— Flagship pivots to infra-led model, boosting earnings visibility and cash flow stability
— FY26 income crosses ₹1.02 lakh crore; core and mining services dominate EBITDA mix
— Airports, green energy and data centres drive next phase of scalable growth
— Mega assets like Ganga Expressway and Navi Mumbai Airport mark execution strength
— Incubation cycle matures, positioning AEL for long-term value unlock
NE BUSINESS BUREAU
AHMEDABAD, MAY 1
Adani Enterprises Limited (AEL) has delivered a stable and strategically transformative performance for Q4 and FY26, with consolidated EBITDA at ₹16,464 crore and a decisive shift toward a core infrastructure-led earnings model, where 80% of EBITDA now comes from mature infra and mining services businesses.
INFRA-LED TRANSFORMATION GAINS MOMENTUM
Closing FY26, AEL has firmly transitioned from a capex-heavy incubation phase to a stable, cash-generating infrastructure powerhouse, significantly enhancing earnings visibility.
- Total Income: ₹1,02,943 crore (up 3% YoY)
- EBITDA: ₹16,464 crore (steady YoY)
- PBT (ex-exceptional): ₹4,309 crore
The company’s evolving portfolio now reflects long-term contracted assets and operational scale, reducing volatility and strengthening fundamentals.
Q4 SNAPSHOT: GROWTH WITH TRANSITION IMPACT
For Q4 FY26, AEL reported:
- Revenue: ₹33,187 crore (up 20% YoY)
- EBITDA: ₹4,479 crore (up 3% YoY)
- PAT: impacted due to depreciation from newly commissioned assets
Despite short-term profitability pressure, the quarter underscores asset commissioning and long-term value creation.
CHAIRMAN SPEAK
Commenting on the performance, Gautam Adani said: “Adani Enterprises has delivered yet another year of disciplined execution, stable EBITDA and continued momentum across our core infrastructure and incubation platforms. What is particularly encouraging is that majority of the EBITDA is now led by our core infrastructure incubating businesses and stable mining services, reflecting the maturity and scale of our operating portfolio. FY26 has also been a year of decisive progress in building and making ready some of the large infra-assets of the Navi Mumbai International Airport, Guwahati Airport and the Ganga Expressway. As India’s growth accelerates, we continue to focus on building and scaling globally competitive infrastructure businesses with our robust project pipeline.”
BUSINESS HIGHLIGHTS: SCALE ACROSS SECTORS
AEL’s diversified portfolio delivered strong operational milestones:
- Ganga Expressway completed in record <3.5 years
- Adani Wind enters Top 15 global turbine manufacturers
- AdaniConnex operational capacity crosses 55+ MW
- Airports business EBITDA surges 55% YoY in FY26
- Mining dispatch up 14% YoY, reinforcing core earnings
Airports, green hydrogen ecosystem (ANIL), roads, and data centres continue to emerge as high-growth verticals.
INCUBATION TO VALUE CREATION
AEL’s incubating businesses are now entering a scaling and monetisation phase, with strong growth across:
- Airports: Revenue up 28% YoY
- ANIL ecosystem: Solar and wind manufacturing scaling rapidly
- Data centres: 560+ MW capacity tied up
This transition signals future value unlocking potential across multiple platforms.
ESG LEADERSHIP
AEL continues to strengthen its sustainability credentials with an ESG score of 83 by CareEdge, placing it in the “Leadership” category for governance, performance, and disclosures.
