ADANIENT
Large CapAdani Enterprises Limited
Diversified
Adani Enterprises Limited (AEL) is the flagship company of Adani Group, focused on building emerging infrastructure businesses and divesting them. It incubates businesses like green hydrogen, airport management, data centers, roads, copper, and petrochem, aiming for value unlocking.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 2/100PAT -104% YoY · margin compression · Rev +20% YoY · +31% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹32,439 Cr | +20.3% | +30.7% |
| EBITDA | ₹3,731 Cr | +0.6% | +2.4% |
| Operating margin | 12.0% | -200 bps | -300 bps |
| PAT | ₹-167 Cr | -104.2% | -102.9% |
| PAT margin | -0.5% | -1540 bps | -2358 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
AEL reported FY26 consolidated total income up 3% YoY to Rs. 1,02,943 cr, with EBITDA maintained at Rs. 16,464 cr. Core infra incubating businesses and mining services now contribute 80% of EBITDA, reflecting a shift to a more stable, contracted portfolio.
Management claims a successful transition to a core infra-utility model with 80% EBITDA from stable, contracted businesses. While this enhances earnings visibility, the impact of depreciation on new assets and volume/price volatility in established businesses warrants close monitoring for sustained cash generation.
EBITDA by Business Segment FY26
Latest issuer-disclosed distribution across 3 reported categories.
Airports Revenue Growth
Aero and non-aero revenue delivered robust YoY growth of 26% and 31% respectively in FY26.
Data Center Order Book
Received new hyperscale order for 358 MW in Hyderabad, taking cumulative tied-up capacity to 560+ MW.
ANIL Solar Module Sales
Domestic solar module sales surged 95% to 1459 MW during Q4 FY26 on YoY basis.
Copper Business Volume
Copper production and sales volumes increased over 280% YoY in FY26.
ANIL Solar Module Line
6.0 GW Cell & Module (TopCon) module line commissioning expected in H1FY27.
Road Projects
Added three new road projects in Q4 FY26, taking total projects tally to 20.
Data Center Operational Capacity
Hyderabad data center phase II 4.8 MW capacity is now operational, total operational capacity 55+ MW.
Mining Services Contract
Gare Pelma II mine service contract made operational from March 22, 2026, with peak capacity of 23.6 MMTPA.
India's Growth Acceleration
Management focuses on building globally competitive infrastructure businesses as India’s growth accelerates.
Core Infra-Utility Model
80% of EBITDA from mature, long-term, and contracted businesses significantly enhances earnings visibility.
Established Businesses Performance
Established businesses EBITDA & PBT impacted by decrease in trade volume and price volatility in IRM and Commercial Mining.
Depreciation on New Assets
Q4 FY26 PAT was affected by depreciation on recently commissioned assets of Navi Mumbai and Copper plant.
Project Execution Risk
Large infra-assets like Navi Mumbai International Airport, Guwahati Airport, and Ganga Expressway are still in building and making ready phases.
Commodity Price Volatility
IRM and Commercial Mining segments are susceptible to volume and price volatility, impacting profitability.
High Debt Levels
Consolidated Net External Debt stood at Rs. 64,051 cr in FY26, with Rs. 37,825 cr accounted for yet to unlock EBITDA.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document primarily presents financial and operational results with Year-on-Year comparisons for both the quarter and the full fiscal year, which is appropriate for assessing the performance of long-term infrastructure projects and diversified businesses.
ANIL Ecosystem Total Income
FY26 Total Income increased by 9% YoY to Rs. 15,563 cr.
ANIL Ecosystem EBITDA
FY26 EBITDA decreased by 5% YoY to Rs. 4,532 cr.
Airports Total Income
FY26 Total Income increased by 28% YoY to Rs. 13,081 cr.
Airports EBITDA
FY26 EBITDA increased by 55% YoY to Rs. 5,394 cr.
Future Value Unlocking
Next generation strategic business investments (green hydrogen, airport management, data center, roads, copper, petrochem) have significant scope for value unlocking.
Sustained Cash Generation
AEL's incubation journey has crossed stabilization phases, positioning the company for sustained cash generation.
2GW Data Center Platform
Committed to build a sustainable 2GW data center platform by 2030.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Core Infra EBITDA Contribution | 80% of total EBITDA (FY26) | Sustained or increasing contribution from core infra and mining services to total EBITDA. |
| Net External Debt / EBITDA | 3.4x (FY26) | Improvement in debt coverage ratios as new assets unlock EBITDA and generate cash flows. |
| Operational Capacity Ramp-up | Hyderabad data center 55+ MW operational, Copper plant ~45% utilization (Q4 FY26) | Timely commissioning and utilization ramp-up of new capacities across all incubating businesses. |
| Established Business Performance | IRM volume down 21% YoY, Commercial Mining production down 11% YoY (FY26) | Stabilization or recovery in volumes and profitability of established businesses amidst market volatility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +27.9% / mo · near 52W high
Technical chart
ADANIENTweekly · 1Y+18.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 68. Wait for confirmation.
- SMA20 rising (~21.8% over last month) — short-term momentum positive.
- RSI(14) at 68 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 11/25 to the score.
- Cash flow contributes 4/10 to the score.
- Balance sheet contributes 5/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -24.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 21st percentile of the scored universe and 35th percentile within Diversified. Main check: financial discipline is weak at 30/100.
Mixed Trust Lite: Promoter holding is 74.7%. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Diversified: 35th pctile, median 63 · Large: 14th pctile, median 74
76 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74.7%.
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Debt/equity is 1.32.
- ▸ROCE is low at 5.8%.
- ▸ROE is low at -3.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- —
- P/B
- 4.74
- EV/EBITDA
- 24.50
- Market Cap
- 386369.00Cr
Profitability
- ROE
- -3.38%
- ROCE
- 5.80%
- ROA
- 3.81%
- Dividend Y
- 0.04%
Growth (CAGR)
- Revenue 5Y
- 21.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- -8.00%
- EPS 3Y
- 8.00%
Balance Sheet
- Debt/Equity
- 1.32
- Interest Coverage
- 2.32×
- Altman Z
- 2.40
- Book Value
- 627.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- 2357.00 Cr
- EPS TTM
- 72.31
Shareholding
- Promoter Hold
- 74.67%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 93%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Diversified — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.