Industrial Products

Industrial Products Sector Performance and Outlook Q3 FY2026

2 March 2026

India's Industrial Products sector shows robust Q3 FY2026 growth driven by capex, capacity expansions, technology adoption, and domestic infrastructure demand amid commodity and geopolitical headwinds.

Metals & Minerals Trading Sector Analysis: A Comprehensive Overview

The Metals & Minerals Trading sector, as evidenced by the diverse operations of Adani Enterprises Limited, Lloyds Enterprises Limited, and SG Mart Limited, is characterized by a dynamic interplay of commodity trading, integrated mining and processing, value-added distribution, and strategic diversification into related infrastructure and new energy segments. While core trading activities face inherent volatility, the broader landscape is shaped by India's robust economic growth, ambitious infrastructure development, and a significant push towards renewable energy and manufacturing. Companies are strategically positioning themselves through vertical integration, technological adoption, and expansion into high-growth adjacencies to mitigate risks and capitalize on emerging opportunities.

A. Industry Overview & Market Landscape

The Metals & Minerals Trading sector in India is a critical component of the nation's industrial backbone, supplying essential raw materials and finished products to a wide array of end-user industries. The market is broadly segmented into primary metal trading (e.g., steel, copper, iron ore), raw material procurement and distribution, and value-added processing and supply of construction and industrial materials.

**Total Addressable Market Size and Growth Rates:** The Indian B2B market, which encompasses a significant portion of the metals and construction materials trade, is estimated at a substantial $2 trillion and is experiencing a robust growth rate of 8.5% year-on-year. This growth is intrinsically linked to India's overarching economic trajectory, with the nation projected to become a $10 trillion economy by FY'32, adding $1 trillion to its GDP every 18 months over the next six years.

**Market Structure and Segmentation:** The market structure is notably fragmented, particularly in the B2B construction materials space, as highlighted by SG Mart Limited. This fragmentation presents both challenges and opportunities, leading to a critical need for large, organized trading hubs and integrated platforms to service the burgeoning MSME segment. * **By Product:** The sector deals with a wide range of products including flat steel, light structurals, iron ore pellets, copper, and various construction materials like tiles, cement, bath fittings, laminates, and paints. Additionally, specialized steel structures for solar projects are a growing segment. * **By Service:** Services include integrated resource management (IRM), mining services (MDO), B2B metal trading, network of service centers for processing, and downstream distribution. * **By Customer Type:** Customers span across construction companies, automotive equipment manufacturers, white goods producers, farm equipment players, solar EPCs, fabrication companies, traders, contractors, developers, retailers, and wholesalers.

**Key End Markets and Applications:** The metals and minerals traded serve diverse end markets, reflecting the broad utility of these materials: * **Infrastructure & Construction:** Roads, airports, data centers, real estate development, and general construction. Adani Enterprises' significant investments in airports and roads, and SG Mart's focus on construction materials, underscore this. * **Manufacturing:** Steel, power, hydrocarbons, defense, automotive, white goods, and farm equipment sectors. Lloyds Enterprises' LEWL provides engineering solutions to these sectors. * **Renewable Energy:** Solar structures, wind turbines, and the emerging green hydrogen ecosystem. Adani New Industries Limited (ANIL) and SG Mart's foray into solar structures are prime examples. * **Primary Industries:** Copper production (Adani's Kutch Copper), iron ore mining and processing (Lloyds Metals & Energy Ltd).

**Geographic Distribution and Regional Dynamics:** While the primary focus is on the domestic Indian market, driven by pan-India distribution networks and localized service centers, there is also an international dimension. Adani Enterprises operates the Carmichael Mine in Australia and has global ambitions in new energy. SG Mart is expanding its footprint with a Dubai service center, indicating export potential. The growth corridors within India, such as the MMR region for real estate and warehousing (Lloyds Realty Developers), are key regional hotspots.

**Market Maturity and Lifecycle Stage:** The Indian metals and minerals trading market is in a growth phase, propelled by strong macroeconomic tailwinds. India's manufacturing sector, currently contributing 17% to GDP in FY'25, is poised for explosive growth, expected to reach 31% by FY'35, opening up a $3 trillion opportunity. This expansion directly translates to increased demand for metals and construction materials. The MSME sector, contributing 29-32% of India's GDP, is expected to contribute about 50% by 2030, further fueling demand for accessible and quality materials.

