Ladies and gentlemen, good day, and welcome to the Adani Enterprises Limited Q4 FY 2026 earnings conference call hosted by Antique Stock Broking Limited. As a reminder, all participant lines will remain 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 the conference call, please signal the operator by pressing star then zero on your touchtone telephone. Please note that this conference is being recorded. I will now hand the conference over to Mr. Ishan Verma from Antique Stock Broking Limited for opening remarks. Thank you, and over to you, Ishan. Thank you. Good evening, everyone. On behalf of Antique Stock Broking, I welcome you all to the Q4 FY 2026 earnings conference call of Adani Enterprises Limited. We have with us the senior management of the company led by Mr. Robbie Singh, CFO, Adani Enterprises Limited; Mr. Arun Bansal, CEO, Adani Airport Holdings Limited; Mr. Rajesh Kumar Poddar, CFO, Adani Airport Holdings Limited; Mr. Manan Vakharia, Head of Finance, Adani Enterprises Limited; and Mr. Jitendra Khyalia, Investor Relations, Adani Enterprises Limited. We will start with a brief opening remark, which will be followed by a Q&A session. Thank you, and over to you, Mr. Arun sir. Good evening, everyone. Thank you for joining us today for Adani Enterprises earnings call for the quarter and year ending March 31, 2026. AEL's portfolio comprises primarily of infrastructure-focused businesses which spans across energy and utility, transport and logistics, and primary industry. Before I discuss quarterly earnings today, I want to highlight important elements of AEL's current EBITDA and asset profile, which has taken shape in the last five years and what does AEL's EBITDA represent today. AEL's EBITDA profile has once again transformed into an infra utility portfolio style as we close this financial year, with 80% of the EBITDA share coming from core infrastructure and services businesses. AEL is now getting ready for value unlock through demergers. These businesses are independent, sector-leading, large core infra platforms spread across airports, roads, ANIL ecosystem, and long-term contracted MDO services which are ready to turn into value creation mode. Let's start with airports. Already a sector-leading platform with robust EBITDA growth and visibility. ANIL, cash flow generating Adani New Industries ecosystem expanding its capacity by 2.5 x. Roads and mining services, stable cash flow leveraging assets with long-term contracts. What I want to highlight here is that when you take a broader view of an incubator entity like AEL, what emerges is a clear picture where initial and primary capital spend is reaching maturity across businesses and EBITDA mix has shifted to mature scalable platform and path for value unlock is taking shape. Incubation journey is a repeatable playbook for us. Build, stabilize, scale, and unlock. We are already past first three phases and value unlock is the next phase of our journey. The roadmap we are building is designed not just to perform in the next quarter or quarter after that. It is designed to deliver compounded growth and strength over decades. We are pleased to inform you that we have completed India's largest greenfield Mumbai expressway project in a record time of less than three and a half years. It's a long-term asset with a concession period of 27 years. For solar module manufacturing, domestic sales was 96% on year-on-year basis. As I mentioned in our earlier interaction this year, full year 2026 is the stabilization phase of our incubating business. Despite global uncertainty, AEL has maintained the EBITDA on year-on-year basis. In the next fiscal year, AEL is set to unlock EBITDA from Navi Mumbai Airport, Kutch Copper and Ganga Expressway, which are expected to add over INR 3,000 crores EBITDA to AEL. Consolidated results for the year end are total income of INR 102,943 crores. EBITDA at INR 16,464 crores. Profit before tax stood at INR 4,309 crores and this exclude exceptional gain of INR 9,215 crore. In our mining services portfolio, we have a portfolio of 18 MDO service agreements with total peak capacity of 145 million metric ton per annum. We are currently operating at run rate annual capacity of almost 50 million metric ton from six services contracts, which is approximately 34% capacity of contracted potential of this business. During the quarter, MDO service contract for GP2 mine with peak capacity of 23.6 million metric ton per annum is made operational, taking our current portfolio to seven operational service contracts. With this, now we have growth potential to achieve 86 million ton on annual basis. This clearly demonstrates long runway available for growth in this business. During the year, the dispatch volume up by 