Yash Bagthariya BSE : 512599 NSE : ADANIENT

FINANCIAL
MODELING
REPORT
( A Comprehensive DCF and Comparable Comps Valuation )
Table of Contents
Historical
01 Statement

Common Size
02 Statement

03 Ratio Analysis

04 Forcasting

05 Beat Drifting

06 WACC

07 DCF Valuation

Comparable
08 Comps Valuation

09 VAR & Simulation

10 Dupont Analysis
 ADANI ENTERPRISES LTD
BSE :512599 NSE :ADANIENT
INR 3110.65
52 Week (High - INR 3,7442 & Low - 2,142)

Company Overview Founded : Since 1988

Adani Enterprises Limited (AEL) is an Indian multinational publicly-listed holding company and a part of Adani Group. It is Founder : Gautam Adani
headquartered in Ahmedabad and primarily involved in mining and trading of coal and iron ore. Through its various Headquarters : Ahmedabad, India.
subsidiaries, it also has business interests in airport operations, edible oils, road, rail and water infrastructure, data centers, Industry : Mining, IRM, Infra, Energy, Agro etc.
and solar manufacturing, among others. The company was incorporated in 1993 under the name Adani Exports Limited. It Marketshare : -
mainly deals with the group's integrated resources management, power trading, and natural resources businesses on a Areas Served : India
standalone basis. Its general purpose is to act as an in-house incubator for Adani Group's new businesses until they become
self-sustainable.
INR (Crs.)
Key Financial Metrics Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Share Price - 5Y

Total Sales ₹ 43,402.56 ₹ 39,537.13 ₹ 69,420.18 ₹ 1,27,539.50 ₹ 96,420.98

Sales Growth (y-o-y) 7.49% -8.91% 75.58% 83.72% -24.40% ₹ 4,000.00
Gross Profit Margin (%) 11.36% 10.34% 9.61% 13.94% 21.65%
EBITDA Margins (%) 6.08% 4.00% 4.26% 7.02% 9.85% ₹ 3,000.00
EBIT Margins (%) 4.20% 4.98% 3.55% 5.00% 8.64%
₹ 2,000.00
Net Profit Margins (%) -0.17% 0.64% -0.77% 1.08% 2.23%
Earning Per Share (In Rs.) -₹ 0.68 ₹ 2.29 -₹ 4.88 ₹ 12.06 ₹ 18.84
₹ 1,000.00
EPS Growth (y-o-y) -60.89% -439.09% -312.98% -347.09% 56.27%
Dividend per Share (In Rs.) ₹ 1.00 ₹ 1.00 ₹ 1.00 ₹ 1.20 ₹ 1.30 ₹ 0.00
DPS Growth (y-o-y) 150.01% 0.00% 0.00% 20.00% 8.33% 2019 2020 2021 2022 2023 2024

Key Financial Metrics Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Volume - 5Y

60m
P/E Ratio -203.62x 450.01x -412.83x 145.16x 169.66x
50m
EV/EBITDA 10.54x 51.01x 69.82x 28.05x 37.16x 40m
EV/Sales 1.61x 0.68x 0.74x 0.76x 0.64x 30m
Price To Book Value 0.89x 6.61x 9.96x 6.04x 9.33x 20m
Return On Equity (%) 24% 13% 21% 25% 23% 10m
Return On Capital Employed (%) 23% 13% 23% 27% 37% 0m
2019 2020 2021 2022 2023

Top 10. Shareholders No. Of Shares (In Crs) (%) Holding Market Value (In Crs) ShareHolding Pattern

Gautambhai Shantilal Adani & Rajeshbhai

Shantilal Adani 57.33 50.29% 1,78,334
Promoters 74.72%
Adani Tradeline Private Limited 9.95 8.73% 30,951
Life insurance Corporation Of India 4.65 4.07% 14,465
Green Eneterprises Investment Holding Rsc 4.02 3.53% 12,505 FIIs 11.73%
Limited
Kempas Trade and Investment Ltd 3.70 3.25% 11,509
Flourishing Trade and Investments Ltd. 3.39 2.98% 10,545 DIIs 6.02%
Worldwide Emerging Market Holding Limited 3.02 2.65% 9,394
Afro Asia Trade and Investments Limited 3.02 2.65% 9,394
Public & Govt. 7.53%
Infinite Trade and Investments Ltd 2.43 2.13% 7,559
Goldman Sachs Trust li - Goldman Sachs Gqg Partners Internatio 2.22 1.95% 6,906
Managerial Remuneration Designation Remuneration (In Crs) X Of Median Salary Capital Structure
Mr Gautam S. Adani Chairman 2.46 21.6x Share Price on XXX 3110.65
Mr Rajesh S. Adani VC/NED 8.37 32.1x Number of Shares O/S 114
Mr Pranav V. Adani MD&CEO 6.46 17.2x Market Capitalization 3,54,614
Mr Hemant Nerukar Non- Ex. Director 89.37 55.9x Less: Cash & Equivalents (7,068.48)
Mr V. Subramanian Non- Ex. Director 3.5 2.7x Add: Total Debt 65,310
Mr Narendra Mairpady Ind. Director 16.56 1.5x Add: Minority Interest 5110
Dr Omkar Goswami Ind. Director 26.25 2.4x Enterprise Value 4,17,966

Recent Updates

• Adani Enterprises launched a Qualified Institutional Placement to raise $500 million, priced at Rs 3,117.48 per share.
•Adani Enterprises' stock gained 3.62% over the past month, despite a 4.55% decline over the last six months.
• For FY 2023-24, Adani Enterprises reported a net profit of Rs 2,200 crore.
• The company's sales revenue for FY 2023-24 amounted to Rs 20,000 crore.
• Currently, Adani Enterprises' market capitalization stands at a notable Rs 3,00,000 crore.
• The stock price for the QIP initiative is set at Rs 3,117.48 per share.
• The company plans to raise between Rs 30,000 and Rs 40,000 crore from retail investors over the next 3-4 years

Prepared By: Yash Bagthariya

 ADANI ENTERPRISES LTD
BSE :512599 NSE :ADANIENT

Historical Financial Statement

Historical Financial Statement - ADANI ENTERPRISES LTD

Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Income Statement
Sales ₹ 64,465.36 ₹ 34,008.38 ₹ 36,532.86 ₹ 35,923.92 ₹ 40,378.66 ₹ 43,402.56 ₹ 39,537.13 ₹ 69,420.18 ₹ 1,27,539.50 ₹ 96,420.98
Sales Growth - -47.25% 7.42% -1.67% 12.40% 7.49% -8.91% 75.58% 83.72% -24.40%

COGS ₹ 48,247.85 ₹ 30,664.20 ₹ 33,410.81 ₹ 32,775.11 ₹ 36,535.61 ₹ 38,471.08 ₹ 35,449.46 ₹ 62,752.15 ₹ 1,09,762.22 ₹ 75,543.69
COGS % Sales 74.84% 90.17% 91.45% 91.23% 90.48% 88.64% 89.66% 90.39% 86.06% 78.35%

Gross Profit ₹ 16,217.51 ₹ 3,344.18 ₹ 3,122.05 ₹ 3,148.81 ₹ 3,843.05 ₹ 4,931.48 ₹ 4,087.67 ₹ 6,668.03 ₹ 17,777.28 ₹ 20,877.29
Gross Margins 25.16% 9.83% 8.55% 8.77% 9.52% 11.36% 10.34% 9.61% 13.94% 21.65%

Selling & General Expenses ₹ 3,767.61 ₹ 1,660.59 ₹ 1,219.82 ₹ 1,111.10 ₹ 1,873.71 ₹ 2,637.09 ₹ 1,582.02 ₹ 2,954.43 ₹ 8,959.59 ₹ 9,500.69
S&G Exp. % Sales 5.84% 4.88% 3.34% 3.09% 4.64% 6.08% 4.00% 4.26% 7.02% 9.85%

