Ahmedabad: Adani Enterprises Limited (AEL) has seen losses reach ₹221 crore for the quarter ended March 2026 as the company had to provision for increased operational expenses and depreciation relating to its major infrastructure projects. This is despite the company’s revenues from operations rising 20% year on year to ₹33,187 crore from ₹27,602 crore in the same period last year.
The company also saw a one-time exceptional gain of ₹ 9,215 crore as the company exited Adani Wilmar, its erstwhile FMCG arm, as it chose to shift focus on its infrastructure businesses.
Why the Loss? The Cost of Scaling
The company has invested heavily in its large scale infrastructure projects, including the Navi Mumbai International Airport and its Mundra Copper plant that have reached the commissioning stage. These have seen increased depreciation and amortization charges.
Besides that, it has been investing in multiple capital intensive businesses, including its Green Hydrogen and New Energy manufacturing businesses. On top of that, high interest costs for these investments have resulting in higher expenses.
Dividend and Shareholder Returns
Despite all of this, the company’s board has recommended a dividend of ₹1.30 per equity share for the FY 2025-26. It has also stated that this loss is in a “transitionary phase” and does not imply a business slowdown.
“Adani Enterprises has delivered yet another year of disciplined execution, stable EBITDA and continued momentum across our core infrastructure and incubation platforms,” Mr Gautam Adani, Chairman of the Adani Group, said in a press release.
“What is particularly encouraging is that majority of the EBITDA is now led by our core infrastructure incubating businesses and stable mining services, reflecting the maturity and scale of our operating portfolio. FY26 has also been a year of decisive progress in building and making ready some of the large infraassets of the Navi Mumbai International Airport, Guwahati Airport and the Ganga Expressway. As India’s growth accelerates, we continue to focus on building and scaling globally competitive infrastructure businesses with our robust project pipeline.” he added.
