Brands
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.
Brands
Dunkin’ Donuts to exit India as Jubilant FoodWorks ends 15-year franchise deal
The quick service restaurant giant is ending a 15-year franchise partnership with the American doughnut chain, even as it renews its Domino’s agreement for another 15 years
NOIDA: Dunkin’ is done in India. Jubilant FoodWorks Ltd, the country’s leading quick service restaurant operator, has decided not to renew its franchise agreement with the American coffee and doughnut chain, and will wind down its Indian stores in a phased manner before December 31, 2026, bringing a 15-year partnership to a quiet, loss-laden close.
The decision, approved by JFL’s board on March 30, 2026, ends a relationship that began with a Multiple Unit Development Franchise Agreement signed on February 24, 2011. JFL will now evaluate and undertake what it described in a regulatory filing as the “rationalisation and/or cessation of certain operations and/or sale, transfer or disposal of assets and/or assignment or transfer of franchise rights,” all in consultation with Dunkin’s brand owners and strictly within the terms of the original agreement.
The numbers tell the story bluntly. In the financial year 2024-25, Dunkin’ India posted a revenue of Rs 37 crore against a loss of Rs 19 crore — a haemorrhage that was always going to test the patience of a parent company recording revenues of Rs 6,104 crore and a profit of Rs 194 crore in the same period. Doughnuts, it turns out, were never going to move the needle.
The contrast with JFL’s handling of its other marquee franchise could hardly be sharper. Even as it walks away from Dunkin’, the company has just doubled down on Domino’s, signing a fresh Master Franchise Agreement on March 31, 2026, granting it exclusive rights to develop and operate Domino’s Pizza stores in India for 15 years, with an option to renew for a further 10.
JFL, incorporated in 1995 and promoted by the Bharatia family, operates a network of more than 3,500 stores across six markets — India, Turkey, Bangladesh, Sri Lanka, Azerbaijan and Georgia. Its portfolio includes Domino’s and Popeyes on the global side, and two home-grown brands: Hong’s Kitchen and COFFY, a café brand in Turkey.
For Dunkin’, India was always a stretch. The brand never quite cracked the cultural code in a market where filter coffee and chai command fierce loyalty and where the doughnut remains, at best, an occasional indulgence rather than a daily habit. Fifteen years, mounting losses and a parent with better things to spend its capital on was always going to be a difficult equation to solve.
The doughnut has had its last day. The pizza, however, is staying.
