Adani Enterprises Ltd Reports Strong FY26 Results; 80% EBITDA Now Driven by Core Infrastructure Portfolio
Ahmedabad, April 30, 2026: Adani Enterprises Ltd (AEL), the flagship company of the Adani Group, announced its financial results for the quarter and year ended March 31, 2026, reporting stable earnings, sustained execution across key infrastructure businesses, and a significant structural shift toward core infrastructure-led growth.
The company reported a consolidated EBITDA of ₹16,464 crore for FY26, with approximately 80% now contributed by its core infrastructure, utility, and mining services portfolio. This marks a major milestone in AEL’s transition from an incubation-heavy business model to a mature, cash-generating infrastructure platform.
FY26 Consolidated Financial Performance
| Particulars | Q4 FY25 | Q4 FY26 | % YoY | FY25 | FY26 | % YoY |
|---|---|---|---|---|---|---|
| Total Income | 27,602 | 33,187 | +20% | 1,00,365 | 1,02,943 | +3% |
| EBITDA | 4,346 | 4,479 | +3% | 16,722 | 16,464 | -2% |
| Exceptional Gain | 3,946 | – | – | 3,946 | 9,215 | – |
| Profit Before Tax | 5,259 | 729 | -86% | 10,479 | 13,525 | +29% |
| Profit After Tax (1) | 3,845 | (221) (2) | – | 7,112 | 9,339 | +31% |
Notes:
- PAT attributable to owners
- Q4 FY26 impacted by depreciation from newly commissioned Navi Mumbai and Copper plant assets
FY26 performance included a one-time exceptional gain of ₹9,215 crore from the sale of stake in AWL and cement assets to Ambuja Cements Ltd.
Shift Toward Core Infrastructure Model
AEL stated that FY26 represents a defining phase in its long-term strategy, with 80% of EBITDA now derived from stable, long-duration infrastructure assets and mining services.
This shift reflects the company’s successful transition from capital-intensive incubation to a more mature and predictable earnings model, improving visibility of cash flows and long-term value creation.
Chairman Gautam Adani highlighted that FY26 marks disciplined execution across infrastructure and incubation platforms.
He stated that the company has made decisive progress in key infrastructure assets, including:
- Navi Mumbai International Airport
- Guwahati Airport
- Ganga Expressway
He emphasized that AEL continues to build globally competitive infrastructure platforms aligned with India’s rapid economic expansion.
Incubating Businesses Performance
| Particulars | Q4 FY25 | Q4 FY26 | % YoY | FY25 | FY26 | % YoY |
|---|---|---|---|---|---|---|
| ANIL Ecosystem | ||||||
| Total Income | 3,661 | 5,168 | +41% | 14,236 | 15,563 | +9% |
| EBITDA | 1,110 | 1,173 | +6% | 4,776 | 4,532 | -5% |
| PBT | 925 | 924 | – | 3,958 | 3,452 | -13% |
| Airports | ||||||
| Total Income | 2,831 | 3,429 | +21% | 10,224 | 13,081 | +28% |
| EBITDA | 953 | 1,670 | +75% | 3,480 | 5,394 | +55% |
| PBT | (5) | 448 | – | (5) | 1,427 | – |
Operational Performance Highlights
| Segment | Q4 FY25 | Q4 FY26 | % YoY | FY25 | FY26 | % YoY |
|---|---|---|---|---|---|---|
| Module Sales (MW) | 990 | 1464 | +48% | 4263 | 4904 | +15% |
| WTG Sets | 60 | 102 | +70% | 164 | 231 | +41% |
| Airport Passengers (Mn) | 24.7 | 24.7 | – | 94.4 | 95.3 | +1% |
| Cargo (Lacs MT) | 2.7 | 3.0 | +11% | 10.9 | 11.7 | +7% |
| Mining Dispatch (MMT) | 14.0 | 16.1 | +15% | 43.3 | 49.4 | +14% |
| IRM Volume (MMT) | 15.3 | 9.3 | -40% | 56.5 | 44.6 | -21% |
Key Business Updates
Adani New Industries (ANIL)
- Adani Wind ranked among Bloomberg NEF Global Top 15 wind turbine manufacturers
- Solar module sales surged 95% YoY to 1,459 MW in Q4
AdaniConnex (Data Centers)
- Secured 358 MW hyperscale order in Hyderabad
- Operational capacity increased to 55+ MW across four data centers
Adani Airports Holdings Ltd
- Aero revenue up 26%, non-aero up 31% in FY26
- Added 3 new routes and 20 flights during the quarter
Adani Road Transport Ltd
- Added 3 major projects, taking total to 20
- Includes projects in Tamil Nadu, Gujarat, and Bihar
ESG Performance
AEL received an ESG score of 83 from CareEdge ESG Ratings, placing it in the “Leadership” category for sustainability performance, disclosures, and governance practices.
Strategic Outlook
The company stated that its incubation businesses are now stabilizing and transitioning into scalable infrastructure assets, ensuring stronger earnings predictability. With increasing contribution from airports, roads, mining, and green energy, AEL is positioning itself as a diversified infrastructure powerhouse.
The management reiterated its focus on disciplined capital allocation, with future growth expected to be largely funded through internal accruals while maintaining flexibility for selective expansion.
About Adani Enterprises Ltd
Adani Enterprises Ltd is the flagship company of the Adani Group and a key incubator of large-scale infrastructure businesses in India. Over the years, it has successfully built and demerged multiple listed companies including Adani Ports & SEZ, Adani Green Energy, Adani Energy Solutions, Adani Power, and Adani Total Gas.
Today, AEL’s growth strategy focuses on next-generation infrastructure sectors such as green hydrogen, airports, data centers, roads, and core industrial materials like copper and petrochemicals.
Investor Relations Contact:
Manan Vakharia – mananj.vakharia@adani.com
Corporate Communication:
Roy Paul – roy.paul@adani.com
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