Adani Enterprises has come to be known for its execution of large and complex Infra projects. The Indian economy, which is heading towards becoming the world’s third-largest economy by 2030, has unleashed a wave of investments in digital and physical infrastructure.
The flagship company of Adani Portfolio, Adani Enterprises Limited (AEL) is growing fast with a rapid expansion of scale and size. AEL’s exceptional scale is manifest in its income, EBITDA and asset size growth over the past five years.
Over the years, AEL has focussed on building emerging infrastructure businesses, contributing to nation-building and divesting them into separate listed entities. Having successfully built sizeable and scalable businesses, AEL has delivered significant returns at CAGR of more than 30% to its shareholders for three decades. The next generation of its strategic business investments are centred around green hydrogen ecosystem, airport management, data center, roads, and primary industries like copper and petrochem – all of which have significant scope for value unlocking and carry the promise to contribute significantly to the Company's sustainable growth in the long run. At current levels, the risk/reward for investors is extremely attractive.
Our excellent track record of incubating multiple Industry-leading businesses makes Adani Enterprise the destination of choice, where new emerging businesses are developed to become industry leaders. The Company is at the forefront of India’s growth odyssey, leading the Adani Portfolio's extraordinary contribution to India’s development. Our nucleus of strengths empower Adani Enterprises to deliver to stakeholder expectations and ensure sustained, long-term returns to its investors.
Robust Business Incubation Model
The success of our incubation strategy is a key driver of our efforts to deliver continuous growth and stakeholder value. Adani Enterprises has incubated successful businesses in the country across sectors, including Ports, Power, CGD, Transmission, and FMCG, and got them listed, including by way of demergers. Our incubation strategy is currently focussed on new emerging core infra businesses of Green Hydrogen ecosystem, Airports, Data Center, Roads and Copper, which are likely to unlock immense value over the next few years.
We have been able to demonstrate exponential growth through our very simple yet extremely effective, repeatable incubation model across businesses. We are steadfast in our resolve to create immense value for all stakeholders encapsulating the entire project life cycle. The first phase of origination and development entails the timely and efficient execution of our projects. In the second phase of operations, the businesses are operated under tech enabled environment with focus on lifecycle asset management principles along with integration of AI and ML tools. The third leg of our incubation model is sustainable value creation wherein the businesses are tested for self-sustainability at various levels under the guiding principles of prudent capital management, strategy and risk management practices. Once the business becomes self-sustaining, we carve out these business as industry leaders, geared to unlock stakeholder value and long-term growth.
Combined market capitalisation of businesses incubated as at March, 2025
In shareholder wealth over 30 years (i.e. ₹ 150 invested inNovember 1994 increased to ₹ 5.71 lakhs in March 2025)
Driving India’s Infrastructure Growth
In just four years since the launch of the airports business, AAHL - Airports has grown to become India’s largest private airport network, with a portfolio of eight airports. The returns from the business have been exceptional, making it an appealing investment proposition. Its strong fiscal discipline and asset-backed growth, coupled with AEL’s prudent capital management philosophy, have been key propellers of AAHL - Airports’ growth and expansion. This strategic approach remains central to AEL’s long-term sustainable growth plans for this business. The business is set to scale enhanced growth, with the greenfield Navi Mumbai airport expected to become operational in FY 2025-26, and slated to unleash significant expansion potential. The business will continue to reshape India’s airports while setting new industry benchmarks in excellence and innovation.
Passenger movements to get unlocked through Phase I of greenfield Navi Mumbai airport
CAGR in Airports EBITDA since FY 2021-22
Passengers handled in FY 2024-25
Concession period of six airports
Share of our 7 operational airports in India’s passenger traffic
AEL’s Road business, launched in FY 2017-18, has grown manifold in just seven years of its existence. ARTL Roads currently has an impressive portfolio of 14 Road projects under HAM, BOT and TOT models. Our greenfield Ganga Expressway project is more than 75% complete and set to complete in FY 2025-26. With India earmarking significant amount for road construction under its capital expenditure plans, the sector presents an extraordinary opportunity for long-term growth. The Company plans to continue to focus on large-scale road infrastructure development to meet the growing needs of the country.
Projects operational
Years of Operation & Maintenance period
Total contract for road construction
Cumulative construction till March 2025
Aligned with India of Tomorrow
As a major contributor to India’s energy sector, AEL continues to play a pivotal role in the nation’s renewable energy (RE) development. The Company is actively steering India’s clean energy transition, through our subsidiary Adani New Industries Limited (ANIL). ANIL is the largest integrated manufacturer of solar and wind energy equipment in India. The Integrated Green Hydrogen Hub at Mundra SEZ is uniquely positioned to offer scale and high efficiencies. The impetus and sustained efforts from the government to achieve India's net zero commitment further promises to aid our efforts to accelerate India’s energy transition. We also have the advantage of scale and a large resource bank to facilitate the manufacturing of low cost electron. With India's green hydrogen production estimated to reach 5 MMT by 2030, we envisage an even bigger role in India’s energy transition journey.
Awarded for Electrolysersmanufacturing facility
CAGR in ANIL Green Hydrogen Ecosystem EBITDA since FY 2021-22
Cell & Module
Ingot & Wafer
WTG
Target with backward-integrated end-to-end green hydrogen ecosystem
Our JV company, AdaniConneX, has emerged as a powerhouse of strengths for India’s fast-growing data center industry. Its innovative, sustainable and scalable solutions are designed to meet the demands of the rapidly evolving digital landscape. As an entity focussed on empowering businesses to scale confidently with future-ready infrastructure, the Indian data center industry is expected to add 795 MW of new capacity by the end of 2027, taking the entire capacity to 1,825 MW in this segment. The Company is capable of supplying renewable energy, to aid India’s transformation into a green data center hub and drive its digital transformation by setting new benchmarks of excellence in digital infrastructure.
Operational Data Center
Targeted tied-up capacity
Data Center tied-up capacity
Solid Financial Foundation to Unlock Scale of Opportunities
AEL’s financial discipline lends it a strong advantage in terms of its investment potential. The Company continues to be on the path of growth and expansion, giving long-term visibility for investors seeking sustainable returns. FY 2024-25 witnessed an increase in the total net external debt over the previous fiscal on account of investments made in several key businesses. These capex investments in new businesses are yet to unlock EBITDA and will start yielding significant returns beginning FY 2025-26, when they are slated to cross significant milestones in their incubation journey. The equity and internal cash generation consistently supports the asset-backed growth in business assets and enables businesses to effectively manage and utilise debt at optimum level. AEL's consistent prudent capital management practices are reflected in strong net external debt/EBIDTA ratio while ensuring continued capex in the new businesses.
