Financials Adani Enterprises Limited

Equities

ADANIENT

INE423A01024

Diversified Industrial Goods Wholesale

Market Closed - Bombay S.E. Other stock markets 05:00:46 2025-01-22 am EST			5-day change	1st Jan Change
2,376.25 ^INR	-0.37%		-0.39%	-6.04%

Jan. 16	Hindenburg Research, the terror of the markets, announces its dissolution
Jan. 16	Dubai's Emaar in talks with Indian groups, including Adani, to sell stake in local business	RE

Projected Income Statement: Adani Enterprises Limited

income-statement-evolution-chart ADANI-ENTERPRISES-LIMITED

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	434,026	395,371	694,202	1,369,778	1,087,235	1,064,786	1,358,082	1,483,889
Change	-	-8.91%	75.58%	97.32%	-20.63%	-2.06%	27.55%	9.26%
EBITDA ¹	22,843	25,050	37,130	88,280	113,766	201,521	254,811	247,365
Change	-	9.66%	48.22%	137.76%	28.87%	77.14%	26.44%	-2.92%
EBIT ¹	-	-	-	-	83,344	130,815	152,298	188,560
Change	-	-	-	-	-	56.96%	16.42%	23.81%
Interest Paid ¹	-15,723	-13,768	-25,259	-39,700	-45,547	-53,318	-86,237	-84,148
Earnings before Tax (EBT) ¹	11,233	10,860	9,520	32,499	49,249	108,838	117,406	104,412
Change	-	-3.33%	-12.33%	241.36%	51.54%	120.99%	7.87%	-11.07%
Net income ¹	11,382	9,226	7,766	24,729	32,408	111,759	108,254	-
Change	-	-18.94%	-15.83%	218.45%	31.05%	244.85%	-3.14%	-100%
Announcement Date	5/6/20	5/5/21	5/3/22	5/4/23	5/2/24	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	84,642	109,482	134,288	52,652	91,264	116,204	135,251	125,788	132,180	187,579	248,655	408,442	381,752	266,122	313,460	-	283,364	324,313	304,439	263,500	297,270	347,250	360,050	354,230	390,940	410,200
Change	-	29.35%	22.66%	-60.79%	73.34%	27.33%	16.39%	-7%	5.08%	41.91%	32.56%	64.26%	-6.53%	-30.29%	17.79%	-100%	-	14.45%	-6.13%	-13.45%	12.82%	16.81%	3.69%	-1.62%	10.36%	4.93%
EBITDA ¹	5,405	7,573	3,777	639.5	7,654	7,720	9,037	7,964	8,826	7,717	12,620	17,424	18,694	16,292	35,871	-	32,273	31,954	37,058	37,658	55,090	60,580	68,890	71,990	78,180	77,730
Change	-	40.12%	-50.12%	-83.07%	1,096.94%	0.85%	17.06%	-11.87%	10.82%	-12.56%	63.53%	38.07%	7.29%	-12.85%	120.18%	-100%	-	-0.99%	15.97%	1.62%	46.29%	9.97%	13.72%	4.5%	8.6%	-0.58%
EBIT ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	24,674	23,840	27,717	27,306	24,570	28,880	32,780	32,920	38,270	37,660
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-3.38%	16.27%	-1.48%	-10.02%	17.54%	13.5%	0.43%	16.25%	-1.59%
Charge d'intérêts ¹	-3,750	-	-5,202	-	-	-	-	-	-	-	-	-	-	-	-	-	-5,968	-15,120	-11,305	-9,098	-21,140	-21,140	-23,340	-23,340	-28,010	-28,010
Earnings before Tax (EBT) ¹	-745.4	-	-138.9	-	-	-	-	-	-	-	-	-	-	-	-	-	23,608	6,942	22,356	24,089	24,570	28,880	32,780	32,920	38,270	37,660
Change	-	-100%	-	-100%	-	-	-	-	-	-	-	-	-	-	-	-	-	-70.59%	222.01%	7.75%	2%	17.54%	13.5%	0.43%	16.25%	-1.59%
Net income ¹	495	-	612.1	-	-	-	-	-	-	-	-	4,695	4,609	8,201	7,225	2,278	18,884	4,506	14,545	17,418	17,197	21,658	25,242	27,980	26,786	28,246
Change	-	-100%	-	-100%	-	-	-	-	-	-	-	-	-1.81%	77.91%	-11.9%	-68.47%	728.92%	-76.14%	222.81%	19.75%	-1.27%	25.94%	16.55%	10.85%	-4.27%	5.45%
Announcement Date	11/12/19	2/5/20	5/6/20	8/6/20	11/4/20	2/3/21	5/5/21	8/3/21	10/27/21	2/14/22	5/3/22	8/4/22	11/3/22	2/14/23	5/4/23	11/2/23	2/1/24	5/2/24	8/1/24	10/29/24	-	-	-	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2024 S1	2025 S1	2025 S2	2026 S1	2026 S2
Net sales	-	-	-	-	-
Change	-	-	-	-	-
EBITDA	-	-	-	-	-
Change	-	-	-	-	-
EBIT	-	-	-	-	-
Change	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	46,444	53,440	65,700	75,930
Change	-	5.91%	15.06%	22.94%	15.57%
Net income	9,018	-	-	-	-
Change	-	-100%	-	-	-
Announcement Date	11/2/23	10/29/24	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: Adani Enterprises Limited