**Industry Value Chain and Ecosystem:** The value chain is multi-layered: 1. **Mining & Extraction:** Companies like Adani (Mining Services, Carmichael Mine) and Lloyds (LMEL's integrated mining) are at the upstream. 2. **Processing & Manufacturing:** Integrated facilities for copper (Adani's Kutch Copper), iron ore pellets, and DRI (LMEL). Solar cell and module manufacturing (Adani Solar). 3. **Trading & Distribution:** Integrated Resource Management (AEL), B2B Metal Trading (SG Mart), and diversified trading portfolios (LEL). This involves sourcing from producers and supplying to various end-users. 4. **Value-Added Services:** Service centers for cutting, slitting, and shaping steel (SG Mart). Engineering solutions (LEWL). 5. **End-Use:** Construction, infrastructure, manufacturing, and renewable energy projects.

The ecosystem is characterized by a mix of large conglomerates (Adani), diversified holding companies (Lloyds), and specialized B2B platforms (SG Mart), all aiming to address the critical need for efficient supply chains and organized distribution in a rapidly expanding economy.

B. Financial & Economic Profile

The financial performance within the Metals & Minerals Trading sector, as observed through the provided data, reflects a mix of robust growth in certain segments, strategic investments, and susceptibility to commodity price volatility.

**Industry Aggregate Revenue Scale and Growth Trajectory:** While a direct aggregate revenue for the "Metals & Minerals Trading" segment across all three highly diversified companies is not feasible, their individual contributions and growth rates provide insight: * **Adani Enterprises Limited (AEL):** As a conglomerate, AEL's total income for 9M FY'26 was INR 69,756 crores, down 4% YoY. However, its core relevant segments show: * Integrated Resource Management (IRM) EBITDA: INR 2,069 crores (9M FY'26), with volume down 14% YoY. * Mining Services revenue: up 29% (9M FY'26). * ANIL Ecosystem Total Income: INR 10,394 cr (down 2% YoY). * **Lloyds Enterprises Limited (LEL):** Demonstrated exceptional growth in 9M FY'26. * Consolidated Total Income: INR 1393.28 Cr, up 33.42% YoY. * Standalone Total Income: INR 540.53 Cr, up 40.61% YoY, largely driven by strategic portfolio monetization. * **SG Mart Limited:** Showed strong revenue growth but faced profitability challenges in Q3 FY'26. * Net Revenue (9M FY'26): Rs. 44,924 Mn. * Net Revenue (Q3 FY'26): Rs. 16.4 Bn, up 23% YoY, but down 4% QoQ. * FY'25 Revenue for Downstream Distribution Products: Rs. 3,801Mn.

**Profitability Levels Across Companies:** Profitability varies significantly based on business model, level of integration, and exposure to commodity price fluctuations. * **Adani Enterprises Limited:** * Overall EBITDA (9M FY'26): INR 11,985 crores (down 3% YoY). * IRM EBITDA (9M FY'26): INR 2,069 crores. * Mining Services EBITDA (9M FY'26): INR 1,424 crores (up 29% YoY). * ANIL Ecosystem EBITDA (9M FY'26): INR 3,359 cr (down 8% YoY), impacted by lower module realization. * Carmichael Mine, Australia EBITDA (9M FY'26): 9.4 MMT (down 4%). * The IRM business is noted for its variability due to global/domestic interplays, impacting overall profitability. * **Lloyds Enterprises Limited:** Exhibited remarkable profitability growth. * Consolidated EBITDA (9M FY'26): INR 427.29 Cr, up 208.40% YoY. EBITDA Margin: 30.67% (up 1740 bps). * Standalone EBITDA (9M FY'26): INR 303.67 Cr, up 1549.48% YoY. EBITDA Margin: 56.18% (up 5139 bps). This high standalone margin is attributed to strategic portfolio monetization. * Consolidated PAT (9M FY'26): INR 348.44 Cr, up 252.60% YoY. * **SG Mart Limited:** Faced margin pressure in Q3 FY'26 due to steel price correction. * Business EBITDA (Q3 FY'26): Rs. 167 Mn, down 40% YoY and QoQ. EBITDA Margin: 1.0% (down 108 bps YoY, down 63 bps QoQ). * Net Profit (Q3 FY'26): Rs. 107 Mn, down 62% YoY and 60% QoQ. Net Profit Margin: 0.7%. * The company reported an inventory loss of around Rs. 20 crores in Q3 FY'26 due to a sharp correction in steel prices (Rs. 2,500-3,000 per ton). * Management guidance for FY'27 targets a significant improvement, with business EBITDA around Rs. 350 crores plus, and blended EBITDA per ton around Rs. 1,800-Rs. 1,900.

