Thank you. Good evening, everyone.

On behalf of Antique Stock Broking, I welcome you all to the Q4 FY '26 earnings conference call of Adani Enterprises Limited. We have with us the senior management of the company, led by Mr.

Robbie Singh, CFO, Adani Enterprises Limited; Mr. Arun Bansal, CEO, Adani Airport Holdings Limited; Mr.

Rajesh Poddar, CFO, Adani Airport Holdings Limited; Mr. Manan Vakharia, Head of Finance, Adani Enterprises Limited; and Mr.

Jitendra Khairnar, Investor Relations, Adani Enterprises Limited. We will start with a brief opening remarks, which will be followed by a Q&A session.

Thank you, and over to you, Mr. Robbie, sir.

Good evening, everyone. Thank you for joining us today for Adani Enterprises earnings call for the quarter and year ended March 31, 2026.

AEL's portfolio comprises primarily of infrastructure-focused businesses, which spans across energy and utility, transport and logistics, and primary industry. Before I discuss quarterly earnings today, I want to highlight important elements of AEL's current EBITDA and asset profile, which has taken shape in last 5 years, and what does AEL's EBITDA represent today.

AEL's EBITDA profile has once again transformed into an infra-utility portfolio scale as we close this financial year, with 80% of the EBITDA share coming from core infrastructure and services businesses. AEL is now getting ready for value unlock through demergers.

These businesses are independent, sector-leading, large-core infra platforms spread across airports, roads, ANIL ecosystem, and long-term contracted MDO services, which are ready to turn into value creation mode. Let's start with airports: already a sector-leading platform with robust EBITDA growth and visibility.

ANIL: cash flow generating new energy ecosystem expanding its capacity by 2.5x. Roads and mining services: stable cash flow generating assets with long-term contracts.

What I want to highlight here is that when you take a broader view of an incubator entity like AEL, what emerges is a clear picture where initial and primary capex phase is reaching maturity across businesses, and EBITDA mix has shifted to mature, scalable platforms, and path for value unlock is taking shape. Incubation journey is a repeatable playbook for us: build, stabilize, scale, and unlock.

We have already passed first 3 phases, and value unlock is the next phase of our journey. The road map we are building is designed not just to perform in the next quarter or quarter after that.

It is designed to deliver compounded growth and strength over decades. We are pleased to inform you that we have completed India's largest greenfield Ganga Expressway project in a record time of less than 3.5 years.

It's a long-term asset with a concession period of 27 years. For solar module manufacturing, domestic sales was 96% on year-on-year basis.

As I mentioned in our earlier interaction this year, full year '26 is the stabilization phase of our incubating business. Despite global uncertainty, AEL has maintained the EBITDA on year-on-year basis.

In the next fiscal year, AEL is set to unlock EBITDA from Navi Mumbai Airport, Kutch Copper, and Ganga Expressway, which are expected to add over ₹3,000 crores EBITDA to AEL. Consolidated results for the year ended are: total income of ₹1,02,943 crores, EBITDA at ₹16,464 crores, profit before tax stood at ₹4,309 crores, and this is to exceptional gain of ₹9,215 crores.

In our mining services portfolio, we have a portfolio of 18 MDO service agreements with total peak capacity of 145 million metric tonnes per annum. We are currently operating at run rate annual capacity of almost 50 million metric tonnes from 6 services contracts, which is approximately 34% capacity of contracted potential of this business.

During the quarter, MDO service contract for GP II mine with peak capacity of 23.6 million metric tonnes per annum is made operational, taking our current portfolio to 7 operational service contracts. With this, now we have growth potential to achieve 86 million tonnes on annual basis, which clearly demonstrates long runway available for growth in this business.

During the year, the dispatch volume up by 14% to 49.4 million metric tonnes, revenue up by 20% to ₹4,736 crores, and EBITDA up by 18% to ₹1,986 crores. In integrated resource management business portfolio, during the year, the volume stood at 44.6 million metric tonnes, revenue stood at ₹29,112 crores, and EBITDA stood at ₹2,767 crores.

Moving on to the airports, Adani Airports is India's largest private operator platform, operating a platform of 8 airports, including the recently commissioned greenfield Navi Mumbai International Airport. Adani Airports contributes approximately 23% of India's passenger traffic and 29% of country's air cargo volume, underscoring our scale and depth in India's aviation ecosystem.