14% to 49.4 million metric tons. Revenue up by 20% to INR 4,746 crore. EBITDA up by 18% to INR 1,986 crore. In integrated resource management business portfolio, during the year, the volume stood at 44.6 million metric tons. Revenue stood at INR 29,112 crore, and EBITDA stood at INR 2,767 crore. Moving on to the airport. Adani Airport is India's largest private operator platform, operating a platform of eight airports, including the recently commissioned greenfield Navi Mumbai International Airport. Adani Airport contributes approximately 23% of India's passenger traffic and 29% of country's air cargo volume, underscoring our scale and depth in India's aviation ecosystem. The results in 2025, 2026 were led by traffic, tariff revisions at our airport. More importantly, continued strong momentum in our non-aeronautical revenues. This demonstrates resilience despite geopolitical headwinds. Financial performance during 2025, 2026, we had passenger traffic of 95.3 million passengers. Total income of INR 13,081 crore, up by 28% year-over-year. EBITDA increased by 55% to INR 5,394 crore on account of tariff revisions and non-aero growth. Aero and non-aero revenue delivered robust year-over-year growth of 26% and 31% respectively in financial year 2026. Commencement of operations in greenfield Navi Mumbai International Airport on 25th of December 2025 and inauguration of new terminal at Guwahati, coupled with acquisition of AVS Port Aviation Services Private Limited for airport ground handling segment and Skyways Private Limited for advertising capability and innovative media solutions, position Adani Airport for a strong performance and value creation in the coming years. With that, I finish the commentary, and we can go to Q&A. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use their handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Mohit Kumar from ICICI Securities. Please go ahead. Hi, good evening, and thanks for the opportunity. My first question is on the weak numbers for the quarter. The press release states that Q4 FY 2026 results were impacted by depreciation of Navi Mumbai and newly commissioned and the copper assets, right? However, in the EBIT numbers, which you may share, suggest weakness in commercial mining. Commercial mining EBIT has declined QOQ. Can you please explain that why there is such a sharp decline in the commercial mining EBIT for the quarter? Just one second, Mohit. I'll come back to you. Yeah. Mohit, the number that you were highlighting, which is basically on commercial mining weakness is related to the specific event which weather event is occurred in Australia in this year at Carmichael Mine, which was largely a rain-related event where the all regions, all the mines, we had to pump out the water that has accumulated due to a seasonally or decadely higher rain. That resulted in mining production being severely constrained for about just over a period of, well, nearly a quarter. We expect that to not be there this year, but that was the main change in the commercial mining. Other part of that is because the way we have invested in, Australia, mining business, we take a non-cash mark to market markdown, which has happened due to the exchange rates, which is about INR 600 odd crores. So those two elements are mark to market, which is non-cash, purely market-based, the way we account for it. Yes, about INR 600 crore and about another, 26% or another INR 300, just over INR 300 crores is related to the specific weather event that occurred this year. Understood. That's very helpful. That's it. Yes. Second, can you help us with the new hyperscale order of 350 MW and 58 MW you just signed this quarter? What is the timeline for execution we are looking at? That is a standard form. You know, roughly you can assume about 40 months. 40. When they expect to break the ground? Ground is in pre-planning stage, so rough, just over a quarter. Understood. My third question is. Of course, we already have Ingot and Wafer of 2 GW. Is there a plan to scale back to 10 GW in the medium term, in the next couple of years? Given that a full list of wafer modules is kicking from June 28, is it fair to expect that we'll scale it up? The first thing would be that we would be prepared to. We have the capacity to, but there is no specific planning other than the fact that we want to make sure that the total line capacity on terms of modules and cells is the 10 GW right now. What constitutes the wafer and ingot capacity with the changes that are effective from 29, we will value that little bit closer to the period. Overall we can actually, because of the planning prep time, it's about 20 months for us to ramp up if we require to ramp up. Understood. My other question related to solar