EBITDA ₹ 12,449.90 ₹ 1,683.59 ₹ 1,902.23 ₹ 2,037.71 ₹ 1,969.34 ₹ 2,294.39 ₹ 2,505.65 ₹ 3,713.60 ₹ 8,817.69 ₹ 11,376.60
EBITDA Margins 5.84% 4.88% 3.34% 3.09% 4.64% 6.08% 4.00% 4.26% 7.02% 9.85%

Interest ₹ 7,056.29 ₹ 1,356.99 ₹ 1,257.31 ₹ 1,250.17 ₹ 1,625.07 ₹ 1,572.32 ₹ 1,376.85 ₹ 2,525.88 ₹ 3,968.90 ₹ 4,554.70
Interest % Sales 10.95% 3.99% 3.44% 3.48% 4.02% 3.62% 3.48% 3.64% 3.11% 4.72%

Depreciation ₹ 3,521.86 ₹ 314.45 ₹ 315.46 ₹ 663.92 ₹ 389.77 ₹ 472.06 ₹ 537.14 ₹ 1,247.78 ₹ 2,436.14 ₹ 3,042.15
Depreciation % Sales 5.46% 0.92% 0.86% 1.85% 0.97% 1.09% 1.36% 1.80% 1.91% 3.16%

Earning Before Tax ₹ 1,871.75 ₹ 12.15 ₹ 329.46 ₹ 123.62 ₹( 45.50) ₹ 250.01 ₹ 591.66 ₹( 60.06) ₹ 2,412.65 ₹ 3,779.75
EBT Margins 2.90% 0.04% 0.90% 0.34% -0.11% 0.58% 1.50% -0.09% 1.89% 3.92%

Tax ₹ 365.39 ₹ 77.94 ₹ 271.15 ₹ 112.11 ₹ 144.54 ₹ 324.33 ₹ 339.65 ₹ 476.68 ₹ 1,037.94 ₹ 1,631.51
Effective Tax Rate 19.52% 641.48% 82.30% 90.69% -317.67% 129.73% 57.41% -793.67% 43.02% 43.16%

Net Profit ₹ 1,506.36 ₹( 65.79) ₹ 58.31 ₹ 11.51 ₹( 190.04) ₹( 74.32) ₹ 252.01 ₹( 536.74) ₹ 1,374.71 ₹ 2,148.24
Net Margin 2.34% -0.19% 0.16% 0.03% -0.47% -0.17% 0.64% -0.77% 1.08% 2.23%

No of Equity Shares 109.98 109.98 109.98 109.98 109.98 109.98 109.98 109.98 114.00 114.00

Earnings per Shares ₹ 13.70 ₹( 0.60) ₹ 0.53 ₹ 0.10 ₹( 1.73) ₹( 0.68) ₹ 2.29 ₹( 4.88) ₹ 12.06 ₹ 18.84
EPS Growth % - -104.37% -188.63% -80.26% -1751.09% -60.89% -439.09% -312.98% -347.09% 56.27%

Dividend per Shares ₹ 1.40 ₹ 0.40 ₹ 0.40 ₹ 0.40 ₹ 0.40 ₹ 1.00 ₹ 1.00 ₹ 1.00 ₹ 1.20 ₹ 1.30
Dividend Payout Ratio 10.22% -66.86% 75.44% 382.19% -23.15% -147.98% 43.64% -20.49% 9.95% 6.90%

Retained Earnings 89.78% 0.00% 24.56% 0.00% 0.00% 0.00% 56.36% 0.00% 90.05% 93.10%

Balance Sheet
Equity Share Capital ₹ 109.98 ₹ 109.98 ₹ 109.98 ₹ 109.98 ₹ 109.98 ₹ 109.98 ₹ 109.98 ₹ 109.98 ₹ 114.00 ₹ 114.00
Reserves ₹ 25,617.83 ₹ 13,267.63 ₹ 14,025.99 ₹ 14,979.19 ₹ 14,645.96 ₹ 16,836.59 ₹ 17,048.59 ₹ 22,146.53 ₹ 32,937.01 ₹ 38,962.09
Borrowings ₹ 83,570.64 ₹ 19,169.35 ₹ 20,845.72 ₹ 17,636.69 ₹ 11,243.20 ₹ 12,419.30 ₹ 16,227.06 ₹ 41,604.03 ₹ 53,200.46 ₹ 65,310.15
Other Liabilities ₹ 21,419.74 ₹ 9,132.42 ₹ 12,629.78 ₹ 23,679.48 ₹ 16,537.04 ₹ 17,509.19 ₹ 18,231.09 ₹ 37,725.82 ₹ 55,027.01 ₹ 56,200.00
Total Liabilities ₹ 1,30,718.19 ₹ 41,679.38 ₹ 47,611.47 ₹ 56,405.34 ₹ 42,536.18 ₹ 46,875.06 ₹ 51,616.72 ₹ 1,01,586.36 ₹ 1,41,278.48 ₹ 1,60,586.24

Fixed Assets Net Block ₹ 83,834.04 ₹ 10,473.30 ₹ 13,667.98 ₹ 10,555.19 ₹ 9,020.11 ₹ 10,476.46 ₹ 10,837.61 ₹ 30,122.77 ₹ 56,881.13 ₹ 65,978.30
Capital Work In Progress ₹ 6,733.02 ₹ 7,704.94 ₹ 7,731.49 ₹ 5,525.87 ₹ 5,764.92 ₹ 7,346.73 ₹ 8,825.46 ₹ 23,544.42 ₹ 24,025.21 ₹ 35,179.50
Investments ₹ 744.11 ₹ 804.95 ₹ 1,041.75 ₹ 1,460.72 ₹ 1,511.35 ₹ 1,952.49 ₹ 5,502.94 ₹ 4,292.21 ₹ 6,310.17 ₹ 8,700.69
Other Assets ₹ 16,355.15 ₹ 9,669.45 ₹ 9,061.51 ₹ 22,537.98 ₹ 7,554.67 ₹ 8,013.80 ₹ 10,900.20 ₹ 19,210.63 ₹ 29,217.35 ₹ 24,379.48
Total Non Current Assets ₹ 1,07,666.32 ₹ 28,652.64 ₹ 31,502.73 ₹ 40,079.76 ₹ 23,851.05 ₹ 27,789.48 ₹ 36,066.21 ₹ 77,170.03 ₹ 1,16,433.86 ₹ 1,34,237.97

Receivables ₹ 15,319.15 ₹ 10,187.46 ₹ 12,741.75 ₹ 12,098.77 ₹ 14,307.03 ₹ 13,146.53 ₹ 11,982.65 ₹ 13,712.19 ₹ 12,552.88 ₹ 9,792.93
Inventory ₹ 4,081.68 ₹ 1,299.78 ₹ 1,651.90 ₹ 2,342.56 ₹ 2,668.82 ₹ 2,562.37 ₹ 1,757.04 ₹ 6,788.28 ₹ 6,918.05 ₹ 9,486.86
Cash & Bank ₹ 3,651.04 ₹ 1,539.50 ₹ 1,715.09 ₹ 1,884.25 ₹ 1,709.28 ₹ 3,376.68 ₹ 1,810.82 ₹ 3,915.86 ₹ 5,373.69 ₹ 7,068.48
Total Current Assets ₹ 23,051.87 ₹ 13,026.74 ₹ 16,108.74 ₹ 16,325.58 ₹ 18,685.13 ₹ 19,085.58 ₹ 15,550.51 ₹ 24,416.33 ₹ 24,844.62 ₹ 26,348.27

Total Assets ₹ 1,30,718.19 ₹ 41,679.38 ₹ 47,611.47 ₹ 56,405.34 ₹ 42,536.18 ₹ 46,875.06 ₹ 51,616.72 ₹ 1,01,586.36 ₹ 1,41,278.48 ₹ 1,60,586.24