The results in '25-'26 were led by traffic, tariff revisions at our airports, and more importantly, continued strong momentum in our non-aeronautical revenues. This demonstrates resilience despite geopolitical headwinds.

Financial performance during '25-'26, we had passenger traffic of 95.3 million passengers, total income of ₹13,081 crores, up by 28% year-over-year, and EBITDA increased by 55% to ₹5,394 crores on account of tariff revisions and non-aero growth. Aero and non-aero revenue delivered robust year-over-year growth of 26% and 31% respectively in financial year '26.

Commencement of operations in greenfield Navi Mumbai International Airport from 25th of December 2025 and inauguration of new terminal at Guwahati, coupled with acquisition of AG&S Aviation Services Private Limited for airport ground handling segment, and Skyway Private Limited for advertising capability and innovative media solutions, position Adani Airports for a strong performance and value creation in the coming years. With that, I finished the commentary, and we can go to Q&A.

Hi. Good evening, and thanks for the opportunity.

My first question is on the weak numbers for the quarter. The press release states that Q4 FY '26 results were impacted by depreciation of Navi Mumbai and newly-commissioned and the copper assets, right?

However, in the EBIT numbers, segment share suggests weakness in commercial mining. Commercial mining EBIT has declined Q-o-Q.

Can you please explain that why there is such a sharp decline in the commercial mining EBIT for the quarter?

Just one second, Mohit. I'll come back to you.

Mohit, as the numbers that you were highlighting, which is basically on commercial mining weakness, is related to the specific weather event which occurred in Australia in this year at Carmichael mine, which was largely a rain-related event where all the mine we had to pump out the water that has accumulated due to seasonally or decadely higher rain. That resulted in mining production being severely constrained for about just over a period of well, nearly a quarter.

We expect that to not be there this year, but that was the main change in the commercial mining. Other part of that is because the way we have invested in Australia mining business, we take a non-cash mark-to-market marked down, which has happened due to the exchange rates, which is about 600-odd crores.

Those two elements, mark-to-market, which is non-cash, purely market-based the way we account for it, that's about ₹600 crores. About another 26%, another ₹300, just over ₹300 crores is related to the specific weather event that occurred this year.

Understood. That's very helpful, sir.

Second, can you help us with the new hyperscale order of 350 50-odd MW which was signed this quarter? What is the timeline for execution we're looking at?

That is standard form, roughly you can assume about 40 months.

40. When do you expect to break the ground?

Ground is pre-planning stage, rough just over a quarter.

Understood. My third question is, of course, we already have ingot and wafer of 2 GW.

Is there any plan to scale that to 10 GW in the immediate term, in the next couple of years? Because given that approved list of wafer modules is kicking from June '28, is it fair to expect that we'll scale it up?

I think first thing would be that we would be prepared to, but we have the capacity to, but there's no specific planning other than that we want to make sure that the proper linked capacity on commercial modules and cells is the 10 GW. Right now what constitutes the wafer and ingot capacity with the changes that are anticipated in 2029, we will value that a little bit closer to the period.

Because overall, because of the planning, prep time, it's about 24 20 months for us to ramp up if we required to ramp up.

Understood. My other question related to solar only.

You, of course, this quarter started selling completely in India. Will we continue to sell only in India in FY '27 onwards, or do you think there's some chance that we will start exporting also?

Or export market would be dead for us?

As I mentioned in our last communication, we will continue to sell in India. Ongoing marketing efforts continue, and recently there was EU FTA also signed.

There are few opportunities around EU area as well. I think overall from the numbers point of view, as I mentioned, we can just assume that it's primarily India.

Only the thing it does it compresses the margin, but that gain we will make from productivity as we go through this. Short term there's slight margin compression which you noticed in the numbers, but beyond that, I think from business point of view, the sales and the ramp-up of sales is quite solid.

Understood. My last question is on the capex.

What is the capex expenditure planned for FY '27, FY '28 based on the current capex program, and is it possible to break that into various segments?

We have one-off timing adjustments in capex around the airports. Overall, we were close to just about 95% of our target capex this year.

It's been a very good year from that point of view. We expect the next year to be around the same level of ₹40,000 crores.

