# Adani Enterprises (ADANIENT.NSE)

Canonical: https://gigainvestors.com/s/ADANIENT.NSE

Analysis as of: 2026-10-16T07:33:23.005Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 2,700.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.40×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.04×

- FY2021: 0.05×

- FY2022: 0.04×

- FY2023: 0.05×

- FY2024: 0.09×

- FY2025: 0.10×

- FY2026: 0.08×

### moat: fail

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.4%

- ROIC, second-lowest year: 3.2%

- Conservative return floor, median: 4.1%

- Conservative return floor, second lowest: 3.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.2%

- ROIC including acquisitions, ten-year median: -8.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 2.7%

- FY2023: 5.4%

- FY2024: 5.8%

- FY2025: 5.4%

- FY2026: 3.2%

### economics: fail

- Cash conversion uses consolidated free cash flow after all capital expenditure and consolidated net income (informational).

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -3.32×

- Cash conversion uses consolidated totals: Yes

- Owner earnings, five-year total: INR -813B

- Net income, five-year total: INR 245B

- Return on incremental invested capital: 4.0%

- Working capital / revenue, annual change: -2.2 pp

- Working capital / revenue, change between three-year averages: -15.8 pp

- Working capital / revenue, final three-year average: -1.0%

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- Per-share earnings: 8.02 to 60.55 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: 2.7%

- Market cap gain: INR 2.13T

- Cumulative retained earnings: INR 250B

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 2.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 28.7%

- Per-share value change: INR 52.53

- Per-share value, starting three-year median: INR 8.02

- Per-share value, ending three-year median: INR 60.55

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 14.8%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: INR 275B

- ROIC, last three-year median: 5.4%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 8.02

- FY2018: INR 6.89

- FY2019: INR 5.69

- FY2020: INR 10.35

- FY2021: INR 8.39

- FY2022: INR 7.06

- FY2023: INR 21.78

- FY2024: INR 27.24

- FY2025: INR 60.55

- FY2026: INR 74.45

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: 2.7%

- Receivables to sales index (DSRI): 1.27×

- Restructuring years, last five: 4

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.25×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.20×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 0.4%

- FY2018: -3.9%

- FY2019: -5.9%

- FY2020: -2.8%

- FY2021: -6.0%

- FY2022: -0.6%

- FY2023: -10.7%

- FY2024: -4.4%

- FY2025: 1.3%

- FY2026: 2.7%

## Holders

## Price story

Down 31% since Nov 2022 · sales +2.6%

Story as of 2026-10-16T09:59:55.848Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +2.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 365B 

- FY2018: INR 359B 

- FY2019: INR 404B 

- FY2020: INR 434B 

- FY2021: INR 395B 

- FY2022: INR 694B 

- FY2023: INR 1.28T 

- FY2024: INR 964B 

- FY2025: INR 979B 

- FY2026: INR 1.00T 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in trading minerals; annual sales are INR 1 trillion.

- Source: https://www.screener.in/company/ADANIENT/consolidated/ (filed 2026-10-16T07:33:23.005Z); FY2026: revenue 1004690000000; operatingIncome 78560000000; margin = operatingIncome / revenue.

### Why customers stay

Margins ranged from 7.8% to 10.3% during 2024–26; it earns 5.4% on its capital.

- Source: https://www.screener.in/company/ADANIENT/consolidated/ (filed 2026-10-16T07:33:23.005Z); FY2024: operatingIncome / revenue = 8.6%.

- Source: https://www.screener.in/company/ADANIENT/consolidated/ (filed 2026-10-16T07:33:23.005Z); FY2025: operatingIncome / revenue = 10.3%.

- Source: https://www.screener.in/company/ADANIENT/consolidated/ (filed 2026-10-16T07:33:23.005Z); FY2026: operatingIncome / revenue = 7.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.005Z); 10-year return on capital observations [[2022,0.026874419053827304],[2023,0.054253890244060986],[2024,0.05800339205253453],[2025,0.05405695199491248],[2026,0.03179925416527829]]; median 0.05405695199491248. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years.

- Source: https://www.screener.in/company/ADANIENT/consolidated/ (filed 2026-10-16T07:33:23.005Z); FY2019: growth capex 13820000000; upkeep 3900000000; owner earnings 7170000000. Growth capex / owner earnings = 1.9274755927475593.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.005Z); Dividend observations: [[2018,530000000],[2019,530000000],[2020,1860000000],[2022,1100000000],[2023,1140000000],[2024,1370000000],[2025,1480000000],[2026,6400000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 3.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.005Z); Closing price 2700 INR; reporting-to-trading FX 1; FY2026 annual sales per share 800.9466861540176; price multiple 3.371010888333715. FY2026 cash earnings/share -141.95556575540706. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2016-11: INR 37.08 per share