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE
 ADANI ENTERPRISES LTD
BSE :512599 NSE :ADANIENT
Cash Flow Statement

Historical Financial Statement - ADANI ENTERPRISES LTD

Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Profit from operations ₹ 12,601.00 ₹ 1,775.00 ₹ 2,344.00 ₹ 3,462.00 ₹ 2,129.00 ₹ 3,182.00 ₹ 2,355.00 ₹ 4,122.00 ₹ 9,191.00 ₹ 12,049.00
Receivables ₹ (5,251.00) ₹ 2,818.00 ₹ (3,965.00) ₹ (532.00) ₹ (2,109.00) ₹ 455.00 ₹ (248.00) ₹ (2,939.00) ₹ (2,064.00) ₹ 1,320.00
Inventory ₹ (165.00) ₹ (133.00) ₹ (352.00) ₹ (713.00) ₹ (369.00) ₹ 173.00 ₹ 343.00 ₹ (5,024.00) ₹ (130.00) ₹ (2,569.00)
Payables ₹ 2,549.00 ₹ 81.00 ₹ 3,395.00 ₹ 288.00 ₹ 4,110.00 ₹ (870.00) ₹ 1,985.00 ₹ 7,188.00 ₹ 12,806.00 ₹ (2,846.00)
Loans Advances ₹ (369.00) - - - - - - - - -
Other WC items - ₹ 802.00 ₹ (427.00) ₹ 688.00 ₹ (223.00) ₹ (219.00) ₹ (280.00) ₹ (1,757.00) ₹ (1,267.00) ₹ 4,066.00
Working capital changes ₹ (3,235.00) ₹ 3,568.00 ₹ (1,350.00) ₹ (270.00) ₹ 1,409.00 ₹ (461.00) ₹ 1,800.00 ₹ (2,532.00) ₹ 9,345.00 ₹ (29.00)
Direct taxes ₹ (834.00) ₹ (231.00) ₹ (220.00) ₹ (250.00) ₹ (211.00) ₹ (267.00) ₹ (112.00) ₹ (205.00) ₹ (910.00) ₹ (1,708.00)
Other operating items - - - - ₹ (91.00) - - - - -

Cash From Oprating Activities ₹ 8,532.00 ₹ 5,112.00 ₹ 774.00 ₹ 2,942.00 ₹ 3,236.00 ₹ 2,454.00 ₹ 4,043.00 ₹ 1,385.00 ₹ 17,626.00 ₹ 10,312.00

Fixed assets purchased ₹ (9,557.00) ₹ (5,920.00) ₹ (4,167.00) ₹ (7,305.00) ₹ (1,772.00) ₹ (2,901.00) ₹ (4,139.00) ₹ (11,647.00) ₹ (14,725.00) ₹ (22,366.00)
Fixed assets sold ₹ 405.00 ₹ 30.00 ₹ 20.00 ₹ 11.00 ₹ 7.00 ₹ 180.00 ₹ 780.00 ₹ 2.00 ₹ 70.00 ₹ 120.00
Investments purchased ₹ (401.00) ₹ 8.00 ₹ (52.00) - - ₹ (40.00) - ₹ (32.00) ₹ (260.00) ₹ (1,191.00)
Investments sold - - - ₹ 6.00 ₹ 243.00 - ₹ 222.00 ₹ 89.00 ₹ 28.00 ₹ 159.00
Investment income ₹ 2.00 - - - - - - - - -
Interest received ₹ 872.00 ₹ 754.00 ₹ 651.00 ₹ 547.00 ₹ 476.00 ₹ 459.00 ₹ 322.00 ₹ 821.00 ₹ 608.00 ₹ 1,127.00
Dividends received ₹ 15.00 ₹ 177.00 ₹ 4.00 ₹ 4.00 ₹ 3.00 - - - - ₹ 11.00
Investment in group cos - ₹ (40.00) ₹ (73.00) ₹ (80.00) ₹ (324.00) ₹ (253.00) ₹ (3,488.00) ₹ (363.00) ₹ (1,372.00) ₹ (1,070.00)
Redemp n Canc of Shares - ₹ 45.00 - - ₹ 1,270.00 - - - - -
Acquisition of companies ₹ (2,243.00) ₹ (52.00) - - - - - ₹ (1,484.00) ₹ (914.00) ₹ (13.00)
Other investing items ₹ (558.00) ₹ 3,173.00 ₹ 2,157.00 ₹ (832.00) ₹ 2,584.00 ₹ 1,474.00 ₹ (2,308.00) ₹ (4,426.00) ₹ 1,105.00 ₹ 4,458.00

Cash From Investing Activities ₹ (11,465.00) ₹ (1,825.00) ₹ (1,460.00) ₹ (7,649.00) ₹ 2,487.00 ₹ (1,082.00) ₹ (8,611.00) ₹ (17,041.00) ₹ (15,459.00) ₹ (18,767.00)

Proceeds from shares - - - - - - - - ₹ 7,700.00 -

Proceeds from borrowings ₹ 30,297.00 ₹ 4,772.00 ₹ 4,266.00 ₹ 15,069.00 ₹ 3,031.00 ₹ 4,435.00 ₹ 7,520.00 ₹ 18,364.00 ₹ 30,339.00 ₹ 22,522.00
Repayment of borrowings ₹ (18,760.00) ₹ (6,518.00) ₹ (2,547.00) ₹ (8,484.00) ₹ (7,636.00) ₹ (3,255.00) ₹ (3,047.00) ₹ (270.00) ₹ (34,403.00) ₹ (10,717.00)
Interest paid fin ₹ (7,941.00) ₹ (1,494.00) ₹ (1,581.00) ₹ (1,726.00) ₹ (1,606.00) ₹ (1,532.00) ₹ (1,212.00) ₹ (2,601.00) ₹ (3,342.00) ₹ (4,055.00)
Dividends paid ₹ (146.00) ₹ (208.00) - ₹ (53.00) ₹ (53.00) ₹ (186.00) - ₹ (110.00) ₹ (114.00) ₹ (137.00)
Financial liabilities - - - - - ₹ (40.00) ₹ (18.00) ₹ (107.00) ₹ (746.00) ₹ (1,495.00)
Share application money - - - - - - - - - -
Application money refund - - - - - - - - - -
Other financing items ₹ (5.00) - ₹ 577.00 ₹ 313.00 ₹ 105.00 ₹ 357.00 ₹ (135.00) ₹ 626.00 ₹ (631.00) ₹ 2,761.00

Cash From Financing Activities ₹ 3,445.00 ₹ (3,448.00) ₹ 716.00 ₹ 5,120.00 ₹ (6,158.00) ₹ (221.00) ₹ 3,109.00 ₹ 15,901.00 ₹ (1,198.00) ₹ 8,879.00

Net Cash Flow ₹ 512.00 ₹ (161.00) ₹ 30.00 ₹ 413.00 ₹ (436.00) ₹ 1,151.00 ₹ (1,459.00) ₹ 246.00 ₹ 970.00 ₹ 424.00
 ADANI ENTERPRISES LTD
BSE :512599 NSE :ADANIENT

ADANI ENTERPRISES LTD - Sales Forecasting ADANI ENTERPRISES LTD - EBITDA Forecasting

