Q3 2026 Adani Enterprises Ltd Earnings Call Transcript
Key Points
- Adani Solar was recognized as one of the world's Top 10 solar manufacturers, highlighting its strong market position and capacity utilization.
- The Navi Mumbai Airport was commissioned, adding significant strategic value to Adani Airports and enhancing its regulatory asset base.
- The Road business completed two more HAM projects, with the Ganga Expressway set to go live, expected to significantly boost revenue and EBITDA.
- Adani Enterprises Ltd raised INR24,930 crore through a rights issue, strengthening its balance sheet for future growth.
- The Airport business is tracking over INR5,200 crore of EBITDA annually, with further growth expected from the Navi Mumbai Airport.
- There is a delay in the ramp-up of Kutch Copper, impacting expected contributions to EBITDA.
- The integrated resource management business is down 11% year-over-year, reflecting challenges in global and domestic markets.
- The sequential growth in the Airport business slowed from 43% in Q2 to 32% in Q3, raising concerns about growth sustainability.
- The coal to PVC project has only expended a third of its CapEx, indicating potential delays in project completion.
- The financial performance excludes a one-time gain on asset sales, which may not be sustainable in future quarters.
Ladies and gentlemen, good day, and welcome to Adani Enterprises Limited Q3 and FY26 earnings conference call hosted by ICICI Securities Limited. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Mohit Kumar from ICIC Securities. Thank you, and over to you, sir.
Thanks, Danish. Good evening. On behalf of ICICI Securities, I would like to welcome you on the earnings call of Adani Enterprises Limited for Q3 FY26. Today, we have with us from the senior management, Mr. Robbie Singh, Chief Financial Officer, Adani Enterprise Limited; Mr. Rajesh Poddar Chief Financial Officer, Adani Airport Holdings Limited; Mr. Manan Vakharia, Head of Finance, Adani Enterprises; and Mr. Jitendra Khyalia, Investor Relations, Agdani Enterprises.
We will start with a brief opening remarks, which will be followed by Q&A. Thank you, and over to you, sir.
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