- Navi Mumbai Airport takes off as flagship incubator model delivers
- 9M FY26 EBITDA nears ₹12,000 crore despite portfolio realignment
- Capital markets back growth with ₹24,930 crore rights issue
- Airports, solar manufacturing and data centres scale up sharply
- ESG leadership reinforced with top ‘A’ ratings in climate and water
NE BUSINESS BUREAU
AHMEDABAD, FEB 4
Adani Enterprises Ltd (AEL), the flagship company of the Adani Group, reported a resilient operating performance for the nine months ended December 31, 2025 (9M FY26), underlining the strength of its incubator-led diversified infrastructure portfolio, execution capabilities and capital market confidence.
For the nine-month period, consolidated revenue stood at ₹69,756 crore, while EBITDA reached ₹11,985 crore. Profit before tax was ₹3,581 crore, excluding an exceptional gain of ₹9,215 crore from the sale of its stake in AWL and cement units to Ambuja Cements Ltd. Notably, AAHL Airports’ EBITDA for nine months surpassed its entire FY25 full-year EBITDA by 7%, highlighting strong operating leverage.
Execution milestones define FY26 momentum
AEL strengthened its reputation for time-bound delivery with the commencement of operations at the greenfield Navi Mumbai International Airport on December 25, less than five years after acquisition. Phase I of the airport has an annual capacity of 20 million passengers, marking a landmark addition to India’s aviation infrastructure.
During the period, the company also operationalised two HAM road projects, taking its tally to nine operational road assets, and inaugurated the new integrated terminal building at Guwahati airport, expanding regional connectivity.
Chairman highlights scale, speed and national impact
“With resilient execution and a clear strategic focus, Adani Enterprises has delivered a robust operating performance in the first nine months of FY26, reflecting the strength of our incubator model and the depth of our diversified infrastructure portfolio,” said Gautam Adani, Chairman of the Adani Group.
“The commencement of operations at the Navi Mumbai International Airport represents a landmark achievement, reinforcing our commitment to building nationally critical assets at scale and speed. Our continued progress across airports, renewable manufacturing, data centres and transport infrastructure, alongside strong capital market support through our successful rights issue and NCD offerings, positions us well to accelerate the next phase of growth. As India advances towards becoming a $5 trillion economy, AEL remains steadfast in its mission to incubate globally competitive businesses that combine economic value creation with sustainability, technological leadership and long-term national impact.”
Capital markets endorse growth strategy
AEL successfully completed a ₹24,930 crore rights issue, which saw an oversubscription of 30%, reflecting strong investor confidence. Additionally, the company raised ₹1,000 crore through its third public issue of non-convertible debentures (NCDs) in January 2026, further strengthening its balance sheet to fund expansion across incubating businesses.
Incubating businesses deliver strong traction
The airports business posted robust growth, with 9M FY26 EBITDA rising 47% year-on-year to ₹3,724 crore, driven by higher passenger traffic, cargo volumes and operational efficiencies. Passenger movement during the nine months rose to 70.6 million, while cargo volumes increased 6%.
In the green energy manufacturing ecosystem, Adani Solar (ANIL) emerged as the only Indian company in the Top 10 global solar manufacturers. Domestic solar module sales surged 40% year-on-year to 997 MW in Q3, while wind turbine generator supplies also scaled up.
The data centre business (AdaniConnex) operationalised 14.4 MW capacity across Pune and Hyderabad during the period, taking total operational capacity to over 50 MW, while AEL’s water business received a Letter of Award for the Mithi River development project.
Sustainability leadership strengthened
On the ESG front, AEL achieved the highest ‘A’ leadership rating in CDP Climate Change and Water Security, underscoring its commitment to emissions reduction, transparency and responsible infrastructure development.
