Adani Enterprises posts quarterly profit of 1,492 crore rupees despite 55% decline

Key Facts

Adani Enterprises reported results for the second quarter and first half of fiscal 2027, ended September 30, 2026, recording net profit attributable to owners of 1,492 crore rupees for the quarter. This marked a return to quarterly profitability after a loss in the first quarter of the fiscal year, but was 55% below net profit in the year-earlier period. The company said total income rose 74% to 38,023 crore rupees, while EBITDA increased 62% to 6,316 crore rupees. The divergence between growth in operating income and a decline in net profit highlights the comparison with the year-earlier quarter, which included a large exceptional item. Accordingly, the return to quarterly profitability does not mean net profit exceeded its year-earlier level.

Profit before tax excluding exceptional items rose 146% year on year to 2,002 crore rupees, compared with 814 crore rupees in the second quarter of the previous fiscal year. Reuters reported that profit before tax and exceptional items increased to 20.02 billion rupees, more than doubling. Net profit attributable to owners was 1,492 crore rupees, compared with 3,304 crore rupees a year earlier. The comparison period included an exceptional item of 3,583 crore rupees, including a gain of 35.83 billion rupees from the sale of a stake in AWL Agri, formerly known as Adani Wilmar. The current result therefore compares with an unusually high net profit last year, despite improvement in the profit-before-tax measure.

Copper emerged as a key growth driver, with sales of 80.6 thousand tonnes in the quarter, up from 11.8 thousand tonnes in the year-earlier period. In the first half, sales volume increased 5.2 times to 145.3 thousand tonnes. Reuters said copper accounts for about 40% of the company's revenue, and its revenue rose to 147.72 billion rupees in the quarter. These figures explain part of the revenue expansion, but do not make performance uniform across the group's businesses. The company recorded growth in group-level income and EBITDA, while indicators across its energy and airport businesses diverged.

In the first half of the fiscal year, revenue reached 71,569 crore rupees, up 62% year on year, and EBITDA rose 56% to 11,958 crore rupees. But net profit attributable to owners of the company fell 92% to 332 crore rupees. This gap between growth in revenue and operating earnings and a decline in net profit reflects the continuing impact of an exceptional year-on-year comparison on results. In new energy, total income at the ANIL ecosystem rose 15% to 3,669 crore rupees in the quarter. However, the ecosystem's EBITDA fell 7% to 1,094 crore rupees, despite a 35% increase in solar module sales to 1,478 megawatts.

ANIL expanded solar module manufacturing capacity to 10 gigawatts in September 2026, after commissioning a 4.3-gigawatt TopCon line. The company said construction of an additional 6-gigawatt cell line is on schedule. In airports, EBITDA rose 55% to 1,641 crore rupees, but the segment posted a pre-tax loss of 290 crore rupees, after recording a profit of 99 crore rupees a year earlier. The company said the capitalization of Navi Mumbai airport increased depreciation in the first half. Airport total income also rose 20% to 3,786 crore rupees, while passenger traffic fell 6% to 21.2 million.

In its data-center business, the company said AdaniConnex received a new order for a 240-megawatt hyperscale data center in Navi Mumbai, taking contracted capacity to more than 1.2 gigawatts. The Adani Group chairman said the company's ability to turn large, complex commitments into large-scale execution had become more effective across its businesses. This focus spans integrated energy, airports and AI ecosystems. The group also announced that Adani Enterprises received a long-term credit rating of AA with a stable outlook from CARE, which it said was the highest in its credit history. The company provisionally scheduled January 28, 2027, for a board meeting to consider its third-quarter fiscal 2027 results.