- 2016-12: INR 41.71 per share

- 2017-01: INR 47.49 per share

- 2017-02: INR 53.67 per share

- 2017-03: INR 59.15 per share

- 2017-04: INR 59.37 per share

- 2017-05: INR 63.64 per share

- 2017-06: INR 72.25 per share

- 2017-07: INR 75.14 per share

- 2017-08: INR 72.23 per share

- 2017-09: INR 63.37 per share

- 2017-10: INR 72.09 per share

- 2017-11: INR 79.88 per share

- 2017-12: INR 90.64 per share

- 2018-01: INR 116.17 per share

- 2018-02: INR 110.91 per share

- 2018-03: INR 85.22 per share

- 2018-04: INR 89.89 per share

- 2018-05: INR 77.64 per share

- 2018-06: INR 72.60 per share

- 2018-07: INR 125.40 per share

- 2018-08: INR 144.53 per share

- 2018-09: INR 130.60 per share

- 2018-10: INR 170.00 per share

- 2018-11: INR 165.00 per share

- 2018-12: INR 161.00 per share

- 2019-01: INR 137.15 per share

- 2019-02: INR 128.85 per share

- 2019-03: INR 146.75 per share

- 2019-04: INR 127.05 per share

- 2019-05: INR 154.75 per share

- 2019-06: INR 150.50 per share

- 2019-07: INR 128.80 per share

- 2019-08: INR 137.35 per share

- 2019-09: INR 145.85 per share

- 2019-10: INR 199.65 per share

- 2019-11: INR 214.90 per share

- 2019-12: INR 208.35 per share

- 2020-01: INR 229.45 per share

- 2020-02: INR 218.65 per share

- 2020-03: INR 137.60 per share

- 2020-04: INR 141.40 per share

- 2020-05: INR 148.35 per share

- 2020-06: INR 156.25 per share

- 2020-07: INR 175.25 per share

- 2020-08: INR 279.55 per share

- 2020-09: INR 297.10 per share

- 2020-10: INR 339.70 per share

- 2020-11: INR 398.40 per share

- 2020-12: INR 479.55 per share

- 2021-01: INR 506.65 per share

- 2021-02: INR 833.65 per share

- 2021-03: INR 1,031.15 per share

- 2021-04: INR 1,158.70 per share

- 2021-05: INR 1,316.30 per share

- 2021-06: INR 1,507.55 per share

- 2021-07: INR 1,420.25 per share

- 2021-08: INR 1,587.60 per share

- 2021-09: INR 1,468.10 per share

- 2021-10: INR 1,423.60 per share

- 2021-11: INR 1,662.85 per share

- 2021-12: INR 1,709.45 per share

- 2022-01: INR 1,714.95 per share

- 2022-02: INR 1,644.45 per share

- 2022-03: INR 2,014.75 per share

- 2022-04: INR 2,332.00 per share

- 2022-05: INR 2,167.55 per share

- 2022-06: INR 2,190.90 per share

- 2022-07: INR 2,569.20 per share

- 2022-08: INR 3,194.35 per share

- 2022-09: INR 3,455.75 per share

- 2022-10: INR 3,347.45 per share

- 2022-11: INR 3,917.90 per share

- 2022-12: INR 3,858.35 per share

- 2023-01: INR 2,973.90 per share

- 2023-02: INR 1,363.85 per share

- 2023-03: INR 1,750.45 per share

- 2023-04: INR 1,924.95 per share

- 2023-05: INR 2,493.35 per share

- 2023-06: INR 2,388.05 per share

- 2023-07: INR 2,492.20 per share

- 2023-08: INR 2,419.25 per share

- 2023-09: INR 2,413.90 per share

- 2023-10: INR 2,294.65 per share

- 2023-11: INR 2,358.55 per share

- 2023-12: INR 2,848.95 per share

- 2024-01: INR 3,142.00 per share

- 2024-02: INR 3,285.40 per share

- 2024-03: INR 3,197.10 per share

- 2024-04: INR 3,054.70 per share

- 2024-05: INR 3,411.35 per share

- 2024-06: INR 3,177.15 per share

- 2024-07: INR 3,169.40 per share

- 2024-08: INR 3,019.35 per share

- 2024-09: INR 3,135.85 per share

- 2024-10: INR 2,947.25 per share

- 2024-11: INR 2,463.15 per share

- 2024-12: INR 2,528.65 per share

- 2025-01: INR 2,287.80 per share

- 2025-02: INR 2,096.00 per share

- 2025-03: INR 2,315.80 per share

- 2025-04: INR 2,301.30 per share

- 2025-05: INR 2,519.90 per share

- 2025-06: INR 2,619.40 per share

- 2025-07: INR 2,430.70 per share

- 2025-08: INR 2,244.70 per share

- 2025-09: INR 2,505.90 per share

- 2025-10: INR 2,481.00 per share

- 2025-11: INR 2,280.20 per share

- 2025-12: INR 2,239.70 per share

- 2026-01: INR 2,020.40 per share

- 2026-02: INR 2,161.80 per share

- 2026-03: INR 1,758.80 per share

- 2026-04: INR 2,408.40 per share

- 2026-05: INR 2,937.40 per share

- 2026-06: INR 3,036.00 per share

- 2026-07: INR 3,009.50 per share

- 2026-08: INR 2,859.10 per share

- 2026-09: INR 2,903.40 per share

- 2026-10: INR 2,700.00 per share

## Annual estimated value (INR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:08.606Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations