Thanks, Danish. Good evening.

On behalf of ICICI Securities, would like to welcome you on the earnings call of Adani Enterprises Limited for Q3 FY26. Today we have with us from the senior management: Mr.

Robbie Singh, Chief Financial Officer, Adani Enterprises Limited; Mr. Rajesh Poddar, Chief Financial Officer, Adani Airport Holdings Limited; Mr.

Manan Vakharia, Head of Finance, Adani Enterprises; and Mr. Jitendra Khilnani, Investor Relations, Adani Enterprises.

We'll start with the brief opening remarks, which will be followed by Q&A. Thank you and over to you, sir.

Thank you so much, Mohit. Welcome.

Good evening, everyone. Thank you for joining us today for Adani Enterprises earnings call.

As you all know now, AEL's portfolio is categorized into our incubating portfolio spread across energy utilities, transport logistics, and our established businesses, which is traditional mining, trading, and now metals. Straight off, I'm very pleased to share with you all that Adani Solar, which is part of Adani New Industries, was recognized as world's top 10 solar manufacturers, the only Indian company in the top 10 in the world.

This feat was achieved on the back of more than 15 GW cumulative shipments, excellent vertical integration, and maintaining a high-capacity utilization. Furthermore, over the last 9 months, as you would have seen in the various press releases and announcements over the period of time, our aerospace, technology and defense business is taking shape.

You would have seen two recent announcements on the development of regional civilian transport with Embraer and helicopter ecosystem within India with Leonardo. Over the coming few years, we will continue to inform the market on the development in the aerospace, technology and defense area.

Now that business has taken certain shape, we will also from mid this year have a section in it to update you on the status of that business as we go forward. In addition to defense, we've also set up Adani's Global Capability Center within AEL, GCC, which we call Adani Capability Center.

Over the coming period, you would see additional development in that space, including, and not limited to, the development of activities within GCC which pertain to artificial intelligence and the changeover into agentic workforce model. Now coming back to this quarter, the key aspect has been the core strength of project execution and operations for AEL.

During the quarter gone, Adani Airports commissioned Navi Mumbai airport and also the integrated new terminal at Guwahati. The Navi Mumbai airport is of immense strategic importance for Mumbai as a second airport, and for Adani Airports, this is a significant addition to its regulatory asset base.

The road business completed the two more HAM projects, takes operational road projects to 9. More importantly, though, the largest road project that we have in the portfolio, which is Ganga Expressway, is set to go live in this quarter.

Ganga Expressway is roughly ₹18,000 crore asset and is a traffic risk project, it will add significantly to Adani Road's revenue and EBITDA. In ANIL, the module sales continue to track over 1 GW per quarter, despite the turbulence in global markets.

As we had flagged in the last month, there's a small variation on realization you have, but nevertheless, the robustness of the business continues. The wind division has started shipping the 3.3 MW wind turbine.

On to financial performance. In the coming period, first, AEL will unlock EBITDA from Navi Mumbai, Kutch Copper, and Ganga Expressway.

Post-stabilization, these three assets are expected to add well over ₹3,000 crore to EBITDA. The consolidated results for 9 months, with total income at ₹69,756 crore, EBITDA at ₹11,985 crore, and profit before tax at ₹3,581 crore.

This excludes one-off gain on sale of assets of ₹9,215 crore. Incubating businesses had a 7% year-on-year, and now the EBITDA at ₹8,224 crore.

On capital management, positioning AEL's balance sheet for the next phase of growth, we completed the rights issue, raising ₹24,930 crore. Additionally, in January, we also further reissued ₹1,000 crore of NCDs.

This was third in series of NCDs. Now, as a showcase, given the scale of airport business, which is now already tracking over ₹5,200 crore of EBITDA annually, this is without counting Navi Mumbai's assets that will come online this year.

The airports now contribute about 23% to India's passenger traffic and roughly 29% of their cargo volumes. This just underscores the key scale and strategic importance that this asset represents to India and its aviation industry.

Key financial and operational performance for the last 9 months: passenger traffic tracks at about 71 million passengers, we expect round number just short of 100 million for the year; income, which up 31% to ₹9,652 crore; and EBITDA has already surpassed the full-year 2025 EBITDA and for the 9 months is at ₹3,724 crore. As I mentioned before, on 25th of December 2025, greenfield Navi Mumbai airport commenced operations, which we expect will be meaningfully change the overall financial performance of Adani Airports going forward.