Year Weight Years Sales Sales Growth Year Weight Years EBITDA EBITDA Growth
1 2015A 64,465.4 1 2015A 12,449.9
2 2016A 41,409.3 -35.77% 2 2016A 27,540.6 121.21%
3 2017A 45,175.1 9.09% 3 2017A 20,848.2 -24.30%
4 2018A 46,614.1 3.19% 4 2018A 16,897.5 -18.95%
5 2019A 56,043.7 20.23% 5 2019A 28,023.9 65.85%
6 2020A 63,715.7 13.69% 6 2020A 27,740.1 -1.01%
7 2021A 64,397.4 1.07% 7 2021A 31,776.4 14.55%
8 2022A 68,846.1 6.91% 8 2022A 37,629.6 18.42%
9 2023A 87,448.4 27.02% 9 2023A 56,807.1 50.96%
10 2024A 1,12,759.1 28.94% 10 2024A 72,726.9 28.02%
11 2025E 96,297.2 -14.60% 11 2025E 62,431.3 -14.16%
12 2026E 1,01,971.7 5.89% 12 2026E 67,738.0 8.50%
13 2027E 1,07,646.2 5.56% 13 2027E 73,044.8 7.83%
14 2028E 1,13,320.7 5.27% 14 2028E 78,351.6 7.27%
15 2029E 1,18,995.2 5.01% 15 2029E 83,658.4 6.77%

Sales Forecasting EBITDA Forecasting

1,50,000.0 1,00,000.0
80,000.0
1,00,000.0 60,000.0
40,000.0
50,000.0
20,000.0

0.0 0.0
2015A

2016A

2017A

2018A

2019A

2020A

2021A

2022A

2023A

2024A

2025E

2026E

2027E

2028E

2029E
2015A

2016A

2017A

2018A

2019A

2020A

2021A

2022A

2023A

2024A

2025E

2026E

2027E

2028E

2029E

ADANI ENTERPRISES LTD - EBT Forecasting ADANI ENTERPRISES LTD - EPS Forecasting

Year Weight Years EBT EBT Growth Year Weight Years EPS EPS Growth
1 2015A 1,871.8 1 2015A 13.7
2 2016A 2,735.0 46.12% 2 2016A -0.6 -104.37%
3 2017A -6,467.8 -336.48% 3 2017A 0.5 -188.63%
4 2018A -11,296.7 74.66% 4 2018A 0.1 -80.26%
5 2019A -6,596.7 -41.61% 5 2019A -1.7 -1751.09%
6 2020A -11,061.9 67.69% 6 2020A -0.7 -60.89%
7 2021A -3,826.8 -65.41% 7 2021A 2.3 -439.09%
8 2022A 1,661.3 -143.41% 8 2022A -4.9 -312.98%
9 2023A 272.3 -83.61% 9 2023A 12.1 -347.09%
10 2024A 9,947.7 3553.88% 10 2024A 18.8 56.27%
11 2025E 1,524.9 -84.67% 11 2025E 7.8 -58.53%
12 2026E 2,216.1 45.32% 12 2026E 8.5 8.96%
13 2027E 2,907.2 31.19% 13 2027E 9.2 8.22%
14 2028E 3,598.3 23.77% 14 2028E 9.9 7.60%
15 2029E 4,289.4 19.21% 15 2029E 10.6 7.06%

EBT Forecasting EPS Forecasting

2015A

2016A

2017A

2018A

2019A

2020A

2021A

2022A

2023A

2024A

2025E

2026E

2027E

2028E

2029E

2015A

2016A

2017A

2018A

2019A

2020A

2021A

2022A

2023A

2024A

2025E

2026E

2027E

2028E

2029E

15,000.0 25.0
10,000.0 20.0
5,000.0 15.0
0.0 10.0
5.0
-5,000.0
0.0
-10,000.0 -5.0
-15,000.0 -10.0
 ADANI ENTERPRISES LTD
BSE :512599 NSE :ADANIENT

Common Size Statement

Common Size Statement - ADANI ENTERPRISES LTD

Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Raw Material Cost 65.95% 82.91% 84.71% 85.66% 83.76% 79.14% 75.35% 83.05% 73.56% 53.42%
Change in Inventory -0.46% -0.67% -0.10% 2.15% 1.24% -0.71% -1.16% 5.67% 0.26% 1.16%
Power and Fuel 0.05% 0.02% 0.02% 0.01% 0.01% 0.03% 0.03% 0.08% 0.01% 0.03%
Other Mfr. Exp 6.60% 5.02% 5.23% 6.14% 6.32% 7.18% 11.02% 11.23% 11.27% 23.64%
Employee Cost 1.79% 1.56% 1.40% 1.58% 1.63% 1.57% 2.10% 1.70% 1.47% 2.42%
Selling and admin 4.76% 3.99% 2.75% 2.58% 3.05% 4.50% 3.30% 3.48% 6.38% 8.58%
Other Expenses 1.08% 0.89% 0.59% 0.51% 1.59% 1.57% 0.70% 0.78% 0.65% 1.27%
Other Income 1.23% 3.07% 2.05% 1.01% 1.25% 2.01% 1.25% 1.46% 0.65% 1.19%
Depreciation 5.46% 0.92% 0.86% 1.85% 0.97% 1.09% 1.36% 1.80% 1.91% 3.16%
Interest 10.95% 3.99% 3.44% 3.48% 4.02% 3.62% 3.48% 3.64% 3.11% 4.72%
Profit before tax 4.13% 3.10% 2.95% 1.36% 1.14% 2.59% 2.75% 1.37% 2.55% 5.11%
Tax 0.57% 0.23% 0.74% 0.31% 0.36% 0.75% 0.86% 0.69% 0.81% 1.69%
Net profit 3.02% 2.97% 2.70% 2.11% 1.78% 2.62% 2.33% 1.12% 1.93% 3.36%
Dividend Amount 0.24% 0.13% 0.12% 0.12% 0.11% 0.25% 0.28% 0.16% 0.11% 0.15%
EBITDA 20.54% 8.02% 7.26% 6.68% 6.13% 7.30% 7.59% 6.81% 7.57% 12.99%

Common Size Balance Sheet - ADANI ENTERPRISES LTD

Particulars Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Total Liabilities 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Equity Share Capital 0.08% 0.26% 0.23% 0.19% 0.26% 0.23% 0.21% 0.11% 0.08% 0.07%
Reserves 19.60% 31.83% 29.46% 26.56% 34.43% 35.92% 33.03% 21.80% 23.31% 24.26%
Borrowings 63.93% 45.99% 43.78% 31.27% 26.43% 26.49% 31.44% 40.95% 37.66% 40.67%
Other Liabilities 16.39% 21.91% 26.53% 41.98% 38.88% 37.35% 35.32% 37.14% 38.95% 35.00%

Total Assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Net Block 64.13% 25.13% 28.71% 18.71% 21.21% 22.35% 21.00% 29.65% 40.26% 41.09%
Capital Work in Progress 5.15% 18.49% 16.24% 9.80% 13.55% 15.67% 17.10% 23.18% 17.01% 21.91%
Investments 0.57% 1.93% 2.19% 2.59% 3.55% 4.17% 10.66% 4.23% 4.47% 5.42%
Other Assets 12.51% 23.20% 19.03% 39.96% 17.76% 17.10% 21.12% 18.91% 20.68% 15.18%
Receivables 11.72% 24.44% 26.76% 21.45% 33.63% 28.05% 23.21% 13.50% 8.89% 6.10%
Inventory 3.12% 3.12% 3.47% 4.15% 6.27% 5.47% 3.40% 6.68% 4.90% 5.91%
Cash & Bank 2.79% 3.69% 3.60% 3.34% 4.02% 7.20% 3.51% 3.85% 3.80% 4.40%
 ADANI ENTERPRISES LTD
BSE :512599 NSE :ADANIENT

Ratio Analysis
Ratio Analysis - ADANI ENTERPRISES LTD
Years Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Trends Mean Median

