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Adani Enterprises Q1 net falls 50% to ₹734 crore; airport EBITDA up 61%

While overall profit and revenue declined in Q1 FY26, Adani Enterprises saw strong airport earnings and reaffirmed commitment to long-term infra investments

Adani Group, Adani Enterprises, Gautam Adani

The Adani Group headquarters in Ahmedabad, Gujarat. Photographer: Prashanth Vishwanathan/Bloomberg

Dev Chatterjee Mumbai

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Adani Enterprises Ltd (AEL), the flagship firm of the Adani Group, reported a 50 per cent year-on-year decline in consolidated net profit to ₹734.4 crore for the quarter ended June 30, 2025. The decline was attributed to global trade uncertainties and lower index price realisations in its integrated resource management and commercial mining segments.
 
Consolidated net sales fell 14 per cent to ₹21,961 crore, while earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 12 per cent to ₹3,786 crore. Total income for the quarter stood at ₹22,437 crore, reflecting a 14 per cent year-on-year drop.
 
Airports segment leads infrastructure incubation push 
 
Despite the headline fall in profits, AEL highlighted the growing contribution of its infrastructure incubation businesses, which now account for 74 per cent of consolidated EBITDA. Incubation EBITDA rose 5 per cent to ₹2,800 crore, led by a sharp 61 per cent jump in earnings from the airports segment.
 
“Adani Enterprises has established itself as one of the world’s most successful infrastructure incubators,” said Gautam Adani, Chairman of the Adani Group. “The substantial rise in EBITDA contribution from our incubating businesses reflects the strength and scalability of our operating model. This performance has been led by our Airports business, which delivered an exceptional 61 per cent year-on-year growth in EBITDA.”
 
The company expects further momentum with the commissioning of large-scale projects such as the Navi Mumbai International Airport, a copper plant, and the Ganga Expressway—together involving investments of nearly ₹50,000 crore. 
 
Airports see strong growth; other verticals mixed 
The airport business, managed by Adani Airport Holdings Ltd (AAHL), saw EBITDA rise 61 per cent to ₹1,094 crore, while passenger traffic during the quarter rose to 23.4 million.
 
In contrast, the Adani New Industries ecosystem—which includes green energy and renewables—witnessed a 26 per cent decline in EBITDA to ₹1,212 crore. Module and wind turbine sales remained largely flat, with 300 MW of external orders received for its new 3.3 MW turbine platform.
 
Data centres and green hydrogen milestones 
The company reported progress across its data centre infrastructure, with MEP works in Noida underway, 72 per cent completion at Hyderabad Phase II, and 85 per cent completion at Pune Phase I.
 
Additionally, Adani commissioned India’s first 5 MW off-grid green hydrogen pilot plant via Adani New Industries Ltd (ANIL). It also secured $1.75 billion in external financing for six airports and the Mumbai International Airport project.
 
Divestments and fundraising activity 
During the quarter, AEL exited part of its stake in Adani Wilmar Ltd, raising ₹3,700 crore through a partial divestment, with ongoing discussions underway with the Wilmar Group. It also raised ₹1,000 crore through non-convertible debentures (NCDs), receiving a strong response from retail investors.
 
Adani Enterprises reiterated its commitment to long-term value creation through next-generation infrastructure investments across airports, green hydrogen, data centres, roads, and core industrial assets. The company continues to position itself as a leader in scalable infrastructure incubation, despite short-term profit headwinds from resource-linked segments. 
 

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First Published: Jul 31 2025 | 7:06 PM IST

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