Adani Enterprises Ltd.

•

adanienterprises.comBSE: 512599NSE: ADANIENT

Market Cap₹ 4,13,847 Cr.

Current Price

High / Low₹ 3,245 / 1,753

Stock P/E55.6

Book Value₹ 697

Price to Book2.81

Dividend Yield0.04 %

ROCE13.3 %

ROE15.1 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Integrated Coal Management: 27.5% • Solar Manufacturing: 15.0% • Copper: 14.8%

AI Sector View

AI GENERATED

Metals & Mining

Hold

The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.

Confidence

61%

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PROS

Company has delivered good profit growth of 67.0% CAGR over last 5 years
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 20.5% CAGR over last 5 years
Operating margins have improved to 13.9% from 7.9%
Company has a consistent dividend-paying track record
Attractively priced for its growth - PEG of 0.9

CONS

Recent results are weak - TTM profit is down 24.7% versus prior year
Receivables are growing faster than sales - a possible quality concern
Free cash flow has been persistently negative
Working capital days have increased from -25 to 7 days
Equity base is being diluted - shares outstanding up 13.4%
Recurring exceptional / one-off items are inflating headline profit

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Metals & MiningTradingTrading

Part ofNIFTY 50 NIFTYLARGEMIDCAP250 NIFTY100 EQL WGT NIFTY TOTAL MKT NIFTY METAL

S.No.	Name
1.	ADANIENT	3057.10	55.59	413846.54	0.04	-1461.54	-249.67	32923.98	49.92	13.30	15.57
2.	AEGISLOG	1353.10	37.96	47493.81	0.64	544.84	210.70	2356.86	37.07	19.76	30.28
3.	CPPLUS	3830.15	94.94	45310.84	0.04	142.20	332.51	1402.42	89.51	29.48	14.52
4.	PREMIERENE	974.55	26.57	44239.84	0.10	471.92	53.32	2462.59	35.25	33.72	29.03
5.	REDINGTON	393.65	18.09	30774.55	1.52	453.49	94.65	34922.47	34.57	18.96	2.03
6.	HONASA	470.95	61.70	15354.11	0.64	90.45	118.87	755.95	27.00	20.87	14.58
7.	LLOYDSENT	69.79	94.88	10653.81	0.21	109.98	-55.77	563.03	70.15	12.84	18.07
8.	SGMART	751.25	76.16	9468.39	0.00	455.80	1310.71	13085.70	1044.08	10.43	4.49
9.	MMTC	61.96	20.78	9294.00	0.00	104.24	135.52	0.68	-50.00	33.46	-1423.53
10.	ENTERO	1819.35	63.14	7918.37	0.00	52.05	72.17	1940.50	38.23	10.93	5.00
11.	EBGNG	683.00	54.67	7786.99	0.00	28.93	56.21	412.46	32.08	20.58	11.97
12.	CELLO	333.00	24.01	7510.42	0.45	73.40	-8.99	526.72	-0.43	17.15	18.80

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	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
	20,119	17,116	21,925	25,985	21,767	18,842	19,778	23,626	18,651	17,942	21,178	28,709	32,252
Operating Profit	2,525	2,430	3,125	3,195	3,706	3,766	3,070	3,340	3,310	3,307	3,642	3,731	672
OPM %	11.15%	12.43%	12.47%	10.95%	14.55%	16.66%	13.44%	12.39%	15.07%	15.56%	14.67%	11.50%	2.04%
	371	461	591	-177	594	588	652	4,582	475	4,179	6,288	1,007	3,266
Interest	1,103	1,343	597	1,513	1,130	910	2,141	1,426	1,035	1,711	1,626	1,906	2,421
Depreciation	714	757	760	811	934	1,035	1,006	1,236	1,284	1,377	1,372	2,103	1,926
Profit before Tax	1,080	791	2,360	694	2,236	2,409	576	5,259	1,466	4,398	6,932	729	-1,242
Tax %	33.40%	50.29%	18.77%	61.95%	26.11%	21.27%	102.24%	24.42%	38.96%	22.76%	20.27%	117.14%	-17.63%
Net Profit	0	0	0	0	1,772	1,989	2,286	4,015	976	3,414	5,727	-167	-1,462
	5.92	2.00	16.09	3.48	12.33	14.87	0.07	32.02	6.02	27.38	46.78	-1.71	-8.91

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	36,608	35,924	40,379	43,403	39,537	69,420	1,27,540	96,421	97,895	1,00,469	1,11,431
	34,679	33,890	38,410	41,118	37,032	65,794	1,18,722	85,044	83,644	86,479	1,00,080
Operating Profit	1,929	2,034	1,969	2,284	2,505	3,626	8,818	11,377	14,251	13,989	11,351
OPM %	5.27%	5.66%	4.88%	5.26%	6.34%	5.22%	6.91%	11.80%	14.56%	13.92%	10.19%
	761	319	414	882	495	1,099	825	1,145	6,417	11,690	14,740
Interest	1,257	1,250	1,625	1,572	1,377	2,526	3,969	4,555	5,978	6,019	7,664
Depreciation	315	664	390	472	537	1,248	2,436	3,042	4,211	6,135	6,777
Profit before Tax	1,118	439	368	1,122	1,086	952	3,238	4,925	10,479	13,525	10,816
Tax %	24.26%	25.52%	39.28%	28.90%	31.28%	50.07%	32.06%	33.13%	28.33%	28.33%	32.17%
Net Profit	847	327	223	798	746	475	2,200	3,293	7,510	9,694	7,337
EPS	8.98	6.89	6.52	10.35	8.39	7.06	21.78	28.43	61.51	72.26	—
Dividend Payout %	4.45%	5.81%	6.13%	9.66%	11.92%	14.16%	5.53%	4.57%	2.11%	1.80%	—