The following table summarizes the financial performance of the companies for the 9M FY'26 period, highlighting the diverse scale and profitability trends:

*Note: AEL's PAT includes an exceptional gain of INR 9,215 cr. SG Mart's EBITDA margin is calculated based on 9M Total Income and EBITDA.*

**Return Profiles (ROCE, ROE):** * **SG Mart Limited:** Reported ROCE of 12% in Q3 FY'26, down from 22% in FY'25. ROE was 7% in Q3 FY'26, down from 9% in FY'25. This decline is likely linked to the profitability challenges in the quarter. * Data for AEL and LEL's specific segment returns (ROCE, ROE) were not explicitly provided in the context of metals and minerals trading.

**Working Capital Characteristics and Cash Conversion Cycles:** * **SG Mart Limited:** Demonstrated efficient working capital management, with Net Working Capital (WC) days at 27 days in Q3 FY'26, an improvement from 30 days in FY'25. This indicates a focus on optimizing inventory and receivables. * **Adani Enterprises Limited:** Did not provide specific working capital days for its trading segments, but its overall Cash & Bank Balances were INR 12,168 cr as at Dec-25. * **Lloyds Enterprises Limited:** Did not provide specific working capital metrics, but its asset-light approach for real estate and focus on quicker cash flows suggests an emphasis on efficient capital deployment.

**Capital Intensity Requirements:** * **Adani Enterprises Limited:** Operates in highly capital-intensive sectors. Its total capex target for FY'26 is roughly INR 36,000 crores, with INR 25,200 crores incurred in the first 9 months. Projects like Kutch Copper (capex expensed till now: ~INR 9,000 crores) and the 6 GW cell and module line (~INR 10,000 crores) require substantial capital. The company's significant gross debt of INR 90,697 cr (Dec-25) reflects this capital-intensive nature. * **Lloyds Enterprises Limited:** While its subsidiaries like LEWL and LMEL have capital requirements for capacity expansion and integrated operations, LEL itself, particularly in its real estate arm (LRDL), emphasizes an "asset-light approach, emphasising negligible debt and exploring joint ventures" to mitigate capital intensity and generate quicker cash flows. Its investment in Jonnagiri Gold Mine was INR 140 Cr. * **SG Mart Limited:** Is in a growth phase requiring capital for establishing service centers. Capex incurred in 9M FY'26 was (Rs. 1,014) Mn. The company is using its cash to build capacities, with a target of 20 service centers by FY'28/29.

**Revenue Quality:** * **Adani Enterprises Limited's** IRM business is subject to "variability" due to global/domestic interplays, suggesting a more transactional, commodity-driven revenue. However, its Mining Services (MDO agreements) and new projects like Kutch Copper aim for more stable, long-term revenue streams. * **Lloyds Enterprises Limited's** trading portfolio is likely transactional, but its strategic investments in integrated mining (LMEL) and long-term gold production (Jonnagiri) offer more predictable, compounding asset-based revenues. * **SG Mart Limited's** B2B marketplace and distribution model, while subject to commodity price fluctuations, aims to build recurring relationships with a large customer base (2,340 customers served). Its expansion into renewables structures and other building materials with higher spreads suggests a move towards more stable and value-added revenue streams.

C. Competitive Structure & Dynamics

The competitive landscape in the Metals & Minerals Trading sector is shaped by fragmentation, commodity price volatility, and the strategic efforts of players to differentiate through scale, integration, and value-added services.

**Number of Players and Market Concentration:** The Indian B2B market, particularly for construction materials, is described as "fragmented" by SG Mart. This indicates a large number of unorganized players alongside a few emerging organized entities. SG Mart itself aims to address this fragmentation by becoming a "one-of-a-kind building products market platform." While specific market share data for the entire sector is not provided, SG Mart claims to be the "number 2 player in solar structures" and states its "trading capacity is 20 times more than current largest steel trader," suggesting a relatively concentrated leadership in specific niches but a broader fragmented base. Adani Enterprises and Lloyds Enterprises, through their integrated operations and diversified portfolios, represent larger, more consolidated entities within their respective sub-segments (e.g., integrated resource management, mining, integrated iron ore and steel).