only. For you, of course, this quarter started selling completely in India. Yeah. Do we, will we continue to sell only in India in FY 2027 onwards, or do you think there's some chance that we'll start exporting also? Or is export market will be dead now? As I mentioned in my last quarter, sir, we'll continue to sell in India. There could be certain other markets if our ongoing marketing efforts continue. There are, as you know, recently there was a EU FTA also signed. There are few opportunities around EU area as well. I think overall we can, from the numbers point, as I mentioned, we can just assume that it's primarily India. The thing it does is compresses the margin, but we'll That gain we will make from productivity as we go through this. Short term is slight margin compression, which you notice in the numbers. Beyond that, I think from a business point of view, the sales and the ramp-up of sales is quite solid. Understood. My last question on the CapEx. What is the CapEx expenditure plan for FY 2027, FY 2021 based on the current CapEx program, and is it possible to break that into various, you know, two segments? We expect like, you know, we have one-off timing adjustment in CapEx, you know, around the Airports. Overall, you know, we were close to just about 95% of our targeted CapEx this year. It's been a very good year from that point of view. We expect the next year to be around the same level, about INR 40,000 crore. Of that, there are three core areas where the CapEx is expected. Airports, which will be roughly, give or take, about INR 17,000 crore. The PVC will continue its CapEx. Next year we should hit or we capitalize close to about INR 9,000 crore. That's INR 26,000 crore. Another INR 4,000 crore would be in the natural resources, metals and mining space. Understood. All of the businesses combined would be, Adani New Industries, hydrogen, et cetera. Those businesses will take the other INR 10,000. All of the rest. Is there any specific CapEx you're looking for data centers, if I may ask? Yeah, yeah, data center, we don't specifically report out, but we expect to complete close to. Actually because that we can give you the exact number. Can we take this question on note and we can respond formally? Sure. Understood, sir. Thank you and all the best. We know the schedule, so I don't want to just give you a number. Yeah. Understood, sir. Thank you and all the best, sir. Thank you. Thank you. Thank you. We take the next question from the line of Prateek Kumar from Jefferies. Please go ahead. Good evening, sir. My first question is on your module sales. You've closed the year at 4.9 GW of sales. You have capacity of 4 GW, how should we understand your sales potential from your capacity? Typically, we understand that some of the peer companies are actually selling less than the rated capacity, but your volume seems much higher. How should we look at these volumes to understand this better? That is largely because of the demand that we have. The market, the participants in the market who are unable to utilize their capacity. We have a, you can say a quote-unquote, a tooling type arrangement. We use their capacity to sell higher than our capacity. You have tooling arrangement besides your rated capacity of 4 GW, which you use to sell to your customers as well? Yes. Yes. Yes. That's how we source. Okay. Timelines of, I think you talked about it, but timelines of the next 60 GW module and cell, can you just reiterate again? Safely assume that you start seeing some of the numbers towards the for module lines towards the second half of the year and then Sorry, the cell line, module line and then the cell line. We should complete in the second half. We will see the numbers from the next year onwards. Sure. The question is on your mining services segment. I think ended on a good note. How should we look at your full year expectation going forward? Like, when you're on, like, 60 million tons-50 million tons annualized before. How should we look at growth in next year or any year after that? We sort of ended the year at around 50. You can expect that we will be high double-digit growth next year as well. Say close to 20% mark. You said your rated capacity has, including the mines to be commercialized, has also moved to 145. Yes. Based on your mines which are already operational, it's 86. Is that the right number you said? No. It has, I think I gave you the exact number. Just bear with me for one second. Just one second. So the peak capacity of the mines that are already operating is 86.6. Of which we have this year produced for roughly 50. It is expected to go up by, say, high double digits, so close to, say, 20%. Okay. This quarter you started giving copper segment performance also. I