1、India|Diversified IndustrialsAdani EnterprisesEquity ResearchJuly 22,2025 PrateekKumar*|Equity Analyst91 22 4224 6154|RaghavMalik*|Equity Associate91 22 4224 6316|FY(Mar)2026E2027E2028EEBITDA(MM)190,937.6245,581.0272,945.4DPS1.201.201.20Net Profit51,851.974,020.980,901.6ROAE9.4%11.2%10.9%Tailwinds f
2、rom multiple developments inAirport businessAdani Airports(AAHL,sub of ADE)has seen key milestones recently.AERAapproved a new tariff order for MIAL and an interim tariff for NMIAL,whichwill aid Rev/profit visibility.In a legal win,TDSAT ruled in MIALs favor,which could imply higher tariff if final
3、ruling is also favourable.MIAL securedUSD1bn financing,among other fundraises at group level.Soon,Co willcommission the NMIAL Airport,embarking on next phase of Mumbaisdualairport model.Recent TDSAT Ruling could imply higher tariffs at AAHLs Mumbai Intl Airport(MIAL):TDSAT recently quashed AERAs ear
4、lier HRAB calculation for MIAL(like for DIAL)Airport,further directing a fresh computation.HRAB,a notional asset base,was key to setting aerotariffs in Control Period(CP)-1,and TDSAT has held AERAs method as incorrect to calculateHRAB.TDSAT has asked AERA to finalize the issue and implications withi
5、n next 6 weeks.If thefinal ruling favours MIAL,the revised HRAB could significantly raise allowable tariff recoverydue to past under-recoveries.Evolving Regulatory Regime for Airport Privatisation:Adani Group via ADE entered the AirportBusiness in 2019/20 when it qualified as highest bidder for 6 br
6、ownfield airports.Later in 2021,ADE via AAHL(the airport sub)acquired MIAL Airport from GVK Airport consortium(who wasawarded MIAL in 2006).The regulatory regime in India for airport privatization was significantlydifferent in 2020,when ADE was awarded 6 airports,vs 2006,when GVK was awarded the MIA