Diversified stocks · Large cap · NSE
Adani Enterprises Limited (AEL) is the flagship company of Adani Group, focused on building emerging infrastructure businesses and divesting them. It incubates businesses like green hydrogen, airport management, data centers, roads, copper, and petrochem, aiming for value unlocking.
SMA20 -7.0% / mo · MACD −
FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence
Adjusted completed-session prices, rebased to 100
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +49.9% · PAT -249.8% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Financial-only signal; management claim evidence is not sufficient yet.
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
PAT -250% YoY · margin compression · Rev +50% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹32,924 Cr | +49.9% | +1.5% |
| EBITDA | ₹5,019 Cr | +51.6% | +34.5% |
| Operating margin | 15.0% | +0 bps | +300 bps |
| PAT | ₹-1,462 Cr | -249.8% | NDF |
| PAT margin | -4.4% | -888 bps | -393 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Updated 21/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Trend is weak — long-term trend down. RSI 34.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
12 stored score snapshots. Latest stored move: +0 points.
Business-comparable peers in Diversified — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Growth engines, risks, management commitments and evidence-backed delivery
AEL reported FY26 consolidated total income up 3% YoY to Rs. 1,02,943 cr, with EBITDA maintained at Rs. 16,464 cr. Core infra incubating businesses and mining services now contribute 80% of EBITDA, reflecting a shift to a more stable, contracted portfolio.
Management claims a successful transition to a core infra-utility model with 80% EBITDA from stable, contracted businesses. While this enhances earnings visibility, the impact of depreciation on new assets and volume/price volatility in established businesses warrants close monitoring for sustained cash generation.
Latest issuer-disclosed distribution across 3 reported categories.
Aero and non-aero revenue delivered robust YoY growth of 26% and 31% respectively in FY26.
Received new hyperscale order for 358 MW in Hyderabad, taking cumulative tied-up capacity to 560+ MW.
Domestic solar module sales surged 95% to 1459 MW during Q4 FY26 on YoY basis.
Copper production and sales volumes increased over 280% YoY in FY26.
6.0 GW Cell & Module (TopCon) module line commissioning expected in H1FY27.
Added three new road projects in Q4 FY26, taking total projects tally to 20.
Hyderabad data center phase II 4.8 MW capacity is now operational, total operational capacity 55+ MW.
Gare Pelma II mine service contract made operational from March 22, 2026, with peak capacity of 23.6 MMTPA.
Management focuses on building globally competitive infrastructure businesses as India’s growth accelerates.
80% of EBITDA from mature, long-term, and contracted businesses significantly enhances earnings visibility.
Established businesses EBITDA & PBT impacted by decrease in trade volume and price volatility in IRM and Commercial Mining.
Q4 FY26 PAT was affected by depreciation on recently commissioned assets of Navi Mumbai and Copper plant.
Large infra-assets like Navi Mumbai International Airport, Guwahati Airport, and Ganga Expressway are still in building and making ready phases.
IRM and Commercial Mining segments are susceptible to volume and price volatility, impacting profitability.
Consolidated Net External Debt stood at Rs. 64,051 cr in FY26, with Rs. 37,825 cr accounted for yet to unlock EBITDA.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document primarily presents financial and operational results with Year-on-Year comparisons for both the quarter and the full fiscal year, which is appropriate for assessing the performance of long-term infrastructure projects and diversified businesses.
FY26 Total Income increased by 9% YoY to Rs. 15,563 cr.
FY26 EBITDA decreased by 5% YoY to Rs. 4,532 cr.
FY26 Total Income increased by 28% YoY to Rs. 13,081 cr.
FY26 EBITDA increased by 55% YoY to Rs. 5,394 cr.
Next generation strategic business investments (green hydrogen, airport management, data center, roads, copper, petrochem) have significant scope for value unlocking.
AEL's incubation journey has crossed stabilization phases, positioning the company for sustained cash generation.
Committed to build a sustainable 2GW data center platform by 2030.
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Core Infra EBITDA Contribution | 80% of total EBITDA (FY26) | Sustained or increasing contribution from core infra and mining services to total EBITDA. |
| Net External Debt / EBITDA | 3.4x (FY26) | Improvement in debt coverage ratios as new assets unlock EBITDA and generate cash flows. |
| Operational Capacity Ramp-up | Hyderabad data center 55+ MW operational, Copper plant ~45% utilization (Q4 FY26) | Timely commissioning and utilization ramp-up of new capacities across all incubating businesses. |
| Established Business Performance | IRM volume down 21% YoY, Commercial Mining production down 11% YoY (FY26) | Stabilization or recovery in volumes and profitability of established businesses amidst market volatility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 22nd percentile of the scored universe and 42nd percentile within Diversified. Main check: financial discipline is weak at 30/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
overall median 67 · Diversified: 42nd pctile, median 61 · Large: 13th pctile, median 73
95 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Latest exchange and company disclosures found within the past two years.
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse
Source: Bse