Operating Leverage Inflection
Expected: OngoingHIGH confidence
What: Airport EBITDA Growth: 42%
“EBITDA from incubating business now contributes over 70%, as against 60% in the comparative last half year.”
Adani Enterprises Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +13.9%Weak4w Streak
In , Adani Enterprises Ltd (Trading) is outperforming Nifty 500 with +13.9% relative strength. Fundamentals: Weak. On a 4-week streak.
Adani Enterprises Ltd Key Facts
- PE Ratio
- 103.0x
- Market Cap
- ₹3,25,994 Cr
- PAT Growth YoY
- -104%
- Revenue Growth YoY
- +20%
- OPM
- 12.0%
- RS vs Nifty 500
- +13.9%
PE: Near TroughRiding Wave
What's Happening
👔Promoter stake down 0.9% this quarter
Earnings Acceleration Triggers
1. Operating Leverage Inflection
OngoingHIGH
2. Regulatory Approval Or License Win
Q3 FY26HIGH
3. Interest Cost Reduction Deleveraging
Q3 FY26MEDIUM
Key Risks
1. IRM and Commercial Mining EBITDA impacted by price volatility and lower trade vo
MEDIUM2. Uncertainty around U
LOWSector-Specific Signals
Solar Module Sales997 MW+12%
Aero Yield per PassengerINR 495+21%
Non-Aero Yield per PassengerINR 672+31%
Passenger Movement24.7 Mn0%
Key Numbers
PAT Growth YoY
-104%
Stable
Revenue YoY
+20%
Inflection Up
Operating Margin
12.0%
-200 bps YoY
PE Ratio
103.0
Current Price
₹2,506
Dividend Yield
0.05%
Fundamental Score
24/100
Weak
3Y PAT CAGR
+60%
Market Cap
3.3L Cr
Valuation
Slightly Undervalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Adani Enterprises Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 19, 2026
Regulatory Approval Or License Win
Expected: Q3 FY26HIGH confidence
What: Tariff Revision: 4 Airports
“backed by both tariff revisions of four airports and also continued growth in non-aero income”
Interest Cost Reduction Deleveraging
Expected: Q3 FY26MEDIUM confidence
What: Rights Issue Proceeds: INR 24,930 Cr
Impact: Debt reduction
“the loan that the shareholders have provided will become equity... growth capital that will be used primarily for the airports business”
Airport EBITDA growth of 42% YoY
HIGH confidence
What: Airport EBITDA growth of 42% YoY
“EBITDA 1,101 1,568 42%... Increased in line with revenue and non-recurring lease income recognition”
What Are the Key Risks for Adani Enterprises Ltd?
Earnings deceleration risks from management commentary
IRM and Commercial Mining EBITDA impacted by price volatility and lower trade vo
MEDIUMTrigger: Geopolitical issues and market uncertainty led to trade and price volatility in commodity trading.
Management view: Management views this as cyclical and is shifting focus toward infrastructure assets.
Monitor: commodity
Uncertainty around U
LOWTrigger: U.S. tariff structures required pricing rationalization for exports.
Impact: PAT impact: 14% EBITDA impact in solar
Management view: Expect numbers to normalize over the next 18 months as the market adjusts.
Monitor: regulatory
What Is Adani Enterprises Ltd's Management Saying?
Key quotes from recent conference calls
“Are we on target to commission this capacity by June '26? Robbie Singh: We are pretty confident of finishing around that time, so June '26. [Previous Solar Module Capacity Timeline guidance]”
“for the full year, we expect it to be around about INR 36,000 crores. [Previous Full Year Capex FY26 guidance]”
“we will accelerate the capex already from next financial year... in the tune of INR 30,000 crores. [Initiative: Navi Mumbai Airport Phase 2]”
“We should have the pilot results... towards the middle of next year... give a much clearer investment horizon. [Initiative: Electrolyzer Testing]”
What Did Adani Enterprises Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
INR 25,475 Cr
YoY +8%
Why: Growth was driven by higher volumes in the ANIL ecosystem and tariff revisions in the airport business.
Consolidated revenue grew 8% YoY despite a 25% decline in the IRM segment's income.
EBITDA
INR 4,297 Cr
YoY +15%Margin 16.9%
Why: Margin expansion was led by a 42% increase in Airport EBITDA due to non-recurring lease income and revenue growth.
EBITDA growth outpaced revenue growth, reflecting improved profitability in incubating businesses.
PAT
INR 5,627 Cr
YoY +9600%
Why: The massive jump was primarily due to an exceptional gain of INR 5,632 crore during the quarter.
Reported PAT is heavily skewed by one-time gains from asset sales; core profitability is better reflected in PBT.
Other Highlights
• Exceptional gain of INR 5,632 Cr recorded in Q3 FY26.
• Airport segment EBITDA grew 42% YoY to INR 1,568 Cr.
• ANIL solar module sales surged 40% YoY to 997 MW.
What Sector Metrics Matter for Adani Enterprises Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Solar Module Sales
997 MW
YoY +12%
Why: Driven by strong domestic demand and a surge in domestic sales.
