Adani Enterprises logo

Adani Enterprises

ADANIENT NSE

Key Fundamentals

LargecapTrading MineralsMetals & Mining
Market Cap
3.9L Cr
Volatility
Moderate
P/E Ratio
52.27
EBITDA
₹16,464 Cr
Return on Equity
10.87%
Debt to Equity
1.32
Book Value
₹700.07
EPS
₹37.44
52W High
₹3,245
52W Low
₹1,753

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

6
  • Stock is trading at 4.88 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -2.70%
  • Company has a low return on equity of 2.41% over last 3 years.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.9,193 Cr.

Growth Rate

Revenue Growth
2.57% higher than 3Y
Net Income Growth
29.07% lower than 3Y
Cash Flow Change
-47.78% higher than 3Y
ROE
-18.27% lower than 3Y
ROCE
-11.72% lower than 3Y
EBITDA Margin (Avg.)
-4.02% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Adani Enterprises Ltd trades at a market cap of ~₹3,93,472 Cr with a P/E of 55.8x and P/B of 4.43x. TTM sales grew 18% but TTM profit declined 36%, while the 3-year ROE stands at just 2%, reflecting a divergence between topline momentum and bottom-line delivery.

Bull Case 7
  • Strong long-term stock CAGR of 52% over 10 years, indicating sustained wealth creation for long-duration holders
  • TTM revenue growth of 18% suggests the company is regaining topline momentum after a 3-year compounded sales decline of -8%
  • 5-year compounded sales CAGR of 21% reflects a solid medium-term revenue expansion track record
  • 10-year compounded sales CAGR of 11% demonstrates the company's ability to scale across commodity and business cycles
  • Market cap of ₹3,93,472 Cr provides significant institutional liquidity and index weight, supporting sustained investor interest
  • 1-year stock CAGR of 32% indicates strong near-term re-rating driven by improving business outlook or sentiment
  • The company operates as an incubator for new Adani Group ventures (green hydrogen, airports, data centers, roads), offering embedded optionality on multiple high-growth sectors
Bear Case 8
  • TTM compounded profit declined 36%, signaling significant earnings deterioration despite revenue growth
  • 3-year ROE of just 2% is well below cost of equity, indicating poor capital efficiency over a meaningful period
  • Last year ROE turned negative at -3%, showing the company destroyed shareholder value in the most recent period
  • P/E of 55.8x is elevated for a metals & mining conglomerate, leaving little margin of safety if earnings disappoint further
  • Stock trades at 4.43x book value (screener flags 4.91x), which is hard to justify against a 2% 3-year ROE
  • Earnings include other income of ₹9,193 Cr, raising questions about the quality and sustainability of reported profits
  • Promoter holding decreased by 2.70% in the last quarter, which may signal dilution or stake monetization at the promoter level
  • Low interest coverage ratio flagged by screener suggests debt servicing burden is high relative to operating earnings, and the company may be capitalizing interest costs which flatters reported profitability

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • Rich valuations, no holdco discount Aug 27

    Motilal Oswal values AAHL at 35x EV/EBITDA vs 15x for GMR Airports, ANIL at 20x vs 8x for Waaree, and AdaniConneX at 30x vs 14-18x for global peers. All businesses remain unlisted with no holding company discount, and planned listings from 2027-2031 could trigger one.

  • Massive capex funding risk Sep 10

    Jefferies estimates ₹2 trillion in investments over FY26-31, with data centres alone potentially requiring ~₹2 trillion capex to reach 3GW by 2030. Earnings acceleration is back-loaded to FY28-FY31, requiring sustained execution.

Positives 6
  • ₹98B airport equity raise closed Sep 10

    AAHL secured ₹98 billion (~USD 1B) from Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds, valuing AAHL at ~₹1.7 trillion (~44% of AEL market cap). Investors will hold ~5.54% stake upon completion of all three tranches by July 2027.

  • Dual broker Buy, ₹3,830-3,880 target Sep 10

    Motilal Oswal initiated Buy with ₹3,880 target (Sep 9 report) and Jefferies has a Buy at ₹3,830, both implying ~25-29% upside from ~₹3,100 levels.

  • 23% EBITDA CAGR through FY31 Sep 10

    Jefferies projects 23% annual EBITDA growth from FY26-FY31, led by defence (40%+ contribution), airports (25%), and data centres/JVs (100%+). Motilal Oswal expects EBITDA to nearly double to ₹29,900 crore by FY29 from ₹14,000 crore in FY26.

  • Stock up 41% YTD, outperforming Aug 27

    Adani Enterprises gained for a fifth straight session at ₹3,169, up 41% in 2026 vs NIFTY Metal index declining 2.12%. Adjusted PAT is projected at 82% CAGR over FY26-29.