It's a regulatory asset base, provisionally in the high teens, and the expected rate of return on assets of this type is in the range of 12% to 14%. On the strategic front, Adani Airports acquired 100% stake in AGH Port Aviation Services.

This acquisition provides Adani Airports with full operational control and strengthen our presence in the airport ground handling. Overall, these strong operating metrics, strategic initiatives, and infrastructure additions position Adani Airports for sustained growth and value creation over the years ahead.

Within our core traditional businesses, we have a portfolio of 17 MDO service agreements with a peak capacity of 143 million tonnes per annum. We are currently operating at a run rate of 45 million tonnes from 6 contracts, which is approximately 31% of the potential of this business.

The 6 operating contracts, which are currently operating at 45 million tonnes, have a notional capacity of 63 million tonnes. The additional and further ramp-up in this business will continue.

During the 9 months, the dispatch volume of the business is up 14% to 33.3 million tonnes, and revenue is up 29%, and consequently, EBITDA is up 29% to ₹1,424 crore. Our integrated resource management portfolio's, the volume stood at 35.3 with an EBITDA of ₹2,069 crore.

With this, we will end our initial briefing, and we are open for questions. Thank you.

Hi, sir. My first question is on the defense side.

Is it possible to help with the top line and the investment we have done till date in defense business?

Thank you for the question, as I said, we will update on defense fully in the half year of [these are?] —

I said on the defense side, we will update fully as a segment in detail from the first half of next year, post the September results.

Sir. Sir, on the 6 GW cell and module line, when do we expect the commissioning of this line?

The new lines will be expected to be ready by 30th September this year.

Okay. Sir, on the gain that we have booked in this quarter, what would be the tax impact for the gain?

It will be taxed at 15%.

Okay. Sir, lastly, on the airports business, can you help us with the commissioned assets in the last 12 months for airports business?

Can you please repeat the question?

The assets commissioned in the airports business over the last 12 months?

There's no commissioning as such on airport. Only asset we added was Navi Mumbai airport.

Operating airports only.

Okay. Sir, for this Navi Mumbai airport, right, for FY27, aero and non-aero side, how one should model for this?

A related question is, do you expect losses in the interim till the traffic picks up in this airport?

No. Airport is a regulatory asset, there's no question of any losses.

On the air side, the way to model it is you take the regulatory asset base, provisionally, it will be high teens, in fact, close to ₹20,000 crore. On a regulatory asset, the weighted average rate of returns is expected to be around 12% to 14%.

That return is calculated in the following manner. The RAB works in the following way.

You take the operating cost efficiently incurred, then capital return, which is depreciation and amortization, then weighted average cost of capital. That gives you plus notional tax to be paid, rate of return on the regulatory asset.

Tax obviously gets paid, cost goes into running of the airport, and what you are left with is a small capital return plus the rate of return on the asset. There is on a regulatory asset, until or unless there is a serious issue, there is not a question of a loss.

Sir. Thank you.

Thank you for taking my questions. Good afternoon, good evening.

I just had a question on the airport business. I see that the growth slowed from the second quarter to the third quarter.

Maybe if you can just talk about that. Then also, just touch on when we should start seeing any improvements in the integrated resource management, mining, some of the legacy businesses, which obviously have been under pressure.

Maybe if you can just give us some context around airports, what happened in 3Q. Obviously, you know about the IndiGo fiasco.

I don't know if that had anything to do with that. Then also, if you can just switch to the legacy businesses and help us understand when we should mark an improvement.

No. Actually, the growth is well over 30%.

It's just that the numbers that we mentioned, we've taken out a one-time element. There's no specific issue regarding IndiGo in relation to the airports business.

Even if you look at segmental part of airport, if you look at individual growth on our presentation deck on page 23 of the presentation, you will see that's gone from 1,100 on a quarterly basis to 1,568. The underlying, even if you look at the non-aero aero breakdowns, they're all plus 25% growth, and we expect that to continue in the

Right. What I was looking at was a sequential growth.

When I look at the airport revenues that you had in the second quarter, it had year-over-year growth of 43%, we're at 32%. Of course, we're dealing with perhaps law of large numbers.

As growth increases, the growth rate will come down. Again, I'm just trying to reconcile if there's anything we should take away from the sequential portion.

The 42% in 2Q '26 versus 32% in 3Q.

No. I think what you will see is that, actually, that number will again accelerate, only because it's a timing of various accounting of regulatory assets.

As the regulatory assets kick in, you will see that you will have the revenue from those regulatory assets come in at different times. They can be small changes in terms of mid-period determination of regulatory rate of return, because currently aero is still a big part of the portfolio.

