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Adani Enterprises Ltd

| Audited Consolidated Financial Results for the Quarter and Year Ended March 31, 2026

Report Source

⬤30th Apr 26

Summary : Adani Enterprises reported strong FY26 consolidated profit and declared dividend, but faces a qualified audit opinion due to MIAL investigations.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated Total Expenses FY26: ₹98,633.95 crore.
  2. Cost of materials consumed FY26: ₹27,778.49 crore.
  3. Purchases of stock-in-trade FY26: ₹29,154.92 crore.
  4. Employee benefits expense FY26: ₹3,658.00 crore.
  5. Finance cost FY26: ₹6,936.45 crore.
  6. Depreciation, Amortisation & Impairment FY26: ₹6,135.34 crore.
  7. Consolidated Total Income FY26: ₹102,943.24 crore.
  8. Segment Revenue FY26: Integrated Resources Management ₹28,362.46 crore, Mining Services ₹4,445.86 crore, Commercial Mining ₹5,642.30 crore, New Energy Ecosystem ₹15,399.00 crore, Airport ₹13,215.43 crore, Road ₹6,347.18 crore, Copper ₹15,284.34 crore, Others ₹14,289.60 crore.
  9. Consolidated Net Cash from Operating Activities FY26: ₹2,356.91 crore.
  10. Consolidated Net Cash used in Investing Activities FY26: (₹28,438.01) crore.
  11. Consolidated Net Cash generated from Financing Activities FY26: ₹28,484.47 crore.
  12. MIAL legal proceedings and investigations.
  13. NMIAL investigation by MCA.
  14. Contested custom duty demand.
  15. Consolidated Total Assets FY26: ₹261,600.35 crore.
  16. Consolidated Total Equity FY26: ₹89,178.25 crore.
  17. Consolidated Total Liabilities FY26: ₹172,422.10 crore.
  18. SEBI found no non-compliance regarding related party transactions.
  19. Both standalone and consolidated financial results are presented.
  20. Consolidated results received a qualified audit opinion, standalone an unmodified opinion.

Corporate Overview

  1. India
  2. Australia
  3. North America
  4. Switzerland
  5. China
  6. Legal proceedings and investigations at Mumbai International Airport Limited (MIAL) by CBI, ED, MCA.
  7. MCA investigation at Navi Mumbai International Airport Private Limited (NMIAL).
  8. Contested custom duty demand related to coal imports.
  9. Integrated Resources Management
  10. Mining Services
  11. Commercial Mining
  12. New Energy Ecosystem
  13. Airport
  14. Road
  15. Copper
  16. Others
  17. Integrated Resources Management
  18. Mining Services
  19. Commercial Mining
  20. New Energy Ecosystem
  21. Airport
  22. Road
  23. Copper
  24. Others
  25. Approved raising funds up to ₹15,000 crore via equity shares/eligible securities.
  26. Allotment of 13,85,01,687 equity shares.

Risk Factors

  1. Qualified audit opinion on consolidated results.
  2. Ongoing legal investigations at MIAL subsidiary.
  3. MCA investigation at NMIAL subsidiary.
  4. Contested custom duty demand liability.

Key Drivers

  1. Recommended dividend of Rs. 1.30 per share.
  2. Significant increase in consolidated net profit.
  3. Successful fund raising of ₹15,000 crore.
  4. Resolution of short seller report allegations.

Auditor’s Report

  1. Qualified Opinion for Consolidated Financial Results.
  2. Unmodified Opinion for Standalone Financial Results.
  3. MIAL legal proceedings, investigations, and alleged misuse of funds (₹845.76 crores) leading to modified opinion due to insufficient audit evidence.
  4. MIAL litigation/arbitration regarding Monthly Annual Fee.
  5. NMIAL investigation by MCA.

Board Commentary

  1. Appointment of Ernst & Young LLP as new Internal Auditor.
  2. Mr. Shobhit Dwivedi ceased as Internal Auditor due to organizational restructuring.
  3. Recommended dividend of Rs. 1.30 per Equity Share (130%) for FY2025-26.
  4. Qualified audit opinion on consolidated results due to MIAL investigations.
  5. Ongoing legal proceedings at MIAL.
  6. MCA investigation at NMIAL.
  7. Contested custom duty demand.
  8. MIAL investigations by CBI, ED, MCA.
  9. NMIAL investigation by MCA.
  10. Short seller report allegations (SEBI found no non-compliance for related party transactions).
  11. Contested custom duty demand.
  12. Approved raising funds up to ₹15,000 crore.
  13. Allotment of 13,85,01,687 equity shares.

Corporate Governance

  1. Audit Committee reviewed and recommended financial results.
  2. Qualified audit opinion on consolidated results due to MIAL investigations and alleged misuse of funds.
  3. MCA investigation at NMIAL.

Management Discussion & Analysis

Future Strategy

  1. Fund raising for future growth and expansion.

Performance Drivers

  1. Increased consolidated profit after tax from continuing operations (₹9,950.69 Cr in FY26 vs ₹8,017.95 Cr in FY25).

Risk Control Measures

  1. Management received legal advice on MIAL allegations.
  2. Supreme Court disposed of short seller report matters.
  3. SEBI found no non-compliance on related party transactions.
  4. Company contesting custom duty demand.

Critical Risks

  1. Qualified audit opinion on consolidated results due to MIAL investigations.
  2. Ongoing legal proceedings and alleged misuse of funds at MIAL.
  3. MCA investigation at NMIAL.
  4. Contested custom duty demand.