  • MSCI rebalancing USD 228M inflow Aug 31

    Adani Enterprises received an estimated USD 228M (₹21.76B) passive fund inflow from the MSCI August rebalancing effective August 31.

  • Data centre 55MW to 3GW ramp Aug 27

    AdaniConneX (50:50 JV with EdgeConneX) targets 3,000MW capacity by 2030 from 55MW in FY26, a 5,000%+ expansion with targeted EBITDA margins above 70%.

Neutral 4
  • 11 AAI airports privatisation nod Aug 24

    Centre granted in-principle approval to privatise 11 AAI airports. Adani Enterprises is associated with the development but no specific contract awards announced yet.

  • AdaniConneX acquires Chandenville stake Aug 27

    Adani Power sold 100% of Chandenville Infra Park (land parcels in Telangana, no commercial operations) to AdaniConneX for ₹535.69 crore on August 27 via arm's length related party transaction.

  • Investor meets scheduled Aug-Sep Aug 24

    Adani Enterprises scheduled investor interactions at DAM Capital (Aug 27), annual London/Abu Dhabi conference (Sep 7-9), and Jefferies 5th India Forum rescheduled to Sep 17 in Gurgaon.

  • Independent director term ends Aug 21

    V. Subramanian ceased to be Independent Director upon completion of his second term on August 21, 2026.

TL;DR: Adani Enterprises is riding strong momentum with the stock up 41% YTD, backed by a marquee ₹98B airport equity raise from Temasek, BlackRock and others, and a consensus Buy from Jefferies and Motilal Oswal targeting ₹3,830-3,880. The growth thesis hinges on a 23% EBITDA CAGR through FY31 across airports, data centres and defence, but valuations already embed steep premiums over listed peers with no holding company discount. The trend is firmly positive for now, though execution on ₹2T+ capex and back-loaded earnings from FY28 onward remain the key risks to monitor.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
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
Expenses
20,119
17,116
21,824
25,985
21,767
18,842
19,778
23,256
18,651
17,942
21,178
28,709
27,905
Operating Profit
2,525
2,430
3,226
3,195
3,706
3,766
3,070
3,710
3,310
3,307
3,642
3,731
5,019
OPM %
11%
12%
13%
11%
15%
17%
13%
14%
15%
16%
15%
12%
15%
Other Income
370
461
491
-176
591
583
648
4,582
475
4,179
6,288
748
-2,022
Interest
1,103
1,343
597
1,513
1,130
910
2,141
1,796
1,035
1,711
1,626
1,646
2,421
Depreciation
714
757
760
811
934
1,035
1,006
1,236
1,284
1,377
1,372
2,103
1,926
PBT
1,079
791
2,361
696
2,232
2,403
572
5,259
1,466
4,398
6,932
729
-1,349
Tax %
33%
50%
19%
62%
26%
21%
103%
24%
39%
23%
20%
117%
16%
Net Profit
677
333
1,973
352
1,772
1,989
229
4,015
976
3,414
5,727
-167
-1,462
EPS in Rs
5.28
1.78
14.79
3.53
11.39
13.64
0.45
29.74
6.85
24.74
43.53
-0.81
-8.92
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
64,465
34,008
36,533
35,924
40,379
43,403
39,537
69,420
1,27,540
96,421
97,895
1,00,469
1,11,431
Expenses
52,015
32,325
34,631
33,886
38,409
41,108
37,031
65,707
1,18,722
85,044
83,643
86,478
95,733
Operating Profit
12,450
1,684
1,902
2,038
1,969
2,294
2,506
3,714
8,818
11,377
14,252
13,991
15,698
OPM %
19%
5%
5%
6%
4.9%
5%
6%
5%
7%
12%
15%
14%
14%
Other Income
792
1,044
749
363
504
872
494
1,012
834
1,146
6,403
11,688
9,193
Interest
7,056
1,357
1,257
1,250
1,625
1,572
1,377
2,526
3,969
4,555
5,978
6,019
7,405
Depreciation
3,522
314
315
664
390
472
537
1,248
2,436
3,042
4,211
6,135
6,777
PBT
2,663
1,056
1,079
487
459
1,122
1,086
952
3,247
4,926
10,466
13,525
10,709
Tax %
14%
7%
25%
23%
32%
29%
31%
50%
32%
33%
28%
28%
—
Net Profit
2,298
1,000
925
594
506
1,040
1,046
788
2,422
3,335
8,005
9,951
7,513
EPS in Rs
15.81
8.21
8.02
6.15
5.82
9.24
7.49
6.3
19.3
25.37
55.02
72.31
58.54
Div. Payout %
8%
4%
4%
6%
6%
10%
12%
14%
6%
5%
2%
2%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
110
110
110
110
110
110
110
110
114
114
115
129
Reserves
25,618
13,268
14,026
14,979
14,646
16,837
17,049
22,147
32,937
38,962
50,199
80,797
Borrowings
83,571
19,169
20,846
17,637
11,243
12,419
16,227
41,604
53,200
65,310
91,473
1,06,622
Other Liabilities
21,420
9,132
12,630
23,679
16,537
17,509
18,231
37,726
55,027
56,200
56,056
73,321
Total Liabilities
1,30,718
41,679
47,611
56,405
42,536
46,875
51,617
1,01,586
1,41,278
1,60,586
1,97,843
2,60,868
Fixed Assets
83,834
10,473
13,668
10,555
9,020
10,476
10,838
30,123
56,881
65,978
77,260
1,15,174
CWIP
6,733
7,705
7,731
5,526
5,765
7,347
8,825
23,544
24,025
35,180
51,516
51,753
Investments
744
805
1,042
1,461
1,511
1,952
5,503
4,292
6,310
8,701
9,887
9,428
Other Assets
39,407
22,696
25,170
38,864
26,240
27,099
26,451
43,627
54,062
50,728
59,180
84,513
Total Assets
1,30,718
41,679
47,611
56,405
42,536
46,875
51,617
1,01,586
1,41,278
1,60,586
1,97,843
2,60,868
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
8,532
5,112
774
2,942
3,236
2,454
4,043
1,385
17,626
10,312
4,513
2,357
Investing
-11,465
-1,825
-1,460
-7,649
2,487
-1,082
-8,611
-17,041
-15,459
-18,767
-26,417
-27,680
Financing
3,445
-3,448
716
5,120
-6,158
-221
3,109
15,901
-1,198
8,879
22,655
28,484
Net Cash Flow
512
-161
30
413
-436
1,151
-1,459
246
970
424
751
3,161
Free Cash Flow
-621
-778
-3,373
-4,352
1,471
-268
684
-10,260
2,972
-11,934
-25,002
-30,993
CFO/OP
75
317
52
157
175
119
166
43
210
106
46
36
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
87
109
127
123
129
111
111
72
36
37
36
46
Inventory Days
35
17
19
28
29
27
21
46
27
69
73
126
Days Payable
89
69
101
104
133
126
142
120
111
179
151
185
Cash Conversion Cycle
33
57
46
47
26
11
-10
-2
-49
-73
-42
-13
Working Capital Days
-81
-2
-19
-8
-10
-21
-31
-89
-38
-61
-59
-45
ROCE %
9%
3%
7%
6%
7%
9%
8%
7%
9%
10%
9%
6%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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63 extracted metrics + investor summaries across FY12–FY27.

