Adani Enterprises Ltd
Adani Enterprises Ltd
Metals & Mining F&OKey Fundamentals
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BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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52 extracted metrics + investor summaries across FY15–FY26.
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Technical Indicators
Key Insights
Weaknesses
6- Stock is trading at 4.79 times its book value
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -2.70%
- Company has a low return on equity of 2.41% over last 3 years.
- Company might be capitalizing the interest cost
- Earnings include an other income of Rs.9,193 Cr.
Growth Rate
AI Analysis — Bull vs Bear
Adani Enterprises Ltd trades at a market cap of Rs.3,86,369 Cr with a PE of 53.7x and price-to-book of 4.26x. The company delivered 18% TTM sales growth but saw a 36% TTM decline in profits, while its 3-year ROE stands at just 2%. The stock has delivered a 10-year CAGR of 51% but faces headwinds from declining profitability and high valuations.
- TTM revenue growth of 18% indicates strong top-line momentum despite prior 3-year sales CAGR of -8%
- 10-year stock CAGR of 51% reflects significant long-term wealth creation for shareholders
- 5-year compounded sales growth of 21% demonstrates ability to scale operations over medium term
- Market cap of Rs.3,86,369 Cr provides scale advantages and access to capital for new ventures across airports, roads, data centers, and green energy
- 1-year stock return of 35% shows renewed market confidence and positive price momentum
- 5-year stock CAGR of 16% outperforms broader market indices over the same period
- Diversified business model spanning mining, airports, solar manufacturing, and infrastructure provides multiple growth levers beyond a single commodity cycle
- TTM profit declined 36% year-over-year, signaling significant earnings deterioration
- 3-year ROE of just 2% is extremely low for a company trading at 4.26x book value, indicating poor capital efficiency
- PE ratio of 53.7x is expensive relative to earnings, leaving little margin of safety if growth disappoints
- Stock trades at 4.77x book value despite last year ROE turning negative at -3%, suggesting valuation is disconnected from returns
- Promoter holding decreased by 2.70% in the last quarter, raising concerns about insider confidence
- Earnings include other income of Rs.9,193 Cr, meaning core operating profitability is weaker than headline numbers suggest
- Company has low interest coverage ratio, indicating debt servicing burden relative to operating earnings
- Company might be capitalizing interest costs, which could overstate reported profitability and asset values
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Q1 loss widens on OFAC settlement Jul 29
Adani Enterprises reported a consolidated net loss of ₹1,461.54 crore for Q1FY27, driven by a ₹2,644.02 crore exceptional item from an OFAC settlement. Revenue rose 50% YoY to ₹32,923.98 crore but the settlement charge weighed heavily on the bottom line.
- Defence unit completes Flight Sim acquisition Aug 4
Subsidiary ADSTL acquired the remaining 44.6% stake in Flight Simulation Solutions Private Limited, making it a wholly-owned entity and consolidating Adani's defence capabilities.
- Rights Issue funds deployed on track Jul 29
CARE Ratings confirmed no deviation in the Rs. 24,930.30 crore Rights Issue fund utilisation for Q1FY27, with Rs. 2,204.53 crore deployed during the quarter.
- Investor conferences in Mumbai Aug 6
Adani Enterprises will hold physical investor interactions at Emkay Confluence (Aug 12) and Motilal Oswal conference (Aug 17) in Mumbai.
- IFSC treasury arm incorporated Aug 5
Adani Airport Holdings incorporated AAHL Global IFSC Limited with ₹5 lakh paid-up capital to manage global treasury operations under IFSCA regulations.
- Q1FY27 earnings call audio released Jul 29
Audio recording of the analysts' call for Q1 ended June 30, 2026 was submitted to BSE and NSE covering standalone and consolidated results.
- Rejects media airline speculation Jul 24
Adani Enterprises formally denied media reports about alleged airline plans, calling the claims unfounded and distancing itself from the reported developments.
TL;DR: Adani Enterprises delivered strong 50% YoY revenue growth in Q1FY27 but reported a net loss of ₹1,461.54 crore due to a one-off ₹2,644.02 crore OFAC settlement charge. On the positive side, rights issue deployment is on track and the defence vertical is consolidating through acquisitions. The key risk is whether further regulatory or legal charges emerge; if the OFAC settlement is truly a one-time event, underlying operational momentum looks healthy heading into Q2.
