Adani Enterprises revenue to hit ₹1.5Lcr, 46% growth by FY27 – EQ
In Short : Adani Enterprises Ltd’s green hydrogen and clean energy ventures are valued at ₹1.86 lakh crore, highlighting their pivotal role in India’s clean energy transition. The copper business is valued at ₹27,442 crore, showcasing its industrial significance, while the FMCG segment holds a valuation of ₹47,775 crore, reflecting the group’s diversification into consumer-centric sectors.
In Detail : Adani Enterprises Ltd, the flagship company of the ports-to-energy conglomerate helmed by billionaire Gautam Adani, is likely to see consolidated revenue grow at a CAGR of 17.5 percent and net earnings by 45.8 percent over the 2023-24 fiscal year (FY24) and FY27, a report said.
AEL is one of India’s largest listed incubators, which has conceived, grown, matured, and demerged many successful businesses, including ports company Adani Ports & SEZ, city gas distributor Adani Total Gas, power transmission company Adani Energy Solutions, renewable energy firm Adani Green Energy, Adani Power, and commodities firm Adani Wilmar.
The company is incubating airports, manufacturing solar modules and wind turbines, green hydrogen, road construction, data centres, and copper.
“Adani Enterprises Ltd. (AEL), the incubator of many successful industry-leading businesses, is ambitiously diversifying into green hydrogen and its ecosystem to drive future growth,” Ventura Securities said in the report.
“Despite stock volatility following US Department of Justice (US-DOJ) notice (over bribery allegations) in November 2024, AEL has demonstrated resilience, supported by robust fundamentals and operational strength in FY25 (April 2024 to March 2025).”
It has received a letter of award for an electrolyser manufacturing facility for 101.5 megawatts per annum under the SIGHT scheme from SECI.
The Strategic Interventions for Green Hydrogen Transition (SIGHT) scheme is a financial program that supports the production of green hydrogen and the manufacturing of electrolysers in India. The scheme is part of the National Green Hydrogen Mission, which has an outlay of Rs 19,744 crore up to 2029-30.
Cumulative capacity of 300 MW per annum has been awarded.
AEL’s Navi Mumbai International Airport welcomed the first aircraft. While the Chennai data centre uptime continues at 100 percent, the Noida and Hyderabad Phase I data centres have crossed 95 percent completion. Road projects in West Bengal and Telangana have received provisional commercial operations dates, and Ganga Motorway construction has crossed the halfway mark.
“Over FY24-27E, AEL’s consolidated revenue, EBITDA, and net earnings are expected to grow at a CAGR of 17.5 percent, 37.5 percent, and 45.8 percent, reaching Rs 1,56,343 crore, Rs 28,563 crore, and Rs 9,245 crore, respectively,” the report said.
EBITDA and net margins are projected to expand by 647 bps to 18.3 percent and 255 bps to 5.9 percent, respectively.
“Strong growth in airports and solar/wind turbine businesses and revenue contribution from copper are expected to enhance financial performance and profit margins. As a result, return ratios—return on equity (RoE) and return on invested capital (RoIC)—are expected to improve by 563 bps to 14.5 percent and 99 bps to 11.3 percent, respectively,” it said.
AEL is targeting Rs 6.5-7 lakh crore in capex over the next decade for its expansion into airports, data centres, copper, green hydrogen, and its ecosystem. This is expected to be primarily funded through debt, leading to an increase in net debt-to-equity and net debt-to-EBITDA from 1.2x/1.7x in FY24 to 1.8x/2.2x by FY27E.
As part of the fundraising, the company raised Rs 4,200 crore earlier this year through a QIP with strong participation from both international and domestic investors and Rs 800 crore through its first-ever public issuance of NCDs, marking the first such public issuance by a non-NBFC private corporate in the last decade. Additionally, the airport business secured Rs 1,950 crore, and the road business raised Rs 1,124 crore, both through NCD issuances.
Ventura put an equity value of Rs 1.87 lakh crore on the airport business housed in AEL, Rs 52,056 crore for roads, Rs 29,855 crore for coal, and Rs 11,003 crore for the data centre business.
Green hydrogen and clean energy businesses are valued at Rs 1.86 lakh crore, while copper is valued at Rs 27,442 crore and FMCG at Rs 47,775 crore.
