Consolidated EBITDA at Rs. 11,985 cr
Greenfield Navi Mumbai Airport commenced operations
Adani Solar (ANIL) features in elite list of Top 10 global solar manufacturers
- Revenue at Rs. 69,756 cr
- EBITDA at Rs. 11,985 cr
- PBT at Rs. 3,581 cr excluding exceptional gain of Rs. 9,215 cr for AWL stake sale and Cement units to Ambuja Cements Ltd
- AAHL Airports EBITDA surpasses FY-25 full year EBITDA by 7% in nine-months
- Successfully completed Right Issue raising Rs. 24,930 cr, sees oversubscription by 30% from market
- Raised Rs. 1,000 cr through its 3rd public issue of NCDs in January 2026
- Navi Mumbai International Airport commenced operations from 25th December
- Two HAM Road projects operationalized, now have nine operational projects
- Adani Solar (ANIL) only Indian company in Top 10 global solar manufacturers
- AEL water business received LoA to develop Mithi river project
- ACX data center operationalizes 14.4 MW capacity, now operational capacity 50+MW
Editor’s Synopsis
Consolidated financial highlights 9M FY26 (YoY)
Capital market highlights
Business highlights
Ahmedabad, February 03, 2026: Adani Enterprises Ltd (AEL), the flagship company of the Adani Group, announced its results today for the quarter and nine months ended December 31, 2025.
AEL has strengthened its track record of consistently delivering the operational and execution excellence during the quarter with commencement of operations at greenfield Navi-Mumbai airport in less than five years of acquisition. AEL has also successfully delivered outcomes within timelines by completing two HAM road projects and inauguration of integrated new terminal building at Guwahati airport.
“With resilient execution and a clear strategic focus, Adani Enterprises has delivered a robust operating performance in the first nine months of FY26, reflecting the strength of our incubator model and the depth of our diversified infrastructure portfolio," said Mr Gautam Adani, Chairman of the Adani Group. "The commencement of operations at the Navi Mumbai International Airport represents a landmark achievement, reinforcing our commitment to building nationally critical assets at scale and speed. Our continued progress across airports, renewable manufacturing, data centres and transport infrastructure, alongside strong capital market support through our successful rights issue and NCD offerings, positions us well to accelerate the next phase of growth. As India advances towards becoming a $5 trillion economy, AEL remains steadfast in its mission to incubate globally competitive businesses that combine economic value creation with sustainability, technological leadership and long-term national impact.”
Consolidated Financial Highlights
(Rs. in crore)
| Particulars | Q3 FY25 | Q3 FY26 | % change Y-o-Y | 9M FY25 | 9M FY26 | % change Y-o-Y |
|---|---|---|---|---|---|---|
| Total Income | 23,501 | 25,475 | 8% | 72,763 | 69,756 | (4%) |
| EBITDA | 3,723 | 4,297 | 15% | 12,377 | 11,985 | (3%) |
| Exceptional Gain | - | 5,632 | - | - | 9,215 | - |
| Profit Before Tax | 576 | 6,932 | 11x | 5,220 | 12,796 | 145% |
| Profit After Tax1 | 58 | 5,627 | 90x | 3,254 | 9,560 | 193% |
Note: 1. PAT attributable to owners
Incubating Businesses Financial Highlights
| Particulars | Q3 FY25 | Q3 FY26 | % change Y-o-Y |
9M FY25 | 9M FY26 | % change Y-o-Y |
|---|---|---|---|---|---|---|
| ANIL Ecosystem | ||||||
| Total Income | 2,941 | 3,161 | 7% | 10,575 | 10,394 | (2%) |
| EBITDA | 903 | 975 | 8% | 3,666 | 3,359 | (8%) |
| PBT | 691 | 693 | - | 3,033 | 2,528 | (17%) |
| Airports | ||||||
| Total Income | 2,939 | 3,770 | 28% | 7,393 | 9,652 | 31% |
| EBITDA | 1,101 | 1,568 | 42% | 2,527 | 3,724 | 47% |
| PBT | 237 | 675 | 185% | - | 979 | - |
Operational Highlights
| Volume | Q3 FY25 | Q3 FY26 | % change Y-o-Y |
9M FY25 | 9M FY26 | % change Y-o-Y |
|---|---|---|---|---|---|---|
| ANIL Ecosystem | ||||||
| Module Sales (MW) | 893 | 997 | 12% | 3,273 | 3,440 | 5% |
| WTG (Sets) | 48 | 66 | 38% | 104 | 129 | 24% |
| Airports | ||||||
| Pax movement (Mn) | 24.6 | 24.7 | - | 69.7 | 70.6 | 1% |
| ATMs ('000) | 160.5 | 159.0 | (1%) | 466.0 | 460.7 | (1%) |
| Cargo (Lacs MT) | 2.7 | 3.1 | 12% | 8.2 | 8.7 | 6% |
| Roads | ||||||
| Construction (L-KM) | 805.1 | 391.7 | (51%) | 1,715.5 | 1,341.0 | (22%) |
| Mining Services | ||||||
| Dispatch (MMT) | 11.8 | 10.7 | (9%) | 29.3 | 33.3 | 14% |
| IRM | ||||||
| Volume (MMT) | 12.1 | 11.2 | (7%) | 41.2 | 35.3 | (14%) |
Business Updates
- Module sales continue to track over 1 GW per quarter, Domestic Solar Module sales surge 40% to 997 MW during the quarter on Y-o-Y basis
- Wind division started 3.3MW WTG model supply, 12 sets supplied during the quarter
- Pune data center phase I with 9.6 MW capacity operational
- Hyderabad data center phase II 4.8 MW capacity operational
- Greenfield Navi Mumbai International Airport commenced operations from 25th December 2025 with phase I capacity of 20 mn pax per annum
- New Integrated terminal building inaugurated at Guwahati airport
- During the quarter 7 new routes, 9 new flights and 1 new airline added
- Operationalized two HAM road projects, now have nine operational projects
- Vijayawada Bypass project in the state of Andhra Pradesh
- Badakumari Karki project in the state of Odisha
- AEL embarked its maiden carbon disclosure project (CDP) submission for water security in fiscal 2025 and achieved highest leadership rating “A” underscoring the impact of our strategic focus on robust data disclosure and climate action
- AEL achieved highest leadership rating “A” in CDP – Climate change indicating its commitment to lowering GHG emissions and their overall environmental impact