balance-sheet-analysis-chart ADANI-ENTERPRISES-LIMITED

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-	-	-	-	430,554	789,441	1,141,808	1,540,060
Change	-	-	-	-	-	83.35%	44.64%	34.88%
Announcement Date	5/6/20	5/5/21	5/3/22	5/4/23	5/2/24	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Adani Enterprises Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	-	-	116,475	147,247	223,659	431,240	439,195	541,500
Change	-	-	-	26.42%	51.89%	92.81%	1.84%	23.29%
Free Cash Flow (FCF) ¹	-4,476	-454.5	-102,622	29,017	-120,537	-136,960	-62,990	-
Change	-	-89.85%	22,479.1%	-128.28%	-515.4%	13.62%	-54.01%	-100%
Announcement Date	5/6/20	5/5/21	5/3/22	5/4/23	5/2/24	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Adani Enterprises Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	5.26%	6.34%	5.35%	6.44%	10.46%	18.93%	18.76%	16.67%
EBIT Margin (%)	-	-	-	-	7.67%	12.29%	11.21%	12.71%
EBT Margin (%)	2.59%	2.75%	1.37%	2.37%	4.53%	10.22%	8.64%	7.04%
Net margin (%)	2.62%	2.33%	1.12%	1.81%	2.98%	10.5%	7.97%	-
FCF margin (%)	-1.03%	-0.11%	-14.78%	2.12%	-11.09%	-12.86%	-4.64%	-
FCF / Net Income (%)	-39.33%	-4.93%	-1,321.49%	117.34%	-371.94%	-122.55%	-58.19%	-
Profitability
ROA	-	-	-	-	-	-	-	-
ROE	6.29%	6.45%	3.94%	8.94%	8.99%	13.7%	13.3%	-
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	3.78x	3.92x	4.48x	6.23x
Debt / Free cash flow	-	-	-	-	-3.57x	-5.76x	-18.13x	-
Capital Intensity
CAPEX / Current Assets (%)	-	-	16.78%	10.75%	20.57%	40.5%	32.34%	36.49%
CAPEX / EBITDA (%)	-	-	313.69%	166.8%	196.6%	213.99%	172.36%	218.91%
CAPEX / FCF (%)	-	-	-113.5%	507.44%	-185.55%	-314.87%	-697.25%	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	1.2	1.2	-
Change	-	-	-	-	-	-	0%	-
Book Value Per Share ¹	154.1	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EPS ¹	10.35	8.39	7.06	21.78	27.24	56.91	83.53	-
Change	-	-18.94%	-15.85%	208.5%	25.07%	108.92%	46.78%	-
Nbr of stocks (in thousands)	1,099,810	1,099,810	1,099,810	1,140,001	1,140,001	1,154,181	1,154,181	-
Announcement Date	5/6/20	5/5/21	5/3/22	5/4/23	5/2/24	-	-	-