Financials Adani Enterprises Limited

Equities

ADANIENT

INE423A01024

Diversified Industrial Goods Wholesale

Market Closed - Bombay S.E. Other stock markets 03:55:42 11/03/2026 pm IST			5-day change	1st Jan Change
1,975.30 ^INR	-1.14%		-4.83%	-11.80%

11/03	Adani Enterprises says unit completed acquisition of 14.2% stake in Air Works India	RE
11/03	Adani Enterprises says acquisition of defence unit from Punj Lloyd by unit completed	RE

Projected Income Statement: Adani Enterprises Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	3,95,371	6,94,202	13,69,778	10,87,235	9,78,948	9,70,212	13,34,714	15,20,218
Change	-	75.58%	97.32%	-20.63%	-9.96%	-0.89%	37.57%	13.9%
EBITDA ¹	25,050	37,130	88,280	1,13,766	1,42,520	1,66,102	2,19,583	2,46,592
Change	-	48.22%	137.76%	28.87%	25.27%	16.55%	32.2%	12.3%
EBIT ¹	-	-	-	83,344	1,00,407	1,41,548	1,46,987	1,70,686
Change	-	-	-	-	20.47%	40.97%	3.84%	16.12%
Interest Paid ¹	-13,768	-25,259	-39,700	-45,547	-59,780	-58,414	-58,289	-67,370
Earnings before Tax (EBT) ¹	10,860	9,520	32,499	49,249	1,04,787	86,612	89,420	93,767
Change	-	-12.33%	241.36%	51.54%	112.77%	-17.35%	3.24%	4.86%
Net income ¹	9,226	7,766	24,729	32,408	70,990	67,407	66,528	70,513
Change	-	-15.83%	218.45%	31.05%	119.05%	-5.05%	-1.3%	5.99%
Announcement Date	05/05/21	03/05/22	04/05/23	02/05/24	01/05/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2
Net sales ¹	1,16,204	1,35,251	1,25,788	1,32,180	1,87,579	2,48,655	4,08,442	3,81,752	2,66,122	3,13,460	-	2,83,364	3,24,313	3,04,439	2,63,500	2,54,556	2,69,659	2,19,612	2,12,485	2,48,196	2,77,029	2,87,557	2,89,367	3,01,714	3,42,156	3,42,552	3,40,146
Change	-	16.39%	-7%	5.08%	41.91%	32.56%	64.26%	-6.53%	-30.29%	17.79%	-	-	14.45%	-6.13%	-13.45%	-3.39%	5.93%	-18.56%	-3.25%	16.81%	11.62%	3.8%	0.63%	4.27%	13.4%	0.12%	-0.7%
EBITDA ¹	7,720	9,037	7,964	8,826	7,717	12,620	17,424	18,694	16,292	35,871	-	32,273	31,954	37,058	37,658	30,704	37,100	37,857	33,066	36,415	34,033	54,214	48,349	52,315	58,473	60,288	52,620
Change	-	17.06%	-11.87%	10.82%	-12.56%	63.53%	38.07%	7.29%	-12.85%	120.18%	-	-	-0.99%	15.97%	1.62%	-18.47%	20.83%	2.04%	-12.66%	10.13%	-6.54%	59.3%	-10.82%	8.2%	11.77%	3.1%	-12.72%
EBIT ¹	-	-	-	-	-	-	-	-	-	-	-	24,674	23,840	27,717	27,306	20,648	24,736	-	19,300	22,699	5,823	25,877	18,122	20,819	24,602	27,802	18,176
Change	-	-	-	-	-	-	-	-	-	-	-	-	-3.38%	16.27%	-1.48%	-24.38%	19.8%	-	-	17.61%	-74.35%	344.39%	-29.97%	14.88%	18.17%	13.01%	-34.62%
Charge d'intérêts ¹	-	-	-	-	-	-	-	-	-	-	-	-5,968	-15,120	-11,305	-9,098	-21,413	-17,964	-10,355	-17,112	-11,188	-11,188	-11,875	-11,875	-13,250	-13,250	-13,250	-13,250
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	-	-	-	-	-	23,608	6,942	22,356	24,089	5,756	52,587	14,663	43,976	69,319	5,823	25,877	18,122	20,819	24,602	27,802	18,176
Change	-	-	-	-	-	-	-	-	-	-	-	-	-70.59%	222.01%	7.75%	-76.11%	813.67%	-72.12%	199.92%	57.63%	-91.6%	344.39%	-29.97%	14.88%	18.17%	13.01%	-34.62%
Net income ¹	-	-	-	-	-	-	4,695	4,609	8,201	7,225	2,278	18,884	4,506	14,545	17,418	578.3	38,449	7,344	31,988	56,270	4,892	19,252	13,483	15,489	18,304	20,907	13,668