think the EBITDA numbers are not mentioned in your highlights. What is the EBITDA number of copper segment this quarter? We had to report that from a technical view. This coming quarter we report first time as a separate line item. From the revenue point of view, we have to report given it met the revenue threshold given the revenue number. From an overall business point of view, we report from next quarter onwards. Sure. On Airport segment, in a strong exit to the year, when should we look at this company, this segment, looking to monetize, or not monetize, but the demerger which we have talked about in the past? Ladies and gentlemen, we have lost the line of the management. Please stay connected while I reconnect the management. Thank you. Ladies and gentlemen, we have the management line reconnected. Prateek, if you could please repeat your question for the management. Thank you. Yeah, thank you. Yeah, I was asking regarding the Airports segment you have exited this year on strong note. When should we look at demerger of this business which you have talked about in the past? I think from airport business plan point of view, Prateek, I think the airport team, the airport management will be ready by. They are comfortable around, say, 2027, 2028. Then for after that, you know, it's for AEL board to determine. I think from business point of view, the business will be ready around that period. This business, does this require like any separate investment from outside investors? I know you have your internal CapEx plan, running at INR 15,000 crore- INR 20,000 crore. Business has its plans laid out or funded plans are laid out. Is that better? Are investors interested in it? That's the question. Very much so, because it's a premier business of its type in Asia. Does the business need that from its own point of view? No, we are fully comfortable with the business plan as it is ourselves. That doesn't mean that there are people not interested. For the sake of disclosure, when it's appropriate, if there's anything, we will disclose to market. Lastly on airport itself, like we talked about INR 15,000 crores, INR 17,000 crores CapEx here. This goes on like what sub-projects? Given Navi Mumbai we completed this year, what are the sub-projects which we are looking at for FY 2027? Couple of key projects. Number one is the phase 2 of Navi Mumbai we have to start now. All the traffic projections of Navi Mumbai, MMR region shows that we will be filled with Navi Mumbai already in next 12-18 months. We are accelerating that project. The second big bucket of the CapEx will go to our city side development across five Mumbai, Navi Mumbai, Ahmedabad, Lucknow, Jaipur. We are building new terminal in Ahmedabad also with Commonwealth Games in sight for 2030. Sure. Thank you. I'll get back to the queue. Thank you. We take the next question from the line of Manish Somaiya from Cantor Fitzgerald. Please go ahead. Good evening, thank you for taking my questions. I did have a bit of a difficulty listening in to the opening comments because of a lot of disturbance on the line. Apologies if I'm repeating the questions. My first question is on the EBITDA conversion in the fourth quarter. I mean, obviously, you had, you know, decent revenue growth, EBITDA was down year-over-year, plus, you know, vis-a-vis our estimates. We touched on the commercial mining piece earlier in the call, perhaps if you can talk about integrated resources, you know, what happened there. Airports, I imagine, you know, some of the deviation is from the startup of Navi Mumbai. Roads in particular. If you can just help us understand, you know, what's going on, in some of those segments, that would be super helpful. More importantly, how we should think about 2027 for those segments. Manish, thank you. Just to go through with you. The overall consolidated EBITDA is flat, and I'll come to that point. On a quarter-to-quarter basis, there is a slight growth. Largely speaking, two things are happening here simultaneously. The core airport business, the EBITDA is well on a quarter-to-quarter basis. On a stable basis, if you look at it, is almost 50% higher. Roads business. As the road business transitions to majority of the risk-based assets online, which is Ganga Expressway, which has come online in April now. What you will have is that the, so it is the overall all four parts of it of the Ganga Expressway become the largest business within the road business only. That asset itself will add. The three assets, Navi Mumbai road and Kutch Copper itself will add close to just say we are guiding to INR 3,000, but around that in terms of. Roughly speaking, 16%-17% of the growth next year will just come from these three assets which have started