Adani Enterprises Swings To Loss On Asset Depreciation

Mumbai, April 30: Adani Enterprises swung to a consolidated net loss for the March quarter, as higher depreciation on certain assets weighed on the bottom line of the flagship of the billionaire Gautam Adani-led conglomerate, even as revenue rose. 

The company posted a net loss of Rs 221 crore in Q4FY26, compared with a profit of Rs 3,845 crore in the same quarter last year. The swing was largely attributed to elevated depreciation charges, rather than a deterioration in core business operations. 

At the operating level, performance was more stable, with the company posting an EBITDA of Rs 4,346 crore for the quarter, which rose three percent year on year. 

Revenue from operations rose 20% year-on-year to Rs 32,439 crore, aided by growth in infrastructure and emerging business segments such as airports, roads and new energy. 

Importantly, the year-ago quarter’s profit base was inflated by a one-time gain of Rs 3,946 crore from the sale of its stake in a consumer goods joint venture with Singapore’s Wilmar International. This had boosted earnings in Q4FY25, which makes the current quarter’s comparison less like-for-like. 

The latest numbers suggest that while headline profitability has taken a hit due to accounting adjustments, the core operating trajectory remains intact. 

Adani Enterprises, which functions as the incubator for new businesses within the Adani Group, continues to invest heavily in infrastructure and green energy ventures. To be sure, these investments often lead to higher depreciation and near-term earnings volatility, even as they build long-term capacity. 

What next?
Going ahead, investors will watch for normalisation in depreciation impact and continued scaling of its key verticals. The focus will remain on execution across airports, roads and clean energy businesses, which are central to its growth strategy. 

While the Q4 loss may weigh on near-term sentiment, the steady EBITDA and revenue growth indicate that the underlying business momentum remains resilient, with the headline dip largely driven by accounting and base-effect factors rather than operational weakness. 

Source: https://nsearchives.nseindia.com/corporate/ADANIENT_30042026154840_AELsubmissionofMediaRelease30042025.pdf