Adani Enterprises Ltd.
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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 GENERATEDMetals & Mining
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.
PROS
- Company has delivered good profit growth of 98.5% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 24.3%
- Company has a good return on equity (ROE) track record: 3 Years ROE 24.0%
- Company comfortably covers its interest (8.0x coverage)
- Company has a consistent dividend-paying track record
- Attractively priced for its growth - PEG of 0.5
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.32x)
- Free cash flow has been persistently negative
- Working capital days have increased from 139 to 324 days
- Effective tax rate is unusually low at 6.4% - earnings may be flattered
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | 3100.00 | 56.37 | 419654.01 | 0.04 | -1461.54 | -249.67 | 32923.98 | 49.92 | 13.30 | 15.57 |
| AEGISLOG | 1341.45 | 37.63 | 47084.89 | 0.65 | 544.84 | 210.70 | 2356.86 | 37.07 | 19.76 | 30.28 |
| PREMIERENE | 978.00 | 26.66 | 44396.46 | 0.10 | 471.92 | 53.32 | 2462.59 | 35.25 | 33.72 | 29.03 |
| CPPLUS | 3743.15 | 92.78 | 44281.63 | 0.04 | 142.20 | 332.51 | 1402.42 | 89.51 | 29.48 | 14.52 |
| REDINGTON | 377.85 | 17.37 | 29539.35 | 1.59 | 453.49 | 94.65 | 34922.47 | 34.57 | 18.96 | 2.03 |
| HONASA | 470.90 | 61.69 | 15352.48 | 0.64 | 90.45 | 118.87 | 755.95 | 27.00 | 20.87 | 14.58 |
| LLOYDSENT | 70.44 | 95.76 | 10753.03 | 0.21 | 109.98 | -55.77 | 563.03 | 70.15 | 12.84 | 18.07 |
| SGMART | 772.60 | 78.32 | 9737.48 | 0.00 | 455.80 | 1310.71 | 13085.70 | 1044.08 | 10.43 | 4.49 |
| MMTC | 62.72 | 21.03 | 9408.00 | 0.00 | 104.24 | 135.52 | 0.68 | -50.00 | 33.46 | -1423.53 |
| ENTERO | 1821.70 | 63.22 | 7928.60 | 0.00 | 52.05 | 72.17 | 1940.50 | 38.23 | 10.93 | 5.00 |
| EBGNG | 675.50 | 54.07 | 7701.48 | 0.00 | 28.93 | 56.21 | 412.46 | 32.08 | 20.58 | 11.97 |
| CELLO | 337.20 | 24.31 | 7605.15 | 0.44 | 73.40 | -8.99 | 526.72 | -0.43 | 17.15 | 18.80 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 8,499 | 6,342 | 7,961 | 9,210 | 7,801 | 6,587 | 6,157 | 6,165 | 5,876 | 5,066 | 5,304 | 6,810 | 5,954 | |
| 7,914 | 5,743 | 7,171 | 8,275 | 7,090 | 5,848 | 5,532 | 5,645 | 5,296 | 4,400 | 4,830 | 6,635 | 5,369 | |
| Operating Profit | 585 | 599 | 789 | 935 | 711 | 739 | 625 | 519 | 579 | 666 | 474 | 175 | 585 |
| OPM % | 6.88% | 9.45% | 9.92% | 10.15% | 9.11% | 11.21% | 10.15% | 8.42% | 9.86% | 13.15% | 8.94% | 2.57% | 9.82% |
| 357 | 587 | 377 | 346 | 321 | 359 | 430 | 4,364 | 492 | 4,272 | 6,518 | 919 | 3,514 | |
| Interest | 117 | 146 | 168 | 208 | 173 | 206 | 290 | 340 | 350 | 470 | 520 | 409 | 294 |
| Depreciation | 34 | 35 | 36 | 37 | 38 | 39 | 38 | 41 | 42 | 43 | 46 | 57 | 48 |
| Profit before Tax | 790 | 1,005 | 963 | 1,036 | 821 | 852 | 728 | 4,503 | 680 | 4,425 | 6,426 | 628 | -1,190 |
| Tax % | 25.55% | 24.22% | 25.51% | 25.20% | 26.22% | 25.66% | 26.03% | 5.05% | 25.91% | 4.31% | 2.02% | 45.29% | 25.18% |
| Net Profit | 588 | 762 | 718 | 775 | 606 | 634 | 538 | 4,275 | 504 | 4,234 | 6,296 | 344 | -890 |
| 5.16 | 6.68 | 6.30 | 6.80 | 5.31 | 5.56 | 4.57 | 35.96 | 4.37 | 36.69 | 52.63 | 2.66 | -6.84 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 7,779 | 9,538 | 15,541 | 16,209 | 13,359 | 26,824 | 57,886 | 32,012 | 26,709 | 23,056 | 23,134 | |
| 7,208 | 8,915 | 14,593 | 15,463 | 12,355 | 25,530 | 56,083 | 29,142 | 24,116 | 21,162 | 21,235 | |
| Operating Profit | 571 | 623 | 948 | 746 | 1,004 | 1,294 | 1,804 | 2,870 | 2,593 | 1,894 | 1,900 |