operating. The conversion that you're seeing, EBITDA conversion is largely a accounting artifact. We book the assets, and the assets are now fully online. If you do a run rate on these assets, these assets would have on a run rate. If you were to report a run rate number on asset, we would have reported instead of 16, we would have reported a number close to 19. Assets operate only for one week or one day or two months, including the Iran, U.S. war issue for airport. Even then, if you just take the run rate, we are at a run rate already of about INR 19,000 crore EBITDA per year. Which is 20% close to just under 20% higher than the number that we have or accounting number we have. Okay. That's helpful. Maybe if I can ask you on your EBITDA mix. I think you highlighted 80% of EBITDA now comes from the core, the incubating businesses. How should we think about that mix over the next two to three years? The reason why we highlighted this is because this is we originally had outlined in our plan way back, you were not covering us at that stage in 2019. That if we stick to our plan, this is where we'll end up. I mean, of course, when we say that at that point in time, it is outlandish because the 68 and 12, 18 number was 12%. Okay. Having the, the idea was to just say that it happens in a methodical manner. Eventually we have a core infra and utility platform. As we go through our CapEx investment cycle, AEL will reflect the core infra and utility platform. If you look at Adani Group as a total, including AEL plus our other listed portfolio, we are about 82%, 25% core infra. Now AEL is mirroring that because its infra is taking precedence. The next two to three years, we expect these numbers to continue each higher a little bit. That's, so broadly speaking, this, it will mirror our core infra strategy, which is about four-fifths of our total business is in core infra. Okay. Got it. Lastly on the leverage and the funding. I did see headline around $1.5 billion of new capital raise across domestic international markets. If you can help us understand the use of funds, you know, how are you sort of thinking about staging that? More importantly, how should we think about leverage overall? I think right now you're at a 3.9 x. You know, as Navi Mumbai, Ganga Expressway, some of the other assets come online and contribute fully, you know, how should we think about the leverage profile of the business in 1-2 years? Yeah. Two questions there. Sorry, go on. No, go ahead. Yeah. If I parse your question in two parts. The way we look at the leverage profile is that for us, the first and foremost becomes that we have two fundamental risk profile in incubation. One is core infra and the other is metals, materials and mining. We handle them quite differently. For example, in core infra, which is platform, we have a net external debt of $45,000, which is about just under $5 billion. Against that, the regulatory asset base itself is just under INR 4 billion. It is heavily supported by the regulatory asset base. On the metal, material and mining, we have a net external debt of about INR 2 billion. Against where we call our operating assets, which are roughly round about INR 6 billion. We keep a low, very conservative leverage profile on the metal, material and mining side, given the vulnerabilities we face in those businesses, and we keep the normal core infra profile on the core infra side. We don't expect that to change. Our core infra will track the core infra. We guide to that is the core infra, while we are growing, we will be closer to the 3.5 - 4.5 range. Obviously we'll be lower in relation to the mining. We don't expect the numbers next year to be materially different from this, including our CapEx plan of about $4.5 billion. The 3.9 is likely to remain either flat or slightly down. Okay. There is a probability it's flat. Manish, does that answer all your questions? Yeah. Yes, I think, that's fine for now. I'll follow up separately. Thank you so much. You're welcome. Ladies and gentlemen, if you wish to ask a question, please press star and one. We take the next question from the line of Dhananjay Mishra from Sunidhi Securities. Please go ahead. Am I audible, sir? Yes. Yeah. Just one clarification. You said, we could have INR 3,000 crore incremental EBITDA from copper business and Navi Mumbai Airport and Ganga Expressway put together. Am I reading something wrong? No, no. Yeah, we will 100% have that. Sorry? We will close to 100% probability have that. That is not the peak EBITDA, right? That you're saying maybe for FY 2027. No. As the airport team mentioned, Navi Mumbai is still ramping up. It will ramp up in about 18 months. The peak EBITDA of Navi Mumbai itself will be closer to, in fact, it will approach