**Competitive Intensity Assessment:** * **Price Competition:** High, especially in commodity trading. SG Mart's Q3 FY'26 performance was significantly impacted by "pressure on steel prices" and an "inventory loss of around Rs. 20 crores" due to a "sharp correction in steel prices (Rs. 2,500-3,000 per ton)." Adani's IRM business also experiences "variability" due to global/domestic interplays, indicating sensitivity to price fluctuations. * **Buyer Power:** Moderate to high, particularly for large industrial buyers who can negotiate terms. SG Mart's model aims to reduce minimum purchase requirements, empowering smaller buyers. * **Supplier Power:** Moderate, as large steel producers have some leverage, but distributors like SG Mart aim to leverage "group's strong relationships with steel producers" to ensure supply. * **Threat of New Entrants:** Moderate. While large-scale integrated operations (like Adani's Kutch Copper or Lloyds' LMEL) require significant capital, the B2B trading and distribution space might have lower entry barriers, though establishing a robust network and relationships (like SG Mart's) takes time. * **Threat of Substitutes:** Moderate. While steel and other metals are fundamental, innovation in construction materials or alternative energy sources could pose long-term threats.

**Entry Barriers and Competitive Moats:** * **Capital Intensity:** High for integrated mining, processing, and large-scale infrastructure projects (e.g., Adani's Kutch Copper, ANIL's manufacturing). * **Integrated Operations & Scale:** Companies like Lloyds Metals & Energy Ltd (LMEL) benefit from being an "integrated mining & metals platform" with "low-cost, high-scale, compounding asset." Adani's Integrated Resource Management and Mining Services leverage vast scale. * **Distribution Network & Relationships:** SG Mart's "robust distribution network" and "group's existing relationships with dealer network, IPPs, EPC contractors and PEB Companies" create a significant moat in the B2B marketplace. * **Project Execution Capabilities:** Adani's "core strength of project execution and operations" across diverse infrastructure projects is a key differentiator. * **Diversification & Strategic Investments:** Lloyds Enterprises' diversified portfolio across trading, engineering, real estate, and gold exploration, along with its corporate restructuring, aims to unlock value and mitigate risks.

**Pricing Power Dynamics and Pricing Trends:** Pricing power is generally limited in pure commodity trading due to market-driven prices. However, value-added services and specialized products offer better spreads. * **SG Mart:** Experienced negative pricing trends in Q3 FY'26 due to steel price correction. However, it expects improved EBITDA spreads in Q4 FY'26 and FY'27 for its service center business (Rs. 2,000 per ton vs Rs. 1,500 in Q3), B2B Metal Trading (Rs. 900-Rs. 1,000 per ton vs Rs. 500-Rs. 600 in Q3), and especially for new products like residential rooftop structures and other profiles (Rs. 6,000-Rs. 7,000 per ton due to brand premium). The Dubai service center also offers "superior spread" (Rs. 5,000+ per ton). * **Adani Enterprises:** The "lower realization of modules" impacted ANIL's ecosystem, indicating price pressure in the solar manufacturing segment.

**Differentiation Strategies Employed:** * **Adani Enterprises:** * **Diversification & Integration:** A conglomerate model spanning mining, IRM, new energy, airports, roads, data centers, copper, and PVC. This provides cross-sector synergies and risk mitigation. * **Scale & Project Execution:** Ability to undertake and execute mega-projects (Navi Mumbai Airport, Ganga Expressway, Kutch Copper). * **New Energy Focus:** Significant investments in green hydrogen ecosystem, solar cell/module manufacturing, and wind turbines. * **ESG Leadership:** High ESG scores (S&P DJSI, CDP Climate Change, Sustainalytics) enhance reputation and access to capital. * **Lloyds Enterprises Limited:** * **Holding Company Structure & Strategic Investments:** Provides exposure to diverse, high-growth sectors (integrated metals, gold exploration, engineering, real estate). * **Asset-Light Real Estate:** LRDL's strategy of joint ventures and minimal upfront capital for real estate development. * **Integrated Mining & Metals:** LMEL's "low-cost mine-to-metal flywheel" offers efficiency and control over the value chain. * **Corporate Restructuring:** Planned separation of real estate to create focused entities and unlock value. * **SG Mart Limited:** * **B2B Marketplace Platform:** A "one-of-a-kind" platform providing a "one stop solution for all construction needs," addressing fragmentation and supply chain inefficiencies. * **Pan-India Distribution & Service Centers:** Establishing a robust network of service centers and leveraging group relationships for wide reach. * **Value-Added Services:** Moving beyond pure trading to processing (cut-to-length, slitting) and manufacturing specialized structures (solar, profiles) with higher margins. * **Diversification within Building Materials:** Expanding product categories (tiles, cement, bath fittings, laminates, paints) to offer a comprehensive portfolio.