COMPOUNDED SALES GROWTH

10 Years:: 11%
5 Years:: 21%
3 Years:: -8%

COMPOUNDED PROFIT GROWTH

10 Years:: 25%
5 Years:: 59%
3 Years:: 56%

STOCK PRICE CAGR

10 Years:: 46%
5 Years:: 15%
3 Years:: 8%
1 Year:: 32%

RETURN ON EQUITY

10 Years:: 7%
5 Years:: 11%
3 Years:: 14%
Last Year:: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	114	114	115	129
Minority Interest	562	778	388	1,263	1,751	4,672	4,839	5,110	6,156	8,252
	14,026	14,979	14,646	16,837	17,049	21,507	32,937	36,338	47,575	80,797
	21,322	18,792	11,792	13,450	16,967	48,106	59,655	76,737	99,441	1,17,430
Trade Payables	8,555	8,549	11,989	11,814	11,756	17,648	28,547	24,570	21,214	27,370
	2,626	12,970	3,262	3,152	3,933	9,544	15,186	17,716	23,341	26,891
Total Liabilities	47,202	56,178	42,187	46,626	51,566	1,01,586	1,41,278	1,60,586	1,97,843	2,60,868
	13,631	10,519	8,998	10,445	10,806	30,076	56,813	65,738	77,038	1,14,890
Capital Work in Progress	7,731	5,526	5,765	7,231	8,686	19,564	17,699	21,931	31,857	28,815
	1,042	1,461	1,511	1,952	5,503	4,292	6,310	8,701	9,887	9,428
	1,652	2,343	2,669	2,562	1,757	6,788	6,918	9,487	10,287	18,713
	0	0	0	0	0	0	0	9,793	9,616	12,543
Cash & Bank	1,715	1,884	1,709	3,377	1,811	3,916	5,374	7,068	6,962	11,809
	21,430	34,445	21,534	21,058	23,003	36,950	48,165	37,869	52,196	64,670
Total Assets	47,202	56,178	42,187	46,626	51,566	1,01,586	1,41,278	1,60,586	1,97,843	2,60,868

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	994	3,192	3,538	2,721	4,156	1,590	18,536	10,312	4,513	2,357
Cash from Investing	-1,229	-7,706	1,809	-2,323	-7,902	-17,487	-16,860	-19,082	-26,967	-28,438
Cash from Financing	716	5,120	-6,158	-221	3,109	15,901	-1,198	8,879	22,655	28,484
	261	355	-1,023	-90	-750	-201	-431	109	202	2,403

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.72	74.89	73.97	73.97	73.97	73.97	73.97	74.67	74.84
	11.73	11.31	11.72	11.71	11.55	11.72	11.64	10.80	8.77
	6.02	6.46	6.61	6.86	7.04	6.84	6.71	6.70	9.34
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	7.52	7.36	7.69	7.46	7.44	7.47	7.66	7.83	7.05

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

Press Release

2026-09-09 - Adani Enterprises Limited has informed the Exchange regarding a press release dated September 09, 2026, titled "Adani Airports to raise USD 1 billion of primary equity from marquee global investors".

2026-09-09

Agreements

2026-09-09 - Adani Enterprises Limited has informed the Exchange about entering to into shareholders agreement by the Company

2026-09-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-07 - Adani Enterprises Limited has informed the Exchange about Schedule of meet

2026-08-27

Acquisition

2026-08-27 - Adani Enterprises Limited has informed the Exchange about Acquisition of Chandenvalle Infra Park Limited by AdaniConneX Private Limited, a joint venture of the Company

2026-08-26

Suspension of Trading

2026-08-26 - Members of the Exchange are hereby informed that the trading in Non-Convertible Debentures of Adani Enterprises Limited shall be suspended w.e.f. August 28, 2026 (ISIN No. INE423A07351 & INE423A07369) on account of Maturity.

2026-08-24

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-24 - Adani Enterprises Limited has informed the Exchange about Schedule of meet

2026-08-21

Change in Management

2026-08-21 - Adani Enterprises Limited has informed the Exchange that Mr. V. Subramanian shall be completing his second term as an Independent Director of the Company and consequently, he shall cease to be an Independent Director with effect from end of business hours on 21st August, 2026.

2026-08-20

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-20 - Adani Enterprises Limited has informed the Exchange about Schedule of meet

2026-08-13

Acquisition

2026-08-13 - Adani Enterprises Limited has informed the Exchange about Acquisition of Path Highway LLP by Adani Road Transport Limited, a wholly owned subsidiary of the Company and Adani Road GRICL Limited, a wholly owned subsidiary of ARTL and step down subsidiary of the Company,

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