SalesGrowth - -47.25% 7.42% -1.67% 12.40% 7.49% -8.91% 75.58% 83.72% -24.40% 11.60% 7.42%
EBITDA Growth - -86.48% 12.99% 7.12% -3.36% 16.51% 9.21% 48.21% 137.44% 29.02% 18.96% 12.99%
EBIT Growth - -99.35% 2611.60% -62.48% -136.81% -649.47% 136.65% -110.15% -4117.07% 56.66% -263.38% -99.35%
Net Profit Growth - -104.37% -188.63% -80.26% -1751.09% -60.89% -439.09% -312.98% -356.12% 56.27% -359.68% -188.63%
Dividend Growth - -71.43% 0.00% 0.00% 0.00% 150.01% 0.00% 0.00% 20.00% 8.33% 11.88% 0.00%

Gross Margin 25.16% 9.83% 8.55% 8.77% 9.52% 11.36% 10.34% 9.61% 13.94% 21.65% 12.87% 10.09%
EBITDA Margin 5.84% 4.88% 3.34% 3.09% 4.64% 6.08% 4.00% 4.26% 7.02% 9.85% 5.30% 4.76%
EBIT Margin 13.85% 4.03% 4.34% 3.82% 3.91% 4.20% 4.98% 3.55% 5.00% 8.64% 5.63% 4.27%
EBT Margin 2.90% 0.04% 0.90% 0.34% -0.11% 0.58% 1.50% -0.09% 1.89% 3.92% 1.19% 0.74%
Net Profit Margin 2.34% -0.19% 0.16% 0.03% -0.47% -0.17% 0.64% -0.77% 1.08% 2.23% 0.49% 0.10%

SalesExpenses%Sales 5.84% 4.88% 3.34% 3.09% 4.64% 6.08% 4.00% 4.26% 7.02% 9.85% 5.30% 4.76%
Depreciation%Sales 5.46% 0.92% 0.86% 1.85% 0.97% 1.09% 1.36% 1.80% 1.91% 3.16% 1.94% 1.58%
OperatingIncome%Sales 2.90% 0.04% 0.90% 0.34% -0.11% 0.58% 1.50% -0.09% 1.89% 3.92% 1.19% 0.74%

Return on Capital Employed -1.51% -0.93% 0.04% -1.65% -1.67% -0.76% 0.16% -2.05% -0.03% 0.71% -0.77% -0.84%
Retained Earnings% 89.78% 0.00% 24.56% 0.00% 0.00% 0.00% 56.36% 0.00% 90.05% 93.10% 35.38% 12.28%
Return on Equity% 5.85% -0.49% 0.41% 0.08% -1.29% -0.44% 1.47% -2.41% 4.16% 5.50% 1.28% 0.24%
Self Sustained Growth Rate 5.26% 0.00% 0.10% 0.00% 0.00% 0.00% 0.83% 0.00% 3.75% 5.12% 1.50% 0.05%
Interest Coverage Ratio 1.27x 1.01x 1.26x 1.10x 0.97x 1.16x 1.43x 0.98x 1.61x 1.83x 1.26x 1.21x

Debtor Turnover Ratio 4.21x 3.34x 2.87x 2.97x 2.82x 3.30x 3.30x 5.06x 10.16x 9.85x 4.79x 3.32x
Creditor Turnover Ratio 3.01x 3.72x 2.89x 1.52x 2.44x 2.48x 2.17x 1.84x 2.32x 1.72x 2.41x 2.38x
Inventory Turnover 15.79x 26.16x 22.12x 15.34x 15.13x 16.94x 22.50x 10.23x 18.44x 10.16x 17.28x 16.37x
Fixed Asset Turnover 0.77x 3.25x 2.67x 3.40x 4.48x 4.14x 3.65x 2.30x 2.24x 1.46x 2.84x 2.96x
Capital Turnover Ratio 2.51x 2.54x 2.58x 2.38x 2.74x 2.56x 2.30x 3.12x 3.86x 2.47x 2.71x 2.55x

Debtors Days 87 Days 109 Days 127 Days 123 Days 129 Days 111 Days 111 Days 72 Days 36 Days 37 Days 94 Days 110 Days
Payable Days 121 Days 98 Days 126 Days 241 Days 149 Days 147 Days 168 Days 198 Days 157 Days 213 Days 162 Days 153 Days
Inventory Days 23 Days 14 Days 17 Days 24 Days 24 Days 22 Days 16 Days 36 Days 20 Days 36 Days 23 Days 22 Days
Cash Conversion Cycle -11 Days 25 Days 18 Days -94 Days 4 Days -15 Days -41 Days -91 Days -102 Days -140 Days -45 Days -28 Days

CFO/Sales 13.23% 15.03% 2.12% 8.19% 8.01% 5.65% 10.23% 2.00% 13.82% 10.69% 8.90% 9.21%
CFO/Total Assets 6.53% 12.27% 1.63% 5.22% 7.61% 5.23% 7.83% 1.36% 12.48% 6.42% 6.66% 6.47%
CFO/Total Debt 10.21% 26.67% 3.71% 16.68% 28.78% 19.76% 24.92% 3.33% 33.13% 15.79% 18.30% 18.22%
 ADANI ENTERPRISES LTD
BSE :512599 NSE :ADANIENT

BETA Regression
Regression Beta - 2 Years Weekly

ADANI ENTERPRISES LTD Weekly Returns NIFTY Returns Beta Drifting

Date Closing Price Return Closing Price Return Levered Raw Beta 2.02
06-10-2024 3166.15 25,144.00 Raw Beat Weight 75.00%
29-09-2024 3110.65 -1.75% 25,014.60 -0.51%
22-09-2024 3130.30 0.63% 26,178.95 4.65% Market Beta 1.00
15-09-2024 3008.50 -3.89% 25,790.95 -1.48% Market Beta Weight 25.00%
08-09-2024 2968.35 -1.33% 25,356.50 -1.68%
01-09-2024 2975.45 0.24% 24,852.15 -1.99% Adjusted Beta 1.76
25-08-2024 3019.35 1.48% 25,235.90 1.54%
18-08-2024 3076.35 1.89% 24,823.15 -1.64%
11-08-2024 3108.80 1.05% 24,541.15 -1.14%
04-08-2024 3187.55 2.53% 24,367.50 -0.71%
28-07-2024 3160.90 -0.84% 24,717.70 1.44%
21-07-2024 3080.50 -2.54% 24,834.85 0.47%
14-07-2024 3005.70 -2.43% 24,530.90 -1.22%
07-07-2024 3065.45 1.99% 24,502.15 -0.12%
30-06-2024 3147.90 2.69% 24,323.85 -0.73%
23-06-2024 3177.15 0.93% 24,010.60 -1.29%
16-06-2024 3189.30 0.38% 23,501.10 -2.12%
09-06-2024 3261.75 2.27% 23,465.60 -0.15%
02-06-2024 3219.55 -1.29% 23,290.15 -0.75%
26-05-2024 3411.35 5.96% 22,530.70 -3.26%
19-05-2024 3384.95 -0.77% 22,957.10 1.89%
12-05-2024 3060.50 -9.59% 22,466.10 -2.14%
05-05-2024 2797.25 -8.60% 22,055.20 -1.83%
28-04-2024 2993.25 7.01% 22,475.85 1.91%
21-04-2024 3080.40 2.91% 22,419.95 -0.25%
14-04-2024 3026.95 -1.74% 22,147.00 -1.22%
07-04-2024 3209.90 6.04% 22,519.40 1.68%
31-03-2024 3224.80 0.46% 22,513.70 -0.03%
24-03-2024 3197.10 -0.86% 22,326.90 -0.83%
17-03-2024 3107.70 -2.80% 22,096.75 -1.03%
10-03-2024 3132.20 0.79% 22,023.35 -0.33%
03-03-2024 3226.55 3.01% 22,493.55 2.14%
25-02-2024 3318.75 2.86% 22,338.75 -0.69%
18-02-2024 3273.30 -1.37% 22,212.70 -0.56%
11-02-2024 3223.60 -1.52% 22,040.70 -0.77%
04-02-2024 3215.20 -0.26% 21,782.50 -1.17%
28-01-2024 3157.45 -1.80% 21,853.80 0.33%
21-01-2024 2893.60 -8.36% 21,352.60 -2.29%
14-01-2024 2915.65 0.76% 21,622.40 1.26%
07-01-2024 3104.10 6.46% 21,894.55 1.26%
31-12-2023 3006.60 -3.14% 21,710.80 -0.84%
24-12-2023 2848.95 -5.24% 21,731.40 0.09%
17-12-2023 2808.35 -1.43% 21,349.40 -1.76%
10-12-2023 2991.80 6.53% 21,456.65 0.50%
03-12-2023 2822.15 -5.67% 20,969.40 -2.27%
26-11-2023 2362.70 -16.28% 20,267.90 -3.35%
19-11-2023 2225.45 -5.81% 19,794.70 -2.33%
12-11-2023 2208.80 -0.75% 19,731.80 -0.32%
 ADANI ENTERPRISES LTD
BSE :512599 NSE :ADANIENT