Change	-	-	-	-	-	-	-	-1.81%	77.91%	-11.9%	-68.47%	728.92%	-76.14%	222.81%	19.75%	-96.68%	6,548.64%	-80.9%	335.55%	75.91%	-91.31%	293.54%	-29.97%	14.88%	18.17%	14.22%	-34.62%
Announcement Date	03/02/21	05/05/21	03/08/21	27/10/21	14/02/22	03/05/22	04/08/22	03/11/22	14/02/23	04/05/23	02/11/23	01/02/24	02/05/24	01/08/24	29/10/24	30/01/25	01/05/25	31/07/25	04/11/25	03/02/26	-	-	-	-	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2024 S1	2025 S1	2025 S2	2026 S1	2026 S2	2027 S1	2027 S2	2028 S1
Net sales	-	-	-	4,32,097	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBITDA	-	-	-	66,168	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	46,444	58,343	58,639	27,973	43,998	45,421	45,978
Change	-	-	25.62%	0.51%	-52.3%	57.29%	3.23%	1.23%
Net income	9,018	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Announcement Date	02/11/23	29/10/24	01/05/25	04/11/25	-	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: Adani Enterprises Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-	-	-	4,30,554	8,31,989	5,87,948	8,29,103	10,50,761
Change	-	-	-	-	93.24%	-29.33%	41.02%	26.73%
Announcement Date	05/05/21	03/05/22	04/05/23	02/05/24	01/05/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Adani Enterprises Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	-	1,16,475	1,47,247	2,23,659	2,91,711	3,61,000	3,40,932	3,31,606
Change	-	-	26.42%	51.89%	30.43%	23.75%	-5.56%	-2.74%
Free Cash Flow (FCF) ¹	-454.5	-1,02,622	29,017	-1,20,537	-2,46,580	-92,098	-36,469	44,689
Change	-	-22,479.1%	128.28%	-515.4%	-104.57%	62.65%	60.4%	222.54%
Announcement Date	05/05/21	03/05/22	04/05/23	02/05/24	01/05/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Adani Enterprises Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	6.34%	5.35%	6.44%	10.46%	14.56%	17.12%	16.45%	16.22%
EBIT Margin (%)	-	-	-	7.67%	10.26%	14.59%	11.01%	11.23%
EBT Margin (%)	2.75%	1.37%	2.37%	4.53%	10.7%	8.93%	6.7%	6.17%
Net margin (%)	2.33%	1.12%	1.81%	2.98%	7.25%	6.95%	4.98%	4.64%
FCF margin (%)	-0.11%	-14.78%	2.12%	-11.09%	-25.19%	-9.49%	-2.73%	2.94%
FCF / Net Income (%)	-4.93%	-1,321.49%	117.34%	-371.94%	-347.35%	-136.63%	-54.82%	63.38%
Profitability
ROA	-	-	-	-	-	-	-	-
ROE	6.45%	3.94%	8.94%	8.99%	15.88%	5.1%	6.9%	7.2%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	3.78x	5.84x	3.54x	3.78x	4.26x
Debt / Free cash flow	-	-	-	-3.57x	-3.37x	-6.38x	-22.73x	23.51x
Capital Intensity
CAPEX / Current Assets (%)	-	16.78%	10.75%	20.57%	29.8%	37.21%	25.54%	21.81%
CAPEX / EBITDA (%)	-	313.69%	166.8%	196.6%	204.68%	217.34%	155.26%	134.48%
CAPEX / FCF (%)	-	-113.5%	507.44%	-185.55%	-118.3%	-391.97%	-934.85%	742.03%
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	1.3	1.2	1.2	1.2
Change	-	-	-	-	-	-7.69%	0%	0%
Book Value Per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EPS ¹	8.39	7.06	21.78	27.24	60.55	48.3	38.53	40.82
Change	-	-15.85%	208.5%	25.07%	122.28%	-20.23%	-20.23%	5.94%
Nbr of stocks (in thousands)	10,99,810	10,99,810	11,40,001	11,40,001	11,54,181	12,92,682	12,92,682	12,92,682
Announcement Date	05/05/21	03/05/22	04/05/23	02/05/24	01/05/25	-	-	-