| OPM % | 7.34% | 6.53% | 6.10% | 4.60% | 7.51% | 4.83% | 3.12% | 8.97% | 9.71% | 8.22% | 8.21% |
| 687 | 437 | 361 | 726 | 179 | 515 | 1,193 | 1,706 | 5,474 | 12,201 | 15,222 | |
| Interest | 782 | 666 | 581 | 381 | 506 | 571 | 664 | 638 | 1,009 | 1,748 | 1,692 |
| Depreciation | 79 | 87 | 101 | 121 | 122 | 125 | 131 | 143 | 155 | 188 | 195 |
| Profit before Tax | 397 | 306 | 627 | 970 | 555 | 1,113 | 2,202 | 3,795 | 6,904 | 12,159 | 10,289 |
| Tax % | 41.99% | 31.55% | 22.69% | 27.92% | 33.58% | 35.26% | 26.71% | 25.09% | 12.32% | 6.43% | 2.97% |
| Net Profit | 231 | 209 | 485 | 699 | 369 | 721 | 1,614 | 2,843 | 6,053 | 11,378 | 9,984 |
| EPS | 2.02 | 1.79 | 4.43 | 6.35 | 3.35 | 6.55 | 14.29 | 24.94 | 52.44 | 88.04 | — |
| Dividend Payout % | 19.08% | 21.02% | 9.07% | 15.74% | 29.82% | 15.26% | 8.48% | 5.21% | 2.48% | 1.48% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 11%
- 5 Years:
- 12%
- 3 Years:
- -26%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 36%
- 5 Years:
- 99%
- 3 Years:
- 92%
STOCK PRICE CAGR
- 10 Years:
- 46%
- 5 Years:
- 15%
- 3 Years:
- 7%
- 1 Year:
- 36%
RETURN ON EQUITY
- 10 Years:
- 16%
- 5 Years:
- 21%
- 3 Years:
- 24%
- Last Year:
- 25%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 3,657 | 3,798 | 3,139 | 3,651 | 4,018 | 4,621 | 13,820 | 16,526 | 26,583 | 62,650 | |
| 6,841 | 6,674 | 2,947 | 2,791 | 2,871 | 4,640 | 2,098 | 5,780 | 12,714 | 10,969 | |
| Trade Payables | 3,218 | 3,693 | 7,727 | 6,381 | 5,051 | 10,624 | 21,523 | 17,901 | 9,354 | 6,439 |
| 585 | 921 | 583 | 875 | 942 | 1,658 | 2,582 | 1,860 | 1,571 | 2,038 | |
| Total Liabilities | 14,412 | 15,197 | 14,505 | 13,807 | 12,992 | 21,652 | 40,137 | 42,180 | 50,338 | 82,225 |
| 1,162 | 1,253 | 1,548 | 1,510 | 1,409 | 1,665 | 1,650 | 1,522 | 1,949 | 2,435 | |
| Capital Work in Progress | 622 | 414 | 211 | 220 | 453 | 511 | 527 | 591 | 373 | 632 |
| 3,091 | 3,009 | 1,944 | 2,275 | 2,465 | 3,437 | 9,948 | 14,071 | 18,838 | 28,275 | |
| 595 | 1,294 | 1,902 | 1,527 | 1,099 | 4,844 | 4,085 | 3,007 | 1,897 | 2,066 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,221 | 2,292 | 4,108 | |
| Cash & Bank | 364 | 525 | 350 | 783 | 436 | 485 | 1,340 | 1,014 | 1,178 | 3,569 |
| 8,578 | 8,701 | 8,550 | 7,492 | 7,129 | 10,709 | 22,588 | 17,755 | 23,812 | 41,141 | |
| Total Assets | 14,412 | 15,197 | 14,505 | 13,807 | 12,992 | 21,652 | 40,137 | 42,180 | 50,338 | 82,225 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -61 | 1,080 | 1,996 | 824 | 1,624 | 2,256 | 11,719 | 508 | -3,732 | -3,240 | |
| Cash from Investing | 646 | 172 | 2,397 | 91 | -1,318 | -3,126 | -16,009 | -2,466 | -6,466 | -15,491 |
| Cash from Financing | -308 | -1,145 | -4,437 | -422 | -632 | 1,066 | 5,110 | 2,100 | 9,941 | 21,006 |
| 181 | 13 | -132 | 270 | -392 | 45 | 289 | 142 | -257 | 2,275 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Adani Enterprises Limited has informed the Exchange about entering to into shareholders agreement by the Company
2026-09-07 - Adani Enterprises Limited has informed the Exchange about Schedule of meet
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 - 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 - Adani Enterprises Limited has informed the Exchange about Schedule of meet
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 - Adani Enterprises Limited has informed the Exchange about Schedule of meet
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,
News
Recent coverage and analyst commentary for ADANIENT
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Adani Enterprises Ltd.
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