TrueCAGR
Adani Enterprises · Research view

Adani Enterprises Ltd.

NSE: ADANIENTBSE: 512599ISIN INE423A01024Face value ₹1consolidated
₹2,824
−4.78% · 2026-10-01 · 52-wk ₹1,759–₹3,212
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext
WatchTalking point

Cash conversion trending down

Cash conversion (CFO ÷ profit) has averaged 1.30× over the last 3 profit-making years versus 4.52× before that.

Importance 64 / 95 · cash quality

Concern

Weak cash conversion

Operating cash flow was only 0.24× reported profit (FY2026).

Importance 57 / 95 · cash quality

Context

Higher P/E than peers

Trades at 48.59× earnings — 252% above the metals and mining median of 13.79×.

Importance 56 / 95 · valuation

Section 03 · The company

Who is this company?

Classified by the exchange under Commodities › Metals & Mining › Metals & Minerals Trading › Trading - Minerals.

Market cap
₹3.65 L cr
FY2026 revenue
₹1,00,469 cr
FY2026 net profit
₹9,951 cr
Net worth
₹89,178 cr
Total debt
₹1,13,702 cr
EPS (basic)
₹75.66
Listed
NSE · BSE
Reporting
Ind-ASApr–Mar

Peer set used on this page: 12 metals & mining.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY22 to FY26₹ crore · consolidated
₹'000 cr0501001502000510REVENUENET PROFIT69k788FY221.37L2,422FY2396k3,335FY2498k8,005FY251.00L9,951FY26
RevenueNet profit
Strength

Over 4 years profit compounded at 88.5% a year while revenue compounded at 9.7% a year — though FY2023 saw a one-off step-change of 207% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Rule PROFIT_CAGR_VS_REVENUE_CAGR

Revenue growth per year
+9.7%over 4 years
Revenue growth
+2.6%vs last year
Net profit growth
+24.3%vs last year
Change in net profit since FY22
+1163%

Reported net profit grew 24.3% (FY2025 → FY2026), but pre-tax profit was ₹13,525 — a large exceptional item this year accounts for most of the gain, so the underlying trend is softer than the headline.

Revenue has compounded at 9.7% a year over 4 years (₹69,420 → ₹1,00,469) — though FY2023 saw a one-off step-change of 97% (a merger, restructuring or a recovery off a low base), so the compounding is uneven — steady rather than rapid.

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Concern

Q1 FY27 net profit was ₹-1,462 cr, down 249.7% from ₹976 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 revenue was ₹32,924 cr, up 49.9% from ₹21,961 cr in Q1 FY26 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

Watch

Q1 FY27 net profit declined 249.7% while revenue grew 49.9% vs the same quarter last year — a gap of 299.6 percentage points.

Rule QTR_PROFIT_VS_REVENUE_GROWTH

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated
₹'000 cr010203040036REVENUENET PROFIT23k1,989Q2 '2523k229Q3 '2527k1,382Q4 '2522k976Q1 '2621k3,414Q2 '2625k5,727Q3 '2632k-167Q4 '2633k-1,462Q1 '27
RevenueNet profit
QuarterRevenueYoYNet profitYoYNet margin
Q2 FY2522,608—1,989—8.8%
Q3 FY2522,848−19.4%229−88.4%1.0%
Q4 FY2526,966−7.6%1,382+292.4%5.1%
Q1 FY2621,961−13.8%976−44.9%4.4%
Q2 FY2621,249−6.0%3,414+71.6%16.1%
Q3 FY2624,820+8.6%5,727+2404.6%23.1%
Q4 FY2632,439+20.3%−167−112.1%−0.5%
Q1 FY2732,924+49.9%−1,462−249.7%−4.4%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue
₹1,11,431 crTTM
EBITDA
₹18,320 crTTM
EBIT
₹11,542 crTTM
PBT
₹10,709 crTTM
Net profit
₹7,513 crTTM

