Ladies and gentlemen, good day and welcome to the Adani Enterprises Q1 FY2026 Earnings Conference Call hosted by Investec Capital Services India Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchstone phone. Please note that this call is being recorded. With this, I now hand the conference over to Mr. Aditya Bhartiya, Head of Research at Investec. Thank you, and over to you, sir. Thank you, Sameer. Good evening, everyone. A warm welcome on behalf of Investec India to the Q1 FY2026 Earnings Call of Adani Enterprises. We have with us the senior management team represented by Mr. Robbie Singh, Group CFO, Mr. Manan Vakharia, and Mr. Jitendra Chalya, Investor Relations. Now I hand over the call to the management for initial comments, post which we will open the floor for Q&A. Thank you, and over to you, sir. Thank you, Aditya. This is Robbie here. Good evening, everyone. Thank you for joining us today for Adani Enterprises results for the quarter ended June 30, 2025. AEL's portfolio is categorized into incubating and established businesses, spanning energy and utilities, transport, logistics, consumer services, and primary industries. The key incubating businesses include Adani New Industries, airports, roads, and data centers. The established businesses consist of the primary industry vertical, which includes mining services, metals and materials, and commercial mining. Just as a broad outline, this quarter's results were affected by global trade uncertainties, although we expect that to normalize during the rest of the year. Furthermore, these results of this quarter reflect a significant stabilization phase of our incubating businesses, and we will see the operationalization of three large assets over the next two to three quarters. We'll discuss that in detail in FAQ. We will see EBITDA unlocking from assets like Navi Mumbai Airport, Kutch Copper, and Ganga Expressway as we move forward in FY2025-FY2026. The consolidated results are as follows. Total income: INR 22,437 crore, EBITDA: INR 3,786 crore, PBT: INR 1,466 crore. Incubating EBITDA increased by 5% to INR 2,800 crore. ANIL's EBITDA is at INR 1,212 crore, and the solar business maintained a volume of over 1 GW per quarter and was at 1,350 MWs. It also got its first external order of 300 MWs for the newly listed 3.3 MWs wind turbine. Airport EBITDA grew 61% to INR 1,094 crore, with now the run rate EBITDA being comfortably above INR 1,000 crore per quarter. There were 23.4 million passenger movements at the airport for this quarter. Additionally, MIHAN, subsidiary of AHL, received its tariff order, which is effective from May 16, 2025. The Greenfield Ganga Expressway project in our roads business is now 85% complete and is set to be completed in the second half of this year. I'm also pleased to report the change in ESG. Sustainalytics now rates AEL at 28 from previous score of 34 and moving it from high risk to a medium risk business. Just a quick snapshot of the mining services portfolio. The dispatch volume in our MDO business increased by 30% to 12.1 million metric tons, with the revenue rising in line at 35% to INR 1,159 crore, and EBITDA is now at INR 484 crore. In the integrated resource management, which was affected by this quarter's trade-related uncertainties, the revenue stood at INR 8,000 crore and EBITDA at INR 605 crore. Carmichael Mine continued to ship at or around its rated capacity, and this quarter shipped 2.3 million metric tons. We can now open for Q&A. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question comes from the line of Mohit Kumar from ICICI Securities. Please go ahead. Yes, hi. Good evening, sir. Thanks for the opportunity. My first question is, did you mention the value unlocking or earnings to grow from a new business like data center, airport, and corporate businesses? If I understand the question correct, is the earnings growth from the new businesses? Currently, the major asset in the airport that is operating is Mumbai Airport, and all of the rest of the airports are in various stages of their brownfield expansion, be it Ahmedabad, be it Jaipur, be it Guwahati, be it Lucknow. Navi Mumbai is under development. We expect that Navi Mumbai will have operational clearances somewhere around October this year, to be precise, and it will ramp up within the next six months to its capacity. In fact, we are confident of the ramp-up to be on schedule, and it's very likely that the second terminal development there will also commence shortly thereafter. That's on the Navi Mumbai asset. Ganga Expressway, we expect to have completion around the last quarter of this year, and therefore, from a numbers perspective, we expect to see the impact not in this financial year, but in the next financial year, because in this financial year, Ganga Expressway will be operating maybe around 60 - 100 days only. Kutch Copper, we expect that to start showing