Adani Enterprises Q4 FY26: Stock Rises 3% Despite Loss

Stock jumps after results

Adani Enterprises Ltd shares rose in Monday’s trade, gaining as much as 3% intraday after the company reported its Q4 FY26 results. In morning trade, the stock was quoted at ₹2,448, up 1.64% on the day, after touching the day’s higher intraday gain earlier. The move came even as the quarter showed a sharp swing in the reported bottom line.

One-year performance versus Nifty 50

Over the past one year, Adani Enterprises stock has risen 2.8%, while the Nifty 50 index has declined 1.2% over the same period. The comparison was cited alongside the post-results reaction, suggesting that the day’s move followed a longer phase of mixed relative performance.

Q4 FY26 profit swings into a loss

For Q4 FY26, Adani Enterprises reported a consolidated net loss of ₹220.7 crore attributable to owners. This compared with a net profit of ₹3,845 crore in the year-ago quarter. The company’s quarterly numbers showed that operational momentum, measured through revenue and EBITDA, did not translate into a positive bottom line.

Exceptional item drove the year-ago base

The swing from profit to loss was largely linked to the absence of an exceptional gain that had boosted the year-ago quarter. The company had recorded an exceptional gain of ₹3,945.7 crore in Q4 FY25 following a stake sale in AWL Agri Business. That comparison made the Q4 FY26 reported profit line look materially weaker.

Revenue growth, but expenses rose faster

Revenue from operations increased 20.3% year-on-year to ₹32,439.3 crore in the quarter. Total income rose to ₹33,187 crore. However, expenses grew 23.5% to ₹32,458.3 crore, which weighed on profitability during the period.

EBITDA up 3% year-on-year

EBITDA rose 3% year-on-year to ₹4,479 crore for Q4 FY26, pointing to relatively steady operating performance in the quarter. The results, as presented, showed a gap between operating profit trends and reported net results, given the year-ago exceptional gain.

Jefferies stays bullish, lifts target price

Brokerage Jefferies maintained a bullish view on Adani Enterprises and raised its target price, citing EBITDA growth. One reference in the material put the raised target at ₹2,800. Separately, another Jefferies update (dated February 4, 2026) cited a target of ₹2,750 versus ₹2,940 earlier, while keeping the stock at Buy.

Growth drivers highlighted by the brokerage

Jefferies also pointed to upcoming and operating assets as growth drivers. The brokerage referenced the imminent commissioning of Navi Mumbai International Airport (NMIAL) in October 2025, with the inaugural phase expected to have a capacity of 20 million passengers and 0.8 million tonnes of cargo annually, and an expectation to scale to 17 million passengers by FY27. It also noted that Adani New Industries Limited (ANIL) had 4 GW of solar modules and 2.25 GW of windtech already operational, with solar cell/module capacity set to expand to 10 GW by FY27, while green hydrogen projects would be pursued based on viability.

Key numbers at a glance

Market impact and what investors tracked

The immediate market reaction reflected two competing signals: a weaker reported bottom line versus steady operating metrics and brokerage support. The stock’s move also followed commentary that Jefferies remained positive on the company’s outlook and cited operating drivers such as airports and clean energy-related manufacturing. Separately, the material included technical indicators attributed to market commentary, including an RSI of 71.4 and MACD of 18.7, alongside a note that the stock was trading below multiple simple moving averages.

Conclusion

Adani Enterprises’ post-results rise came despite a Q4 FY26 net loss, with comparisons skewed by the absence of a large exceptional gain in the year-ago quarter. Revenue grew strongly, expenses rose faster, and EBITDA increased modestly. Investor focus is also on brokerage targets and on timelines such as the stated October 2025 commissioning for NMIAL and capacity expansion plans cited for ANIL.