You can see some of those changes because the various regulatory assets come online at different times. For example, the determination, if you look at the effective date of regulatory determinations, the periods are different.

Somewhere where we filed mid-review, it's in December and so and so forth, some we've filed in January this year itself. Those assets will make a difference.

We don't see you can have it at a very large number like 40% growth and growth number where the growth will moderate to some degree. It's not likely that a 40% growth continues at 40%.

We will have jumps. Mumbai airport itself will add on a regulatory basis a regulatory airside EBITDA itself once we fully account for, it's a timing difference, but on a normalized run rate basis of about just over ₹2,000 crore to the EBITDA line itself.

Against our current annualized EBITDA of around 5,000 200. Just one asset will add about 40%.

Right. Then switching to the legacy businesses, maybe if you can just help us understand the pluses and minuses of what's going on in those businesses.

The main thing there is that as you know that we've flagged it last time also slight delay in the ramp-up of Kutch Copper. We expect that now the full utilization should start over the next 2 to 3 months.

You will start seeing the numbers from the first quarter of the following financial year, which you haven't seen the impact in this quarter. I can share with you that we will see the numbers showing for Kutch Copper in the very first quarter of next financial year.

At various utilization rates, say if it is 70%, then it will add roughly ₹2,800 crore of EBITDA. If it is 80%, round 3,100.

Then there is a further refining element to it, where the EBITDA can go up by another 20%. Assuming that secondary refining is not there, then we are confident of utilization rates of between 70% to 80%, so that should give a high 2,000 Cr EBITDA addition in that business.

The main variability for us in that business always remains the integrated resource management, given the continuing sort of global/domestic interplay. That core IRM business overall this year is around 11% less than what we were last year.

As we always flagged, it's a profitable business by itself, but there is an inherent variation, fluctuation in that business by the very nature. Otherwise, our MDO business is on track.

It's grown to 25-odd percent. In its current contract, it has the capacity to grow by another 25%.

Then from where we are, because of existing contracts that have not yet activated, it has got a growth potential of another 21 31%. We expect that business to keep ramping up.

As MDO and mining itself become a bigger part, and metals become a bigger part of this business, the variability element that is now outsized because of the IRM being a bigger EBITDA contributor to the business will become less and less. We expect the variability itself as a percentage to decline as we go forward.

Okay. If you can just touch on the data center partnership with Google.

I believe in the last call, we had talked about the partnership, and I think you'd mention that you would give more details around spending and other metrics hopefully on this call. It is

a little too early just to give you an idea. We are just currently working through with the relevant agreements and there's nothing that we can share which will be complete.

Naturally, we have to also work jointly with the counterparty in that case. We expect to have a much clearer rollout and take-up planning from the likes of Google and other partners.

There are others also. Probably I think given their timelines and what we are aware of, probably say it's about another quarter to 4 months away before we'll be able to publicly share the rollout plans.

That's helpful. Then just lastly, you've been very busy on the capital markets front.

If you can just give us a sense of what else we should be expecting and then I think what would be helpful is to have a pro forma capital structure. I think you gave the figures for 12/31, but just to understand, even with the current financing that was just completed in the last week or so, if you can just give us a sense of what the debt stack looks like at this point.

We will actually provide a lot more detail, but just basically, our total external debt now is roughly around 36 just over ₹36,000 crore external debt. Then 36 that is allocated to our incubating businesses.

Overall, just to give you a basic long-term debt number, the gross long-term debt is about ₹78,000 crore, give or take eight just under $9 billion. We have still some shareholder loan outstanding of about just under $2 billion.

The external debt of that would be ₹62,000 crore. So, 78 being the total debt, 16 being shareholder loans, giving us a total external debt of about 62.

Of this 62, majority of 37 is just allocated to is actually airports, roads, Kutch Copper, and the current PVC under construction.

Great.

What we can do is if we can give you a pro forma also post this. We'll note down the question.

We'll provide that publicly, and we can put it on the website itself.

Okay. No, that'll be super helpful just so that we have a better sense of what we should have in our models.

Thank you so much for all the answers. To

look at debt, you can always look at page 26. If anything further, you can please reach out.

We will put further details if required.

Wonderful. Thank you so much.

Good evening, sir. I have a few questions.

Firstly, can you discuss this airport segment EBITDA grew 40% year-on-year? There's a mention of non-recurring item also in that number related to lease income.

What is that number and yeah, that was

my question. ₹220 crore one-off.