this number itself. We are not, it's not peak number at all. New Navi Mumbai we have done close to INR 20,000 in the phase 1, right? It itself will be close to INR 3,000. INR 3,000. Yeah. Okay. Ganga Expressway, what is the total investment, and what could be the peak? Just over INR 15 thousand. Okay. Once we have. It itself is close to will be INR 1,800 CR. Copper itself will be close to just over INR 2,000 CR. Overall, these businesses will contribute with at peak capacity, somewhere between INR 6,000 CR-INR 6,800 CR. Okay. That number we can see in FY 2028, mostly? Towards the end of FY 2028. Okay. Great. Yeah. My second question in with respect to Adani New Industries ecosystem. We have INR 15,000 crore on top line. What is the breakup between solar and wind in that top line and EBITDA term? You can give me the wind numbers, wind turbine numbers or revenue anyway. No, I will give you. Just the solar EBITDA is roughly around INR 3,700 crore. Wind is INR 760-odd crore. Top line for the same? The top line is, just about INR 12,000 for solar, INR 3,700 for wind. Okay. Oh, that is helpful. Thank you. Thank you. We take the next question from the line of Deval Shah from RBSA Investment Management. Please go ahead. Yeah, hello. Good evening. Yeah. My question pertains to green hydrogen ecosystem. I just want a directional update on the progress of the green hydrogen. I guess I just wanted to know what is the plan for the electrolyzers and when we are ramping up and are we on the line to achieve our cost target for the GH2. Pertaining to that question only, since now it's the nuclear sector has been open for the private, are we even considering for the strategic purposes to have that as a base load backing our green hydrogen to bring the cost down structurally or are we considering that also as an option? That's the question pertaining to green hydrogen. Another question with regards to the road assets and just a little clarify, just on the bottom line of the road assets, why it has fallen from this year? First on the green hydrogen, firstly, our main focus is to get the integrated manufacturing complex up. Second, do the pre-prep and planning for the new site for the where the solar and wind assets will be. The electrolyzer testing is underway. We will once all of that is completed, we get good feedback, then we look at on to your latter part of the question. Once we are ready with that aspect of the business, which is finally the decision on implementing the green power and then the derivation of hydrogen later, I think that if you allow a certain time when we are ready to disclose the full operating details of that to the market, we once we have taken those decisions. At this point in time, like I said, first objective to have the integrated manufacturing facility up and running fully at full capacity, not just the current capacities. We are prepping all of the work that is required for the site for the renewable power. Beyond that, we have not made any final investment planning and decision on that. In relation to the road business, now that we have completed the majority of our road assets, it will become more standard form accounting treatment. Consequently, from the next year you'll get the baseline numbers of the road business and you will see a steady, more predictable growth profile, which we will outline once Ganga Expressway operates for the next five months. We will give a full-fledged briefing on that post as a February. Okay. Sorry, one more question on the CapEx. We are planning for almost INR 45,000 crores for CapEx for the next year. Do we have any further? INR 40,000. INR 40,000 crores, right? Yeah. Do we have any plan for further dilution or it's going to be more from the current expected cash generation? No dilution, I don't know what you mean by dilution. We do the rights issue, so it's not dilutive. No, we don't have any plan for any specific equity issuances for the business now. Okay. Okay. Thank you. Thank you. Thank you. Ladies and gentlemen, with that, we conclude the question and answer session. I now hand the conference over to the management for their closing comments. Yeah. Thank you, Ishan and Antique for organizing the meeting. Thank you to Manan team and thank you to Arun, our CEO for the Airports business for being part of the conference. You will see that Airports will continue to remain part of each one of our conferences because of the stage at which the business is, and we'll keep the market informed as close to action, as close to its events as is allowed within the disclosure limits. Once again, to Ishan and Antique, thank you so much. Thank you. On behalf of Antique Stock Broking Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your line.