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Every ratio from the Fundamental Analysis track, computed on a real company and annotated with what the number actually means. Then the three financial statements, so you can do the cash-flow check yourself.
Adani Enterprises Limited, together with its subsidiaries, operates in the new energy ecosystem, data center, airports, roads, copper and PVC, and other sectors in India and internationally. It operates through the Integrated Resources Management (IRM), Mining Services, Commercial Mining, New Energy Ecosystem, Airport, Road, copper, and Others segments. The company engages in the integrated ecosystem for manufacturing green hydrogen, including solar cells, modules, and wind turbine generators; construction, operation, and maintenance of airports and road assets; commercial mining activities; supply of bunker fuels to shipping vessels; manufacture and supply of defense equipment; copper cathodes and cast rods; digital labs; and copper smelting and refinery, as well metals manufacturing. It also provides procurement and logistics services for minerals, as well as mining services. In addition, the company is involved in the sourcing, storage, and marketing of apples, grapes, pomegranates, stone fruits, digital mandi, and frozen peas; wastewater treatment, recycling, reuse projects; the operation of a news network; and Infrastructure Development and Water Resource Management. Further, it holds a portfolio of small arms, ammunition, unmanned aerial vehicles, counter-drone systems, missiles, and aircraft services. It also provides education, training and skill development. The company has strategic alliance with Jabil Inc. to build AI data center infrastructure platform in India. Adani Enterprises Limited was formerly known as Adani Exports Ltd. and changed its name to Adani Enterprises Limited in September 2006. The company was founded in 1988 and is headquartered in Ahmedabad, India.
How the price compares to earnings, assets and cash generation.
You are paying 50.5 years of current profit for each share. The earnings yield is 2.0%. The tracked Power & Utilities median is 29.7× (n=5), so this trades richer than its peers.
The market values the company at 4.5× its accounting net worth. High is normal for asset-light businesses and unusual for banks.
This is the only common multiple that accounts for debt — it is what an actual acquirer would look at, because they would inherit the borrowings.
Pays 0.04% of the current price out each year. Remember that yield rises when price falls — check the dividend is covered by cash flow.
Based on the next-year earnings estimate — 42.8× against 50.5× trailing. A forward P/E well below trailing is pricing in an earnings jump; treat the forecast with caution.
You pay 3.4× annual sales. Useful when earnings are depressed or negative and P/E breaks down — but a high multiple needs high margins to justify it.
Returns on capital and margins, the numerical shadow of a moat.
Not available.
Not available.
Keeps ₹9.4 of operating profit from every ₹100 of sales. Compare only against companies in the same industry.
Sustained high net margins are evidence that something is stopping competitors from competing the profits away.
Keeps ₹43.3 of gross profit per ₹100 of sales, before operating costs. A high, stable gross margin is the clearest single sign of pricing power.
Leverage and liquidity. This is where fragility shows up first.
A conservative balance sheet that can absorb a downturn without a crisis.
Not available.
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Against cash of ₹9808.40 Cr. Net debt is what matters, not gross borrowings.
Not available.
Revenue and earnings momentum, and how the two compare.
Ask where the growth came from: more volume, higher prices, or an acquisition. They are very different in quality.
Not available.
EBITDA of ₹14954.58 Cr and operating cash flow of —.
Not available.
The figures quoted per share, and how much profit is handed back to owners.
₹55.77 of profit earned per share over the last twelve months. Price divided by this is the trailing P/E.
The accounting net worth behind each share is ₹626.03; price-to-book compares the market price with this.
Pays out 2% of profit as dividends and retains the rest. Above roughly 85% leaves little to reinvest and is hard to sustain through a weak year.
Market cap plus net debt — closer to what an acquirer actually pays. Against a market cap of ₹3,81,317 Cr.
Nine yes/no tests of profitability, funding and efficiency across the last two years; higher is stronger. A test is dropped only where the data is missing, so the score is out of 9.
NOPAT ÷ invested capital. What the business earns on all its capital, debt and equity — harder to flatter with leverage than ROE.
A company creates value only when ROIC clears its cost of capital (WACC) — judge this figure against the company’s cost of capital, and watch the trend across years.
Five weighted ratios in one bankruptcy early-warning number. Read the zone and, over time, the trend.
In the grey zone — some concern; the direction of travel matters more than the level here.
Reported figures, most recent year first. All values in rupees.
| FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | ₹1,00,267 Cr | ₹97711.08 Cr | ₹96316.15 Cr | ₹1,27,390 Cr |
| Cost of revenue | ₹74066.09 Cr | ₹64950.26 Cr | ₹65167.31 Cr | ₹1,06,772 Cr |
| Gross profit | ₹26200.93 Cr | ₹32760.82 Cr | ₹31148.84 Cr | ₹20618.00 Cr |
| Operating expenses | ₹17763.17 Cr | ₹22317.73 Cr | ₹22135.97 Cr | ₹13790.02 Cr |
| Operating income | ₹8437.76 Cr | ₹10443.09 Cr | ₹9012.87 Cr | ₹6827.98 Cr |
| Interest expense | ₹6392.91 Cr | ₹4887.60 Cr | ₹3719.46 Cr | ₹3003.37 Cr |
| Pre-tax income | ₹13524.66 Cr | ₹10478.74 Cr | ₹4924.91 Cr | ₹3237.92 Cr |
| Tax | ₹3831.15 Cr | ₹2968.52 Cr | ₹1631.51 Cr | ₹1037.94 Cr |
| Net profit | ₹9339.47 Cr | ₹7099.00 Cr | ₹3240.78 Cr | ₹2463.98 Cr |