up in the relevant numbers, and we will report accordingly, probably towards the end of this year and first quarter next year in a meaningful way. The other major asset that is under construction is the PVC project, but that's still in its first years of major construction. We expect that the construction period is on schedule, so we expect the construction period to be another couple of years. Understood, sir. Are you looking for some kind of value unlocking from all the new assets in the near term, or do you think it will happen in the longer term? Is the value unlocking? The value unlocking, as we have already indicated, we are comfortable that at least the airport business will be technically ready or subject to board approvals. It will be meeting its criteria by 2027. The way we do it as a demerger, it will just be the shares will be handed over to the AEL shareholders. Aside from that, the other major businesses, we have not yet indicated, or we have not yet outlined the timeline. Outside of the airport, which we think is in the near term, in the next 18 months- two years, other businesses will be obviously post that. A second question is on the solar business. Given that the tariff has been imposed in the U.S., there's a talk of increase in the tariff materially. How do you think the mix is going to change for us for solar? I look at more domestic sales. The related question is that we have 2 GW solar in Ghats, right? That's operational. Are we not thinking of increasing that 2 GW - 10 GW capacity, especially in Ghat and Dayapar? See, there is the sequence. The first is to take the cell and module line to 10 GW, and then correspondingly continue to increase the associated chain like ingot, wafers, and other associated infrastructure. Our first key focus is to take the cell and module line to 10 GW. In relation to your first question, while we are going through, we've seen these trade disruption events, etc., over the last quarter. We don't see why the mix can alter, but I think it's too early to comment on these things. We will see how it pans out over the next 12 months or so to update the market in relation to the precise impact of the tariff structures. Overall, this uncertainty will have some impact on the business. Correspondingly, the opportunity for us from our own point of view will also continue to increase. We don't see it as a longer-term perspective, we don't see an impact on any of these tariffs. Our business plan is not significantly dependent upon, in any significant way, on the EBITDA of the manufacturing component of Adani New Industries. It is finally a green hydrogen business, and consequently, that is the bigger aim for us. Understood, sir. Thank you. Thank you. The next question comes from the line of Vineet from Investec. Please go ahead. Hello. Yeah. Thank you for the opportunity. My first question is on Kutch Copper. Now that Kutch Copper will get operational by the end of this year, some time back, we had also incorporated a subsidiary there to 482 cables manufacturing. Can you highlight some timelines, what are our plans towards cables manufacturing, what CapEx that will involve, and by when that will get operational? I think just to clarify one point there, first is that those downstream businesses are joint ventures rather than pure subsidiaries with the relevant expertise. Our first clear objective here is that in a process industry, the main objective is to streamline the process element and therefore run at full production. That's number one. Once that is achieved, then our second objective in this is the tubes business, and from there on will be the other JV. They are a little bit away in terms of any meaningful contribution because more would be a JV. The main objective here is to ramp up, get the process machinery in play, and ramp up the capacity when we are ready for the Kutch Copper plant. Understood. My second question is on Navi Mumbai. You sounded fairly confident around the scaling up of the Navi Mumbai Airport and the second phase getting into construction fairly soon after the first one commences. Sir, it would be great if you can throw some light on how the utilization levels will ramp up, how long it could take for us to reach optimum utilization levels there in the first phase. What proportion of, let's say, slots have been taken up by airlines? Some color on that would be helpful. Yeah, I think it's an excellent question. As I think I said in the last presentation in post-annual results, we are in the process of working out the relevant internal disclosures, etc., to actually have the airport team join the next call post-half-yearly results. I think it is their show, and they should have the opportunity to answer the questions you have via their presentation. All of those will be answered. We think it's a better time to do that from a disclosure, from a certainty