Adani Enterprises Limited (ADANIENT.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-333.1%

-₹6,047.48

vs ₹2,594.40 price

Levered DCF

-₹7,452.36

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.77

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	23.25×	37.34×	115.84×	77.95×	276.79×	119.21×	12.89×	22.53×
P/B	2.68×	5.27×	9.2×	5.83×	9.66×	6.41×	0.87×	1.09×
P/S	2.16×	2.71×	3.73×	1.51×	3.1×	2.78×	0.34×	0.4×
EV / EBITDA	11.62×	24.51×	37×	27.56×	68.27×	48.3×	10.36×	13.54×
Gross margin	36.4%	47.5%	47.7%	26.7%	22.6%	23.5%	20.1%	17.5%
Operating margin	7.8%	14.6%	11.8%	6.9%	5.3%	6.3%	5.3%	4.9%
Net margin	9.3%	7.3%	3.4%	1.9%	1.1%	2.3%	2.6%	1.8%
Current ratio	1.03×	0.86×	0.83×	0.83×	0.71×	0.93×	1.04×	1.03×
Debt / equity	1.32×	1.82×	1.67×	1.61×	1.87×	0.94×	0.76×	0.79×
Interest coverage	1.13×	2.71×	2.78×	2.57×	1.52×	1.83×	1.87×	1.27×
Dividend yield	0.1%	0.1%	0.0%	0.1%	0.1%	0.0%	1.3%	0.3%
Payout ratio	1.6%	2.1%	4.2%	4.6%	14.2%	0.0%	16.3%	7.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.5%	14.1%	8.3%	7.5%	3.5%	5.4%	6.7%	4.9%
Return on invested capital	2.6%	6.4%	6.2%	5.9%	3.0%	5.2%	5.4%	5.4%
Return on assets	3.6%	3.6%	2.0%	1.7%	0.8%	1.8%	2.4%	1.7%
Free cash flow yield	-16.2%	-9.3%	-3.4%	1.5%	-4.8%	-0.0%	-3.0%	9.6%
Earnings yield	4.3%	2.7%	0.9%	1.3%	0.4%	0.8%	7.8%	4.4%
Enterprise value	₹3.1T	₹3.5T	₹4.2T	₹2.4T	₹2.6T	₹1.3T	₹254.2B	₹268.1B
Net debt / EBITDA	3.53×	5.94×	5.52×	5.79×	10.87×	5.97×	4.38×	5.38×
Cash conversion cycle (days)	2	-39	-70	-12	38	12	21	-98