**Adani Enterprises: Q3 FY26 Earnings Brief** **Headline: Profit Surges 97x on One-Off Gains & Operational Growth** **Financial Performance** Adani Enterprises (AEL) reported a massive **97-fold** increase in consolidated net profit for the quarter ending December 31, 2025. Profit hit **Rs 5,627 crore**, skyrocketing from **Rs 58 crore** in the same period last year (Q3 FY25). This headline growth was primarily driven by a one-time exceptional gain of **Rs 5,632 crore** from the divestment of its stake in Adani Wilmar Ltd (AWL). Excluding this one-off item, the core operational performance remained robust. * **Revenue:** Rose **8.6%** year-on-year to **Rs 24,820 crore**. * **EBITDA:** Climbed **15%** to **Rs 4,297 crore**, reflecting strong execution across key incubation businesses. **Segment Highlights** * **Airports:** A standout performer, with revenue jumping **28%** to **Rs 3,770 crore**. A major milestone was achieved with the **Navi Mumbai International Airport** commencing operations on December 25, 2025. * **New Energy (ANIL):** Solar module sales grew **12%** to **997 MW**, while wind turbine deliveries increased significantly. * **Mining & Roads:** Mining services saw steady dispatch volumes, and the roads portfolio operationalized two new projects during the quarter. **Strategic Updates** * **Capital Raise:** The company successfully completed a **Rs 24,930 crore** Rights Issue, which was oversubscribed by **30%**, signalling strong investor confidence. * **Defence Push:** AEL signed a strategic MoU with Italian defence major **Leonardo** to establish a helicopter manufacturing ecosystem in India. **Market Reaction** Following the results, Adani Enterprises shares surged over **10%** in intraday trade, quoting around **Rs 2,211** on the NSE (as of Feb 3, 2026). The market reacted positively to both the profit headline and the operationalizing of key assets like the Navi Mumbai airport.