Of that, there's 3 core areas where the capex is expected: airports, which would be roughly, give or take, about 17,000; the PVC will continue its capex, next year we'll capitalize close to about ₹9,000 crores, so that's 26; and another 4,000-odd crores would be in the natural resources, metals, and mining space;

and

all other businesses combined would be Adani New Industries, hydrogen, etc., those businesses will take the other 10,000, all of the rest.

Is there any specific capex we're looking for data centers, if I may ask?

Yeah. Data center we don't specifically report out, because that we can give you the exact number.

Can we take this question on notice, and we can respond formally?

Because

we know the schedule, I don't want to just give you a number. Yeah.

Understood. Thank you, and all the best, sir.

Thank you.

Thank you.

Good evening, sir. My first question is on your module sales.

You closed the year at 4.9 GW of sales. You have capacity of 4 GW.

How should we understand your sales potential from your capacity? Typically, we understand that some of the peer companies are actually selling less than the rated capacity, but your volume seems much higher.

How should we look at these volumes to understand this better?

That is largely because for the demand that we have, and the participants in the market who are unable to utilize their capacity, we have a you can say, a quote-unquote tolling type arrangement we use their capacity to sell higher than our capacity.

You have tolling arrangement besides your rated capacity of 4 GW, which you use to sell to your customers as well?

Yes. That's how we'll do.

I think you talked about it, but timelines of the next 6 GW module and cell, can you just reiterate again?

Safely assume that you'll start seeing some of the numbers towards the module line towards the second half of the year, and then we should have module line, and then the cell line we should complete in the second half, and you will see the numbers from the next year onwards.

Sure. Another question is on your mining services segments.

It did ended on a good note. How should we look at your full-year expectations going forward?

You're running on 60 16 million tonne, analyzed 64. How should we look at growth in next year or year after that?

We sort of ended the year at round 50. You can expect that we will be higher double-digit growth next year as well.

Say close to 20% mark.

You said your rated capacity has, including the mines to be commercialized, has also moved to 145. Based on your mines which are already operational, it's 86.

Is that the right number you said?

No. I think I'll give you exact numbers.

Just bear with me for 1 second. The peak capacity of the mines that are already operating is 86.6, of which we are this year produced for roughly 50, and it is expected to go up by say high double digit, close to say 20%.

Okay. This quarter you have started giving copper segment performance also.

I think the EBITDA numbers are not mentioned. Can you highlight what is the EBITDA number of copper segment this quarter?

We are to report that from Next month we'll this the coming quarter, we'll report first time as a separate line item. We just for the revenue point of view, we had to report given it met the revenue threshold of given the the revenue number, but from overall business point of view, we'll report from next quarter onwards.

Sure. On airport segment, again, strong exit to the year.

When should we look at this segment looking to demerger which we have talked about in the past?

Thank you. I was asking regarding the airport segment.

You have exited this year on strong note. When should we look at demerger of this business, which you have talked about in the past?

I think from airport business plan point of view, Prateek, I think the airport management would be ready around say '27, '28. Then after that, it's for AEL board to determine.

I think from business point of view, the business would be ready around that period.

This business, does this require any separate investment from outside investors? I know you have your internal capex plan running at ₹15,000 to ₹20,000 crores.

Look, the

business is funded. The business plan is funded.

It's just whether are investors interested in it? That's the question.

Is very much so, because it's a premier business of its type in the area. Does the business need that from its own point of view?

We will be comfortable with the business plan as it is ourselves. That doesn't mean that people are not interested, and for matter of disclosure, when it's appropriate, if there is anything, we will disclose to market.

Lastly on airport itself, we talked about ₹15,000, ₹17,000 crores capex there. This goes on what sub-projects, given Navi Mumbai we completed this year.

What are the sub-projects which we are looking at for FY '27?

Couple of key projects. Number one is the Phase 2 of Navi Mumbai we have to start now.

All the traffic projections of Navi Mumbai, Mumbai MMR region shows that we will be filled with Navi Mumbai already in next 12 to 18 months. We are accelerating that project.

The second big bucket of the capex will go to our city-side development across 5: Mumbai, Navi Mumbai, Ahmedabad, Lucknow, Jaipur. We are building new terminal in Ahmedabad also with Commonwealth Games in mind for 2030.

Sure. Thank you, and I will get back to the queue.

