ADANIENT
Adani Enterprises Limited
Adani group's incubator for new businesses — airports, green energy, defence, data centres
Commodities›Metals & Mining›Metals & Minerals Trading›Trading - Minerals
adanienterprises.com(opens the company website in a new tab)Key metrics
Price as of 2026-10-16
Stock price
₹2692.00
Market cap
3,64,422 Cr
Stock P/E
47.1
P/B
4.30
Dividend yield
0.0%
ROE (FY26)
10.5%
ROCE (FY26)
9.8%
Operating margin (FY26)
7.8%
Debt / equity (FY26)
1.41
OCF / EBITDA (FY26)
16.8%
OCF / EBITDA (3Y)
43.4%
Full years shown; sign in free for the trailing twelve months. Learn about these metrics →
Price & valuation
Share price and valuation multiples (P/E, P/B and more) over time.
Loading price history…
Compare with peers
Loading peers…
What you need to know
Adani Enterprises (AEL) is the Adani Group company that builds and incubates new infrastructure and industrial businesses, including airports, copper, data centres, solar and wind manufacturing, roads and defence, alongside its older commodity trading (integrated resources management) and mining services businesses.
Company snapshot
1stBy market cap
Ranked among 2 companies in Trading - Minerals.
Segment mix
Reportable segments as of 2024-09-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.
Largest segment: 41.2% of revenue
| Segment | Revenue share | Revenue | PBT | Assets |
|---|---|---|---|---|
| Airport | 9.9% | 2,247 Cr | 241 Cr | 46,605 Cr |
| Commercial Mining | 9.3% | 2,098 Cr | 72 Cr | 36,358 Cr |
| Integrated Resources Management | 41.2% | 9,320 Cr | 711 Cr | 6,914 Cr |
| Mining Services | 3.6% | 805 Cr | 349 Cr | 6,992 Cr |
| New Energy Ecosystem | 13.5% | 3,044 Cr | 941 Cr | 11,952 Cr |
| Others | 35.0% | 7,916 Cr | -187 Cr | 27,298 Cr |
| Road | 10.9% | 2,471 Cr | 605 Cr | 21,594 Cr |
| Unallocable Income | — | 0 Cr | 588 Cr | 0 Cr |
Shares add up to 123% because segment revenues are before inter-segment eliminations.
What we see
Concerns
- ✗Only 43% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.
1 more signal from the filings.Sign in free to see them all
Statement tables · Consolidated
Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.
Amounts in ₹ Cr · tap + to expand rows
Quarterly results
Quarterly · ₹ Cr · tap + rows to expand
| Metric | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 22,517 Cr | 28,336 Cr | 29,180 Cr | 25,472 Cr | 22,608 Cr | 22,848 Cr | 26,966 Cr | 21,961 Cr | 21,249 Cr | 24,820 Cr | 32,439 Cr | 32,924 Cr |
| Operating expenses (approx.) | 20,087 Cr | 25,109 Cr | 25,985 Cr | 21,767 Cr | 18,842 Cr | 19,778 Cr | 23,256 Cr | 18,651 Cr | 17,942 Cr | 21,178 Cr | 28,709 Cr | 27,905 Cr |
| EBITDA | 2,430 Cr | 3,227 Cr | 3,195 Cr | 3,706 Cr | 3,766 Cr | 3,070 Cr | 3,710 Cr | 3,310 Cr | 3,307 Cr | 3,642 Cr | 3,731 Cr | 5,019 Cr |
| OPM % | 10.8% | 11.4% | 11.0% | 14.5% | 16.7% | 13.4% | 13.8% | 15.1% | 15.6% | 14.7% | 11.5% | 15.2% |
| Other income | 549 Cr | 490 Cr | 450 Cr | 594 Cr | 588 Cr | 652 Cr | 636 Cr | 475 Cr | 596 Cr | 656 Cr | 748 Cr | 622 Cr |
| Interest | 1,343 Cr | 597 Cr | 1,513 Cr | 1,130 Cr | 910 Cr | 2,141 Cr | 1,796 Cr | 1,035 Cr | 1,711 Cr | 1,626 Cr | 1,646 Cr | 2,421 Cr |
| Depreciation | 757 Cr | 760 Cr | 811 Cr | 934 Cr | 1,035 Cr | 1,006 Cr | 1,236 Cr | 1,284 Cr | 1,377 Cr | 1,372 Cr | 2,103 Cr | 1,926 Cr |
