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Adani Enterprises posts 90-fold profit on airports & energy
MUMBAI: Adani Enterprises Limited (AEL) has delivered a remarkable set of financial results this quarter, fueled by the long-awaited launch of the Navi Mumbai International Airport. The company’s third-quarter performance in FY26 has seen profits skyrocket, demonstrating that for AEL, the sky is just the beginning.
The most striking highlight is a staggering 90-fold jump in Profit After Tax (PAT), which soared to Rs 5,627 crore compared to Rs 58 crore in the same period last year. On a nine-month basis, net profit climbed 193 per cent to Rs 9,560 crore, reflecting the firm’s continued growth momentum. Total income for the nine-month period saw a slight decline of 4 per cent to Rs 69,756 crore, but AEL’s diversified portfolio and strategic investments have more than compensated for this dip. The quarter also included an exceptional gain of Rs 9,215 crore, mainly arising from a strategic stake sale in Adani Wilmar and the transfer of cement units to Ambuja Cements.
The star performer this quarter was the Navi Mumbai International Airport, which commenced operations on 25 December 2025. Completing operational readiness in under five years from acquisition is a significant achievement in the infrastructure sector. Across its portfolio of eight airports, AEL handled 70.6 million passengers in the first nine months of FY26. Airport revenue soared 31 per cent to Rs 9,652 crore, while EBITDA jumped 47 per cent to Rs 3,724 crore. Non-aeronautical revenue, including duty-free and dining operations, grew 33 per cent, with duty-free penetration reaching record highs, signaling that the company is successfully monetizing all aspects of its airport ecosystem.
Beyond airports, AEL’s New Industries (ANIL) segment is showing strong growth in renewable energy. Adani Solar has earned a spot among the top 10 global solar manufacturers, making it the only Indian company on the list. Solar module sales increased 40 per cent to 997 MW this quarter, while the wind division has begun delivering its 3.3 MW turbine models, with 12 sets already supplied to customers.
AEL’s incubator model, which nurtures emerging businesses before they become independent giants, continues to deliver results. Through AdaniConneX, the company operationalized 14.4 MW of data centre capacity across Pune and Hyderabad, bringing total operational capacity to over 50 MW. On the roads front, two new Hybrid Annuity Model (HAM) projects in Andhra Pradesh and Odisha became operational, expanding the total number of active road projects to nine. Investor confidence remains strong, with a recent Rights Issue oversubscribed by 30 per cent, raising Rs 24,930 crore to fund future growth.
Chairman Gautam Adani highlighted that these results reflect the “depth of our diversified infrastructure portfolio” and the company’s commitment to building “nationally critical assets.” With ESG ratings reaching the “A” leadership category for climate change and water security, AEL is focused not only on rapid growth but also on responsible development.
As FY26 progresses, Adani Enterprises appears to have found an optimal cruising altitude. With its foundations in airports, energy, data, and infrastructure growing stronger, the company is proving that it can deliver high performance while building assets critical to India’s growth.
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Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
