Adani Enterprises financials: balance sheet, profit and loss, cash flow

NSE: ADANIENTBSE: 512599Metals & Minerals TradingLarge Cap

Adani Enterprises Limited · Formerly Adani Exports · Face value ₹1 · Listed Nov 1994 on BSE, Jun 1997 on NSE

₹2,607.90₹128.10 (5.17%)BSE ₹2,607.50

Share price at the NSE close on 29 Oct 2026. Previous close ₹2,479.80.

29 Oct: open ₹2,489.00, high ₹2,628.60, low ₹2,473.10

52-week range of traded prices to 29 Oct 2026

₹1,753.00Low, 30 Mar 2026₹3,245.00High, 6 Jul 2026

Market cap: ₹3,53,037 Cr28th largest listed
P/E: 61.52
P/E without one-offs: 128.37
P/B: 3.60
Dividend yield: 0.05%
ROE: 7.5%
ROE without one-offs: 3.6%
ROCE: 5.2%
Debt to equity: 0.94
Volume, NSE: 22,39,85121.6% delivered

Adani Enterprises' financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the half year to Sep 2026 after them.

10 years at a glance

₹ crore, years to March.Adani Enterprises annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.7% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2018, the company's revenue for that year, ₹37,382 Cr, differs from its quarters added, ₹38,034 Cr. From the year to Mar 2024, the company's revenue for that year, ₹96,421 Cr, differs from its quarters added, ₹1,05,472 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,00,469
Materials and goods−54,109
Employee costs−3,658
Other expenses−28,713
Operating profit13,989
Depreciation−6,135
Other income+2,475
One-off items+9,215
Finance costs−6,019
Profit before tax13,525
Tax−3,831
Joint ventures+257
Net profit9,951

What the company owns

Plant, investments and other assets₹2,16,029 Cr
Inventory₹18,713 Cr
Receivables₹12,543 Cr
Cash and bank₹11,809 Cr
Current investments₹2,507 Cr

What pays for it: net worth and liabilities

Borrowings₹1,13,702 Cr
Net worth₹89,178 Cr
Other liabilities₹38,430 Cr
Owed to suppliers₹20,290 Cr

Adani Enterprises business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Adani Enterprises segment results by quarter

Revenue by segment

₹1,02,986 CrTotal

Integrated Resources Management₹28,362 Cr27.5% of total
New Energy Ecosystem₹15,399 Cr15.0% of total
Copper₹15,284 Cr14.8% of total
Other₹14,290 Cr13.9% of total
Airport₹13,215 Cr12.8% of total
Road₹6,347 Cr6.2% of total
Commercial Mining₹5,642 Cr5.5% of total
Mining Services₹4,446 Cr4.3% of total