C. Corporate actions

12 Jun 2026DividendFinal Dividend - Rs. - 1.3000 — ₹1.30/share
17 Nov 2025Rights issueRight Issue of Equity Shares
13 Jun 2025DividendFinal Dividend - Rs. - 1.3000 — ₹1.30/share
14 Jun 2024DividendFinal Dividend - Rs. - 1.3000 — ₹1.30/share
7 Jul 2023DividendDividend - Rs. - 1.2000 — ₹1.20/share
14 Jul 2022DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
1 Jul 2021DividendDividend - Rs. - 1.0000 — ₹1.00/share
23 Mar 2020DividendInterim Dividend - Rs. - 1.0000 — ₹1.00/share
29 Jul 2019DividendFinal Dividend - Rs. - 0.4000 — ₹0.40/share
6 Sept 2018DemergerSpin Off
27 Jul 2018DividendFinal Dividend - Rs. - 0.4000 — ₹0.40/share
5 Apr 2018DemergerSpin Off
31 Jul 2017DividendDividend - Rs. - 0.4000 — ₹0.40/share
22 Mar 2016DividendInterim Dividend - Rs. - 0.4000 — ₹0.40/share
31 Jul 2015DividendFinal Dividend - Rs. - 1.4000 — ₹1.40/share
3 Jun 2015DemergerSpin Off
31 Jul 2014DividendDividend - Rs. - 1.4000 — ₹1.40/share
30 Jul 2013DividendDividend - Rs. - 1.4000 — ₹1.40/share
2 Aug 2012DividendDividend - Rs. - 1.0000 — ₹1.00/share
3 Aug 2011DividendDividend - Rs. - 1.0000 — ₹1.00/share
12 Aug 2010DividendDividend - Rs. - 1.0000 — ₹1.00/share
23 Mar 2010Rights issueRight Issue of Equity Shares
10 Dec 2009Bonus issueBonus issue 1:1 — 1:2
20 Aug 2009DividendDividend - Rs. - 1.0000 — ₹1.00/share
18 Sept 2008DividendFinal Dividend - Rs. - 0.6000 — ₹0.60/share
Section 06 · Business performance

Is it becoming more profitable?

Margins — FY22 to FY26% of revenue · consolidated
0%5%10%15%20%16.4%9.7%FY22FY23FY24FY25FY26
EBITDA marginNet margin
Concern

ROE of 13.7% is below the metals and mining median of 21.9%.

Rule ROE_BELOW_PEER_MEDIAN

EBITDA margin now
16.4%
5-year range
6.8–17.1%
ROE FY2026
13.7%
ROCE FY2026
6.2%

ROE declined from 15.9% to 13.7% year on year.

Section 07 · Financial health

Is financial health improving?

Net worth — FY22 to FY26₹ crore · consolidated
₹'000 cr030609027kFY2238kFY2344kFY2456kFY2589kFY26
Net worth (shareholders' funds)
Watch

Cash conversion (CFO ÷ profit) has averaged 1.30× over the last 3 profit-making years versus 4.52× before that.

Rule CASH_CONVERSION_DETERIORATING

Operating cash flow vs net profit₹ crore · FY22–FY26
0k7k13k20k1k788FY2218k2kFY2310k3kFY245k8kFY252k10kFY26
Operating cash flowNet profit
Total debt
₹1,13,702 cr
Operating cash flow ÷ net profit
0.24×FY2026
Free cash flow
₹−30,993 cr
Current ratio
1.03×

Operating cash flow was only 0.24× reported profit (FY2026).

Net debt is 6.04× EBITDA.

Net worth compounded at 34.9% a year over 4 years (₹26,928 → ₹89,178) — though FY2026 saw a one-off step-change of 58% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.

Operating profit covers interest only 1.72× (FY2026).

Section 08 · Relative position

How does it compare with peers?

Ranked against 12 metals & mining (FY2026, consolidated).

Revenue growth

ADANIENT · 9th of 10 · set median 7.5%

HINDCOPPER48.6%HINDZINC19.8%HINDALCO15.3%JSWSTEEL9.9%SAIL8.1%JINDALSTEL7.0%NATIONALUM6.3%TATASTEEL6.2%ADANIENT2.6%VEDL-48.7%

EBITDA margin

ADANIENT · 8th of 11 · set median 18.8%

HINDZINC56.7%HINDCOPPER49.8%NATIONALUM48.3%NMDC33.5%VEDL31.5%JINDALSTEL18.8%JSWSTEEL16.8%ADANIENT16.4%TATASTEEL15.4%HINDALCO13.7%SAIL11.6%

Return on equity

ADANIENT · 8th of 12 · set median 24.6%

HINDZINC76.9%VAML49.4%VEDL41.0%HINDCOPPER30.6%NATIONALUM29.4%JSWSTEEL27.3%NMDC21.9%ADANIENT13.7%TATASTEEL11.2%HINDALCO10.3%JINDALSTEL6.8%SAIL5.7%

P/E ratio

ADANIENT · 11th of 11 · set median 13.8×

VEDL3.4×NMDC8.8×NATIONALUM9.1×JSWSTEEL10.7×HINDALCO12.8×HINDZINC13.8×SAIL16.8×TATASTEEL19.8×HINDCOPPER39.3×JINDALSTEL41.3×ADANIENT48.6×
Context

Trades at 48.59× earnings — 252% above the metals and mining median of 13.79×.