Good evening, and thank you for taking my questions. I did have a bit of a difficulty listening into the opening comments because of a lot of disturbance on the line, apologies if I'm repeating the questions.

My first question is on the EBITDA conversion in the fourth quarter. Obviously, you had decent revenue growth, but EBITDA was down year-over-year plus vis-a-vis our estimates.

We touched on the commercial mining piece earlier in the call, but perhaps if you can talk about integrated resources, what happened there, airports, and I imagine some of the deviation is from the startup of Navi Mumbai, roads in particular. If you can just help us understand what's going on in some of those segments, that would be super helpful, and more importantly, how we should think about 2027 for those segments.

Manish, thank you. Just to go through with you, the overall consolidated EBITDA is flat, and I'll come to that point.

On a quarter-to-quarter basis, there is a slight growth. Largely speaking, two things are happening here simultaneously.

The core airport business, the EBITDA is, well, on a quarter-to-quarter basis or on a stable basis if you look at it, is almost 50% higher. Roads business, as the road business transitions to majority of the risk-based assets online, which is Ganga Expressway, which has come online in April now, what you will have is that all 4 parts of the Ganga Expressway become the largest business within the road business early.

The 3 assets: Navi Mumbai, road, and Kutch Copper, itself will add close to just say we are guiding to 3,000, but around that in terms of so roughly speaking, 16%, 17% of the growth next year will just come from these 3 assets, which have started operating. EBITDA conversion is largely a accounting artifact.

We booked the assets, and the assets are now fully online. If you do a run rate on these, if we were to report a run rate number on that, we would have reported instead of 16, we would have reported a number close to 19.

Because assets operated only for 1 week or 1 day or 2 months, including the US war issue for airport, but even then, if you just take the run rate, we are at a run rate already of about ₹19,000 cr EBITDA for a year. Which is 20%, close to just under 20% higher than the number that we have, or accounting number we have.

Okay. That's helpful.

Maybe if I can ask you on your EBITDA mix, I think you highlighted 80% of EBITDA now comes from the core, the incubating businesses. How should we think about that mix over the next 2 to 3 years?

Why we highlighted this is because we originally had outlined in our plan way back, you were not covering us at that stage in 2019, that if we stick to our plan, this is where we land up. Of course, when we say that at that point in time, it is outlandish because the 68 and 12, 18 number was 12%.

The idea was to just say that it happens in a methodical manner. Eventually we are a core infra and utility platform.

As we go through our capex investment cycle, AEL will reflect the core infra and utility platform. Because if you look at the Adani Group as a whole, including AEL plus our other listed portfolio, we are about 82%, 85% core infra.

Now AEL is mirroring that, because infra is taking precedence. The next 2 to 3 years, we expect these numbers to continue each higher a little bit, but broadly speaking, it will mirror our core infra strategy, which is about 4/5 of our total business is in core infra.

Okay. Got it.

Then maybe lastly on the leverage and the funding. I did see headline around $1.5 billion of new capital raise across domestic, international markets.

If you can help us understand the use of funds, how are you sort of thinking about staging that, and more importantly, how should we think about leverage overall? I think right now you're at 3.9x.

As Navi Mumbai, Ganga Expressway, some of the other assets come online and contribute fully, how should we think about the leverage profile of the business in 1 to 2 years?

Such

a question there.

Sorry, go on.

No, go ahead. Yeah.

Okay. I'll pass your question in two parts.

The way we look at the leverage profile is that for us, the first and foremost becomes that we have two fundamental risk profile in incubation: one is core infra, and the other is metals, materials, and mining. We handle them quite differently.

For example, in core infra, which is platform, we have a net external debt of, say, ₹45,000 crore, which is about, say, just under $5 billion. Against that, the regulatory asset base itself is just under $4 billion.

It is heavily supported by the regulatory asset base. On the metals, materials, and mining, we have a net external debt of about $2 billion, against where we call our operating assets, which are roughly round about $6 billion.

We keep a low, very conservative leverage profile on the metals, materials, and mining side, given the volatilities we face in those businesses. We keep the normal core infra profile on the core infra side.

We don't expect though that to change. Our core infra will track the core infra.

We guide to that in a core infra, while we are growing, we will be closer to the 3.5 to 4.5 range. Obviously, we'll be lower in relation to the mining.

We don't expect the numbers next year to be materially different from this, including our capex plan of about $4.5 billion. The 3.9 is likely to remain either flat or slightly down.