| Profit before tax | 731 Cr | 2,416 Cr | 783 Cr | 2,355 Cr | 2,500 Cr | 816 Cr | 2,666 Cr | 1,548 Cr | 4,416 Cr | 7,132 Cr | 687 Cr | -1,242 Cr |
| Tax % | 54.4% | 18.3% | 55.0% | 24.7% | 20.4% | 72.0% | 48.2% | 36.9% | 22.7% | 19.7% | 124.3% | -17.6% |
| Net profit | 333 Cr | 1,973 Cr | 352 Cr | 1,772 Cr | 1,989 Cr | 229 Cr | 4,015 Cr | 976 Cr | 3,414 Cr | 5,727 Cr | -167 Cr | -1,462 Cr |
| EPS (₹) | ₹2.00 | ₹16.57 | ₹3.49 | ₹12.30 | ₹14.82 | ₹0.04 | ₹32.98 | ₹6.02 | ₹27.38 | ₹46.78 | ₹-1.71 | ₹-8.91 |
Profit & loss (annual)
Annual · last column is TTM · ₹ Cr · tap + to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 36,608 Cr | 37,382 Cr | 40,379 Cr | 43,403 Cr | 39,537 Cr | 69,420 Cr | 1,36,978 Cr | 96,421 Cr | 97,895 Cr | 1,00,469 Cr | Sign in free for the trailing twelve months |
| Operating expenses (approx.) | 34,679 Cr | 35,072 Cr | 38,410 Cr | 41,118 Cr | 37,032 Cr | 65,707 Cr | 1,28,150 Cr | 85,044 Cr | 83,643 Cr | 86,479 Cr | Sign in free for the trailing twelve months |
| EBITDA | 1,929 Cr | 2,310 Cr | 1,969 Cr | 2,284 Cr | 2,505 Cr | 3,713 Cr | 8,828 Cr | 11,377 Cr | 14,252 Cr | 13,989 Cr | Sign in free for the trailing twelve months |
| OPM % | 5.3% | 6.2% | 4.9% | 5.3% | 6.3% | 5.3% | 6.4% | 11.8% | 14.6% | 13.9% | Sign in free for the trailing twelve months |
| Other income | 734 Cr | 603 Cr | 572 Cr | 684 Cr | 754 Cr | 1,013 Cr | 1,197 Cr | 1,861 Cr | 2,470 Cr | 2,475 Cr | Sign in free for the trailing twelve months |
| Interest | 1,257 Cr | 1,306 Cr | 1,625 Cr | 1,572 Cr | 1,377 Cr | 2,526 Cr | 3,970 Cr | 4,555 Cr | 5,978 Cr | 6,019 Cr | Sign in free for the trailing twelve months |
| Depreciation | 315 Cr | 725 Cr | 390 Cr | 472 Cr | 537 Cr | 1,248 Cr | 2,436 Cr | 3,042 Cr | 4,211 Cr | 6,135 Cr | Sign in free for the trailing twelve months |
| Profit before tax | 1,235 Cr | 725 Cr | 700 Cr | 1,364 Cr | 1,385 Cr | 1,264 Cr | 3,463 Cr | 4,967 Cr | 10,969 Cr | 13,782 Cr | Sign in free for the trailing twelve months |
| Tax % | 22.0% | 18.0% | 27.8% | 23.8% | 24.5% | 37.7% | 30.1% | 32.9% | 27.0% | 27.8% | Sign in free for the trailing twelve months |
| Net profit | 925 Cr | 594 Cr | 506 Cr | 1,040 Cr | 1,046 Cr | 788 Cr | 2,422 Cr | 3,335 Cr | 8,005 Cr | 9,951 Cr | Sign in free for the trailing twelve months |
| EPS (₹) | ₹8.98 | ₹6.89 | ₹5.69 | ₹10.35 | ₹8.39 | ₹7.06 | ₹21.78 | ₹27.24 | ₹60.55 | ₹75.66 | Sign in free for the trailing twelve months |
| Dividend payout % | — | — | — | — | 0.0% | 14.0% | 4.7% | 4.1% | 1.9% | 1.5% | Sign in free for the trailing twelve months |
Sign in free for the trailing twelve months
The latest four quarters added up, next to each full year
Balance sheet
Annual · ₹ Cr · tap + rows to expand
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 110 Cr | 110 Cr | 110 Cr | 110 Cr | 110 Cr | 110 Cr | 114 Cr | 114 Cr | 115 Cr | 129 Cr |
| Reserves | 14,026 Cr | 14,979 Cr | 14,646 Cr | 16,837 Cr | 17,049 Cr | 22,147 Cr | 32,937 Cr | 38,962 Cr | 50,199 Cr | 80,797 Cr |
| Borrowings | 19,853 Cr | 17,151 Cr | 9,951 Cr | 11,653 Cr | 15,293 Cr | 41,024 Cr | 53,200 Cr | 50,124 Cr | 76,236 Cr | 1,13,702 Cr |