Quarterly Results
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 22,644 | 19,546 | 25,050 | 29,180 | 25,472 | 22,608 | 22,848 | 26,966 | 21,961 | 21,249 | 24,820 | 32,439 | 32,924 |
| Expenses | 20,119 | 17,116 | 21,824 | 25,985 | 21,767 | 18,842 | 19,778 | 23,256 | 18,651 | 17,942 | 21,178 | 28,709 | 27,905 |
| Operating Profit | 2,525 | 2,430 | 3,226 | 3,195 | 3,706 | 3,766 | 3,070 | 3,710 | 3,310 | 3,307 | 3,642 | 3,731 | 5,019 |
| OPM % | 11% | 12% | 13% | 11% | 15% | 17% | 13% | 14% | 15% | 16% | 15% | 12% | 15% |
| Other Income | 370 | 461 | 491 | -176 | 591 | 583 | 648 | 4,582 | 475 | 4,179 | 6,288 | 748 | -2,022 |
| Interest | 1,103 | 1,343 | 597 | 1,513 | 1,130 | 910 | 2,141 | 1,796 | 1,035 | 1,711 | 1,626 | 1,646 | 2,421 |
| Depreciation | 714 | 757 | 760 | 811 | 934 | 1,035 | 1,006 | 1,236 | 1,284 | 1,377 | 1,372 | 2,103 | 1,926 |
| PBT | 1,079 | 791 | 2,361 | 696 | 2,232 | 2,403 | 572 | 5,259 | 1,466 | 4,398 | 6,932 | 729 | -1,349 |
| Tax % | 33% | 50% | 19% | 62% | 26% | 21% | 103% | 24% | 39% | 23% | 20% | 117% | 16% |
| Net Profit | 677 | 333 | 1,973 | 352 | 1,772 | 1,989 | 229 | 4,015 | 976 | 3,414 | 5,727 | -167 | -1,462 |
| EPS in Rs | 5.28 | 1.78 | 14.79 | 3.53 | 11.39 | 13.64 | 0.45 | 29.74 | 6.85 | 24.74 | 43.53 | -0.81 | -8.92 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 64,465 | 34,008 | 36,533 | 35,924 | 40,379 | 43,403 | 39,537 | 69,420 | 1,27,540 | 96,421 | 97,895 | 1,00,469 | 1,11,431 |
| Expenses | 52,015 | 32,325 | 34,631 | 33,886 | 38,409 | 41,108 | 37,031 | 65,707 | 1,18,722 | 85,044 | 83,643 | 86,478 | 95,733 |
| Operating Profit | 12,450 | 1,684 | 1,902 | 2,038 | 1,969 | 2,294 | 2,506 | 3,714 | 8,818 | 11,377 | 14,252 | 13,991 | 15,698 |
| OPM % | 19% | 5% | 5% | 6% | 4.9% | 5% | 6% | 5% | 7% | 12% | 15% | 14% | 14% |
| Other Income | 792 | 1,044 | 749 | 363 | 504 | 872 | 494 | 1,012 | 834 | 1,146 | 6,403 | 11,688 | 9,193 |
| Interest | 7,056 | 1,357 | 1,257 | 1,250 | 1,625 | 1,572 | 1,377 | 2,526 | 3,969 | 4,555 | 5,978 | 6,019 | 7,405 |
| Depreciation | 3,522 | 314 | 315 | 664 | 390 | 472 | 537 | 1,248 | 2,436 | 3,042 | 4,211 | 6,135 | 6,777 |
| PBT | 2,663 | 1,056 | 1,079 | 487 | 459 | 1,122 | 1,086 | 952 | 3,247 | 4,926 | 10,466 | 13,525 | 10,709 |
| Tax % | 14% | 7% | 25% | 23% | 32% | 29% | 31% | 50% | 32% | 33% | 28% | 28% | — |
| Net Profit | 2,298 | 1,000 | 925 | 594 | 506 | 1,040 | 1,046 | 788 | 2,422 | 3,335 | 8,005 | 9,951 | 7,513 |
| EPS in Rs | 15.81 | 8.21 | 8.02 | 6.15 | 5.82 | 9.24 | 7.49 | 6.3 | 19.3 | 25.37 | 55.02 | 72.31 | 58.54 |
| Div. Payout % | 8% | 4% | 4% | 6% | 6% | 10% | 12% | 14% | 6% | 5% | 2% | 2% | — |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 110 | 114 | 114 | 115 | 129 |
