Whalesbook
📉 The Financial Deep Dive
Adani Enterprises Limited (AEL) has reported its unaudited financial results for the nine months and quarter ended December 31, 2025 (9M FY26 and Q3 FY26). The headline Profit After Tax (PAT) attributable to owners saw a dramatic 193% year-on-year increase for 9M FY26, reaching ₹9,560 Cr. This surge was primarily fuelled by exceptional pre-tax gains of ₹9,215 Cr stemming from the stake sale in Adani Wilmar (AWL) and cement units to Ambuja Cements Ltd.
Excluding these one-off gains, the underlying Profit Before Tax (PBT) for 9M FY26 stood at ₹3,581 Cr. The consolidated EBITDA for 9M FY26 experienced a slight dip of 3% year-on-year to ₹11,985 Cr. This was attributed to lower volumes and prices in Integrated Resource Management (IRM) and Mining Services, as well as reduced realisations in the Adani New Industries Limited (ANIL) Ecosystem.
In contrast, the Q3 FY26 performance showcased stronger operational momentum. Total Income grew 8% YoY to ₹25,475 Cr, with EBITDA rising 15% YoY to ₹4,297 Cr. The ANIL ecosystem saw module sales increase by 12% to 997 MW and Wind Turbine Generator (WTG) set supply jump 38% to 66 sets in Q3 FY26.
🚀 Strategic Analysis & Impact
The operational highlights underscore AEL's continued expansion across its diversified portfolio. A significant milestone was the commencement of operations at the greenfield Navi Mumbai International Airport from December 25, 2025. The Airports segment (AAHL) demonstrated robust growth, with 9M FY26 total income up 31% YoY and EBITDA up 47% YoY, surpassing its FY25 full-year EBITDA within nine months.
The Data Centers (ACX) business operationalized 14.4 MW capacity in Q3, bringing its total operational capacity to over 50 MW. The Water Business secured a Letter of Award (LoA) for the Mithi River project. The company also successfully completed a Right Issue raising ₹24,930 Cr and raised ₹1,000 Cr via Non-Convertible Debentures (NCDs) in January 2026, indicating strong capital market access.
🚩 Risks & Outlook
While the headline profit figures are significantly boosted by exceptional gains, investors must scrutinize the underlying operational performance. The increase in both Gross Debt to ₹90,697 Cr and Net External Debt to ₹49,306 Cr as of December 2025 warrants attention. The Net External Debt/EBITDA ratio for 9M FY26 was reported at 1.9x, but the rise in absolute debt against a slightly declining 9M EBITDA suggests potential leverage concerns.
Management commentary emphasizes resilient execution and a clear strategic focus on incubating globally competitive businesses in airports, renewable manufacturing, data centres, and transport infrastructure. The long-term direction remains aligned with India's economic growth, focusing on sustainable development and technological leadership. Future investments are planned in green hydrogen, copper, and petrochemicals.