| Other liabilities | 13,138 Cr | 24,249 Cr | 17,312 Cr | 17,036 Cr | 17,440 Cr | 33,808 Cr | 50,397 Cr | 66,422 Cr | 65,429 Cr | 58,720 Cr |
| Total liabilities | 47,689 Cr | 56,989 Cr | 42,408 Cr | 46,898 Cr | 51,643 Cr | 1,01,760 Cr | 1,41,488 Cr | 1,60,732 Cr | 1,98,136 Cr | 2,61,600 Cr |
| Fixed assets (net) | 10,264 Cr | 7,149 Cr | 5,746 Cr | 6,447 Cr | 5,647 Cr | 19,599 Cr | 34,988 Cr | 58,699 Cr | 67,155 Cr | 98,374 Cr |
| CWIP | 7,731 Cr | 5,526 Cr | 5,765 Cr | 7,231 Cr | 8,686 Cr | 19,564 Cr | 17,699 Cr | 21,931 Cr | 31,857 Cr | 28,815 Cr |
| Investments | 1,042 Cr | 1,461 Cr | 1,533 Cr | 1,984 Cr | 5,534 Cr | 4,339 Cr | 6,378 Cr | 8,941 Cr | 10,109 Cr | 9,712 Cr |
| Loans & advances | — | — | 2,239 Cr | 1,960 Cr | 1,413 Cr | 1,453 Cr | 4,523 Cr | 1,383 Cr | 1,416 Cr | 1,637 Cr |
| Inventories | 1,652 Cr | 2,343 Cr | 2,669 Cr | 2,562 Cr | 1,757 Cr | 6,788 Cr | 6,918 Cr | 9,487 Cr | 10,287 Cr | 18,713 Cr |
| Trade receivables | 12,742 Cr | 12,099 Cr | 14,178 Cr | 13,147 Cr | 11,983 Cr | 13,712 Cr | 12,553 Cr | 9,793 Cr | 9,616 Cr | 12,543 Cr |
| Cash & bank | 996 Cr | 1,159 Cr | 974 Cr | 2,125 Cr | 666 Cr | 912 Cr | 1,882 Cr | 2,307 Cr | 3,106 Cr | 6,267 Cr |
| Other assets | 13,262 Cr | 27,252 Cr | 9,304 Cr | 11,443 Cr | 15,956 Cr | 35,393 Cr | 56,547 Cr | 48,191 Cr | 64,589 Cr | 85,539 Cr |
| Total assets | 47,689 Cr | 56,989 Cr | 42,408 Cr | 46,898 Cr | 51,643 Cr | 1,01,760 Cr | 1,41,488 Cr | 1,60,732 Cr | 1,98,136 Cr | 2,61,600 Cr |
Cash flows
Annual · ₹ Cr · tap + rows to expand · last column includes FCF
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 774 Cr | 2,932 Cr | 3,327 Cr | 2,454 Cr | 4,094 Cr | 1,385 Cr | 17,626 Cr | 10,311 Cr | 4,530 Cr | 2,357 Cr |
| Cash from investing | -1,229 Cr | -7,696 Cr | 1,809 Cr | -2,323 Cr | -7,902 Cr | -17,487 Cr | -16,860 Cr | -19,082 Cr | -26,259 Cr | -28,438 Cr |
| Cash from financing | 716 Cr | 5,120 Cr | -6,158 Cr | -221 Cr | 3,059 Cr | 15,901 Cr | -1,198 Cr | 8,879 Cr | 21,947 Cr | 28,484 Cr |
| Net cash flow | 30 Cr | 413 Cr | -436 Cr | 1,151 Cr | -1,459 Cr | 246 Cr | 970 Cr | 471 Cr | 768 Cr | 3,161 Cr |
| Free cash flow (OCF − Capex) | -3,393 Cr | -4,374 Cr | 1,554 Cr | -448 Cr | -45 Cr | -10,262 Cr | 2,902 Cr | -12,055 Cr | -24,641 Cr | -31,012 Cr |
Ratios
| Metric | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 7.2% | 6.2% | 9.3% | 9.8% | 8.1% | 5.6% | 8.2% | 10.1% | 12.8% | 9.8% |
| ROE % | 6.7% | 3.8% | 4.7% | 6.3% | 4.9% | 2.9% | 6.5% | 7.3% | 12.6% | 10.5% |
| Debtor days | 127 | 118 | 128 | 111 | 110 | 72 | 33 | 37 | 36 | 45 |
| Inventory days | 1199 | 1260 | 794 | 534 | 328 | 987 | 621 | 442 | 386 | 245 |
| Days payable | 6211 | 4941 | 3568 | 2464 | 2196 | 2567 | 2564 | 1150 | 782 | 266 |
| Cash conversion cycle | -4885 | -3563 | -2646 | -1819 | -1757 | -1508 | -1910 | -671 | -361 | 25 |
| OCF / EBITDA % | 40.1% | 127.0% | 169.0% | 107.4% | 163.4% | 37.3% | 199.7% | 90.6% | 31.8% | 16.8% |
| OCF / EBITDA % (3 years) | — | — | 113.3% | 132.8% | 146.1% | 93.3% | 153.6% | 122.6% | 94.2% | 43.4% |
| Debt / equity | 1.40 | 1.14 | 0.67 | 0.69 | 0.89 | 1.84 | 1.61 | 1.28 | 1.52 | 1.41 |
| Current ratio | 1.00 | 0.94 | 1.03 | 1.04 | 0.93 | 0.71 | 0.83 | 0.83 | 0.86 | 1.03 |
| Net debt / EBITDA | 9.77 | — | 4.56 | 4.17 | 5.84 | 10.80 | 5.81 | 4.20 | 5.13 | 7.68 |