Adani Enterprises Q3 Results: Net Profit Jumps to ₹5,627 Cr on One-Time Gain

Adani Enterprises just dropped its Q3 FY26 results (the December 2025 quarter), and honestly, the headlines are eye-catching. The flagship company of the Adani Group posted a massive jump in net profit, but as with these things, there's a story behind the big number.

Let's break it down in a straightforward way what actually happened, why the profit looks so huge, and what the underlying business is telling us.

Q3 FY26 at a Glance

Here's the quick snapshot of the consolidated numbers:

• Revenue from operations: ₹24,820 crore, up about 9% year-on-year (from ₹22,848 crore in Q3 FY25).
• EBITDA: Around ₹4,297 crore (some reports cite operating EBITDA around ₹3,641 crore with margin expansion to ~14.7%), showing solid 15%+ growth and better margins compared to last year.
• Net Profit (PAT): ₹5,627 crore, versus just ₹58 crore in the same quarter last year—a huge multi-fold increase.
• Key driver: That profit surge came mainly from an exceptional one-time gain of ₹5,632 crore, linked to the sale of a stake in AWL Agri Business (an Adani Wilmar-related entity).

Stripping out that exceptional item, the core operations still showed improvement EBITDA grew, margins expanded thanks to better efficiency across segments, and profit before tax was much stronger.

Adani Enterprises acts as the group's main incubator, building and scaling businesses in infrastructure, energy transition, airports, mining services, and more before often spinning them off or listing them. So these quarterly updates give a real sense of how those "new economy" bets are progressing.

Diving into the Financials: Revenue, Profit, and Margins

On the top line, revenue growth was moderate at around 8-9% YoY. That's not explosive, but it's steady, coming from a mix of operational scale-up in key verticals rather than any one-off spikes.

Where things get interesting is profitability. EBITDA rose around 15% YoY, and margins improved (hitting the mid-teens range in some metrics), pointing to stronger operational leverage, meaning the businesses are running more efficiently, with costs better controlled as volumes pick up.

Then there's the bottom line. Reported PAT exploded due to the ₹5,632 crore exceptional gain from divesting the AWL stake. It's non-recurring, so analysts and investors tend to look past it when judging the company's true earning power. The underlying PBT (profit before tax) was robust even without it, reflecting real progress in core operations.

How the Segments Performed

The real value in Adani Enterprises comes from its portfolio of incubating businesses. While detailed segment breakdowns aren't fully quoted in every release, the trends highlight strength in a few areas:

• Airports: Passenger and cargo traffic drove double-digit growth in income and sharp EBITDA/PBT jumps—air travel recovery and operational tweaks are paying off.
• Adani New Industries (ANIL ecosystem): This covers solar modules, wind manufacturing, and green energy plays. Strong income and EBITDA growth here, fueled by rising domestic demand plus exports.
• Mining services: Higher volumes contributed positively to the consolidated picture.

Other areas like green hydrogen, data centres, and new energy transition projects are in the pipeline, but airports and ANIL seem to be the current standouts driving recurring profitability.

Putting Q3 in the 9M Context

Over the first nine months of FY26, total income was ₹69,756 crore (slightly down YoY in some views due to base effects or segment mix), but EBITDA held at ₹11,985 crore.

The real story is that incubating businesses (like airports and ANIL) are now contributing a bigger share of EBITDA less reliance on legacy trading activities.
PAT for 9M came in strong at around ₹9,560 crore (up significantly), again boosted by exceptional gains totaling ₹9,215 crore across the period (including the Q3 stake sale).

Balance Sheet, Debt, and Cash Flow Notes

Asset monetisation (like the AWL stake sale) helps recycle capital into growth projects. Net debt levels have been a watch point for the group, but these proceeds aid in deleveraging or funding capex. Interest coverage improves with EBITDA growth, though leverage ratios remain something to monitor in this capital-intensive space.

Disclaimer

This article is for informational purposes only and based on publicly available data from company releases and reliable financial news sources as of February 2026. It does not constitute investment advice, recommendation, or solicitation to buy/sell securities. Past performance is not indicative of future results. Consult a qualified financial advisor before making investment decisions. Market conditions can change rapidly.