perspective, and giving full view to the market would be post the half-yearly results. The airport team will present that, answer that. I think it's not appropriate at this stage to go through that level of detail because we are ourselves just going through the various elements related to when do we start the second terminal, etc. While we are confident that all of this is within the frame of next six-nine months, it is best that the leadership team of airports, which I will have here with me, in post the half-yearly results in September. Understood. I had a question on the airport city-side development business as well, but I think I'll reserve that for the next call. Or should I go ahead with that? Yes. No, it's an overall just basic update I can share with you is that the planning of that at Ahmedabad is going to. Yeah, so. It's going well. I think [crosstalk]. I wanted to just. Please, sorry. Wanted to just understand around the city-side development. That's been one of the growth avenues for us there. How should we think about it from a next three-year perspective, let's say? Will that city-side development be largely restricted to Mumbai and Navi Mumbai Airport? What sort of land parcels do we have, and how should we think from a longer-term perspective? Yeah. Just to give you a snapshot idea of this, because it's part of our overall disclosure review, we roughly have around 655 acres of land available across our eight airports: Mumbai, Navi Mumbai, Ahmedabad, Jaipur, Lucknow, Guwahati, Bangalore, and Trivandrum. Of this, our phase I development will be across 114 acres. Okay. Of the 114 acres, roughly 40%, that is roughly 50 acres, will be Mumbai and Navi Mumbai. The rest, which is just over 60 - 65 acres, will be in the other six areas. In phase I, the primary objectives on the city side are: one, commercial, hotels, etc.; two, retail, entertainment, and food courts, primarily serving the city-side population. From there onward, phase II will have a slightly different rental retail mix, and phase III will have a different rental retail mix. Broadly speaking, 114 acres are under development in phase I. Understood. Okay. What could be the CapEx involved to develop, let's say, 114 acres here, of which how much is already spent? What could be the EBITDA potential from these 114 acres? See, that is what we are working through from all disclosure perspectives and forecast perspective at the moment. We will outline this very clearly in the post-half-yearly results as a formal presentation. I don't want to give numbers that are still under evaluation internally. We have not completed our detailed review of that. Okay. Understood, sir. Just last question from my side. There have been news articles of late around us closing the super app, the Adani One, given losses, etc. Can you throw some light there? Are those reports true? If yes, does that deter or impact our strategy in terms of driving non-aero revenues, customer experience in any manner? I think generically people just tend to make the commentary on tidbits of news. I'll just clarify that since you asked the question. When we started on this, we started on the basis that what should be the best use case that we will have. We were always very clear the best use case for us for this is to, like any other super app that has been successful in the world, have a very defined use case that works. The defined use case that works is, for us, initially, given the number of consumers, airports. Consequently, we set this up. We looked at the broader architecture and then zeroed in on our use case that we had already outlined. The part of the press reports are correct in the sense that, oh, this is how ADL is part of airports. If the first use case is airports, the entire airport use case is being developed fully as planned. That's all that has happened. Understood. Understood. That's clear. Thank you so much, sir. Thank you. Thank you. Thank you. Before we proceed to the next participant, a reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Neerav Shah from GC Holdings. Please go ahead. Yeah. Good evening, sir, and thanks for the opportunity. Robbie, I mean, just a continuation of your opening remarks that three large projects are commissioning in this financial year. What is the broad value that we have invested in these projects where the EBITDA contribution is just not there, but we've spent a significant amount, like in Ganga Expressway, Kutch Copper, Navi Mumbai? I would also add the PVC project where we have drawn some debt, but we would have invested far more than that. We would have invested the initial equity also. If you can just separately give the value across these four large assets. Sure. I think just to give you an idea, we have on our presentation page 22 - 23, but I'll spread out the numbers based on what you are asking. For example, we have a total external debt in Adani