Profit by segment

Integrated Resources Management₹2,205 Cr11.3% of total
New Energy Ecosystem₹3,609 Cr18.5% of total
Other₹8,578 Cr43.9% of total
Airport₹2,770 Cr14.2% of total
Road₹679 Cr3.5% of total
Mining Services₹1,710 Cr8.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Integrated Resources Management
Revenue, ₹ crore
23,951
48,871
98,188
62,019
39,264
28,362
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
845
1,627
3,417
4,979
3,061
2,205
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
New Energy Ecosystem
Revenue, ₹ crore
2,934
2,528
3,537
8,571
13,965
15,399
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
679
232
−96
1,802
4,082
3,609
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Copper
Revenue, ₹ crore
15,284
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−403
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Other
Revenue, ₹ crore
8,687
12,113
12,974
16,328
20,339
24,466
29,722
14,290
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
110
379
−187
252
−383
−542
3,425
8,578
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Airport
Revenue, ₹ crore
2,517
5,951
7,905
10,016
13,215
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−73
453
371
1,435
2,770
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Road
Revenue, ₹ crore
4,907
7,177
9,694
6,347
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,688
760
1,266
679
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Commercial Mining
Revenue, ₹ crore
6,576
6,576
5,642
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−330
−732
−2,080
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Mining Services
Revenue, ₹ crore
2,252
3,736
4,446
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
580
1,453
1,710
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	42,310	44,867	41,873	73,006	1,40,967	1,18,967	1,12,973	1,02,986
Company revenue, as in its results	40,379	43,403	39,537	69,420	1,36,978	96,421	97,895	1,00,469
Revenue	–	–	23,951	48,871	98,188	62,019	39,264	28,362
Revenue growth	–	–	–	104.0%	100.9%	–	−36.7%	−27.8%
Profit	–	–	845	1,627	3,417	4,979	3,061	2,205
Profit growth	–	–	–	92.6%	110.0%	–	−38.5%	−28.0%
Margin	–	–	3.5%	3.3%	3.5%	8.0%	7.8%	7.8%
Return on capital	–	–	45.4%	97.3%	–	–	–	–
Assets	–	–	9,547	15,648	14,134	9,651	6,466	4,667
Liabilities	–	–	7,686	13,975	21,692	16,892	12,955	7,727
Capital employed	–	–	1,861	1,673	−7,558	−7,241	−6,489	−3,059
Revenue	–	–	2,934	2,528	3,537	8,571	13,965	15,399
Revenue growth	–	–	–	−13.8%	39.9%	–	62.9%	10.3%
Profit	–	–	679	232	−96	1,802	4,082	3,609
Profit growth	–	–	–	−65.8%	–	–	126.5%	−11.6%
Margin	–	–	23.1%	9.2%	−2.7%	21.0%	29.2%	23.4%
Return on capital	–	–	30.9%	7.1%	−2.2%	29.1%	46.5%	35.7%
Assets	–	–	3,172	4,012	7,497	12,294	12,840	17,639
Liabilities	–	–	976	722	3,223	6,092	4,053	7,524
Capital employed	–	–	2,196	3,290	4,275	6,202	8,787	10,115
Revenue	–	–	–	–	–	–	–	15,284
Profit	–	–	–	–	–	–	–	−403
Margin	–	–	–	–	–	–	–	−2.6%
Return on capital	–	–	–	–	–	–	–	−10.0%
Assets	–	–	–	–	–	–	–	24,747
Liabilities	–	–	–	–	–	–	–	20,734
Capital employed	–	–	–	–	–	–	–	4,013
Revenue	8,687	12,113	12,974	16,328	20,339	24,466	29,722	14,290
Revenue growth	–	39.4%	7.1%	25.9%	24.6%	–	21.5%	−51.9%
Profit	110	379	−187	252	−383	−542	3,425	8,578
Profit growth	–	245.7%	–	–	–	–	–	150.5%
Margin	1.3%	3.1%	−1.4%	1.5%	−1.9%	−2.2%	11.5%	60.0%
Return on capital	1.8%	6.0%	−3.9%	3.4%	−4.8%	−4.5%	13.3%	110.1%
Assets	10,500	12,205	10,685	12,094	14,674	21,544	34,036	32,379
Liabilities	4,421	5,918	5,862	4,682	6,760	9,493	8,288	24,591
Capital employed	6,079	6,287	4,823	7,412	7,914	12,051	25,748	7,789
Revenue	–	–	–	2,517	5,951	7,905	10,016	13,215
Revenue growth	–	–	–	–	136.4%	–	26.7%	31.9%
Profit	–	–	–	−73	453	371	1,435	2,770
Profit growth	–	–	–	–	–	–	286.3%	93.1%
Margin	–	–	–	−2.9%	7.6%	4.7%	14.3%	21.0%
Return on capital	–	–	–	−0.3%	1.7%	1.2%	3.6%	14.2%
Assets	–	–	–	30,937	37,032	40,798	52,237	66,004
Liabilities	–	–	–	8,266	10,261	10,445	12,434	46,563
Capital employed	–	–	–	22,671	26,771	30,353	39,803	19,441
Revenue	–	–	–	–	4,907	7,177	9,694	6,347
Revenue growth	–	–	–	–	–	–	35.1%	−34.5%
Profit	–	–	–	–	1,688	760	1,266	679