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Shareholding Pattern

Public2.97%Promot.74.84%Others4.08%FIIs8.77%DIIs9.33%As ofJun 2026
0.79% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Adani Enterprises

What does Adani Enterprises Ltd do?
Adani Enterprises Ltd has business interests in various economic areas such as mining, integrated resources management (IRM), infrastructure such as airports, roads, rail/ metro, water, data centres, solar manufacturing, agro and defence.[1]
Where is Adani Enterprises Ltd (ADANIENT) listed?
Adani Enterprises Ltd trades as ADANIENT on the NSE and under code 512599 on the BSE.
Which sector does Adani Enterprises Ltd belong to?
Adani Enterprises Ltd is classified under the Metals & Mining sector, in the Trading Minerals industry.
What is the market capitalisation of Adani Enterprises Ltd?
Adani Enterprises Ltd has a market capitalisation of ₹3,93,472 Cr, which places it in the Large Cap band.
What is the PE ratio of Adani Enterprises Ltd?
Adani Enterprises Ltd trades at a PE ratio of 52.27, on earnings per share of ₹37.44, against a book value of ₹700.07 per share.
What is the 52-week high and low of Adani Enterprises Ltd?
Over the last 52 weeks Adani Enterprises Ltd has traded between ₹1,753 and ₹3,245.
Does Adani Enterprises Ltd pay dividends?
Adani Enterprises Ltd has a dividend yield of 0.04%.
What is the Return on Equity (ROE) of Adani Enterprises Ltd?
Adani Enterprises Ltd reported a return on equity of 10.87%. Its debt-to-equity ratio is 1.32.

Company Information

Adani Enterprises Ltd has business interests in various economic areas such as mining, integrated resources management (IRM), infrastructure such as airports, roads, rail/ metro, water, data centres, solar manufacturing, agro and defence.[1]

Website adani.com
CEO Mr. Gautambhai Shantilal Adani S.Y. B.Com
Employees 11,571
Listed 1994-11-25
Face Value ₹ 1
Issued Size 1,15,41,80,729

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