Enterprises consolidated of INR 61,500 crore. Of this total external debt of INR 61,500 crore, roughly INR 29,000 crore, which is roughly 50% of it, is as follows. Navi Mumbai Airport, roughly INR 9,100 crore, plus AHS Greenfield Developments, INR 3,000 crore, so INR 12,000 crore in the non-EBITDA currently assets under development for airports. [Kutch] Copper is INR 7,300 crore, and Ganga Expressway, INR 6,500 crore, and PVC currently drawn is INR 3,100 crore. Roughly half of the external debt is in assets that have yet to start contributing EBITDA. Although PVC will complete around 2028, the other three assets will all be starting in the next six months-nine months in this year. Great. Yeah [crosstalk], that's where we are in total. We don't spread out the EBITDA, etc. We have a rate of return on these assets, which we highlight. We expect that the rate of return on assets will be tracking above 15% on these assets. Got it. Sir, what is the total CapEx from the PVC project? See, PVC project to complete will be roughly INR 24,000 million. Steady state EBITDA generation on stabilization should be. Any ballpark number on base case assumptions, I mean, base cycle? No. They're at the normal process of process industry of that type based on current market pricing. I'm just going to caveat that on the materials. You would expect the ROA on the total asset in this case at current market prices of roughly around, say, in the range of about 14% - 16%. Got it. Sir, on Australia coal operations, can we share the EBITDA number, how much that Carmichael Mine reported? Carmichael Mine is yet the mining business is not doing the segmental reporting on that other than the production and the dispatch numbers. Roughly speaking, what I can give you is that the revenue number for Carmichael is roughly at an average of around between the dispatch can range from 2.2% - 3% per quarter. If the dispatch you say what the current dispatch is 2.3%, then the revenue is roughly around INR 1,050 crore. Got it. The PBIT is a sharp negative of INR 450 crore +. Is the last part of that depreciation or some accounting related line item? Internal mark to market of FX of our own internal Adani Enterprises' own internal loan. That amount would be, sir? Over INR 500 crores. Over INR 500 crore. Got it. Sir, I have more questions. I'll join back in with you, sir. Thank you, sir. Thank you. The next question comes from the line of Nidisha from ICICI Securities. Please go ahead. Thank you so much for taking my question. Firstly, on the others component that we report in the segment reporting, we are seeing that the fluctuation in EBIT over there over the last five quarters has been quite significant. Could you probably outline what are some of the key businesses that make up these others? If you could quantify specifically this quarter what their contribution to the revenue and EBIT has been? Broadly speaking, the number was, if you are referring to the number, higher largely due to the gain of the Wilmar sale in the others in Q4. Now, last quarter, otherwise, this number will track broadly at or around ± inr 200 crore. What are the major businesses? The major business is just certain specialist industrial businesses which supply some components to the defense, bunkering, and so on and so forth. All right. Secondly, on the coal business, we are seeing that the coal and the commercial mining are driving this quarter. Are we expecting the market situation to get better, especially for the coal business, anytime soon? No. We think that the overall trade instability will last through this year. All right, thank you so much. Good. Thank you. The next question comes from the line of Prateek Kumar from Jefferies. Please go ahead. Hello. Good evening, sir. My first question is on your copper segment. You said that it will commission by the end of this financial year. In this year, you're not expecting any material EBITDA from that business. I just wanted to confirm that. No, I think just to clarify, the commissioning is done. It's just that the full ramp-up, what we were referring to, the completion of the ramp-up and stabilization, which we expect in the second half. Is the segment expected to contribute meaningful EBITDA in this year, assuming fully EBITDA potential of INR 2,000 crore + for next year? No, this will be in the next year. This year, it will contribute much less. Okay. Second question. Can you give me some revised guidance on trading segment volumes and mining services volumes for the financial year? I think from Adani Enterprises' point of view, we don't expect the volumes to be impacted hugely. What we have, we believe the trading instability that is there globally will last. Therefore, there will be pricing pressure on the realization that we expect to last through the year. Volume-wise, I think from MDO, we will ship higher volume. Carmichael will ship its