Profit growth	–	–	–	–	–	–	66.4%	−46.3%
Margin	–	–	–	–	34.4%	10.6%	13.1%	10.7%
Return on capital	–	–	–	–	26.3%	5.3%	5.7%	7.1%
Assets	–	–	–	–	8,366	16,030	25,476	32,919
Liabilities	–	–	–	–	1,945	1,668	3,446	23,411
Capital employed	–	–	–	–	6,420	14,362	22,030	9,508
Revenue	–	–	–	–	–	6,576	6,576	5,642
Revenue growth	–	–	–	–	–	–	0.0%	−14.2%
Profit	–	–	–	–	–	−330	−732	−2,080
Margin	–	–	–	–	–	−5.0%	−11.1%	−36.9%
Return on capital	–	–	–	–	–	−1.8%	−4.0%	−30.3%
Assets	–	–	–	–	–	33,129	33,891	39,819
Liabilities	–	–	–	–	–	15,143	15,486	32,953
Capital employed	–	–	–	–	–	17,986	18,405	6,865
Revenue	–	–	–	–	–	2,252	3,736	4,446
Revenue growth	–	–	–	–	–	–	65.9%	19.0%
Profit	–	–	–	–	–	580	1,453	1,710
Profit growth	–	–	–	–	–	–	150.4%	17.7%
Margin	–	–	–	–	–	25.8%	38.9%	38.5%
Return on capital	–	–	–	–	–	10.5%	18.9%	23.9%
Assets	–	–	–	–	–	6,624	9,180	11,098
Liabilities	–	–	–	–	–	1,107	1,478	3,933
Capital employed	–	–	–	–	–	5,518	7,702	7,165
Revenue	2,179	1,839	2,014	2,760	8,045	–	–	–
Revenue growth	–	−15.6%	9.5%	37.1%	191.4%	–	–	–
Profit	725	423	373	427	943	–	–	–
Profit growth	–	−41.8%	−11.7%	14.4%	121.1%	–	–	–
Margin	33.3%	23.0%	18.5%	15.5%	11.7%	–	–	–
Return on capital	7.1%	3.4%	2.6%	2.2%	4.4%	–	–	–
Assets	11,680	13,689	16,372	22,489	37,813	–	–	–
Liabilities	1,405	1,165	1,767	2,664	16,438	–	–	–
Capital employed	10,275	12,523	14,605	19,825	21,375	–	–	–
Revenue	31,444	30,915	–	–	–	–	–	–
Revenue growth	–	−1.7%	–	–	–	–	–	–
Profit	744	1,011	–	–	–	–	–	–
Profit growth	–	35.9%	–	–	–	–	–	–
Margin	2.4%	3.3%	–	–	–	–	–	–
Return on capital	29.0%	33.2%	–	–	–	–	–	–
Assets	12,678	12,104	–	–	–	–	–	–
Liabilities	10,116	9,060	–	–	–	–	–	–
Capital employed	2,562	3,044	–	–	–	–	–	–
	–	0	–	–	0	–	–	0
Profit	–	684	–	–	1,197	–	–	2,475
Assets	–	0	–	–	0	–	–	32,327
Liabilities	–	0	–	–	0	–	–	4,986
	0	–	–	0	–	0	0	–
Profit	572	–	–	1,013	–	1,861	2,470	–
Assets	0	–	–	0	–	0	0	–
Liabilities	0	–	–	0	–	0	0	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Sep 2026, the latest four quarters added.Adani Enterprises quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Twelve monthsFiled 28 Oct
Revenue from operations	37,314	37,382	40,379	43,403	39,537	69,420	1,36,978	96,421	97,895	1,00,469	1,27,399
	34,966	35,072	38,410	41,118	37,032	65,707	1,28,150	85,044	83,643	86,479	1,09,498
Materials and goods bought	31,190	30,877	33,321	34,660	30,248	53,718	1,02,913	50,391	51,369	54,109	77,116
Employee costs	–	–	656	682	829	1,181	1,877	2,331	3,119	3,658	3,989
Other expenses	–	–	4,432	5,775	5,955	10,809	23,360	32,322	29,155	28,713	28,393
Operating profit before depreciation	2,348	2,310	1,969	2,284	2,505	3,713	8,828	11,377	14,252	13,989	17,900
Operating margin	6.3%	6.2%	4.9%	5.3%	6.3%	5.3%	6.4%	11.8%	14.6%	13.9%	14.1%
Materials, % of revenue	–	–	82.5%	79.9%	76.5%	77.4%	75.1%	52.3%	52.5%	53.9%	60.5%
Employee costs, % of revenue	–	–	1.6%	1.6%	2.1%	1.7%	1.4%	2.4%	3.2%	3.6%	3.1%
Other expenses, % of revenue	–	–	11.0%	13.3%	15.1%	15.6%	17.1%	33.5%	29.8%	28.6%	22.3%
Depreciation and amortisation	640	725	390	472	537	1,248	2,436	3,042	4,211	6,135	7,418
Operating profit after depreciation	1,708	1,585	1,579	1,812	1,968	2,465	6,392	8,334	10,041	7,854	10,482
Other income	743	603	572	684	754	1,013	1,197	1,861	2,470	2,475	2,833
Finance costs	1,573	1,306	1,625	1,572	1,377	2,526	3,970	4,555	5,978	6,019	7,990
Profit before one-off items and tax	878	882	526	924	1,345	952	3,619	5,640	6,533	4,309	5,325
One-off items	27	−183	−158	199	−259	0	−369	−715	3,946	9,215	2,988
Profit before tax	905	698	368	1,122	1,086	952	3,250	4,925	10,479	13,525	8,313
	97	207	145	324	340	477	1,041	1,632	2,969	3,831	3,425
Current tax	181	200	168	241	123	391	770	1,606	2,776	3,884	3,239
Deferred tax	−84	7	−23	83	217	85	271	25	192	−53	186
Share of profit of joint ventures and associates	–	217	192	242	299	312	213	–	508	257	431
Profit from discontinued businesses	–	–	91	–	–	–	–	1	−13	–	–
	925	594	506	1,040	1,046	788	2,422	3,335	8,005	9,951	5,319
Belonging to the company's shareholders	925	–	717	1,138	–	777	2,473	3,241	7,099	9,339	5,738
Belonging to outside owners of subsidiaries	–	–	−211	−98	–	11	−51	94	906	611	−419