**Consolidation Trends and M&A Activity:** * **Adani Enterprises:** Engages in strategic acquisitions, such as acquiring 100% stake in AGHPort Aviation Services to strengthen airport ground handling. Its overall growth strategy includes both organic expansion and inorganic opportunities. * **Lloyds Enterprises:** LEWL's EPC-led transformation involves "acquisitions (Techno, MetalFab, BECL engineering assets)." LRDL acquired a 60.38% stake in January 2024. The corporate restructuring itself is a form of internal consolidation and separation to optimize value. * **SG Mart:** Focuses more on organic expansion of its service center network and new product launches, though it leverages existing group relationships.

**Competitive Advantages of Each Player:**

| Company | Key Competitive Advantages | Adani Enterprises Limited | Lloyds Enterprises Limited | SG Mart Limited | |---------------------------|---------------------------|------------------------|-------------------| | **B2B Marketplace** | N/A | N/A | Yes | | **Integrated Mining** | Yes (Carmichael, MDO) | Yes (LMEL) | N/A | | **Metals Trading** | Yes (IRM) | Yes | Yes | | **Value-Added Processing**| Yes (Kutch Copper) | N/A | Yes (Service Centers, Structures)| | **New Energy Focus** | Yes (ANIL, Green H2) | N/A | Yes (Solar Structures)| | **Infrastructure** | Yes (Airports, Roads) | Yes (LEWL, LRDL) | N/A | | **Diversification** | High (Conglomerate) | High (Holding Company) | Moderate (Building Materials)|

D. Operational Characteristics

Operational efficiency, capacity utilization, and supply chain management are critical determinants of success in the Metals & Minerals Trading sector. The companies exhibit distinct operational profiles reflecting their varied business models.

**Capacity and Utilization Trends Across Companies:** * **Adani Enterprises Limited:** * **Mining Services:** The portfolio includes 17 MDO service agreements with a peak capacity of 143 MT per annum. Currently, it operates at a run rate of 45 MT from 6 contracts, implying an operating capacity of 63 MT. This means the segment is operating at approximately 31% of its potential. Dispatch volume for 9M FY'26 was 33.3 MT, up 14% YoY. * **Carmichael Mine, Australia:** Volume for 9M FY'26 was 9.4 MMT, down 4% YoY. * **Kutch Copper:** Capex expensed till now is about INR 9,000 crores (just over one-third of total capex). Full utilization is expected to start over the next 2-3 months, with numbers in Q1 FY'27. Management is confident of utilization rates between 70% to 80%. * **ANIL (Solar Manufacturing):** Adani Solar has cumulative shipments of more than 15 GW. Current module run rate is about 4 GW. A new 6 GW cell and module line is expected to be ready by September 30, 2026, bringing total capacity to 10 GW. Once 10 GW capacity is ready, the expected module run rate is 2,000 megawatts per quarter. ANIL module sales tracked over 1 GW per quarter (3440 MW for 9M FY'26, up 5% YoY). * **Lloyds Enterprises Limited:** * **Lloyds Metals & Energy Ltd (LMEL):** Environmental clearance for higher mining throughput of 26 Mnt. Operates a 4-Mt pellet plant and 360kt DRI plant. * **Jonnagiri Gold Mine (GMSI):** Capacity of 1,000 KgPA of finished goods. Pre-production trials produced ~60 kg of gold. Planned production is ~600 kg per year from FY'26–27, with peak potential of ~1,000 kg per year. * **Lloyds Engineering Works Limited (LEWL):** Capacity expansion of ≈2× is underway. * **SG Mart Limited:** * **Service Centres:** Operates 7 service centers with a total monthly capacity of 80,000 tons (Cut-To-Length: 49,500; Chequered: 9,500; Slitting: 6,000; Solar: 15,000). The current operating run rate for the service center business is 50,000-55,000 tons per month, which translates to 163,000 tons in Q3 FY'26. This suggests a utilization rate of around 62-69% of current capacity. * **Renewables & Structures:** Has installed 1.5 gigawatt of solar structures since Q1 FY'26. Q3 FY'26 volume was 17k Tons. Annual capacity for solar structures is Rs. 250,000 tons, and for other structures (trade channel) is Rs. 250,000 tons, totaling 0.5 million tons.