expected 15-odd million tons. Trading will be in the range that we expect trading to be, which is roughly, slightly subdued, but roughly still be around averaging around 13-odd million metric tons per quarter. From a shipping point, volume point of view, we don't anticipate a change. From a revenue perspective, MDO will continue to grow. The IRM business, given the trade issues in the world, there will be pricing pressure on commodities, especially coal. Last question on your annual consolidated CapEx expectation for this year and next year. I think, Prateek, that we have not changed the guidance from the last conference call. We expect to complete that CapEx. Okay, make INR 30,000 crore- NR 35,000 crore. Yes. Right. Sure, I'll get back with you. Thank you. Thanks. Thank you. Before we proceed to the next participant, a reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Bhavik Shah from Invexa Capital. Please go ahead. Yeah. Hello, sir. Thank you for the opportunity. My first question is just continuation of the previous participant. Can you just give us the breakup of segment-wise CapEx? Which business or which segment the CapEx we are going to do in FY2026? See, roughly, just to give you an idea, airports. These are broad, not precisely to decimal accurate, but INR 10,000 crore in airports, INR 6,200 crore in roads, around INR 1,600 crore in defense, about INR 1,000 crore in copper and associated businesses. Petchem will be about INR 9,000 crore further. MDO, natural resources, etc., INR 2,500 crore. In manufacturing plus other part of the Adani University ecosystem, roughly about INR 5,500 crore. Total about INR 35,000 crore broken up in the following manner. INR 6,200 crore of what did you say? Hello. Hello. Hello. Bhavik, are you there? Yeah, I'm there. Am I audible? Yes, sir, you are audible. Yeah, I was just saying INR 6,200 crore CapEx is for what? The money mentioned? I think we have lost him. Can we move to the next question if there is any? Hello. Am I audible? Yes, sir. The management is replying to your question. Okay, sir. I'll just move on to the next question. Can you give some EBITDA guidance on the new businesses? How much is the potential, say, from the copper? Bhavik, you are dropped. Can't hear you. Is it better now? Sir, I can hear Mr. Bhavik. Yeah, am I audible to the management? No, you are just audible now, but you were not audible at all before. Okay. Okay, sir. I'm just saying, can you just give some idea on the EBITDA of the new businesses which are going to be commissioned this year, the copper one, the Ganga Expressway, and the Navi Mumbai airport? What is the potential of EBITDA there? I think we either mentioned in the previous caller's question, we are not giving EBITDA guidance of those specific businesses. What we are saying is that we expect the rate of return on assets to be in the range of about 15 -1 6%. Okay. Understood. Sir, what is the plan in Anil now? Since we are not doing any major CapEx there from the breakup I see, are we currently not doing any major investment on the green hydrogen side? Yeah. We are just currently conducting the testing on electrolyzers. We are waiting for the results of the electrolyzer testing. Currently, we have the first non-grid-based electrolyzer operational. Once we get the full results back, we will kick on with the CapEx based on the results. Okay. Understood. Sir, in the airport business, when we ramp up the new Navi Mumbai airport, we'll close down the T1 terminal. What will be the impact of the closure of the T1 terminal? No, no. We don't expect any impact overall on AHL. In fact, that will be well synchronized in the manner that the demand profile is such that we will also have to start the development of the new terminal at Navi Mumbai very soon. We will give you a full update post the half year. The airport team will present. All right, sir. Sir, just one question on the data center business. Sir, how much CapEx are we planning there? Tell me if you have lost him again. I'm saying on the data center business. I'll ask him if we can move or else we can move. Sir, he's audible again. Can you hear him? Yeah, I'm asking on the data center business. What is our guidance for FY2026 in MW terms and in CapEx terms? Sir, were you able to hear him? Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to the management for closing comments. Hello, sir. Yeah. Were you not able to hear us, sir? No, we are not receiving any voice from there. Is it audible now, sir? Yeah, yeah. Okay, there are no further questions. I would now like to hand the conference over to the management for closing comments. Thank you very much to Aditya and team, and investors, for joining the call. Thank you for your questions. Investec, thank you so much. Thank you very much. On behalf of Investec capital Services India Private Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.