| Reserves | 25,618 | 13,268 | 14,026 | 14,979 | 14,646 | 16,837 | 17,049 | 22,147 | 32,937 | 38,962 | 50,199 | 80,797 |
| Borrowings | 83,571 | 19,169 | 20,846 | 17,637 | 11,243 | 12,419 | 16,227 | 41,604 | 53,200 | 65,310 | 91,473 | 1,06,622 |
| Other Liabilities | 21,420 | 9,132 | 12,630 | 23,679 | 16,537 | 17,509 | 18,231 | 37,726 | 55,027 | 56,200 | 56,056 | 73,321 |
| Total Liabilities | 1,30,718 | 41,679 | 47,611 | 56,405 | 42,536 | 46,875 | 51,617 | 1,01,586 | 1,41,278 | 1,60,586 | 1,97,843 | 2,60,868 |
| Fixed Assets | 83,834 | 10,473 | 13,668 | 10,555 | 9,020 | 10,476 | 10,838 | 30,123 | 56,881 | 65,978 | 77,260 | 1,15,174 |
| CWIP | 6,733 | 7,705 | 7,731 | 5,526 | 5,765 | 7,347 | 8,825 | 23,544 | 24,025 | 35,180 | 51,516 | 51,753 |
| Investments | 744 | 805 | 1,042 | 1,461 | 1,511 | 1,952 | 5,503 | 4,292 | 6,310 | 8,701 | 9,887 | 9,428 |
| Other Assets | 39,407 | 22,696 | 25,170 | 38,864 | 26,240 | 27,099 | 26,451 | 43,627 | 54,062 | 50,728 | 59,180 | 84,513 |
| Total Assets | 1,30,718 | 41,679 | 47,611 | 56,405 | 42,536 | 46,875 | 51,617 | 1,01,586 | 1,41,278 | 1,60,586 | 1,97,843 | 2,60,868 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 8,532 | 5,112 | 774 | 2,942 | 3,236 | 2,454 | 4,043 | 1,385 | 17,626 | 10,312 | 4,513 | 2,357 |
| Investing | -11,465 | -1,825 | -1,460 | -7,649 | 2,487 | -1,082 | -8,611 | -17,041 | -15,459 | -18,767 | -26,417 | -27,680 |
| Financing | 3,445 | -3,448 | 716 | 5,120 | -6,158 | -221 | 3,109 | 15,901 | -1,198 | 8,879 | 22,655 | 28,484 |
| Net Cash Flow | 512 | -161 | 30 | 413 | -436 | 1,151 | -1,459 | 246 | 970 | 424 | 751 | 3,161 |
| Free Cash Flow | -621 | -778 | -3,373 | -4,352 | 1,471 | -268 | 684 | -10,260 | 2,972 | -11,934 | -25,002 | -30,993 |
| CFO/OP | 75 | 317 | 52 | 157 | 175 | 119 | 166 | 43 | 210 | 106 | 46 | 36 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 87 | 109 | 127 | 123 | 129 | 111 | 111 | 72 | 36 | 37 | 36 | 46 |
| Inventory Days | 35 | 17 | 19 | 28 | 29 | 27 | 21 | 46 | 27 | 69 | 73 | 126 |
| Days Payable | 89 | 69 | 101 | 104 | 133 | 126 | 142 | 120 | 111 | 179 | 151 | 185 |
| Cash Conversion Cycle | 33 | 57 | 46 | 47 | 26 | 11 | -10 | -2 | -49 | -73 | -42 | -13 |
| Working Capital Days | -81 | -2 | -19 | -8 | -10 | -21 | -31 | -89 | -38 | -61 | -59 | -45 |
| ROCE % | 9% | 3% | 7% | 6% | 7% | 9% | 8% | 7% | 9% | 10% | 9% | 6% |
Documents
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Company Information
Adani Enterprises Ltd has business interests in various economic areas such as mining, integrated resources management (IRM), infrastructure such as airports, roads, rail/ metro, water, data centres, solar manufacturing, agro and defence.[1]