.6% of revenue, with capex at 33.2% of revenue, reflecting an active build-out phase. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Integrated Resources Management (28%), New Energy Ecosystem (15%), Copper (15%), Other (14%), Airport (13%), Road (6%), Commercial Mining (6%), Mining Services (4%). Capital-heavy, diversified infrastructure and resources platform in an active build-out phase (capex 33.2% of FY26 revenue).
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 69,420 | 1,36,978 | 96,421 | 97,895 | 1,00,469 |
| EBITDA (ex other income) | 3,713 | 8,459 | 10,661 | 18,198 | 23,204 |
| margin % | 5.3 | 6.2 | 11.1 | 18.6 | 23.1 |
| Owners' profit | 777 | 2,473 | 3,241 | 7,099 | 9,339 |
| EPS, as reported (₹) | 7.06 | 21.78 | 27.24 | 60.55 | 75.66 |
| ROE % · ROCE % | 2.9 · 6.0 | 6.4 · 7.5 | 7.5 · 8.1 | 14.2 · 10.9 | 11.2 · 9.6 |
| Debt / equity (x) | 1.52 | 1.01 | 1.13 | 1.35 | 1.27 |
| Cash from operations | 1,385 | 17,626 | 10,311 | 4,530 | 2,357 |
| Capex | (11,647) | (14,725) | (22,366) | (29,171) | (33,369) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22,608 | 22,848 | 26,966 | 21,961 | 21,249 | 24,820 | 32,439 | 32,924 |
| Profit before tax | 2,409 | 576 | 2,626 | 1,466 | 4,398 | 6,932 | 729 | (1,349) |
| Net profit | 1,989 | 229 | 1,382 | 976 | 3,414 | 5,727 | (167) | (1,462) |
| EPS (₹) | 14.82 | 0.04 | 32.98 | 6.02 | 27.38 | 46.78 | (1.71) | (8.91) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Integrated Resources Management | 28,362 | 27.5 |
| Mining Services | 4,446 | 4.3 |
| Commercial Mining | 5,642 | 5.5 |
| New Energy Ecosystem | 15,399 | 15.0 |
| Airport | 13,215 | 12.8 |
| Road | 6,347 | 6.2 |
| Copper | 9,145 | 8.9 |
| Other | 4,892 | 4.8 |
| Others | 15,531 | 15.1 |
| Total, before eliminations | 1,02,982 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI ENTERPRISES LIMITED ◆ | 3,22,276 | 39.0 | 3.61 | 16.7 | 11.2 | 6.7 | 20.5 | 9.1 |
| STARLINEPS ENTERPRISES LIMITED | 301 | 43.7 | 1.80 | 90.7 | 0.7 | 0.9 | — | 3.0 |
| RAJDARSHAN INDUSTRIES LTD | 10 | — | 0.49 | 144.2 | (0.9) | 0.2 | — | 122.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.0 | 39.0 | 6 of 11 | 50% |
| P/B | 3.6 | 1.7 | 9 of 13 | 33% |
| ROCE | 6.7 | 6.7 | 7 of 13 | 50% |
| ROE | 11.2 | 7.0 | 2 of 13 | 92% |
| Debt / Equity | 1.3 | 0.2 | 12 of 13 | 8% |
| EBITDA margin | 9.1 | 4.9 | 5 of 13 | 67% |
| Revenue growth | 49.9 | 25.6 | 5 of 13 | 67% |
| Profit growth | (249.7) | 41.1 | 13 of 13 | 0% |
| Market cap | 322276 | 218 | 1 of 13 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Audio recording filed for September 2026 results call | investor communications | low | — | — |
| 28 Oct 2026 · No deviation in use of Rights Issue funds | corporate actions | medium | — | — |
| 28 Oct 2026 · No deviation in QIP fund use for September quarter | compliance | minimal | — | — |
| 28 Oct 2026 · Revised FY27 H1 results show strong growth but lower reported profit | results | high | — | — |
| 28 Oct 2026 · Adani Enterprises posts record H1 FY27 EBITDA of Rs 11,958 crore | compliance | minimal | — | — |
| 28 Oct 2026 · Adani Enterprises Q2 FY27: revenue up 27%, EBITDA up 62% | investor communications | medium | — | — |
| 28 Oct 2026 · Clarification corrects Board meeting date to October 28, 2026 | compliance | minimal | — | — |
| 28 Oct 2026 · September-quarter revenue rises 75%; half-year profit to owners falls 92% | compliance | minimal | — | — |
| 28 Oct 2026 · Adani Enterprises posts strong Q2 sales but a six-month loss and audit issue | results | high | — | — |
| 28 Oct 2026 · Adani Enterprises quarterly results: revenue growth, half-year loss and audit concerns | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.