Other comprehensive income	–	–	683	1,238	−712	446	1,369	339	633	826	935
Total comprehensive income	–	–	1,189	2,278	334	1,233	3,790	3,674	8,638	10,777	6,255
Net margin	2.5%	1.6%	–	2.4%	2.6%	1.1%	1.8%	3.5%	8.2%	9.9%	4.2%
Net margin without joint ventures and associates	–	1.0%	–	1.8%	1.9%	0.7%	1.6%	–	7.7%	9.6%	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share it leaves the other owners is more than 10 points from the share the company's other periods state. Net margin is left blank for the year to Mar 2019: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin. Belonging to the company's shareholders is left blank for the year to Mar 2021: the filing's earnings per share, which its other quarters bear out, does not match the shareholders' share of the profit it states, and no known slip in its lines explains the difference. Share of profit of joint ventures and associates is left blank for the year to Mar 2024: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Half yearFiled 28 Oct
	15,144	18,210	18,910	26,928	37,890	44,186	56,470	89,178	1,03,713
	14,756	16,947	17,159	22,257	33,051	39,076	50,314	80,926	97,952
Share capital	110	110	110	110	114	114	115	129	135
Reserves	14,646	16,837	17,049	22,147	32,937	38,962	50,199	80,797	97,817
Belonging to outside owners of subsidiaries	388	1,263	1,751	4,672	4,839	5,110	6,156	8,252	5,761
	9,951	11,653	15,293	41,024	38,320	50,124	76,236	1,13,702	97,294
Repayable after a year	2,992	3,516	9,523	20,803	32,590	43,718	64,601	94,178	83,262
Repayable within a year	6,959	8,137	5,770	20,220	5,730	6,406	11,635	19,524	14,031
	22,381	23,289	21,483	43,850	44,803	44,058	47,383	58,912	72,394
Trade payables	11,989	11,814	11,756	17,648	28,547	24,669	20,868	20,290	25,797
Other financial liabilities	1,820	1,369	2,377	3,340	5,571	6,830	10,129	13,651	27,382
Other liabilities	1,522	1,908	1,490	2,379	4,733	5,847	4,336	4,879	4,565
Provisions	53	61	65	96	121	153	220	287	303
Tax owed	38	–	24	168	101	153	195	281	316
	4,883	5,400	11,250	30,982	58,795	71,894	94,282	1,13,510	1,18,751
Other financial liabilities	1,234	1,220	1,354	3,903	18,061	5,014	19,371	5,907	25,171
Other liabilities	607	578	270	3,391	4,763	5,861	6,459	8,837	5,418
Provisions	50	63	77	279	401	446	489	727	985
Deferred tax	0	23	26	2,606	2,980	2,934	3,362	3,861	3,913
Trade payables	0	0	0	0	0	13,920	0	–	0
Liabilities going with businesses held for sale	–	–	–	–	–	594	–	–	–
	42,408	46,898	51,643	1,01,760	1,41,488	1,60,732	1,98,136	2,61,600	2,94,858
Held for sale or for a demerger	–	–	–	–	100	334	19	15	12
	19,408	22,715	31,680	70,815	1,04,366	1,23,872	1,57,391	2,00,627	2,14,843
Plant in use, after depreciation	5,746	6,447	5,647	19,599	34,988	58,699	67,155	98,374	–
Plant being built	5,765	7,231	8,686	19,564	17,699	21,931	31,857	28,815	–
Intangible assets	3,198	3,859	5,007	10,176	20,938	5,999	8,796	15,617	31,363
Goodwill	54	139	152	301	887	1,040	1,086	899	899
Intangible assets being developed	0	116	139	3,980	6,326	13,249	19,659	22,938	4,070
Property held to earn rent	22	32	31	47	68	241	223	284	250
Investments	1,509	1,898	5,473	4,229	6,145	171	234	216	223
Stakes in joint ventures and associates	0	0	0	0	–	7,075	7,397	6,706	9,430
Loans given	1,376	946	3,199	6,237	4,577	2,300	3,903	5,553	5,188
Other financial assets	866	948	2,238	2,973	5,691	6,878	8,819	10,514	10,693
Deferred tax	590	273	77	174	209	940	293	732	676
Other assets	282	828	1,030	3,535	6,838	5,350	7,969	9,979	32,509
	22,999	24,183	19,963	30,945	37,022	36,526	40,726	60,959	80,003
Inventories	2,669	2,562	1,757	6,788	6,918	9,487	10,287	18,713	27,429
Trade receivables	14,178	13,147	11,983	13,712	12,553	9,793	9,616	12,543	13,773
Cash and cash equivalents	974	2,125	666	912	1,882	2,307	3,106	6,267	7,958
Other bank balances	735	1,252	1,145	3,004	3,491	4,762	3,857	5,543	8,899
Current investments	3	55	30	63	165	1,454	2,256	2,507	4,435
Loans given	2,239	1,960	1,413	1,453	4,523	1,383	1,416	1,637	1,908
Other financial assets	892	1,464	1,382	1,751	7,489	2,313	3,602	5,249	4,323
Tax paid in advance	0	1,619	1,588	0	–	0	0	–	0
Other assets	1,309	0	–	3,262	–	5,028	6,586	8,501	11,278
Net debt	8,239	8,221	13,453	37,045	32,781	41,601	67,018	99,386	76,002

