Adani Enterprises FY26: Airports Lead as Incubated Infra Nears Value Unlock

FY26 consolidated total income was INR 1,02,943 crore and EBITDA was INR 16,464 crore. PBT excluding exceptional gain was INR 4,309 crore.

The presentation states 80% of FY26 EBITDA is generated from the core infra-utility portfolio including core infra platform plus contracted mining services.

AAHL FY26 revenue rose 28% to INR 13,081 crore and EBITDA rose 55% to INR 5,394 crore, driven by tariff revisions at four airports and higher non-aero revenue.

A new 358 MW hyperscale order was signed in Hyderabad, taking tied-up capacity to 560+ MW. Operational capacity is 55+ MW across four data centers.

Management indicated FY27 capex should be around INR 40,000 crore, including roughly INR 17,000 crore for airports, and PVC capitalization close to INR 9,000 crore.

Management attributed it to Australia weather-related disruption at Carmichael and a non-cash foreign exchange mark-to-market loss of about INR 600 crore.