Adani Enterprises Ltd (AEL) stands as the flagship company of the Adani Group, serving as the conglomerate's primary business incubator and strategic development platform. Incorporated in 1993, Adani Enterprise Ltd. (AEL) is the flagship Company of the Adani Group and acts as the Group's incubator for new businesses. The company has established itself as a diversified infrastructure and energy transition powerhouse, with operations spanning multiple sectors critical to India's economic development.
Adani Enterprises Ltd has business interests in various economic areas such as mining, integrated resources management (IRM), infrastructure such as airports, roads, rail/ metro, water, data centres, solar manufacturing, agro and defence. The company's comprehensive portfolio reflects its strategic focus on essential infrastructure and emerging growth sectors.
The mining division represents one of AEL's core operations, encompassing coal mining, processing, acquisition, exploration, and development of mining assets. Its coal mining segment covers mining, processing, acquisition, exploration, and development of mining assets, with active mines in India, Indonesia, and Australia. This segment provides the foundation for the company's integrated resource management capabilities.
Beyond traditional mining operations, AEL has expanded significantly into next-generation infrastructure sectors. Beyond mining, Adani's portfolio extends to airports, road infrastructure, water management, data centers, solar manufacturing, defense and aerospace, edible oils and foods, integrated resource solutions, and agri-products. This diversification strategy positions the company to capitalize on India's infrastructure modernization and digital transformation initiatives.
Adani Airport Holdings is the airport management and operations subsidiary. It is the majority stakeholder in Mumbai International Airport Limited (MIAL), which owns the Chhatrapati Shivaji Maharaj International Airport and the under-construction Navi Mumbai International Airport. According to media reports as of 2023, Adani Enterprises operates seven airports, acquired during the government's initial privatization initiative. The airport segment has emerged as a significant growth driver, contributing substantially to the company's overall performance.
AEL has established a strong presence in India's defense sector through strategic acquisitions and partnerships. In May 2022, Adani Defence Systems and Technologies, a wholly-owned subsidiary of Adani Enterprises, signed a definitive agreement to acquire a 50% stake in Bengaluru-based General Aeronautics. The company is involved with DRDO in Long-range Guided Bomb, VSHORAD, UAV launched Precision Guided Munition (ULPGM), NASM-SR and Rudram-1. In February 2024, Adani Defence & Aerospace inaugurated two ammunition and missile manufacturing facilities in the Uttar Pradesh Defence Corridor at Kanpur.
The company has made significant investments in renewable energy and green hydrogen through Adani New Industries Ltd (ANIL). In June 2022, TotalEnergies acquired a 25% stake in Adani New Industries, the newly formed green hydrogen subsidiary of Adani Enterprises, for US$12.5 billion. This partnership underscores the company's commitment to India's energy transition goals.
Mkt Cap: 2,99,983 Crore (down -17.4% in 1 year) · Revenue: 97,895 Cr · Profit: 8,005 Cr · Stock is trading at 5.96 times its book value as of the latest available data. The company has demonstrated strong financial performance across multiple quarters.
For Q4 FY25, Adani Enterprises Ltd's revenue jumped 6.46% since last year same period to ₹31,547.37Cr in the Q4 2024-2025. Adani Enterprises Ltd's net profit jumped 753.32% since last year same period to ₹3,844.91Cr in the Q4 2024-2025. This exceptional performance was driven by an exceptional gain from the sale of its stake in Adani Wilmar.
The company reported strong performance in Q2 FY25 as well, with Adani Enterprises reported an almost eightfold increase in its net profit for Q2 FY25, reaching ₹1,742 crore compared to the same period last year. This growth was supported by robust performance across its diversified business segments.
For the nine-month period ending December 2024, Despite the sharp drop in Q3 profits, Adani Enterprises posted strong financial growth over the nine-month period (April-December 2024): Revenue rose 6 per cent Y-o-Y to Rs 72,763 crore. Ebitda increased 29 per cent to Rs 12,377 crore, driven by robust performance in ANIL Ecosystem (Adani New Industries Ltd) and the Airports segment.
• Revenue Growth: FY25 revenue of ₹1,00,365 crore, representing a 2% increase year-over-year
• EBITDA Performance: Full-year EBITDA rose 26% to ₹16,722 crore for FY25
• Profit Growth: Profit After Tax for FY25 more than doubled, increasing 1.2 times to ₹7,112 crore
• Debt Management: Net debt to EBITDA remained below 3x, supported by strong cash generation and improved earnings
Promoter Holding: 74.0% indicates strong promoter confidence in the company's growth trajectory. The company has secured board approval to raise ₹15,000 crore through various routes including QIP, private placement, or preferential issue, demonstrating its focus on funding future growth initiatives.
Leadership has expressed confidence in the company's strategic direction. Gautam Adani, Chairman of the Adani Group, said, "Adani Enterprises Ltd (AEL) continues to focus on investing in logistics, energy transition and adjacent sectors that are core to the economic growth of the country. This record-breaking half-year performance has been led by Adani New Industries Ltd (ANIL) and Adani Airport Holdings Ltd (AAHL) with their rapid growth in capacity additions and asset utilisation." "Our focus on execution of greenfield projects in ANIL across three giga scale integrated manufacturing plants and the accelerated development of Navi Mumbai International Airport are driving these robust results," he added.
The company announced an interim dividend of ₹1.30 per share for FY25. The record date for this dividend has been set as June 13, 2025. Subject to shareholder approval at the upcoming Annual General Meeting (AGM), the dividend is expected to be paid on or after June 30, 2025, less any applicable tax deductions.
All the listed companies/businesses viz – Adani Power Ltd., Adani Transmission ltd., Adani Ports and Special Economic Zone Ltd., Adani Gas Ltd, Adani Green Energy Ltd., and Adani Wilmar Ltd. were initially incubated under AEL and are now functioning independently. This track record demonstrates AEL's capability as a successful business incubator and value creator.
The company's diversified portfolio across critical infrastructure sectors, combined with its strong financial performance and strategic partnerships, positions it well for long-term growth. However, investors should consider the company's exposure to regulatory changes, commodity price fluctuations, and the broader infrastructure development cycle in India when making investment decisions.
