Adani Enterprises Ltd (AEL), the flagship company of the Adani Group, announced its results today for the quarter ended June 30, 2025.
AEL’s portfolio of diverse established and incubating businesses provides both stability and growth. AEL’s incubation business model gets validated with these results as our EBITDA from incubating businesses have increased by 5% to Rs.2,800 cr on y-o-y basis and contributes 74% to Q1-FY26 results. AEL shall witness operationalization of the large infra-assets during this fiscal year reflecting its project execution capabilities, which should results in EBITDA unlock and long-term value creation.
“Adani Enterprises has established itself as one of the world’s most successful infrastructure incubators,” said Mr Gautam Adani, Chairman of the Adani Group. “The substantial rise in EBITDA contribution from our incubating businesses reflects strength and scalability of our operating model. This performance has been led by our Airports business, which delivered an exceptional 61% year-on-year growth in EBITDA. With landmark assets like the Navi Mumbai International Airport, the Copper Plant and the Ganga Expressway set to become operational, we are accelerating our mission to build next-generation infrastructure platforms that are globally benchmarked, technologically advanced and strategically vital to India’s growth story.”
Consolidated Financial Highlights
(Rs. in Crore)
| Particulars | Q1 FY25 | Q1 FY26 | % change Y-o-Y | FY25 | |
| Total Income | 26,067 | 22,437 | (14%) | 1,00,365 | |
| EBITDA | 4,300 | 3,786 | (12%) | 16,722 | |
| Profit Before Tax | 2,236 | 1,466 | (34%) | 10,479 | |
| Profit After Tax1 | 1,458 | 734 | (50%) | 7,112 | |
| Cash Accruals2 | 2,704 | 2,091 | (23%) | 7,968 |
Note: 1. PAT attributable to shareholders including exceptional gain
2.Cash Accruals is equal to Profit Before Tax + Depreciation – Current Taxes
Incubating Businesses Financial Highlights
(Rs. in Crore)
| Particulars | Q1 FY25 | Q1 FY26 | % change Y-o-Y | FY25 | |
| ANIL Ecosystem | |||||
| Total Income | 4,519 | 4,035 | (11%) | 14,236 | |
| EBITDA | 1,642 | 1,212 | (26%) | 4,776 | |
| PBT | 1,425 | 960 | (33%) | 3,958 | |
| Airports | |||||
| Total Income | 2,177 | 2,715 | 25% | 10,224 | |
| EBITDA | 682 | 1,094 | 61% | 3,480 | |
| PBT | (89) | 204 | – | (5) |
Operational Highlights
| Volume | Q1 FY25 | Q1 FY26 | % change Y-o-Y | FY25 | |
| ANIL Ecosystem | |||||
| Module Sales (MW) | 1,379 | 1,350 | (2%) | 4,263 | |
| WTG (Sets) | 41 | 35 | (15%) | 164 | |
| Airports | |||||
| Pax movement (Mn) | 22.8 | 23.4 | 3% | 94.4 | |
| ATMs (‘000) | 152.1 | 153.6 | 1% | 623.8 | |
| Cargo (Lacs MT) | 2.7 | 2.8 | 4% | 10.9 | |
| Roads | |||||
| Construction (L-KM) | 730.0 | 493.2 | (32%) | 2,410.1 | |
| Mining Services | |||||
| Dispatch (MMT) | 9.3 | 12.1 | 30% | 43.3 | |
| IRM | |||||
| Volume (MMT) | 15.4 | 12.8 | (17%) | 56.5 | |
Business Updates
| Adani New Industries (ANIL – Green Hydrogen Ecosystem) |
| Commissioned India’s first off-grid 5 MW Green Hydrogen pilot plant marking a major milestone in the nation’s clean energy transitionWind Turbine business received its first external order of 300 MW for 3.3 MW WTG platform and started serial production Construction for the additional 6 GW module capacity progressing as per schedule |
| AdaniConnex Pvt Ltd (ACX – Data Center) |
| Noida data center MEP works in progressHyderabad data center phase II MEP works ~72% completedPune data center phase I works crosses ~85% |
MEP: Mechanical, Electrical & Plumbing
| Adani Airport Holdings Ltd (AAHL – Airports) |
| Secured USD 1.75 billion through ECBs and project financing across six airports and MIAL; to enable financial flexibility for growth Mumbai airport received its tariff order for 4th control period FY25 to FY29 with effective date from 16th May 2025During the quarter, 7 new routes and 2 new airlines added |
| Adani Road Transport Ltd (ARTL – Roads) |
| Three HAM projects are more than ~90% completeGanga Expressway construction crosses ~85% |
HAM: Hybrid Annuity Model
| Natural Resources – Mining Services |
| Two new MDO agreements signed for Mara II Mahan and Gondbahera Ujheni East coal mine in the state of Madhya Pradesh |
Updates subsequent to quarter ended 30th June 2025
AWL Agri Business Limited (“AWL”) Exit
- AEL’s subsidiary entity Adani Commodities LLP sold 10.42% stake in AWL through block deal and realized Rs.3,700 cr (before tax)
- Entered into Share Purchase Agreement with Wilmar group for transferring the remaining stake of up to 20%.
Debt Public Issue
- Witnessed overwhelming participation from retail and non-institutional investors to fully subscribe issue within three hours of the launch day
- Completed its second public issue of NCDs, raising Rs.1,000 cr in the last 12 months
ESG Highlights
- AEL Sustainalytics ESG score has improved to 28 “Medium Risk” from previous score of 34 “High Risk” reflecting the impact of AEL’s strategic efforts to strengthen governance, enhance transparency and embed sustainability to its core operations
About Adani Enterprises Ltd
Adani Enterprises Limited (AEL) is the flagship company of Adani Group, one of India’s largest business organisations. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses, contributing to nation-building and divesting them into separate listed entities. Having successfully built sizeable and scalable businesses like Adani Ports & SEZ, Adani Energy Solutions, Adani Power, Adani Green Energy, Adani Total Gas and Adani Wilmar, the company has contributed to make India self-reliant with our robust businesses. This has also led to significant returns to our shareholders for three decades.
The next generation of its strategic business investments are centered around green hydrogen ecosystem, airport management, data center, roads and primary industries like copper and petrochem – all of which have significant scope for value unlocking.
For more information, please visit www.adanienterprises.com and contact:
| Roy Paul | Manan Vakharia |
| Adani Group, Corporate Communication | Adani Enterprises Ltd Investor Relations |
| Tel: +91-79-25556628 | Tel: +91-79-25556140 |
| roy.paul@adani.com | mananj.vakharia@adani.com |
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