Adani Enterprises Share Price (ADANIENT)

Adani Enterprises Limited (AEL), incorporated in 1993 and listed on stock exchanges in 1994, is the flagship company of the Adani Group. It primarily operates as a business incubator, focusing on establishing and developing large-scale infrastructure and energy ventures in India. The company has a track record of building new businesses and subsequently spinning them off into separate listed entities.

As of the fiscal year ended March 31, 2025, AEL demonstrated significant operational scale across its key incubating businesses. Its airport operations, managed under Adani Airport Holdings Ltd (AAHL), handled 94.4 million passengers, an increase of 7% year-over-year. In the green energy sector, Adani New Industries Ltd (ANIL) sold 4,263 megawatts (MW) of solar modules, a 59% increase compared to the previous fiscal year. The mining services segment also showed strong performance, with a dispatch volume of 43.3 million metric tonnes (MMT) for the fiscal year 2025, up 40% year-over-year. Key milestones during the fiscal year 2025 included the operationalization of the Parsa coal block, the commissioning of the initial 10 MW capacity at the Noida data center, and the commencement of a 6 GW expansion in solar cell and module manufacturing lines. The company's credit rating was upgraded to AA-/Stable by both CARE and ICRA during fiscal year 2025, reflecting its improved financial and operational strength.

What does Adani Enterprises Ltd do?

Adani Enterprises Ltd functions as a strategic business incubator, identifying and nurturing new, capital-intensive businesses primarily in the infrastructure and energy sectors. Its core strategy involves developing these ventures to a significant scale and then demerging them into independent, listed companies. For the fiscal year ended March 31, 2025, its key focus areas included airport operations, green hydrogen ecosystem development, data centers, road infrastructure, and mining services. For instance, its airport vertical managed 94.4 million passengers and 1.09 million metric tonnes of cargo. The green hydrogen business, ANIL, sold 4,263 MW of solar modules and expanded its wind turbine manufacturing capacity to 2.25 GW. The mining services arm dispatched 43.3 MMT of materials, and its commercial mining venture, the Carmichael Mine in Australia, operated near its 15 MMT per annum capacity as of March 31, 2025. The company's revenue generation model is centered on the operational revenues from these diverse incubating businesses and unlocking value through their eventual maturation and potential demerger.

Products/Services of Adani Enterprises Ltd

Airport Operations
Through its subsidiary Adani Airport Holdings Ltd (AAHL), AEL manages a portfolio of airports across India, providing aeronautical services like aircraft handling and non-aeronautical services such as retail and F&B. For the fiscal year ended March 31, 2025, AAHL handled 94.4 million passengers and 1.09 million metric tonnes of cargo. During this period, Mumbai Airport, part of AAHL, received a 'Diamond Rating' for its achievements in emission reduction.

Solar Panel Manufacturing
Adani New Industries Ltd (ANIL), an AEL subsidiary, manufactures solar photovoltaic (PV) modules. In the fiscal year ended March 31, 2025, ANIL sold 4,263 MW of solar modules. The company also commenced work on expanding its solar cell and module manufacturing capacity by an additional 6 GW during the fourth quarter of fiscal year 2025.

Wind Turbine Generator Manufacturing
ANIL is also involved in manufacturing wind turbine generators (WTGs). As of March 31, 2025, its WTG manufacturing capacity had increased to 2.25 GW, equivalent to approximately 450 sets per annum. During fiscal year 2025, ANIL supplied 164 WTG sets.

Data Center Services
AdaniConnex Pvt Ltd (ACX), a joint venture, develops and operates data centers. In the fourth quarter of fiscal year 2025, the Noida data center became operational with an initial capacity of 10 MW. As of March 31, 2025, construction of Phase II of the Hyderabad data center (9.6 MW) was progressing, with core and shell 100% complete and mechanical, electrical, and plumbing (MEP) work around 38% complete. AdaniConnex reported an order book of over 210 MW as of March 2025.

Mining Services
AEL provides end-to-end mining solutions, including development and operational services for coal and iron ore mines. For the fiscal year ended March 31, 2025, the company dispatched 43.3 MMT of materials from its portfolio of 13 mining service contracts, of which six were operational. The Parsa East and Kanta Basan coal block (with a peak capacity of 5 MMTPA) became operational during the fourth quarter of fiscal year 2025.

Road Infrastructure Development
Through Adani Road Transport Ltd (ARTL), AEL undertakes the development and management of road infrastructure projects. During the fiscal year ended March 31, 2025, ARTL completed the construction of 2,410.1 lane kilometers.

Integrated Resource Management (IRM)
The IRM segment is involved in the sourcing and trading of coal. For the fiscal year ended March 31, 2025, this business handled a volume of 56.5 MMT.

Commercial Mining
AEL operates the Carmichael thermal coal mine in Australia. As of the end of fiscal year 2025, the mine was operating close to its rated capacity of 15 MMT per annum.

Future Outlook and Expansion Plans of Adani Enterprises Ltd

Adani Enterprises Ltd has outlined significant expansion plans across its incubated businesses, as of its disclosures for the fiscal year ended March 31, 2025. The company plans an overall capital expenditure of over INR 36,000 crore for fiscal year 2026. In the green hydrogen ecosystem, ANIL is set to continue the expansion of its solar cell and module manufacturing lines by an additional 6 GW, for which financial closure has been secured, and aims to build a 10 GW fully integrated ecosystem. A capex of INR 5,500 crore is earmarked for the green hydrogen business in fiscal year 2026. ANIL has also received a Letter of Award for an electrolyser manufacturing facility of 101.5 MW per annum, bringing its cumulative awarded electrolyser capacity to 300 MW per annum.

For its airports division, AAHL, a capex of INR 10,500 crore is planned for fiscal year 2026. The Navi Mumbai International Airport's Phase 1, with a capacity of 20 million passengers per annum, is nearing operational readiness. Post its stabilization, Phase 2 expansion to 60 million passengers per annum is planned. AdaniConnex is continuing the development of its data centers, with ongoing construction in Hyderabad and Pune. The road development arm, ARTL, has a planned capex of INR 6,200 crore for fiscal year 2026, with seven of its eight under-construction projects reported as over 70% complete as of March 2025. In mining services, AEL anticipates dispatch volumes to reach approximately 60 MMT over the next 18 months and has received a Letter of Award to develop and operate the Taldih Iron Ore mine with a 7 MTPA capacity. The company is also progressing with its Polyvinyl Chloride (PVC) project, with a capex of INR 9,000 crore allocated for fiscal year 2026.