Adani Enterprises Ltd announces 9M FY26 results
Consolidated EBITDA at Rs. 11,985 cr
Greenfield Navi Mumbai Airport commenced operations
Adani Solar (ANIL) features in the elite list of the Top 10 global solar manufacturers
| Editor’s Synopsis
Consolidated financial highlights 9M FY26 (YoY) · Revenue at Rs. 69,756 cr · EBITDA at Rs. 11,985 cr · PBT at Rs. 3,581 cr excluding exceptional gain of Rs. 9,215 cr for AWL stake sale and Cement units to Ambuja Cements Ltd · AAHL Airports EBITDA surpasses FY-25 full year EBITDA by 7% in nine-months
Capital market highlights · completed Right Issue raising Rs. 24,930 cr, sees oversubscription by 30% from the market · Raised Rs. 1,000 cr through its 3rd public issue of NCDs in January 2026
Business highlights · Navi Mumbai International Airport commenced operations on 25th December · Two HAM Road projects are operationalised, and now have nine operational projects · Adani Solar (ANIL) only Indian company in the Top 10 global solar manufacturers · AEL water business received LoA to develop the Mithi river project · ACX data center operationalizes 14.4 MW capacity, now operational capacity 50+MW |
Ahmedabad, February 03, 2026: Adani Enterprises Ltd (AEL), the flagship company of the Adani Group, announced its results today for the quarter and nine months ended December 31, 2025.
AEL has strengthened its track record of consistently delivering operational and execution excellence during the quarter with the commencement of operations at the greenfield Navi-Mumbai airport in less than five years of acquisition. AEL has also successfully delivered outcomes within timelines by completing two HAM road projects and the inauguration of an integrated new terminal building at Guwahati airport.
“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 Mr 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.”
Consolidated Financial Highlights
(Rs. in Crore)
| Particulars | Q3 FY25 | Q3 FY26 | % change Y-o-Y | 9M FY25 | 9M FY26 | % change Y-o-Y | |
| Total Income | 23,501 | 25,475 | 8% | 72,763 | 69,756 | (4%) | |
| EBITDA | 3,723 | 4,297 | 15% | 12,377 | 11,985 | (3%) | |
| Exceptional Gain | – | 5,632 | – | – | 9,215 | – | |
| Profit Before Tax | 576 | 6,932 | 11x | 5,220 | 12,796 | 145% | |
| Profit After Tax1 | 58 | 5,627 | 90x | 3,254 | 9,560 | 193% |
Note: 1. PAT attributable to owners
Incubating Businesses Financial Highlights
| Particulars | Q3 FY25 | Q3 FY26 | % change Y-o-Y | 9M FY25 | 9M FY26 | % change Y-o-Y | |
| ANIL Ecosystem | |||||||
| Total Income | 2,941 | 3,161 | 7% | 10,575 | 10,394 | (2%) | |
| EBITDA | 903 | 975 | 8% | 3,666 | 3,359 | (8%) | |
| PBT | 691 | 693 | – | 3,033 | 2,528 | (17%) | |
| Airports | |||||||
| Total Income | 2,939 | 3,770 | 28% | 7,393 | 9,652 | 31% | |
| EBITDA | 1,101 | 1,568 | 42% | 2,527 | 3,724 | 47% | |
| PBT | 237 | 675 | 185% | – | 979 | – | |
Operational Highlights
| Volume | Q3 FY25 | Q3 FY26 | % change Y-o-Y | 9M FY25 | 9M FY26 | % change Y-o-Y | |
| ANIL Ecosystem | |||||||
| Module Sales (MW) | 893 | 997 | 12% | 3273 | 3440 | 5% | |
| WTG (Sets) | 48 | 66 | 38% | 104 | 129 | 24% | |
| Airports | |||||||
| Pax movement (Mn) | 24.6 | 24.7 | – | 69.7 | 70.6 | 1% | |
| ATMs (‘000) | 160.5 | 159.0 | (1%) | 466.0 | 460.7 | (1%) | |
| Cargo (Lacs MT) | 2.7 | 3.1 | 12% | 8.2 | 8.7 | 6% | |
| Roads | |||||||
| Construction (L-KM) | 805.1 | 391.7 | (51%) | 1715.5 | 1341.0 | (22%) | |
| Mining Services | |||||||
| Dispatch (MMT) | 11.8 | 10.7 | (9%) | 29.3 | 33.3 | 14% | |
| IRM | |||||||
| Volume (MMT) | 12.1 | 11.2 | (7%) | 41.2 | 35.3 | (14%) | |
Business Updates
| Adani New Industries (ANIL – Green Hydrogen Ecosystem) |
· Wind division started 3.3MW WTG model supply, 12 sets supplied during the quarter |
| AdaniConnex Pvt Ltd (ACX – Data Centre) |
| · Pune data centre phase I with 9.6 MW capacity operational · Hyderabad data center phase II 4.8 MW capacity operational |
| Adani Airports Holdings Ltd (AAHL – Airports) |
| · Greenfield Navi Mumbai International Airport commenced operations from 25th December 2025 with phase I capacity of 20 mn pax per annum · New Integrated terminal building inaugurated at Guwahati airport · During the quarter, 7 new routes, 9 new flights and 1 new airline were added |
| Adani Road Transport Ltd (ARTL – Roads) |
o Vijayawada Bypass project in the state of Andhra Pradesh o Badakumari Karki project in the state of Odisha |
| ESG Highlights |
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