Financials Adani Enterprises Limited

Equities

ADANIENT

INE423A01024

Diversified Industrial Goods Wholesale

Market Closed - Bombay S.E. 10:54:24 2024-02-26 pm EST 5-day change 1st Jan Change
3,320 INR -0.23% Intraday chart for Adani Enterprises Limited +2.87% +16.58%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 162,057 151,279 1,133,739 2,216,887 1,995,002 3,793,411 - -
Enterprise Value (EV) 1 162,057 151,279 1,133,739 2,216,887 1,995,002 4,292,181 4,648,400 4,988,616
P/E ratio 22.6 x 13.3 x 123 x 286 x 80.3 x 98.3 x 61.4 x 40.3 x
Yield - - - - - - - -
Capitalization / Revenue 0.4 x 0.35 x 2.87 x 3.19 x 1.46 x 3.65 x 2.94 x 2.47 x
EV / Revenue 0.4 x 0.35 x 2.87 x 3.19 x 1.46 x 4.12 x 3.6 x 3.25 x
EV / EBITDA 8.23 x 6.62 x 45.3 x 59.7 x 22.6 x 32.8 x 25.9 x 19.8 x
EV / FCF 10.4 x -33.8 x -2,494 x -21.6 x 68.8 x 168 x 57.9 x 29 x
FCF Yield 9.59% -2.96% -0.04% -4.63% 1.45% 0.59% 1.73% 3.45%
Price to Book - 0.89 x - - - - - -
Nbr of stocks (in thousands) 1,099,810 1,099,810 1,099,810 1,099,810 1,140,001 1,140,001 - -
Reference price 2 147.4 137.6 1,031 2,016 1,750 3,328 3,328 3,328
Announcement Date 5/29/19 5/6/20 5/5/21 5/3/22 5/4/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 403,787 434,026 395,371 694,202 1,369,778 1,040,684 1,289,571 1,537,113
EBITDA 1 19,688 22,843 25,050 37,130 88,280 130,948 179,210 252,104
EBIT 1 - - - - - 78,108 115,558 174,879
Operating Margin - - - - - 7.51% 8.96% 11.38%
Earnings before Tax (EBT) 1 3,679 11,233 10,860 9,520 32,499 57,285 87,822 134,581
Net income 1 7,171 11,382 9,226 7,766 24,729 39,781 63,608 97,671
Net margin 1.78% 2.62% 2.33% 1.12% 1.81% 3.82% 4.93% 6.35%
EPS 2 6.520 10.35 8.390 7.060 21.78 33.84 54.16 82.58
Free Cash Flow 1 15,544 -4,476 -454.5 -102,622 29,017 25,530 80,350 172,170
FCF margin 3.85% -1.03% -0.11% -14.78% 2.12% 2.45% 6.23% 11.2%
FCF Conversion (EBITDA) 78.95% - - - 32.87% 19.5% 44.84% 68.29%
FCF Conversion (Net income) 216.75% - - - 117.34% 64.18% 126.32% 176.28%
Dividend per Share - - - - - - - -
Announcement Date 5/29/19 5/6/20 5/5/21 5/3/22 5/4/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q3 2024 Q4 2025 Q1
Net sales 1 116,204 135,251 125,788 132,180 187,579 248,655 408,442 381,752 266,122 313,460 239,250 302,660 290,230
EBITDA 1 7,720 9,037 7,964 8,826 7,717 12,620 17,424 18,694 16,292 35,871 26,730 38,340 41,300
EBIT 1 - - - - - - - - - - 5,870 15,450 21,050
Operating Margin - - - - - - - - - - 2.45% 5.1% 7.25%
Earnings before Tax (EBT) 1 - - - - - - - - - - 5,870 15,450 21,050
Net income 1 - - - - - - 4,695 4,609 8,201 7,225 3,700 9,730 14,910
Net margin - - - - - - 1.15% 1.21% 3.08% 2.3% 1.55% 3.21% 5.14%
EPS 2 - - - - - - - - - - 3.070 8.110 12.42
Dividend per Share - - - - - - - - - - - - -
Announcement Date 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 - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - 498,770 854,989 1,195,205
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - - - - - 3.809 x 4.771 x 4.741 x
Free Cash Flow 1 15,544 -4,476 -455 -102,622 29,017 25,530 80,350 172,170
ROE (net income / shareholders' equity) 4.84% 6.29% 6.45% 3.94% 8.94% 11.5% 13.2% 14.7%
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share - 154.0 - - - - - -
Cash Flow per Share - - - - - - - -
Capex 1 - - - 116,475 147,247 233,710 294,735 329,180
Capex / Sales - - - 16.78% 10.75% 22.46% 22.86% 21.42%
Announcement Date 5/29/19 5/6/20 5/5/21 5/3/22 5/4/23 - - -
1INR in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
2
Last Close Price
3,328 INR
Average target price
4,244 INR
Spread / Average Target
+27.54%
Consensus
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