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026Half year
	4,094	1,385	17,626	10,311	4,530	2,357	6,318
	4,206	1,590	18,536	12,018	6,625	5,069	7,812
	1,850	−2,532	9,345	−29	−8,837	−10,079	−224
Receivables	−248	−2,939	−2,064	1,320	−1,454	−5,299	−322
Inventories	343	−5,024	−130	−2,569	−767	−8,340	−8,716
Payables	2,035	7,188	12,806	−2,846	−2,955	6,335	11,705
Other working capital	−280	−1,757	−1,267	4,066	−3,661	−2,775	−2,890
Tax paid	−112	−205	−910	−1,708	−2,095	−2,712	−1,494
Capital spending	4,139	11,647	14,725	22,366	29,171	33,369	17,118
Free cash flow	−45	−10,262	2,902	−12,055	−24,641	−31,012	−10,799
	−7,902	−17,487	−16,860	−19,082	−26,259	−28,438	−24,096
Plant and property sold	780	2	70	120	364	19	35
Companies bought	0	−1,484	−914	−13	−142	−713	0
Interest received	322	821	608	1,127	1,184	1,042	780
Dividends received	–	0	0	11	0	0	2
	3,059	15,901	−1,198	8,879	21,947	28,484	19,042
Borrowings raised	7,520	18,862	30,339	25,146	34,819	40,870	22,470
Borrowings repaid	−3,097	−270	−35,047	−10,717	−9,910	−30,999	−12,219
Interest paid	−1,212	−2,601	−3,342	−4,055	−5,599	−5,102	−3,934
Lease payments	−18	−107	−746	−1,495	−1,435	−1,713	−1,698
Dividends paid	0	110	114	137	148	150	169
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	7,700	0	4,168	24,854	14,959
Net change in cash	−750	−201	−431	107	219	2,403	1,264

