Incubating Infra Businesses contributes 74% to Consolidated EBITDA
Consolidated EBITDA at Rs. 3,786 cr
Consolidated PBT at Rs. 1,466 cr
- Total income at Rs. 22,437 cr
- EBITDA at Rs. 3,786 cr
- PBT at Rs. 1,466 cr
- Incubating businesses EBITDA up by 5% YoY to Rs.2,800 cr
- AAHL-Adani Airports EBITDA increased by 61% YoY to Rs. 1,094 cr
- Results for the quarter impacted primarily on account of the decrease in trade volume and volatility of index prices in IRM and Commercial Mining
- AAHL-Adani Airports manages 23.4 mn pax movements
- ANIL received its first external order of 300 MW for the new 3.3 MW WTG model
- ANIL has successfully supplied 1 GW of India’s largest 5.2 MW wind turbines
- Two new MDO service agreements signed
Editor’s Synopsis
Consolidated financial highlights Q1 FY26
Business highlights
Ahmedabad, July 31, 2025: Adani Enterprises Ltd (AEL), the flagship company of the Adani Group, announced its results today for the quarter ended June 30, 2025.
AEL’s 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 results in EBITDA unlock and long-term value creation.
"Adani Enterprises has established itself as one of the world’s most successful infrastructure incubators," said Mr 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."
Consolidated Financial Highlights
(Rs. in Crore)
| Particulars | Q1 FY25 | Q1 FY26 | % change Y-o-Y | FY25 |
|---|---|---|---|---|
| Total Income | 26,067 | 22,437 | (14%) | 1,00,365 |
| EBITDA | 4,300 | 3,786 | (12%) | 16,722 |
| Profit Before Tax | 2,236 | 1,466 | (34%) | 10,479 |
| Profit After Tax1 | 1,458 | 734 | (50%) | 7,112 |
| Cash Accruals2 | 2,704 | 2,091 | (23%) | 7,968 |
- PAT attributable to shareholders including exceptional gain
- Cash Accruals is equal to Profit Before Tax + Depreciation – Current Taxes
Incubating Businesses Financial Highlights
(Rs. in Crore)
| Particulars | Q1 FY25 | Q1 FY26 | % change Y-o-Y | FY25 |
|---|---|---|---|---|
| ANIL Ecosystem | ||||
| Total Income | 4,519 | 4,035 | (11%) | 14,236 |
| EBITDA | 1,642 | 1,212 | (26%) | 4,776 |
| PBT | 1,425 | 960 | (33%) | 3,958 |
| Airports | ||||
| Total Income | 2,177 | 2,715 | 25% | 10,224 |
| EBITDA | 682 | 1,094 | 61% | 3,480 |
| PBT | (89) | 204 | - | (5) |
Operational Highlights
| Volume | Q1 FY25 | Q1 FY26 | % change Y-o-Y | FY25 |
|---|---|---|---|---|
| ANIL Ecosystem | ||||
| Module Sales (MW) | 1,379 | 1,350 | (2%) | 4,263 |
| WTG (Sets) | 41 | 35 | (15%) | 164 |
| Airports | ||||
| Pax movement (Mn) | 22.8 | 23.4 | 3% | 94.4 |
| ATMs (‘000) | 152.1 | 153.6 | 1% | 623.8 |
| Cargo (Lacs MT) | 2.7 | 2.8 | 4% | 10.9 |
| Roads | ||||
| Construction (L-KM) | 730.0 | 493.2 | (32%) | 2,410.1 |
| Mining Services | ||||
| Dispatch (MMT) | 9.3 | 12.1 | 30% | 43.3 |
| IRM | ||||
| Volume (MMT) | 15.4 | 12.8 | (17%) | 56.5 |
Business Updates
- Commissioned India’s first off-grid 5 MW Green Hydrogen pilot plant marking a major milestone in the nation’s clean energy transition
- 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
- Noida data center MEP works in progress
- Hyderabad data center phase II MEP works ~72% completed
- Pune data center phase I works crosses ~85%
- 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 4th control period FY25 to FY29 with effective date from 16th May 2025
- During the quarter, 7 new routes and 2 new airlines added
- Three HAM projects are more than ~90% complete
- Ganga Expressway construction crosses ~85%
- Two new MDO agreements signed for Mara II Mahan and Gondbahera Ujheni East coal mine in the state of Madhya Pradesh
AWL Agri Business Limited (“AWL”) Exit
- AEL’s subsidiary entity Adani Commodities LLP sold 10.42% stake in AWL through block deal and realized Rs.3,700 cr (before tax)
- Entered into Share Purchase Agreement with Wilmar group for transferring the remaining stake of up to 20%.
Debt Public Issue
- Witnessed overwhelming participation from retail and non-institutional investors to fully subscribe issue within three hours of the launch day
- Completed its second public issue of NCDs, raising Rs.1,000 cr in the last 12 months
- AEL Sustainalytics ESG score has improved to 28 “Medium Risk” from previous score of 34 “High Risk” reflecting the impact of AEL’s strategic efforts to strengthen governance, enhance transparency and embed sustainability to its core operations.