Aero Yield per Passenger
INR 495
YoY +21%
Why: Boosted by tariff order revisions across four airports.
Non-Aero Yield per Passenger
INR 672
YoY +31%
Why: Driven by digital initiatives and duty-free penetration.
Passenger Movement
24.7 Mn
YoY 0%
Why: Stable traffic across the existing portfolio.
MDO Dispatch Volume
10.7 MMT
YoY -9%
Why: Impacted by lower volumes in specific contracts like GP III and Talabira.
IRM Volume
11.2 MMT
YoY -7%
Why: Cyclical downturn and price volatility in commodity trading.
Wind Turbine Generator Sales
66 Sets
YoY +38%
Why: Ramp up in wind division and supply of new 3.3 MW models.
Road Construction
391.7 L-KM
YoY -51%
Why: Lower construction activity as several projects reached completion.
What Is Adani Enterprises Ltd's Management Guidance?
Forward-looking targets from management
Capex Plan
₹30000 Cr
Capex Plan
INR 30,000 crores
Navi Mumbai Airport Phase 2
Volume
Solar module run rate of 1.2 GW per quarter
Management Tone: BULLISH
Guidance Changes
REAFFIRMED
Rights Issue Completion: Approved up to INR 25,000 Cr → Completed INR 24,930 Cr
How Fast Is Adani Enterprises Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +20% | -8% | Inflection Up |
| PAT (Net Profit) | -104% | +60% | Stable |
| OPM | 12.0% | -200 bps | Stable |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
Other Top Trading Stocks Beating Nifty 500
Frequently Asked Questions: Adani Enterprises Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Adani Enterprises Ltd's latest quarterly results?
Adani Enterprises Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: -104.2% (stable)
- Revenue Growth YoY: +20.3%
- Operating Margin: 12.0% (stable)
Is Adani Enterprises Ltd's profit growing or declining?
Adani Enterprises Ltd's profit is declining with an stable trend.
- PAT Growth YoY: -104.2% (latest quarter)
- PAT Growth QoQ: -102.9% (sequential)
- 3-Year PAT CAGR: +60.2%
- Trend: Stable — consistent growth pattern
What is Adani Enterprises Ltd's revenue growth trend?
Adani Enterprises Ltd's revenue growth trend is turning around (inflection up).
- Revenue Growth YoY: +20.3%
- Revenue Growth QoQ: +30.7% (sequential)
- 3-Year Revenue CAGR: -7.6%
How is Adani Enterprises Ltd's operating margin trending?
Adani Enterprises Ltd's operating margin is stable.
- Current OPM: 12.0%
- OPM Change YoY: -2.0% basis points
- OPM Change QoQ: -3.0% basis points
What is Adani Enterprises Ltd's 3-year profit and revenue CAGR?
Adani Enterprises Ltd's long-term compounding rates
- 3-Year Profit CAGR: +60.2%
- 3-Year Revenue CAGR: -7.6%
Is Adani Enterprises Ltd's growth accelerating or decelerating?
Adani Enterprises Ltd's earnings growth is stable with mixed signals on a sequential basis.
- YoY Acceleration: -180.0% bps
- Sequential Acceleration: -100.0% bps
What is Adani Enterprises Ltd's trailing twelve month (TTM) performance?
Adani Enterprises Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹10,000 Cr
- TTM PAT Growth: +24.3% YoY
- TTM Revenue: ₹1.0 Lakh Cr
- TTM Revenue Growth: +2.6% YoY
- TTM Operating Margin: 14.2%
Is Adani Enterprises Ltd overvalued or undervalued?
Adani Enterprises Ltd appears slightly undervalued based on our fair value analysis.
- Valuation Signal: Slightly Undervalued
- Current PE: 103.0x
- Price-to-Book: 4.0x
What is Adani Enterprises Ltd's current PE ratio?
Adani Enterprises Ltd's current PE ratio is 103.0x.
- Current PE: 103.0x
- Market Cap: 3.3 Lakh Cr
- Dividend Yield: 0.05%
How does Adani Enterprises Ltd's valuation compare to its history?
Adani Enterprises Ltd's current PE is 103.0x.
- Current PE: 103.0x
- Valuation Assessment: Slightly Undervalued
What is Adani Enterprises Ltd's price-to-book ratio?
Adani Enterprises Ltd's price-to-book ratio is 4.0x.
- Price-to-Book (P/B): 4.0x
- Book Value per Share: ₹627
- Current Price: ₹2506
Is Adani Enterprises Ltd a fundamentally strong company?
Adani Enterprises Ltd is rated Weak with a fundamental score of 24.44/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +20.3% (10% weight)
- PAT Growth YoY: -104.2% (10% weight)
- PAT Growth QoQ: -102.9% (10% weight)
- Margins stable (10% weight)
Is Adani Enterprises Ltd debt free?
Adani Enterprises Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹1.1 Lakh Cr
What is Adani Enterprises Ltd's return on equity (ROE) and ROCE?
Adani Enterprises Ltd's return ratios over recent years
- FY2024: ROCE 10.0%
- FY2025: ROCE 9.0%
- FY2026: ROCE 6.0%
Is Adani Enterprises Ltd's cash flow positive?