Most

likely, the balance of probability is flat.

Yes. Hi.

I think that's fine for now. I'll follow up separately.

Thank you so much.

Am I audible, sir?

Yeah. Just one clarification.

You said we could have ₹3,000 crore incremental EBITDA from copper business, Navi Mumbai Airport, and Ganga Expressway put together, or am I reading something wrong?

No, no. We will 100% have that.

Sorry? We will one

We will close to 100% probability have that.

That is not the peak EBITDA, right? That you're saying maybe for FY '27?

No. Navi Mumbai will, as the airport team mentioned, Navi Mumbai is still ramping up.

It will ramp up in 12 to 18 months. The peak EBITDA of Navi Mumbai itself will be closer to In fact, it will approach this number itself.

It's not peak number at all.

Navi Mumbai we have done close to 20,000 in the first phase, right? On that

It itself will approach close to the ₹3,000

crores.

Yeah.

Okay. Ganga Expressway, what is the total investment, and what could be the peak

Just 15 just over 15,000.

Okay. Once you have

EBITDA will be 1,500. Copper itself will be close to just over 2,000.

Overall, these businesses will contribute at peak capacity somewhere between 6,000 to 6,800 cr.

That number we can see in FY '28, mostly?

Towards the end of FY '28.

Okay. My second question with respect to ANIL ecosystem.

We have ₹15,000 crore top line, what is the breakup between solar and wind in that top line and EBITDA terms? Or you can give me the wind numbers, wind turbine numbers, revenue and EBITDA.

No, I can give you. Just the solar EBITDA is roughly around 3,700 cr, and wind is 760-odd cr.

Top line for the same?

Top line is just about 12,000 for solar, 3,700 for wind.

Okay. That is helpful.

Thank you, sir.

Yeah. Hello.

Good evening.

Hi.

My question pertains to green hydrogen ecosystem. I just wanted directional update on the progress of the green hydrogen.

I just wanted to know what is the plan for the electrolyzers and when we are ramping up and are we on the line to achieve our cost target for the GH2? Pertaining to that question only, since now the nuclear sector has been opened for the private, are we even considering for the strategic purposes to have that as a baseload backing our green hydrogen to bring the cost down structurally?

Or are we considering that also as an option? That's the question pertaining to green hydrogen.

Another question is with regards to the road assets. Just a little clarifying just on the bottom line of the road asset, why it has fallen for this year?

See,

first, on the green hydrogen, currently our main focus is to get the integrated manufacturing complex up. Second, do the pre-prep and planning for the new site where the solar and wind assets will be.

The electrolyzer testing is underway. Once all of that is completed, we get full feedback, then we look at on to your latter part of the question.

Once we are ready with that aspect of the business, which is finally the decision on implementing the green power and then the derivation of hydrogen later, I think that if you allow us certain time when we are ready to disclose the full operating details of that to the market once we've taken those decisions. At this point in time, like I said, first objective: to have the integrated manufacturing facility up and running fully at full capacities, not just the current capacities; prepping all of the work that is required for the site for the renewable power.

Beyond that, we have not made any final investment planning and decision on that. In relation to the road business, now that we have completed the majority of our road assets, it will become most standard form accounting treatment.

Consequently, from the next year, you'll get the baseline numbers of the road business, and you will see a steady, more predictable growth profile, which we will outline once Ganga Expressway operates for the next 5 months. We will give a full-fledged briefing on that post the September results.

Okay. Sorry, one more question on the capex.

We are planning for almost 40, ₹45,000 crores for capex for the next year. Do we have any further ₹40,000 crores, right?

Yeah.

Yeah.

Do we have any plan for further dilution, or it's going to be more from expected cash generation and debt?

No, dilution I don't know what you mean by dilution. We do the rights issue, it's not dilutory.

We don't have any plan for any specific equity issuances for the business now.

Okay. Okay.

Thank you.

Thank you.

Thank you, Ishan and Antique, for organising the meeting. Thank you to Manan, team, and thank you to Arun, our CEO for the airports business, for being part of the conference.

You'll see that airports will continue to remain part of each one of our conferences because of the stage at which the business is, and we'll keep the market informed as close to action, as close to its events as is allowed within the disclosure limits. Once again, to Ishan and Antique, thank you so much.