šAdani Enterprises Q1 FY26 Earnings: Profit Halves Amid Coal Slump, Incubation Businesses Shine
Adani Enterprises Ltd (AEL) reported a sharp decline in its Q1 FY26 earnings, with consolidated net profit plunging 49.5% YoY to ā¹734 crore, down from ā¹1,454 crore in Q1 FY25. The drop was largely attributed to lower coal demand, volatile index pricing, and pressure in commercial mining, though its incubation-led businesses offered a silver lining.
š Key Financial Highlights
| Metric | Q1 FY26 | Q1 FY25 | Change |
| Net Profit | ā¹734 crore | ā¹1,454 crore | ā 49.5% |
| Revenue from Operations | ā¹21,961 crore | ā¹25,472 crore | ā 14% |
| EBITDA | ā¹3,786 crore | ā¹4,300 crore | ā 12% |
| EBITDA Margin | 15.10% | 14.60% | ā 50 bps |
| Interest Cost | ā¹1,511 crore | ā¹1,177 crore | ā 28% |
| Other Income | ā¹475 crore | ā¹594 crore | ā 20% |
š Stock Reaction: Shares fell nearly 4% intraday, hitting ā¹2,431.30 on NSE.
šļø Segmental Performance: Incubation Businesses Lead
Despite the overall decline, Adaniās incubating businessesāincluding airports, roads, and green hydrogenācontributed 74% of total EBITDA, growing 5% YoY to ā¹2,800 crore.
āļø Airports
- EBITDA up 61% YoY to ā¹1,094 crore
- Passenger traffic rose to 23.4 million, up from 22.8 million
- Secured $1.75 billion in project financing for six airports and Mumbai International Airport
š± Clean Energy
- Revenue dipped 11%, pre-tax profit fell 34%
- Commissioned Indiaās first off-grid 5 MW Green Hydrogen pilot plant
- Delivered 1GW of 5.2 MW wind turbines, received first external order for 300 MW
š£ļø Roads & Infra
- Large assets like Navi Mumbai Airport, Copper Plant, and Ganga Expressway expected to become operational in FY26
š What Dragged the Numbers?
- Coal Trading: Revenue fell 27%, contributing to a 45% drop in segmental profit
- IRM & Mining: Volatility in index prices and lower trade volumes impacted margins
- Material Costs: Surged to ā¹3,393 crore from ā¹1,793 crore YoY
- Interest Burden: Rose 28% YoY amid infrastructure expansion
š£ļø Management Commentary
āAdani Enterprises has established itself as one of the worldās most successful infrastructure incubators. The substantial rise in EBITDA contribution from our incubating businesses reflects the strength and scalability of our operating model.ā
ā Gautam Adani, Chairman, Adani Group
āWith landmark assets like the Navi Mumbai International Airport, the Copper Plant and the Ganga Expressway set to become operational, we are accelerating our mission to build next-generation infrastructure platforms that are globally benchmarked, technologically advanced and strategically vital to Indiaās growth story.ā
ā Gautam Adani
š Bullish Eyes Takeaway
While Adani Enterprises faced headwinds in its legacy coal and mining operations, its incubation-led strategy continues to validate long-term growth. The airport verticalās breakout performance, coupled with green energy milestones, signals a strategic pivot toward future-ready infrastructure.
For investors and analysts, the Q1 results underscore the importance of segmental diversification, capital discipline, and execution capabilityāespecially as Indiaās infrastructure story accelerates.