Intrinsic Value
Calculation of ROIC Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Current Assets
Inventories 2,562.4 1,757.0 6,788.3 6,918.1 9,486.9
Trade receivables 13,146.5 11,982.7 13,712.2 12,552.9 9,792.9
Cash & Equivalents 3,377.0 1,811.0 3,916.0 5,374.0 7,068.0
Short term loans 1,960.0 1,413.0 1,453.0 4,523.0 1,383.0
Other asset items 6,054.0 9,487.0 17,758.0 24,695.0 22,997.0
Total Current Assets 27,099.9 26,450.7 43,627.5 54,062.9 50,727.8

Current Liabilities
Trade Payables 11,999.0 11,756.0 17,648.0 28,547.0 24,669.0
Other liability items 2,549.0 3,370.0 13,577.0 21,641.0 26,421.0
Total Current Liabilities 14,548.0 15,126.0 31,225.0 50,188.0 51,090.0

Net Working Capital 12,551.9 11,324.7 12,402.5 3,874.9 (362.2)

Non Current Assets

Land 1,224.0 986.0 1,313.0 2,731.0 2,122.0
Building 1,121.0 1,389.0 11,481.0 14,391.0 18,021.0
Plant Machinery 3,376.0 3,821.0 5,388.0 9,093.0 15,270.0
Ships Vessels 2,113.0 974.0 1,058.0 1,148.0 1,174.0
Equipments 48.0 66.0 108.0 182.0 345.0
Computers 68.0 67.0 133.0 213.0 363.0
Furniture n fittings 186.0 187.0 565.0 583.0 898.0
Railway sidings - - - 12,712.0 13,980.0
Vehicles 54.0 68.0 436.0 498.0 554.0
Intangible Assets 139.0 152.0 301.0 887.0 1,040.0
Other fixed assets 4,114.0 5,324.0 12,909.0 19,939.0 20,792.0
Gross Block 12,442.0 13,035.0 33,692.0 62,378.0 74,560.0
Accumulated Depreciation 1,965.0 2,197.0 3,570.0 5,497.0 8,582.0
Net Non Current Assets 14,407.0 15,232.0 37,262.0 67,875.0 83,142.0

Invested capital 26,958.9 26,556.7 49,664.5 71,749.9 82,779.8

EBIT 1,822.3 1,968.5 2,465.8 6,381.6 8,334.4

ROIC 6.76% 7.41% 4.96% 8.89% 10.07%

Calculation of Reinvestment Rate Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Net Capex 2,721.0 3,359.0 11,645.0 14,655.0 22,246.0

Cange In Working Capital (1,227.2) 1,077.8 (8,527.5) (4,237.1)

EBIT 1,822.3 1,968.5 2,465.8 6,381.6 8,334.4

Marginal Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-T) 1366.75 1476.38 1849.36 4786.16 6250.84

Reinvestment 2,131.8 12,722.8 6,127.5 18,008.9

Reinvestment Rate 144.39% 687.95% 128.02% 288.10%

4 Year Average 312.12%

4 Year Median 216.25%

Calculation of Growth Rate Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Reinvestment Rate 144.39% 687.95% 128.02% 288.10%

ROIC 7.41% 4.96% 8.89% 10.07%
Intransic Growth 10.70% 34.16% 11.39% 29.01%

4 Year Average 21.31%

4 Year Median 20.20%
 ADANI ENTERPRISES LTD
BSE :512599 NSE :ADANIENT

Weighted Average Cost of Capital

All figures are in INR unless stated otherwise.

Peer Comps
Debt / Debt / Levered Unlevered
1 2 3
Name of Comp Country Total Debt Total Equity Tax Rate Equity Capital Beta Beta

Adani Enterp. India 65,310.2 3,60,918.7 30.00% 18% 15.32% 2.02 1.79
Aegis Logistics India 2,665.4 24,652.5 30.00% 11% 9.76% 1.18 1.10
Cello World India 370.7 19,318.6 30.00% 2% 1.88% 0.00 0.00
Redington India 2,958.2 14,474.6 30.00% 20% 16.97% 1.14 1.00
Honasa Consumer India 110.2 14,170.5 30.00% 1% 0.77% 0.00 0.00

Average 30.00% 10.41% 8.94% 0.87 0.78

Median 30.00% 10.81% 9.76% 1.14 1.00

Cost of Debt Cost of Equity

Pre-Tax Cost of Debt 6.97% Risk Free Rate 7.02%

Tax Rate 30.00% Equity Risk Premium 8.59%
4
Post Tax Cost of Debt 4.88% Levered Beta 1.07
Cost of Equity 16.18%

Capital Structure Levered Beta

Carrent Target Comps Median Unlevered Beta 1.00

Total Debt 65,310.2 15.32% 8.94% Target Debt / Equity 9.82%
Market Capitalization 3,60,918.7 84.68% 91.06% Tax Rate 30.00%
Total Capital 426228.8 100.00% 100.00% Levered Beta 1.07

Debt / Equity 18.10% 9.82%

Weighted Average Cost of Capital

Total Cost Total Weight

Debt 4.88% 8.94%
Equity 16.18% 91.06%
Weighted Average Cost of Capital 15.17%
Notes:-
1. Tax Rate considered as Marginal Tax Rate for the country
2. Levered beta is based on 5 year monthly data
3. Unlevered Beta = Levered Beta/(1+(1-Tax Rate)*Debt/Equity)
4. Levered Beta = Unlevered Beta*(1+(1-Tax Rate)*Debt/Equity)
 ADANI ENTERPRISES LTD
BSE :512599 NSE :ADANIENT

Calculation of PV of FCFF Mar-24A Mar-25F Mar-26F Mar-27F Mar-28F

EBIT 9,480.8 11,395.7 13,697.2 16,463.6 19,788.7

Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-T) 7,110.6 8,546.7 10,272.9 12,347.7 14,841.6
Less:- Reinvestment Rate 25.00% 25.00% 25.00% 25.00% 25.00%
Free Cash Flow to Firm ( FCFF ) 5,333.0 6,410.1 7,704.7 9,260.8 11,131.2
Mid Year Convention 0.5 1.5 2.5 3.5
Discounting Factor 0.93 0.81 0.70 0.61
PV of FCFF 5,973.1 6,234.1 6,506.4 6,790.7

Expected Growth 20.20%

Terminal Growth 7.37%
WACC 15.17%

Calculation of Terminal Value Sensitivity Analysis - Enterprise Value

WACC
FCFF (n+1) 13,379.3 130141.11 13.17% 15.17% 17.67% 18.67%
WACC 15.17% 4.37% 1,18,251.2 1,01,076.6 86,871.8 82,580.5
Terminal Growth Rate 7.37% 5.37% 1,01,076.6 89,268.9 78,850.1 75,577.5
7.37% 1,01,076.6 89,268.9 78,850.1 75,577.5
Terminal value 1,71,519.2 9.12% 1,15,689.3 99,366.9 85,739.6 81,599.8
10.84% 1,71,767.3 1,33,177.9 1,06,474.4 99,166.9
Calculation of Equity Value Per Share Growth

