Adani Enterprises Limited

ADANIENT.NS

Conglomerates · Industrials

Price

₹2998.60

+1.60 (+0.05%)

Market Cap

₹4.06T

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 25, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Weak

Stability

Weak

Valuation

Good

Dividends

Good

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Share count rising — dilution

+15.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.10B (2022) → 1.27B (2026)

Winston Score History

The full picture

Adani Enterprises is the flagship company of India's Adani Group, one of the country's largest conglomerates. It acts as an incubator for new businesses within the group, spanning coal trading and mining, airport management, road infrastructure, data centers, and green hydrogen. The company operates several of India's major airports and is one of the largest coal traders in the country.

Adani Enterprises makes money through a mix of commodity trading, infrastructure services, and long-term concession agreements with the Indian government. It operates primarily in India with some international mining and trading operations. The company benefits from its close ties to India's rapid infrastructure buildout, giving it access to large-scale government contracts. Key growth drivers include its push into green energy and data centers, but the business faces risks from high debt levels, regulatory scrutiny, and its exposure to fossil fuel markets as the global energy transition accelerates.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+20.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-105.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

73.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹375.9B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Adani Enterprises Limited is a rare growth stock that's already generating positive cash flow while growing at 20%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

30.9%

Modest — 30.9% gross margin

Profit after running costs

Operating Margin

9.4%

Modest — 9.4% operating margin

Return on the money invested

ROCE

10.0%

Below par — 10.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+18.1%

Fast-growing sales (+18.1% YoY)

Profit growth

EPS YoY

+17.6%

Earnings growing fast (+17.6% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 8% of profit becomes cash

Spare cash per sale

FCF Margin

-11.2%

Burning cash (-11.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

1.14x

Dangerous — barely covers interest (1.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

46.9x

Expensive — P/E 46.9

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+10.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (46.9 → 36.2)

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Dividends

Dividend

Dividend Yield

0.04%

Small dividend — 0.04% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+50.2%

Dividend growing fast (50.2% YoY)

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