₹220 crore. This will be related to leasing what?

Non-recurring, just 1 second. This is largely for the specialist hangar development and advance received against that, so that's how it gets accounted for.

Okay. Next quarter we will have let's say ₹220 crore lesser than current quarter plus additional business from the new airport, which is Navi Mumbai airport, as a new run rate?

Correct.

Right. Also, on Navi Mumbai airport, we started 25th December in terms of ATMs and daily flights and probably it will move to a 24-hour airport sooner.

Earlier we were doing, I think, in the start, 5,000 passengers per day. How has the run rate of passengers improved, because there seems to be a challenge on constrained capacity environment at this point and how are you looking at FY27 in terms of volumes for Mumbai and Navi Mumbai combined airports?

I think the volume details and movement, we will confirm and we will provide between the two airports as part of our annual results. Just to give you an idea, the second phase construction will start just after the monsoons this year itself, 2026.

The slots are fully taken up by the airlines at Navi Mumbai airport. In fact, phase two construction will start.

In terms of the overall system-wide traffic impacts and everything, we will provide much more detailed and clear outlines as part of the annual results, and because we have couple of steps to do in relation to capitalization of the asset, in relation to the provisional RAB, which we will do this quarter.

Okay. Just to revisit, are you expecting some shift of traffic from Mumbai to Navi Mumbai airport here?

Also related question, I know that we had pushed out the Mumbai airport renovation of Terminal 1 to later date. Is there any update on that?

No, no, not on that. Our first priority is to stabilize the two airport operations from operations perspective, which we expect to do, and start the second phase construction at Navi Mumbai, and then we will look at Terminal 1 post that.

Moving on to other segment, road segment has been doing EBITDA of ₹1,500 to ₹2,000 crore in past 2 years. With the commissioning of Ganga Expressway soon, how do we expect this business to ramp up in FY27?

Basically, Ganga Expressway should just double the size of EBITDA of this business.

Sure.

Couple ₹1,500 will ₹1,500 EBITDA, that is sort of run rate. The two new assets have also come in in HAM, but we'll be closer to 3,000 with Ganga Expressway.

Sure. We talked about Adani GCC.

Is this for internal businesses of the Adani Group, and is this going to be a meaningful revenue or profit contributor to the business or just a support business for the group? You talked about AI and agentic AI.

We are looking to develop capability

Yes. It is currently internal to the group, because it will become the lab through which the agentic AI will get deployed across the group.

Okay. Last question on your coal to PVC timelines, and can you discuss where is that project, how much is the capital employed till now, what is the total project capex and the timeline?

I think from a revenue perspective, you should look at calendar year '28. Completion point of view, base completion towards end of this year and then ramp-up, which will continue in that business.

You can estimate roughly say 6 to 9 months. We obviously will provide a lot more detail closer to the event.

Currently, our capex that has already been expensed on that business is in the vicinity of about ₹9,000 crore, just over a third of the capex.

Sorry, one last question on your total capex target for FY26 and how much has been incurred in first 9 months?

Our total target that we had outlined was roughly ₹36,000 crore, and we have already done just about ₹25,200

crore. Thank you, sir.

These are my questions.

Hello, sir. Are we expecting any contribution from copper side in Q4 as well, or it will only start from Q1 next year?

Q Q

Q1.

Okay. Ganga Expressway this provisional completion certificate will come in next 2 months or so?

It will come in the next month itself.

Okay. In terms of toll collection and all, it will start from Q1 only, not material in Q4?

No, not material at all in Q4.

Okay. Lastly, the 6 GW cell and module capacity, which is going to be completed by June or I saw your last timeline, what is the capex required for this?

The total capex for this project is around ₹10,000 crore. It is on schedule completion, we expect it to be ready and producing by September 2026.

Okay. Do we have enough order once we have this 10 GW capacity?

Because currently run rate is about 4,000 MW, at least for FY27 We are constrained by

capacity only. We have enough orders.

Okay. We can supply once we have this capacity, run rate could be 2,000 MW per quarter?

Yes,

yes. Yes, ma'am.

Right. Thank you.

Thank you so much. Ladies and gentlemen, that was the last question for today.

I would like to hand the conference over to the management for the closing comments. Thank you, and over to you.

Thank you so much, and Mohit, thank you so much for organizing the call, and everyone who participated. If there's any further questions, you please reach out to our Investor Relations team, and they will respond.

We've noted one question, based on Candors, which we will put on the website, and you can always look at that answer on that question. Thank you.