Adani Enterprises Ltd (AEL) expects to begin the demerger of its incubating businesses from FY28 onwards and plans to invest ₹35,000-40,000 crore annually over the next five years as it continues to build new infrastructure and utility platforms, Group CFO Jugeshinder Singh said on Wednesday.
“We are confident with where Adani Airports is. We are confident with the timeline of FY28-29 for the demerger process to begin of the currently incubating businesses. So from FY28 onwards our new businesses will start demerging from Adani Enterprises,” Singh said while responding to shareholder queries at the company’s annual general meeting. Adani Enterprises serves as the group’s incubation platform, housing businesses in sectors such as airports, roads, data centres, green hydrogen and other emerging infrastructure segments before they are scaled up and eventually spun off into independent listed entities.
Adani Enterprises has historically served as the group’s incubation platform, housing businesses before they are spun off into independently listed companies. In 2015, the company demerged its ports, power and transmission businesses into separate listed entities, including Adani Ports and Special Economic Zone, Adani Power and Adani Transmission (now Adani Energy Solutions). This was followed by the listing of Adani Green Energy and Adani Gas (now Adani Total Gas) in 2018.
Citing the track record of these businesses, Singh said five of the entities that have previously emerged from Adani Enterprises now collectively generate more than $7.5 billion in EBITDA. “Five of these companies have over $7.5 billion of EBITDA. Four of them individually are greater than $1 billion in EBITDA. In this manner we continue for the future,” he said.
According to figures shared during the AGM, Adani Ports and Special Economic Zone has a market capitalisation of about $32.1 billion and EBITDA of $2.7 billion, while Adani Power’s market value stands at $30.7 billion with EBITDA of $2.5 billion. Adani Green Energy has a market capitalisation of $14.1 billion and EBITDA of $1.3 billion. Singh said the next phase of value creation would come from businesses currently being incubated within Adani Enterprises, including airports, roads and digital infrastructure. “We expect EBITDA profile to increase by 2.8 to 3 times in the next three years,” he said.
Singh said the company remains focused on allocating capital only to businesses capable of generating returns above its cost of capital. “For each of the businesses that are in AEL, we have a certain cost of capital and we would like to invest in those businesses if we can earn greater than our cost of capital. You can see from our overall rate of return that we published — our rate of return on assets is comfortably above our cost of capital,” he said.
He added that while market valuations may not always immediately reflect the underlying value being created, the long-term worth of the assets under development would eventually be recognised. “So long term, the value will catch up to the value of the underlying assets that are being developed,” Singh said.
Addressing shareholder concerns over stock price volatility, the CFO said the company remains focused on timely and transparent disclosures. “While we do not have control over the excessive volatility of the share price, what we try to do is make sure that all relevant information is disseminated to the market appropriately and in time and at all forums where it needs to go,” he said.
On future investments, Singh said Adani Enterprises plans to maintain a high level of capital expenditure as several businesses move through their growth phase. “We will invest close to ₹35,000-40,000 crore this year. We are on track to do that and we invest at a rate of return of 15 per cent. This investment cycle will continue for the next five years,” he said.
Earlier in his address to shareholders, Adani Group Chairman Gautam Adani said the conglomerate had invested a record ₹1.5 lakh crore in infrastructure during FY26, which he claimed accounted for more than 30 per cent of India’s total private-sector capital expenditure for the year. Describing FY26 as a year of “extraordinary scrutiny”, Adani said the group continued to expand across energy, logistics, airports, ports, data centres, mining, defence and industrial manufacturing despite global uncertainties and geopolitical disruptions.
He also highlighted ongoing investments across businesses, including Adani Power’s planned expansion to 45 GW over the next five years, the group’s target of building a 3 GW data centre platform by 2030 and Adani Ports’ ambition to handle one billion tonnes of cargo annually by the end of the decade. For FY26, the Adani Group reported consolidated revenue of ₹2.92 lakh crore, EBITDA of ₹94,834 crore and profit after tax of ₹46,376 crore.