Adani Enterprises Ltd (AEL), the flagship company of the Adani Group, has reported a robust operating performance for the nine months ended December 31, 2025, driven by steady execution across its infrastructure and incubating businesses. The company posted a consolidated EBITDA of Rs. 11,985 crore for the April–December period of FY26, even as it accelerated project deliveries in airports, renewable manufacturing, roads and data centres.
According to the financial results announced on Tuesday, AEL recorded consolidated revenue of Rs. 69,756 crore during the nine-month period. Profit before tax stood at Rs. 3,581 crore, excluding an exceptional gain of Rs. 9,215 crore arising from the stake sale in Adani Wilmar Ltd and the transfer of cement units to Ambuja Cements. Including exceptional items, consolidated profit before tax rose sharply to Rs.12,796 crore, while profit after tax attributable to owners climbed to Rs.9,560 crore.
One of the key highlights of the period was the commencement of operations at the greenfield Navi Mumbai International Airport on December 25, 2025. Developed in under five years from acquisition, the airport began operations with a Phase-I capacity of 20 million passengers per annum. Adani Airports Holdings Ltd (AAHL) also inaugurated a new integrated terminal building at Guwahati airport, further strengthening its aviation footprint.
The airports business delivered strong growth during the nine months, with total income rising 31% year-on-year to Rs. 9,652 crore. EBITDA from airports surged 47% to Rs. 3,724 crore, while passenger movement crossed 70 million during the period. Cargo volumes also increased, reflecting a recovery in air freight activity and route expansion across the network.
Renewable manufacturing under the Adani New Industries Ltd (ANIL) ecosystem continued to scale up. Solar module sales remained above the one-gigawatt-per-quarter mark, with domestic module sales rising 40% year-on-year to 997 MW in the December quarter. ANIL also began supplying its 3.3 MW wind turbine generator model, delivering 12 sets during the quarter. The ANIL ecosystem featured among the world’s top 10 solar manufacturers, making it the only Indian company on the global list.
AEL’s data centre arm, AdaniConnex, expanded its operational capacity during the quarter. Phase I of the Pune data centre, with 9.6 MW capacity, and Phase II of the Hyderabad facility, with 4.8 MW capacity, were made operational. With this, the group’s total operational data centre capacity crossed 50 MW, as demand for digital infrastructure continues to grow.
The roads business also saw progress, with two hybrid annuity model (HAM) projects becoming operational during the quarter. These include the Vijayawada Bypass project in Andhra Pradesh and the Badakumari–Karki project in Odisha, taking the total number of operational road projects to nine. Meanwhile, mining services reported higher dispatch volumes during the nine-month period, despite a softer performance in the December quarter.
On the capital markets front, Adani Enterprises successfully completed a Rs. 24,930 crore rights issue during the period, which was oversubscribed by nearly 30%. The company also raised Rs.1,000 crore through its third public issue of non-convertible debentures (NCDs) in January 2026, reflecting continued investor confidence.
Commenting on the results, Adani Group Chairman Gautam Adani said the company’s performance reflected the strength of its incubator model and its diversified infrastructure portfolio. He described the launch of Navi Mumbai International Airport as a landmark achievement and said AEL was well positioned to accelerate its next phase of growth, aligned with India’s long-term economic ambitions.
The company also highlighted progress on the sustainability front, securing top ‘A’ ratings in CDP Climate Change and Water Security disclosures, underscoring its focus on environmental performance and transparent reporting.
With major assets now operational and a strong capital base, Adani Enterprises said it remains focused on building globally competitive businesses across green hydrogen, airports, data centres, transport infrastructure and core industries, as it continues to expand its role in India’s infrastructure growth story.
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