Q1 results: Adani Enterprises incubating infra biz contributes 74% to Consolidated EBITDA

• Total income at Rs. 22,437 cr
• Consolidated EBITDA at Rs. 3,786 cr
• Consolidated PBT at Rs. 1,466 cr

NE BUSINESS BUREAU

AHMEDABAD, JULY 31

Adani Enterprises Ltd (AEL), the flagship company of the Adani Group, on Thursday announced its portfolio of diverse established and incubating businesses provides both stability and growth. AEL’s incubation business model gets validated with these results as our EBITDA from incubating businesses have increased by 5% to Rs.2,800 cr on y-o-y basis and contributes 74% to Q1-FY26 results. AEL shall witness operationalization of the large infra-assets during this fiscal year reflecting its project execution capabilities, which should result in EBITDA unlock and long-term value creation.

AEL reported a 49 per cent decline in the June quarter profit as weak coal demand offset growth in the airport and mining units.

The company posted a net profit of Rs 734 crore in April-June — the first quarter of the 2025-26 fiscal year — compared with Rs 1,458 crore earning in the same period a year back, according to a company statement.

A drop in coal-fired power demand, mainly due to a milder summer and earlier-than-expected monsoon, weighed on the mainstay coal trading division of the company, which contributes 36 per cent of the revenue. It traded 17 per cent less volumes at 12.8 million tonnes during the quarter.

Revenue from operations fell 14 per cent to Rs 22,437 crore, hurt by a 27 per cent decline in its coal trading unit. “Results for the quarter impacted primarily on account of the decrease in trade volume and volatility of index prices in IRM (integrated resources management) and commercial mining,” the statement said.

With increased passenger movement, the firm’s airport business saw pre-tax profit (EBITDA) jumping 61 per cent to Rs 1,094 crore. Besides coal trading, new energy business, too, saw an 11 per cent drop in revenue mainly because of lower volumes of solar module and wind turbine sales.

While Adani New Industries Ltd saw pre-tax (EBIDTA) drop about 34 per cent to Rs 982 crore, coal trading division logged a 45 per cent decline to Rs 485 crore

“Adani Enterprises has established itself as one of the world’s most successful infrastructure incubators,” said Gautam Adani, Chairman of the Adani Group. “The substantial rise in EBITDA contribution from our incubating businesses reflects strength and scalability of our operating model. This performance has been led by our Airports business, which delivered an exceptional 61% year-on-year growth in EBITDA. With landmark assets like the Navi Mumbai International Airport, the Copper Plant and the Ganga Expressway set to become operational, we are accelerating our mission to build next-generation infrastructure platforms that are globally benchmarked, technologically advanced and strategically vital to India’s growth story.”

Giving operational update, the firm said its clean energy unit, Adani New Industries (ANIL) commissioned India’s first off-grid 5 MW green hydrogen pilot plant marking a major milestone in the nation’s clean energy transition. Also, wind turbine business received its first external order of 300 MW for 3.3 MW WTG platform and started serial production.

Construction for the additional 6 GW module capacity progressing as per schedule, it said, without giving details. On data centre business, the company said Phase-II of Hyderabad data centre is 72 per cent complete while work on the Pune centre has crossed 85 per cent.

Adani Airport Holdings Ltd secured USD 1.75 billion through ECBs and project financing across six airports and MIAL; to enable financial flexibility for growth. Mumbai airport received its tariff order for period FY25 to FY29 with effective date from May 16, 2025. During the quarter, seven new routes and two new airlines were added.

Consolidated Financial Highlights                                                         

                                                                                             (Rs. in Crore)

      Note: 1. PAT attributable to shareholders including exceptional gain

2. Cash Accruals is equal to Profit Before Tax + Depreciation – Current Taxes

Incubating Businesses Financial Highlights

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