Adani Enterprises Ltd's operating cash flow is positive (FY2026).
- Cash from Operations (CFO): ₹2,000 Cr
- Free Cash Flow (FCF): ₹-26,000 Cr
- CFO/PAT Ratio: 24% (weak cash conversion)
What is Adani Enterprises Ltd's dividend yield?
Adani Enterprises Ltd's current dividend yield is 0.05%.
- Dividend Yield: 0.05%
- Current Price: ₹2506
Who holds Adani Enterprises Ltd shares — promoters, FII, DII?
Adani Enterprises Ltd's shareholding pattern (Mar 2026)
- Promoters: 74.7%
- FII (Foreign): 10.8%
- DII (Domestic): 6.7%
- Public: 7.8%
Is promoter holding increasing or decreasing in Adani Enterprises Ltd?
Adani Enterprises Ltd's promoter holding has increased recently.
- Current Promoter Holding: 74.7% (Mar 2026)
- Previous Quarter: 74.0% (Dec 2025)
- Change: +0.70% (increasing — positive signal)
How long has Adani Enterprises Ltd been outperforming Nifty 500?
Adani Enterprises Ltd has been outperforming Nifty 500 for 4 consecutive weeks, indicating building momentum.
Is Adani Enterprises Ltd a new momentum entry or an established outperformer?
Adani Enterprises Ltd is an established outperformer with 4 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for Adani Enterprises Ltd?
Adani Enterprises Ltd has 4 key growth catalysts identified from recent earnings analysis
- Operating Leverage Inflection — Incubating businesses are now contributing over 70% of EBITDA, up from 60% previously.
- Regulatory Approval Or License Win — Tariff order revisions for four airports directly boosted aeronautical yields.
- Interest Cost Reduction Deleveraging — Proceeds will be used to convert shareholder loans to equity and fund airport growth.
- Airport EBITDA growth of 42% YoY — Driven by tariff revisions at four airports and strong non-aero growth including digital initiatives.
What are the key risks in Adani Enterprises Ltd?
Adani Enterprises Ltd has 2 key risks worth monitoring
- [MEDIUM] IRM and Commercial Mining EBITDA impacted by price volatility and lower trade vo — Geopolitical issues and market uncertainty led to trade and price volatility in commodity trading.
- [LOW] Uncertainty around U — U.S. tariff structures required pricing rationalization for exports.
What did Adani Enterprises Ltd's management say in the latest earnings call?
In Q3 FY26, Adani Enterprises Ltd's management highlighted
- "Are we on target to commission this capacity by June '26? Robbie Singh: We are pretty confident of finishing around that time, so June '26. [Previous..."
- "for the full year, we expect it to be around about INR 36,000 crores. [Previous Full Year Capex FY26 guidance]"
- "we will accelerate the capex already from next financial year... in the tune of INR 30,000 crores. [Initiative: Navi Mumbai Airport Phase 2]"
What is Adani Enterprises Ltd's management guidance for growth?
Adani Enterprises Ltd's management has provided the following forward guidance
- Revenue outlook: Not Given
- Margin outlook: Not Given
- Capex plan: ₹30000 Cr for Navi Mumbai Airport Phase 2
- Management tone: bullish
- Milestone: [REAFFIRMED] Rights Issue Completion: Approved up to INR 25,000 Cr → Completed INR 24,930 Cr
What sector-specific metrics matter most for Adani Enterprises Ltd?
Adani Enterprises Ltd's most important sub-sector-specific KPIs from the latest concall
- Solar Module Sales: 997 MW (YoY +12%) — Driven by strong domestic demand and a surge in domestic sales.
- Aero Yield per Passenger: INR 495 (YoY +21%) — Boosted by tariff order revisions across four airports.
- Non-Aero Yield per Passenger: INR 672 (YoY +31%) — Driven by digital initiatives and duty-free penetration.
- Passenger Movement: 24.7 Mn (YoY 0%) — Stable traffic across the existing portfolio.
- MDO Dispatch Volume: 10.7 MMT (YoY -9%) — Impacted by lower volumes in specific contracts like GP III and Talabira.
- IRM Volume: 11.2 MMT (YoY -7%) — Cyclical downturn and price volatility in commodity trading.
Is Adani Enterprises Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Adani Enterprises Ltd may be worth studying
- Valuation: appears slightly undervalued
- Cash flow is positive — CFO ₹2,000 Cr
What is the investment thesis for Adani Enterprises Ltd?
Adani Enterprises Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +20.3% YoY
- Growth catalyst: Operating Leverage Inflection
Risk Factors (Bear Case)
- Key risk: IRM and Commercial Mining EBITDA impacted by price volatility and lower trade vo
What is the future outlook for Adani Enterprises Ltd?
Adani Enterprises Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: turning around (inflection up)
- Margin Trend: stable
- Valuation: Slightly Undervalued
- Key Catalyst: Operating Leverage Inflection
- Key Risk: IRM and Commercial Mining EBITDA impacted by price volatility and lower trade vo
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.