PV of FCFF 25,504.3
PV of Terminal Value 1,04,636.8 Sensitivity Analysis - Enterprise Value Per Share
Enterprise Value 1,30,141.1 WACC
Add: Cash 7,068.5 630.70 13.17% 15.17% 17.67% 18.67%
Less: Debt 65,310.2 4.37% 526.4 375.7 251.1 213.5
Equity Value 71,899.4 5.37% 375.7 272.2 180.8 152.1
No of Shares 114.0 7.37% 375.7 272.2 180.8 152.1
Equity Value Per Share 630.7 9.12% 503.9 360.7 241.2 204.9
10.84% 995.8 657.3 423.1 359.0
Share Price 3110.65 Growth
Discount/Premium 3.93x

Assumptions
1. The Reinvestment rate and Growth rate are taken from the NYU Stern report on the Indian sector, updated in January 2024.
2. The Terminal growth rate is based on India's long term GDP growth rate.
 ADANI ENTERPRISES LTD
BSE :512599 NSE :ADANIENT
Comparable Company Valuation (In Crore)

Market Data Market Data Valuation

Share
Company Share Price Outstanding Equity Value Net Debt Enterprise Value Revenue EBITDA Net Income EV/Revenue EV/EBITDA P/E
Adani Enterp. 3,165.95 114.00 3,60,918.65 58,241.67 4,19,160.32 1,02,219.98 11,376.60 3,335.27 4.1x 36.8x 108.2x
Aegis Logistics 702.35 35.10 24,652.51 890.80 25,543.31 6,546.73 922.75 672.21 3.9x 27.7x 36.7x
Cello World 874.60 22.09 19,318.58 305.65 19,624.23 2,029.15 509.23 356.18 9.7x 38.5x 54.2x
Redington 185.15 78.18 14,474.58 1,337.54 15,812.12 89,440.86 2,008.74 1,238.61 0.2x 7.9x 11.7x
Honasa Consumer 436.25 32.48 14,170.46 (369) 13,801.07 1,836.65 130.00 120.97 7.5x 106.2x 117.1x
MMTC 85.84 150.00 12,876.00 (1,169) 11,707.49 (208) (162) 192.18 -56.2x -72.4x 67.0x
Arvind Fashions. 594.00 13.32 7,913.18 979.94 8,893.12 4,347.28 524.75 137.11 2.0x 16.9x 57.7x
High 9.7x 106.2x 117.1x
75th Percentile 1.1x -72.4x 11.7x
Average -4.1x 23.1x 64.7x
Median 3.9x 27.7x 57.7x
25th Percentile -56.2x -72.4x 11.7x
Low -56.2x -72.4x 11.7x

ADANI ENTERPRISES LTD EV/Revenue EV/EBITDA P/E

Implied Enterprice Value 3,98,831 3,14,924 1,92,492
Net Debt 58,241.67 58,241.67 58,241.67
Implied Market Value 3,40,589 2,56,682 1,34,250
Share Outstanding 114.00 114.00 114.00
Implied value per Share 2,987.62 2,251.60 1,177.64
Source : The Valuation School, Screener.in
Overvalued Overvalued Overvalued
 ADANI ENTERPRISES LTD
BSE :512599 NSE :ADANIENT

Date Adj Close Return Shorted Returns Replication Simulated Returns Calculation of Value at Risk - Titan Ltd. ( Historical )
20-05-2019 151.95 -0.506 0.274 1 0.03769743
25-08-2020 307.55 5.008 0.237 2 0.023780769 Historical Approach
10-04-2014 51.19 60.675 0.229 3 0.007910097 Mean 0.99%
15-05-2003 0.83 -0.855 0.203 4 0.033035463 Std Deviation 2.59%
04-05-2006 5.72 1.995 0.202 5 0.004749341 Min -2.33%
17-12-2003 1.91 -0.999 0.201 6 -0.003361357 Max 27.37%
08-02-2023 2,164.25 544.151 0.200 7 0.030707975 CMP 3110.65
02-05-2006 3.97 -0.166 0.199 8 -0.004218842
03-05-2006 4.76 -0.998 0.199 9 0.04108884 Percentile Confidence VAR % Stock Price VAR (INR)
22-05-2023 2,326.10 1023.714 0.189 10 0.063718336 5.0% 95.00% -1.80% 3166.70 -56.05
18-12-2003 2.27 -0.975 0.188 11 0.002320948 1.0% 99.00% -2.20% 3179.02 -68.37
18-04-2017 91.63 22.616 0.175 12 -0.010187893 0.5% 99.50% -2.26% 3180.98 -70.33
02-12-2004 3.88 -0.998 0.172 13 0.02354252 10.0% 90.00% -1.41% 3154.46 -43.81
03-03-2023 1,879.50 -0.365 0.169 14 -0.003506188
05-12-2023 2,959.35 3049.876 0.169 15 0.002493585
16-05-2003 0.97 -0.565 0.169 16 0.022915781 Monte Carlo Simulation
29-05-2001 2.23 0.538 0.161 17 0.028323701 Mean 0.99%
18-04-2001 1.45 -0.975 0.160 18 0.025904046 Std Deviation 2.59%
27-01-2017 58.56 12.042 0.158 19 0.053357611 Min -2.33%
03-12-2004 4.49 1.339 0.157 20 0.038751483 Max 27.37%
28-05-2001 1.92 -0.999 0.157 21 0.024381454 CMP 3110.65
01-03-2023 1,564.30 -0.132 0.147 22 -0.02861871
07-02-2023 1,802.95 0.322 0.146 23 0.007152736 Percentile Confidence VAR % Stock Price VAR (INR)
28-02-2023 1,363.85 55.404 0.143 24 0.005045599 5.0% 95.00% -3.25% 3211.66 -101.01
24-04-2009 24.18 18.983 0.143 25 -0.013801197 1.0% 99.00% -5.12% 3269.89 -159.24
01-09-2003 1.21 -0.980 0.142 26 0.030078372 0.5% 99.50% -5.81% 3291.35 -180.70
15-10-2015 61.18 73.610 0.141 27 0.008790126 10.0% 90.00% -2.31% 3182.65 -72.00
20-09-1995 0.82 -0.772 0.139 28 0.040280093
16-08-2000 3.6 -0.999 0.136 29 0.044966365 Daily Returns Contribution
23-05-2023 2,633.70 2531.404 0.132 30 0.043503233 500
11-12-2001 1.04 -0.944 0.130 31 0.037632877 450
28-10-2008 18.44 -0.145 0.130 32 0.010809662 400
350
21-10-2013 21.57 -0.288 0.129 33 0.01992253
300
28-09-2007 30.31 6.752 0.128 34 0.022421286 250
31-08-2005 3.91 2.128 0.127 35 0.016596167 200
17-04-2001 1.25 -0.932 0.126 36 0.023095095 150
100
06-04-2009 18.3 -0.272 0.125 37 0.040451856
50
18-09-2007 25.14 -0.895 0.121 38 0.016013461 0
19-08-2020 239.55 10.495 0.121 39 0.040581883
[-0.10178601,…
(-0.09138601,…
(-0.08098601,…
(-0.07058601,…
(-0.06018601,…
(-0.04978601,…
(-0.03938601,…
(-0.02898601,…
(-0.01858601,…
(-0.00818601,…
(0.00221399,…
(0.01261399,…
(0.02301399,…
(0.03341399,…
(0.04381399,…
(0.05421399,…
(0.06461399,…
(0.07501399,…
(0.08541399,…
(0.09581399,…
(0.10621399,…
03-09-2007 20.84 14.437 0.118 40 -0.006014908
09-12-2003 1.35 -0.999 0.116 41 0.007989784
22-03-2021 991.05 15.592 0.114 42 0.01381912
04-08-2015 59.73 0.646 0.114 43 0.01624618
07-07-2008 36.28 39.764 0.113 44 -0.018990095
12-11-2001 0.89 -0.983 0.113 45 0.024979607
13-05-2014 52.13 21.764 0.112 46 0.028508721
18-05-2004 2.29 1.863 0.112 47 0.002353044
19-06-1996 0.8 -0.984 0.111 48 0.013015278
14-09-2015 48.76 42.928 0.111 49 -0.009559548
16-04-2001 1.11 -0.978 0.110 50 0.058098257
27-08-2015 50.46 0.475 0.108 51 -0.033543276
11-01-2012 34.21 10.878 0.108 52 -0.022545198
03-11-1999 2.88 3.645 0.108 53 -0.010713679
18-09-2001 0.62 -0.700 0.107 54 -0.01163811
14-03-2001 2.07 -0.938 0.107 55 -0.02740117
01-10-2007 33.51 0.015 0.106 56 0.038896946
07-03-2014 33.02 50.594 0.105 57 0.035940264
12-06-1996 0.64 0.185 0.103 58 0.045137428
31-05-1996 0.54 -0.169 0.102 59 0.032173289
05-12-1995 0.65 -0.960 0.102 60 -0.011090693
19-09-2013 16.27 -0.661 0.102 61 0.007537844
19-01-2012 47.99 3.789 0.101 62 -0.016399956
23-11-2006 10.02 -0.473 0.101 63 0.038807658
05-01-2009 19.01 -0.337 0.100 64 0.005948166
18-05-2009 28.68 -0.291 0.100 65 0.014855713
14-07-2009 40.44 0.039 0.100 66 0.002913963
09-10-2007 38.91 0.233 0.100 67 0.027985183
19-05-2009 31.55 2.774 0.100 68 -0.005307032
11-05-2006 8.36 8.500 0.100 69 0.032696159
15-04-1998 0.88 -0.978 0.100 70 -0.053360559
23-10-2007 40.28 4.300 0.100 71 0.046899461
10-05-2006 7.6 -0.699 0.100 72 0.035627246
 ADANI ENTERPRISES LTD
BSE :512599 NSE :ADANIENT
INR 3110.65
52 Week (High - INR 3,7442 & Low - 2,142)

