Ahmedabad: Adani Enterprises Ltd (AEL) on Thursday reported a 26 percent year-on-year decline in EBITDA from its energy and utility vertical, the Adani New Industries Limited (ANIL) ecosystem, in the quarter ended June 30. Total income from ANIL dropped 11 percent year-on-year (YoY) to Rs 4,035 crore, with EBITDA slipping to Rs 1,212 crore. The company attributed the decline to a drop in renewable energy income and lower wind turbine sales.
Despite the earnings decline, the company achieved a key milestone in its clean energy portfolio with the commissioning of a 5 MW off-grid green hydrogen plant — India’s first of its kind — during the quarter. Solar module sales totalled 1,350 MW, down 2 percent YoY, while wind turbine sales fell 15 percent to 35 units.
ANIL’s wind division secured its first external order for 300 MW of its new 3.3 MW wind turbine generator, with serial production of nacelles, hubs and blades now underway.
Adani’s Integrated Resource Management (IRM) and commercial mining businesses — key parts of its coal and logistics portfolio — recorded subdued performance in Q1. Total EBITDA from established businesses, which includes coal mining services, IRM, metals and industrials, fell nearly 40 percent YoY to Rs 986 crore, from Rs 1,633 crore in Q1 FY25, primarily due to lower volume and volatility in index-linked prices in the IRM segment.
Adani IRM, or Adani Integrated Resources Management, is a business unit of Adani Enterprises Ltd focused on coal trading and logistics, mine development, and power trading. The company said the IRM segment experienced softer demand and price realisation during the quarter, affecting topline and earnings.
In its mining services vertical, coal dispatches stood at 12.1 million tonnes (MT) in Q1 FY26, up 30 percent from 9.3 MT in the corresponding quarter a year ago.
Overall, AEL’s incubating businesses — which include ANIL, airports, data centres, roads and metals — contributed 74 percent of the company’s consolidated EBITDA in Q1, up from 64 percent a year ago. While energy EBITDA dipped, gains in the airport and roads segments helped balance the portfolio.
Commenting on the overall business strategy, Chairman Gautam Adani said, “The substantial rise in EBITDA contribution from our incubating businesses reflects strength and scalability of our operating model. With landmark assets like the Navi Mumbai International Airport, the Copper Plant and the Ganga Expressway set to become operational, we are accelerating our mission to build next-generation infrastructure platforms that are globally benchmarked, technologically advanced and strategically vital to India’s growth story.”
At the group level, AEL saw its net profit halve to Rs 734 crore in Q1 FY26 in comparison to Rs 1,458 crore in the year-ago quarter. The company reported a 14 percent YoY decline in consolidated income to Rs 22,437 crore. AEL cited weak trading income and commodity price volatility for the muted quarter. Total consolidated EBITDA stood at Rs 3,786 crore, down 4 percent YoY.
The company said it remains focused on long-term expansion in green hydrogen, solar manufacturing (with 6 GW of new TopCon capacity under construction), and integrated wind turbine production.
