Adani Enterprises Limited Q3 FY2026 Results
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Overview
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Detailed Analysis
Sentiment
Positive
Executive Summary
Adani Enterprises Q3 FY2026: Revenue ₹24,819.59 Cr (vs ₹22,848.42 Cr YoY), PAT ₹5,627.02 Cr (vs ₹57.83 Cr YoY)
In Q3 FY2026 Adani Enterprises reported consolidated Revenue from Operations of ₹24,819.59 Cr and Total Income of ₹25,475.44 Cr, up versus Q3 FY2025 Revenue of ₹22,848.42 Cr. Consolidated Profit after Tax from continuing operations was ₹5,726.57 Cr and Net Profit attributable to owners was ₹5,627.02 Cr for Q3 FY2026 driven principally by exceptional gains. The quarter includes an exceptional gain of ₹5,632.09 Cr (post-tax gain reported in notes as ₹4,661.11 Cr) relating to sale of stake in AWL which materially lifted profitability. Balance-sheet and covenant disclosures show a standalone...Revenue from Operations (Consolidated) Q3 FY2026
₹24,819.59 Crvs ₹22,848.42 Cr in Q3 FY2025
Total Income (Consolidated) Q3 FY2026
₹25,475.44 Crvs ₹23,500.54 Cr in Q3 FY2025
Profit before exceptional items and tax (Consolidated) Q3 FY2026
₹1,299.84 Crvs ₹575.56 Cr in Q3 FY2025
Exceptional items (Consolidated) Q3 FY2026
₹5,632.09 Crvs ₹3,583.28 Cr in Q2 FY2026
Profit before tax from continuing operations (Consolidated) Q3 FY2026
₹6,931.93 Crvs ₹575.56 Cr in Q3 FY2025
Profit after tax from continuing operations (Consolidated) Q3 FY2026
₹5,726.57 Crvs ₹232.30 Cr in Q3 FY2025
Net profit attributable to owners (Consolidated) Q3 FY2026
₹5,627.02 Crvs ₹57.83 Cr in Q3 FY2025
Basic EPS (Consolidated) Q3 FY2026
₹46.78 per sharevs ₹0.07 per share in Q3 FY2025
Key Highlights
10
Exceptional gain of ₹5,632.09 Cr in Q3 FY2026 relates to sale of 13% stake in AWL and market disposal of remaining 7% (note: post‑tax gain reported as ₹4,661.11 Cr).
Operating Profit (PBT before exceptional items) rose to ₹1,299.84 Cr in Q3 FY2026 from ₹575.56 Cr in Q3 FY2025, indicating stronger core performance before one‑offs.
Segment 'Others' delivered Profit before Interest & Tax of ₹5,365.70 Cr in Q3 FY2026, driving majority of consolidated EBIT uplift in the quarter.
Airport segment reported PBIT of ₹959.98 Cr in Q3 FY2026 versus ₹639.64 Cr in Q3 FY2025, reflecting traffic/revenue recovery at airport assets.
Finance cost (interest and other finance cost) for Q3 FY2026 was ₹1,758.13 Cr while foreign exchange gain (net) was (₹132.19) Cr benefiting net finance charge compared with prior periods.
Depreciation, amortisation & impairment charge was ₹1,371.59 Cr in Q3 FY2026 indicating ongoing capital intensity across businesses.
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Key Highlights
10
Exceptional gain of ₹5,632.09 Cr in Q3 FY2026 relates to sale of 13% stake in AWL and market disposal of remaining 7% (note: post‑tax gain reported as ₹4,661.11 Cr).
Operating Profit (PBT before exceptional items) rose to ₹1,299.84 Cr in Q3 FY2026 from ₹575.56 Cr in Q3 FY2025, indicating stronger core performance before one‑offs.
Segment 'Others' delivered Profit before Interest & Tax of ₹5,365.70 Cr in Q3 FY2026, driving majority of consolidated EBIT uplift in the quarter.
Company completed allotment of 13,85,01,687 partly paid-up shares at issue price ₹1,800 per share raising aggregate ₹24,930.30 Cr (₹900 received per share on application) which increased paid-up equity to ₹122.34 Cr.
Standalone/Consolidated disclosure
Airport segment reported PBIT of ₹959.98 Cr in Q3 FY2026 versus ₹639.64 Cr in Q3 FY2025, reflecting traffic/revenue recovery at airport assets.
Finance cost (interest and other finance cost) for Q3 FY2026 was ₹1,758.13 Cr while foreign exchange gain (net) was (₹132.19) Cr benefiting net finance charge compared with prior periods.
Depreciation, amortisation & impairment charge was ₹1,371.59 Cr in Q3 FY2026 indicating ongoing capital intensity across businesses.
Company reported no deviation in use of proceeds for the INR 1,000 Cr NCD raised on 08‑Oct‑2025 and Annexure B confirms funds utilized and no material deviation for quarter ended 31‑12‑2025.
Standalone consolidated disclosures show Total Assets of ₹240,674.39 Cr and Total Liabilities of ₹164,643.99 Cr as at 31‑12‑2025.
Guidance & Outlook
4
Debt covenant
standalone Debt-Equity ratio reported at 0.36x as at 31‑12‑2025 and issuer states covenant compliance; consolidated covenant (Total Net External Debt/EBIDTA) will be tested from 31‑03‑2026 per debenture trust deed.
Proceeds from the rights issue (partly paid shares) bolster liquidity for near‑term funding of strategic projects and reduce immediate refinancing risk.
Company raised Rated, Listed, Secured NCDs aggregating to ₹2,800 Cr during FY2026 tranches (₹800 Cr, ₹1,000 Cr, ₹1,000 Cr) and maintained security cover exceeding 110% on relevant issues as at 31‑12‑2025.
Management recorded labour code impact in the current quarter and expects further assessment as rules are notified, indicating potential additional charges in near term.
Risks & Concerns
5
Legal and regulatory risk at Mumbai International Airport Limited where CBI/ED/MCA investigations and a chargesheet allege diversion of funds of ₹845.76 Cr and assets with net book value ₹446.33 Cr remain unresolved.
Exceptional gains (₹5,632.09 Cr in Q3 FY2026) drove reported PAT; absence of similar one‑offs in future quarters could materially reduce reported earnings.
High finance cost of ₹1,758.13 Cr in Q3 FY2026 and continued capital intensity (Depreciation ₹1,371.59 Cr) create margin pressure if core EBITDA growth slows.
Several subsidiaries, joint ventures and associates (including overseas entities) have interim financials prepared outside India and some not reviewed by auditors; this creates execution and reporting risk.
Customs duty demand notices aggregating ₹863.62 Cr (company deposited ₹460.61 Cr under protest) remain contested and could affect cash flows if unfavourable.
AI-generated analysis. May contain inaccuracies — verify against original sources.