**Production Economics and Cost Structures:** * **SG Mart Limited:** Experienced an "inventory loss of around Rs. 20 crores" in Q3 FY'26 due to a sharp correction in steel prices (Rs. 2,500-3,000 per ton), highlighting the impact of commodity price volatility on cost of goods sold. Business expenses for building renewable structure and open profile business were Rs. 2-3 crores in Q3. The company aims to mitigate this risk by keeping minimum inventory levels and adopting a pass-through model for steel prices. * **Lloyds Enterprises Limited (Jonnagiri Gold Mine):** Forecast All-in Sustaining Cost (AISC) is ~USD 1,021/oz, indicating a competitive cost structure for gold production. * **Adani Enterprises Limited:** The IRM business's profitability is sensitive to global/domestic interplays, suggesting cost and price dynamics are crucial. The focus on low-cost green hydrogen production (ingots, wafers, cells, modules, wind turbines & electrolysers) for ANIL indicates a strategy to control costs across the new energy value chain.

**Supply Chain Structure and Dependencies:** * **SG Mart Limited:** Operates as a "bridge between Construction / Automotive equipment / White Goods / Farm equipment players / Solar EPCs / Fabrication companies etc. and reputed brands." It has a "robust distribution network, facilitating seamless operations, and ensuring pan-India reach." The company serves 2,340 customers and works with 438 vendors, indicating a broad supply and distribution network. It leverages "group's strong relationships with steel producers" for sourcing. * **Adani Enterprises Limited:** Its IRM business involves sourcing and trading of resources. Mining Services operates on MDO (Mine Developer and Operator) agreements, implying a service-oriented supply chain where it manages mining operations for clients. * **Lloyds Enterprises Limited:** LMEL's "integrated mining & metals platform" suggests a controlled and efficient internal supply chain from mine to metal.

**Technology Landscape and Innovation Pace:** * **Adani Enterprises Limited:** Is actively investing in advanced technologies. It has set up an "Adani's Global Capability Center (GCC)" focusing on "AI and agentic workforce model." Its ANIL ecosystem is focused on integrated manufacturing for low-cost green hydrogen, including advanced components like ingots, wafers, cells, modules, wind turbines, and electrolysers. The Aerospace, Technology & Defense business is also taking shape. * **Lloyds Engineering Works Limited (LEWL):** Emphasizes "Tech tie-ups" including EPS Gen-4 (TMW), marine loading arms (TB Global), and an expanded Fincantieri alliance for CPP & shafting. It also has a "Strategic Drone Partnership with FlyFocus" and a "Strategic Partnership with CEMI to Drive Industrial Process Optimisation." * **SG Mart Limited:** Leverages a "B2B construction materials marketplace" platform, which is a technological solution to address market fragmentation and improve efficiency in demand-supply matching.

**Operational Efficiency Benchmarks:** * **SG Mart Limited:** Net WC days improved to 27 days (from 30 days in FY'25), indicating good operational efficiency in managing working capital. The company aims for a desired ROCE of 25%-30% for its service centers. * **Adani Enterprises Limited:** Interest coverage ratio of 2.6 (9M26) vs 3.4 (FY25) and Debt Service coverage ratio of 1.9 (9M26) vs 2.6 (FY25) indicate the ability to service debt, though there's a slight decline. Its CAT (FFO) CAGR of 28% (FY19-Sept'25 TTM) and CAT (FFO) at 74% of EBITDA (Sept'25 TTM) suggest strong cash generation from operations.

**Key Performance Indicators (Company-Specific and Industry Averages):**

| KPI | Adani Enterprises (Relevant Segments)