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Dividends received is left blank for the year to Mar 2021: the line is filed below nought and is smaller than the rounding of its section's total, so the statement does not show which way it moved cash.

Consolidated, ₹ per share, years to March.Adani Enterprises dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	–	–	₹5.69	₹10.35	₹8.39	₹7.06	₹21.78	₹27.24	₹60.55	₹75.66
As stated that year	₹8.41	₹6.89	₹5.69	₹10.35	₹8.39	₹7.06	₹21.78	₹27.24	₹60.55	₹75.66
	–	–	₹5.69	₹10.35	₹8.39	₹7.06	₹21.78	₹27.24	₹60.55	₹73.59
As stated that year	₹8.41	₹6.89	₹5.69	₹10.35	₹8.39	₹7.06	₹21.78	₹27.24	₹60.55	₹73.59
	–	–	₹0.40	₹1.00	₹1.00	₹1.00	₹1.20	₹1.30	₹1.30	₹1.30
As declared that year	₹0.40	₹0.40	₹0.40	₹1.00	₹1.00	₹1.00	₹1.20	₹1.30	₹1.30	₹1.30
Book value per share	–	–	₹134.17	₹154.09	₹156.01	₹202.37	₹289.92	₹342.77	₹435.92	₹626.17
Dividend payout	4.8%	–	6.1%	9.7%	–	14.2%	5.5%	4.6%	2.1%	1.8%
Shareholder yield	–	–	–	–	0.0%	0.0%	−3.8%	0.0%	−1.5%	−10.9%
Market cap at the year end (₹ crore)	11,938	17,201	16,140	15,133	1,13,407	2,21,584	1,99,551	3,64,470	2,67,285	2,27,357

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Adani Enterprises PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue growth	−15.2%	–	8.0%	7.5%	−8.9%	75.6%	97.3%	–	1.5%	2.6%
Operating profit growth	18.0%	–	−14.8%	16.0%	9.7%	48.2%	137.7%	–	25.3%	−1.8%
Net profit growth	−11.1%	−35.8%	−14.9%	105.6%	0.6%	−24.7%	207.4%	37.7%	140.0%	24.3%
Earnings per share growth	–	–	–	81.9%	−18.9%	−15.9%	208.5%	25.1%	122.3%	25.0%
	–	–	4.9%	7.2%	–	3.9%	8.9%	9.0%	15.9%	14.2%
	–	–	–	2.3 pts	–	–	5.0 pts	0.0 pts	6.9 pts	−1.7 pts
From the net margin	–	–	–	–	–	–	2.4 pts	7.7 pts	10.4 pts	4.5 pts
From asset turnover	–	–	–	–	–	–	1.6 pts	−7.2 pts	−2.8 pts	−4.0 pts
From borrowing	–	–	–	–	–	–	1.0 pts	−0.4 pts	−0.7 pts	−2.1 pts
Return on capital employed	–	–	6.3%	6.1%	5.8%	3.6%	8.4%	8.8%	7.6%	3.9%
Cash conversion	–	–	–	–	391.4%	175.9%	727.9%	309.1%	56.6%	23.7%
Interest cover	1.1	1.2	1.0	1.2	1.4	1.0	1.6	1.8	1.7	1.3
Debt to equity	–	–	0.66	0.64	0.81	1.52	1.01	1.13	1.35	1.28
Receivable days	–	–	128	111	111	72	33	37	36	46
Inventory days	–	–	29	27	21	46	25	69	73	126
Payable days	–	–	131	124	142	120	101	179	148	137
Cash conversion cycle, days	–	–	26	13	−10	−2	−43	−73	−39	35
Working capital days	–	–	53	47	22	18	−20	−37	−16	26
Asset turnover	–	–	0.95	0.97	0.80	0.91	1.13	0.64	0.55	0.44
Assets per rupee of net worth	–	–	2.87	2.82	2.89	3.89	4.40	4.19	4.01	3.50
Sales per rupee of plant	–	–	7.03	6.73	7.00	3.54	3.92	1.64	1.46	1.02
Capital spending to depreciation	–	–	–	–	7.71	9.33	6.04	7.35	6.93	5.44
Plant being built, % of plant in use	–	–	100.3%	112.2%	153.8%	99.8%	50.6%	37.4%	47.4%	29.3%

