Adani Enterprises
Adani Enterprises
Metals & Mining F&OKey Fundamentals
LargecapTrading MineralsMetals & MiningTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
6- Stock is trading at 4.50 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 has a market capitalisation of about Rs 3,80,072 Cr and trades at a P/E of 52.6 and a P/B of 4.17. Sales grew 18% on a TTM basis and at a 21% CAGR over 5 years, while TTM profit fell 36%. Return on equity has been low, at 2% over 3 years and -3% in the last year, and reported earnings include Rs 9,193 Cr of other income.
- TTM sales grew 18%, a recovery from the -8% 3-year sales CAGR that followed the drop in coal trading prices after the commodity peak.
- Sales compounded at 21% over 5 years and 11% over 10 years, showing the business can grow its revenue base over a full cycle.
- The stock has compounded at 51% a year over 10 years and 14% a year over 5 years, reflecting sustained market recognition of its incubator model (airports, new energy, data centres, roads, mining services).
- The stock returned 18% over the past year, suggesting market sentiment has recovered compared with the 3-year CAGR of only 7%.
- At about Rs 3,80,072 Cr market cap, the company is one of India's largest conglomerate platforms, which gives it access to large capital pools for long-gestation infrastructure projects.
- The current -3% ROE and 2% 3-year ROE partly reflect heavy capital spent on projects not yet earning revenue. If incubated businesses such as airports and green energy mature, returns could move back toward or above the 10-year average ROE of 4%.
- Rs 9,193 Cr of other income, while non-recurring in nature, adds to the balance sheet cushion that can fund part of the capex pipeline without relying fully on new borrowing.
- TTM profit fell 36% even as TTM sales rose 18%, a gap that points to margin pressure, higher interest and depreciation costs, or a weaker earnings mix.
- Return on equity is low: 2.41% over 3 years, 4% over 5 and 10 years, and -3% in the last year. That is well below the cost of equity for an Indian large-cap company.
- The P/E of 52.6 and P/B of 4.17 (4.65 in another data source) are high multiples for a company earning low single-digit or negative ROE, which leaves little room for execution slippage.
- Earnings include Rs 9,193 Cr of other income, so a meaningful share of reported profit may not come from core operations, which lowers earnings quality.
- Interest coverage is low, and the company may be capitalising interest cost. That means reported profits may not show the full financing burden of its capex-heavy model.
- Promoter holding fell by 2.70% in the last quarter, which reduces promoter skin in the game and can raise questions about pledging, stake sales, or funding needs.
- Sales shrank at a -8% CAGR over 3 years, so the 21% 5-year growth depended heavily on cyclical coal trading rather than steady operating businesses.
- The dividend yield of 0.04% gives almost no income support, so returns depend almost entirely on multiples holding up and on project execution.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Heavy capex, back-ended earnings Sep 10
Jefferies sees about ₹2 trillion of investments over FY26-31, with spending staying high for five years. Most of the earnings acceleration isn't expected until FY28-FY31, so execution and funding risk stays elevated in the near term.
- AAHL deal conditional, richly valued Sep 10
The ₹98 billion AAHL equity raise still needs customary conditions precedent and approvals, and its three tranches only complete by July 2027. The deal implies about 42x FY26 EV/EBITDA, which leaves little room for slippage.
- SEBI listing violation settlement Sep 22
Adani Enterprises paid ₹76.05 lakh to settle a SEBI case over alleged listing regulation violations. The company says there's no material financial impact, but it adds to the group's regulatory scrutiny.
- AAHL raises $1bn from marquee investors Sep 10
Adani Airport Holdings secured ₹98 billion (USD 1 billion) from Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds for about a 5.54% stake. The deal values AAHL at about ₹1.7 trillion, roughly 44% of AEL's ₹3.9 trillion market cap.
- Brokerage Buy consensus, 29% upside Sep 10
Motilal Oswal started with a Buy and a ₹3,880 target on Sep 9, 2026, in line with Jefferies' Buy and ₹3,830 target. That implies about 29% upside from current levels.
- 23% EBITDA CAGR through FY31 Sep 10
Jefferies expects EBITDA to grow about 23% a year over FY26-FY31. Airports, defence and data centres lead that growth, and airports, data centres and ANIL are the largest parts of its sum-of-the-parts value.
- Promoter stake rises to 71.97% Sep 30
Promoter group holding rose to 71.97% after market purchases and inter-se transfers totalling 1.97 crore shares. That points to promoter confidence in the stock.
- Airport scale-up to 200 mn pax Sep 10
AAHL runs eight airports that handle over 23% of India's passenger traffic, and the new capital targets 200 million passengers a year. The plan also includes about 22 million sq ft of Airport City mixed-use development in phase one.
- Clean NCD servicing record Oct 1
The H1 disclosure to Sep 30, 2026 lists 24 NCD series allotted between Sep 2024 and Jan 2026, including a ₹1,000 crore 8.70% NCD due March 2028. No defaults or delays in debt servicing were reported.
- Rights issue final call reminder Sep 30
The company sent a final reminder for First and Second & Final Call money on partly paid-up rights shares. The last date to pay is November 4, 2026.
- Monvarex Aluminium 50% stake buy Sep 26
Subsidiary Adani Global bought 50% of Monvarex Aluminium Holding RSC Ltd for $25,000. The move is an entry into the alumina and coal-to-gas sectors.
- Anju Abrol independent director vote Sep 21
A postal ballot will seek shareholder approval to appoint Anju Abrol as an independent director. E-voting runs Sep 24 to Oct 23, 2026, with a Sep 18 record date.
- Jefferies investor meet rescheduled Sep 7
The investor and analyst meeting at the Jefferies 5th India Forum moved to September 17, 2026, in Gurgaon.
TL;DR: Sentiment on Adani Enterprises has improved. AAHL's $1 billion raise from global investors gives an outside value marker of about ₹1.7 trillion, and Motilal Oswal and Jefferies both rate the stock Buy with targets near ₹3,830-3,880. Rising promoter holding and clean debt servicing help too. The main risks are the ₹2 trillion capex cycle, earnings that mostly arrive in FY28-31, rich implied valuations and ongoing regulatory scrutiny. The trend is improving, and the next things to watch are AAHL deal closure and progress on the new businesses' earnings.
Quarterly Results
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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
| Particulars | 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Adani Enterprises insights
63 extracted metrics + investor summaries across FY12–FY27.
Documents
Frequently Asked Questions about Adani Enterprises
What does Adani Enterprises Ltd do?
Where is Adani Enterprises Ltd (ADANIENT) listed?
Which sector does Adani Enterprises Ltd belong to?
What is the market capitalisation of Adani Enterprises Ltd?
What is the PE ratio of Adani Enterprises Ltd?
What is the 52-week high and low of Adani Enterprises Ltd?
Does Adani Enterprises Ltd pay dividends?
What is the Return on Equity (ROE) of Adani Enterprises Ltd?
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]
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/ADANIENT.md for Adani Enterprises Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live,
structured queries instead of documents, use our MCP server.