Adani Enterprises Limited (AEL), the flagship company of the Adani Group, has announced its financial results for the first quarter of fiscal year 2026, ending June 30, 2025. The company reported a mixed performance, with a decline in overall revenue but growth in its incubating businesses.

Revenue and Profit

AEL's total income for Q1 FY26 stood at ₹22,436.62 crore, down 14% from ₹26,066.72 crore in the same quarter last year. The company's consolidated profit after tax decreased to ₹976.48 crore, compared to ₹1,772.26 crore in Q1 FY25.

EBITDA Performance

Despite the overall revenue decline, AEL's incubating businesses showed strong growth. The EBITDA from incubating businesses increased by 5% year-on-year to ₹2,800 crore, contributing 74% to the company's Q1 FY26 results.

Segment Highlights

Airports

The airports business delivered exceptional performance, with EBITDA increasing by 61% year-on-year to ₹1,094 crore.

ANIL Ecosystem

Adani New Industries Limited (ANIL) commissioned India's first off-grid 5 MW Green Hydrogen pilot plant, marking a significant milestone in the country's clean energy transition.

Mining Services

The company signed two new Mine Development and Operation (MDO) agreements for coal mines in Madhya Pradesh.

Roads

Construction of the Ganga Expressway project has crossed 85% completion.

Management Commentary

Gautam Adani, Chairman of the Adani Group, stated, "Adani Enterprises has established itself as one of the world's most successful infrastructure incubators. The substantial rise in EBITDA contribution from our incubating businesses reflects strength and scalability of our operating model."

Future Outlook

AEL is poised for further growth with several large infrastructure assets set to become operational in the current fiscal year. These include the Navi Mumbai International Airport, a Copper Plant, and the Ganga Expressway, which are expected to unlock significant EBITDA and create long-term value.

Debt and Liquidity

As of June 30, 2025, AEL's net external debt stood at ₹52,667 crore. The company maintained a comfortable debt-equity ratio of 1.52 and an interest service coverage ratio of 2.61.

Conclusion

While Adani Enterprises faced challenges in overall revenue, its strategic focus on incubating businesses and infrastructure development continues to drive growth. The company's diverse portfolio and ongoing projects position it well for future expansion in key sectors of India's economy.

Adani Enterprises , a key player in the Adani Group, is set to expand its international footprint with significant investments in Vietnam. This move comes as part of the group's broader strategy to strengthen its presence in Southeast Asia's rapidly growing markets.

Major Infrastructure Investments

Gautam Adani, chairman of the Adani Group, recently met with Vietnam's top leadership to discuss substantial infrastructure investments in the country. The high-level meetings included discussions with Communist Party General Secretary To Lam and Prime Minister Pham Minh Chinh, highlighting the strategic importance of these proposed projects.

The Adani Group has outlined plans for investments totaling approximately $4.80 billion across various sectors in Vietnam:

1. Port Development: Up to $2.00 billion investment in Lien Chieu port in Danang
2. Power Generation: Approximately $2.80 billion in the Vinh Tan 3 Thermal Power project in Binh Thuan

Expansion into Aviation and Logistics

Beyond ports and power, the Adani Group has expressed interest in collaborating on aviation and logistics projects in Vietnam. These include:

• Construction of the second phase of Long Thanh airport
• Development of Chu Lai airport

These initiatives align with the group's expertise in infrastructure development and its growing portfolio of airport operations in India.

Government Support and Next Steps

The Vietnamese government has shown strong support for these proposed investments. Prime Minister Pham Minh Chinh has directed key agencies to facilitate the projects:

• People's Committee of Danang City
• Ministry of Transport
• Ministry of Planning and Investment

These agencies have been instructed to expedite the projects while ensuring compliance with all relevant regulations.

Strengthening Vietnam-India Economic Ties

The discussions took place during the Vietnamese Prime Minister's three-day state visit to India, aimed at bolstering economic partnerships between the two nations. This large-scale investment plan by the Adani Group could significantly contribute to strengthening these bilateral economic ties.

For Adani Enterprises, this move represents a major step in its international expansion strategy, potentially opening up new growth avenues in Southeast Asia's dynamic market. As these projects progress, they could have a substantial impact on the company's future revenue streams and global market position.

Investors and industry observers will be keenly watching how these ambitious plans unfold, given their potential to reshape Adani Enterprises' international portfolio and contribute to Vietnam's infrastructure development.