Revenue growth and operating profit growth are left blank for the years to Mar 2018 and Mar 2024: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the year to Mar 2020: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.1%
Cash from operations against operating profit: 16.8%

Measure	10 years	5 years	3 years
Profit growth, yearly rate	24.5%	–	55.7%
Return on equity, average	–	10.4%	13.0%
Return on capital employed, average	–	6.5%	6.8%
Operating margin, average	8.1%	10.4%	13.4%
Net margin, average	3.7%	4.9%	7.2%
Asset turnover, average	–	0.73	0.54
Cash conversion cycle, days, average	–	−24	−26
Interest cover, average	1.3	1.5	1.6
Debt to equity, average	–	1.26	1.25

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	36,210	17,198	2,357
Cash from investing	−1,08,126	−73,779	−28,438
Cash from financing	74,014	59,310	28,484
Capital spending	1,11,278	84,906	33,369
Dividends paid	659	435	150
Shares bought back	0	0	0
Shares issued for cash	36,722	29,022	24,854
Borrowings raised	1,50,035	1,00,835	40,870
Borrowings repaid	86,944	51,627	30,999

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	5	7	6	4	4
Altman Z-scorePublished threshold 1.81	–	–	1.96	1.96	3.43	2.72	2.55	2.95	2.21	1.86
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.85	−2.09	−2.60	−3.26	−2.40	−2.13
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	9.85	22.02	1.36	8.01	16.57	15.67
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	5.43	4.48	2.36	0.81
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−14.77	0.05	−61.15	−105.77	7.62	−3.33	27.80
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−8.01	−18.70	208.76	−89.67	88.17	6.50	76.57
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	2.03	−0.28	2.94	1.81	−0.15	2.91	3.55
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	6.16	–	1.29	0.99	0.82	2.51	0.77
Effective tax ratePublished threshold 17.16 per cent	10.71	29.64	39.28	28.90	31.28	50.07	32.03	33.13	28.33	28.33
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	28.57	4.03	−1.55	8.34	8.27

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
7 Oct 2026	CARE Ratings Limited	Commercial Paper	CARE A1+Review, Re-affirm		1,668
7 Oct 2026	CARE Ratings Limited	Non-fund-based-LT/ST	CARE AA / CARE A1+Review, Upgrade	Stable	2,274
7 Oct 2026	CARE Ratings Limited	Non-fund-based - ST-Loan Equivalent Risk	CARE A1+Review, Re-affirm		240
7 Oct 2026	CARE Ratings Limited	Non-fund-based - LT/ ST-Bank Guarantee	CARE AA / CARE A1+Review, Upgrade	Stable	590
7 Oct 2026	CARE Ratings Limited	Fund-based/Non-fund-based-LT/ST	CARE AA / CARE A1+Review, Upgrade	Stable	380
7 Oct 2026	CARE Ratings Limited	Debentures-Non Convertible Debentures	CARE AAReview, Upgrade	Stable	34.04
7 Oct 2026	CARE Ratings Limited	Debentures-Non Convertible Debentures	WithdrawnReview, Other
7 Oct 2026	CARE Ratings Limited	Term Loan-Long Term	CARE AAReview, Upgrade	Stable	1,667.70
27 May 2026	Acuite Ratings & Research Limited	Commercial Papers	Not ApplicableReview, Other		2,000
27 May 2026	ICRA Limited	Commercial Paper	[ICRA]A1+Review, Other		1,663
27 May 2026	ICRA Limited	Fund-based-Term loan	[ICRA]AA-Review, Other	Stable	2,500
27 May 2026	ICRA Limited	Non Convertible Debentures	[ICRA]AA-Review, Other	Stable	29.12
27 May 2026	ICRA Limited	Non-fund based-Others	[ICRA]A1+Review, Other		240
27 May 2026	ICRA Limited	Fund-based/Non-fund based-Others	[ICRA]AA- /[ICRA]A1+Review, Other	Stable	15,505

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.

10 years at a glance

Revenue, net profit and borrowings, ₹ crore

Operating and net margin, per cent

Results for the year to Mar 2026

From revenue to net profit

What the company owns

What pays for it: net worth and liabilities

Adani Enterprises business segments, year to Mar 2026

Revenue by segment

Profit by segment

Segment results by year

Integrated Resources Management

New Energy Ecosystem

Copper

Other

Airport

Road

Commercial Mining

Mining Services