About the company

Adani Enterprises Limited (AEL) is an Indian multinational publicly-listed holding company and a part of Adani Group. It is headquartered in Ahmedabad and primarily
involved in mining and trading of coal and iron ore. Through its various subsidiaries, it also has business interests in airport operations, edible oils, road, rail and water
infrastructure, data centers, and solar manufacturing, among others. The company was incorporated in 1993 under the name Adani Exports Limited.It mainly deals with
the group's integrated resources management, power trading, and natural resources businesses on a standalone basis. Its general purpose is to act as an in-house
incubator for Adani Group's new businesses until they become self-sustainable.

Financial Summary

Revenue (INR Crs.) Net Profit (INR Crs.) Average Total Assets (INR Crs.)
1,50,932.4
1,27,540 3,239.6

1,21,432.4
96,421 2,464.0

69,420 76,601.5

39,537 49,245.9
922.6
776.6

2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024

Return on Equity (INR Crs.) Return on Assets (INR Crs.) Financial Leverage (INR Crs.)

2.75x 2.71x
2.15% 2.48x
2.03%
5.83% 1.87%
5.58%
1.92x

3.60%
1.01%
2.52%

2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024

Recent Updates

• For the year ending March 31, 2023, Adani Enterprises recorded revenue of over INR 500 crore
• The company's net worth saw an impressive increase of 165.88%, highlighting its growing financial strength.
• Adani Enterprises' EBITDA experienced a notable increase of 38.93%, showcasing its enhanced profitability.
• The company's total assets saw a remarkable increase of 85.38%, demonstrating its expanding asset base
• For FY 2023-24, Adani Enterprises achieved a net profit of Rs 2,200 crore, underscoring its successful business strategies.
 Dupont Analysis - Return on Equity & Return on Assets
Return on Equity (ROE)
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 757.3 717.1 1,138.2 922.6 776.6 2,464.0 3,239.6
Average Shareholder Equity 22,157.2 22,300.5 24,324.5 25,631.9 30,835.8 44,179.3 55,601.6
Return on Equity 3.42% 3.22% 4.68% 3.60% 2.52% 5.58% 5.83%

ROE - Dupont Equation

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 757.3 717.1 1,138.2 922.6 776.6 2,464.0 3,239.6
Revenues 35,923.9 40,378.7 43,402.6 39,537.1 69,420.2 1,27,539.5 96,421.0
Net Profit Margin (A) 2.11% 1.78% 2.62% 2.33% 1.12% 1.93% 3.36%

Revenues 35,923.9 40,378.7 43,402.6 39,537.1 69,420.2 1,27,539.5 96,421.0

Average Total Assets 52,008.4 49,470.8 44,705.6 49,245.9 76,601.5 1,21,432.4 1,50,932.4
Asset Turnover Ratio (B) 0.69x 0.82x 0.97x 0.80x 0.91x 1.05x 0.64x

Average Total Assets 52008.405 49470.76 44705.62 49245.89 76601.54 121432.42 150932.36
Average Shareholder Equity 22,157.2 22,300.5 24,324.5 25,631.9 30,835.8 44,179.3 55,601.6
Equity Multiplier (C) 2.35x 2.22x 1.84x 1.92x 2.48x 2.75x 2.71x

Return on Equity (A*B*C) 3.42% 3.22% 4.68% 3.60% 2.52% 5.58% 5.83%

Return on Equity (ROE)

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 757.25 717.14 1138.17 922.64 776.56 2463.98 3239.55
Average Shareholder Equity 22157.155 22300.525 24324.54 25631.855 30835.795 44179.265 55601.595
Return on Equity 3.42% 3.22% 4.68% 3.60% 2.52% 5.58% 5.83%

ROA - Dupont Equation

Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit 757.25 717.14 1138.17 922.64 776.56 2463.98 3239.55
Revenues 35923.92 40378.66 43402.56 39537.13 69420.18 127539.5 96420.98
Net Profit Margin (A) 2.11% 1.78% 2.62% 2.33% 1.12% 1.93% 3.36%

Revenues 35923.92 40378.66 43402.56 39537.13 69420.18 127539.5 96420.98

Average Total Assets 52008.405 49470.76 44705.62 49245.89 76601.54 121432.42 150932.36
Asset Turnover Ratio (B) 0.69x 0.82x 0.97x 0.80x 0.91x 1.05x 0.64x

Return on Assets (A*B) 1.46% 1.45% 2.55% 1.87% 1.01% 2.03% 2.15%

Dupont Summary

• ROE experienced significant incresed from 3.42% in 2018 to 5.83% in 2024, it shows Posi ve improvement
in the company's profitability in using shareholders' equity.
• The Net profit Margin Increased from 2.11% in 2018 to 3.36% in 2024, indica ng Increase profitability
relative to sales over the period till 2024.
• The Asset Turnover Ratio is slightly Constant from 0.69x in 2018 to 0.64x in 2024, suggesting a consistent
level in using assets to generate revenue.
• The Equity Multiplier r is Increased from 2.35x in 2018 to 2.71x in 2024, indicating a Less improvement in
the level of financial leverage.
• The ROA Increased significantly from 1.46% in 2018 to 2.15% in 2024, indica ng a improvement in the
company's efficiency in generating profits from its assets.

Disclaimer: This report is made as a part of educational assignment and is meant for educational purpose only. The author of this report is not
liable for any losses due to action taken basis this report. It is advisable to consult SEBI registered research analyst before making any investments.