Rule PE_ABOVE_PEERS

P / E
48.6×TTM to Jun 26
P / B
4.1×latest book
P / S
3.3×TTM sales
Earnings yield
2.1%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 36.7× · P/S 3.5× · ROE 13.7%. TTM and full-year profit differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted
0k4k₹2,8242020202120222023202420252026
Context

Over 4 years profit compounded at 88.5% a year while the stock returned 5.4% a year — but FY2022 profit (₹788) was well below the through-cycle level (~₹3,335), so this rate is inflated by the recovery from a low base.

Rule STOCK_LAGGED_EARNINGS · recovery

Business vs stock — 5-year compound annual rate
Net profit88.5%/yrShare price5.4%/yr
1-year return
+8.9%
3-year return
+17.0%
5-year return
+93.6%
From 52-wk high
−12.1%
Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg
Below₹3,007
vs 200-day avg
Above₹2,558
RSI (14)
40.3neutral
MACD histogram
-12.9
From 52-wk high
−12.1%
From 52-wk low
+60.6%
30-day volatility
44.8%ann.
6-month return
+55.4%
RSI (14) · 0–10040.3 — neutral
0305070100OVERSOLDOVERBOUGHT40.3
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Watch
    Cash conversion trending down
    Cash conversion (CFO ÷ profit) has averaged 1.30× over the last 3 profit-making years versus 4.52× before that.
    CASH_CONVERSION_DETERIORATING · conviction 64
  • Concern
    Weak cash conversion
    Operating cash flow was only 0.24× reported profit (FY2026).
    WEAK_CASH_CONVERSION · conviction 57
  • Concern
    Meaningful debt load
    Net debt is 6.04× EBITDA.
    HIGH_LEVERAGE · conviction 52
  • Concern
    Less profitable than peers
    ROE of 13.7% is below the metals and mining median of 21.9%.
    ROE_BELOW_PEER_MEDIAN · conviction 50
  • Watch
    Reported profit carries a one-off
    FY2026 pre-tax profit includes a ₹9,215 exceptional gain (68.1% of PBT) — the underlying trend differs from the reported number.
    PROFIT_INCLUDES_EXCEPTIONALS · conviction 48
  • Concern
    Thin interest cover
    Operating profit covers interest only 1.72× (FY2026).
    INTEREST_COVER_LOW · conviction 44
  • Concern
    Returns declining
    ROE declined from 15.9% to 13.7% year on year.
    ROE_DETERIORATED_YOY · conviction 41
  • Watch
    Profit growing
    Reported net profit grew 24.3% (FY2025 → FY2026), but pre-tax profit was ₹13,525 — a large exceptional item this year accounts for most of the gain, so the underlying trend is softer than the headline.
    PROFIT_GREW_YOY · conviction 39
  • The price-adjusted series does not correct for 2 rights issues (ex-dates 2010-03-23, 2025-11-17) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning those dates may be modestly overstated or understated.
Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
MetricFY22FY23FY24FY25FY26
Revenue69,4201,36,97896,42197,8951,00,469
Total income70,4331,38,17598,2821,00,3651,02,943
EBITDA4,72610,02513,23716,72216,464
Profit before tax9523,2504,92510,47913,525
Net profit7882,4223,3358,0059,951
EPS (₹)7.121.827.260.575.7
Net worth26,92837,89044,18656,47089,178
Total debt41,02438,32050,12476,2361,13,702
Operating cash flow1,38517,62610,3114,5302,357
Free cash flow−10,2602,972−11,936−24,277−30,993
Key ratios — consolidated
RatioFY22FY23FY24FY25FY26
Growth
Revenue growth YoY—97.3-29.61.52.6
Profit growth YoY—207.437.7140.024.3
Profitability
EBITDA margin %6.87.313.717.116.4
Net margin %1.11.83.48.09.7
Return on equity %2.97.58.115.913.7
Return on capital %5.110.512.011.06.2
Leverage & cash
Debt to equity1.521.011.131.351.27
Cash flow ÷ profit1.767.283.090.570.24
Current ratio0.710.830.830.861.03
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.