Adani Enterprises’ income jumps 74% to 38,023 crore rupees in second quarter
Key Facts
Adani Enterprises reported a 74% rise in consolidated total income to 38,023 crore rupees in the second quarter ended September 30, 2026, from 21,844 crore rupees a year earlier. EBITDA rose 62% to 6,316 crore rupees, compared with 3,902 crore in the year-earlier quarter. In contrast, profit after tax attributable to owners fell 55% to 1,492 crore rupees. The decline reflects a year-on-year comparison with a high base, as the second quarter of the previous fiscal year recorded an exceptional gain of 3,583 crore rupees. The company reported no exceptional item in the current quarter.
In the first half of fiscal 2027, total income rose 62% to 71,569 crore rupees, and EBITDA increased 56% to 11,958 crore rupees. Continuing profit before tax was 3,297 crore rupees, up 45% year on year, after excluding a one-time settlement of 2,644 crore rupees in the first quarter. The company said growth in EBITDA and profit before tax benefited from increased operating capacity in its copper business. The business contributed 2,033 crore rupees to EBITDA in the first half. These figures highlight the expansion of operating activity alongside comparisons with prior periods, while the effect of the settlement remains relevant when reading the half-year results.
Copper sales were 80.6 thousand tonnes in the second quarter, compared with 11.8 thousand tonnes in the year-earlier period. In the first half, sales reached 145.3 thousand tonnes versus 23.3 thousand tonnes, a 5.2-fold increase. The company linked the improvement in EBITDA and profit before tax over the six months to increased copper operating capacity, which contributed 2,033 crore rupees to EBITDA. The jump in volumes puts copper at the forefront of the operating expansion detailed in the results. The company also reported growth in solar module manufacturing, although profitability indicators in the new energy ecosystem moved at a different pace.
The ANIL ecosystem’s solar module line had production capacity of about 10 gigawatts after a 4.3-gigawatt TopCon line began operating in September 2026. Module sales rose 35% to 1,478 megawatts in the second quarter. Ecosystem income increased 15% to 3,669 crore rupees, but EBITDA fell 7% to 1,094 crore. The figures show a divergence between growth in sales and income on one hand and a decline in EBITDA on the other. The company did not describe these results as a shift in the earnings mix.
In the airports segment, income rose 20% to 3,786 crore rupees, and EBITDA increased 55% to 1,641 crore. Passenger traffic, however, fell 6% to 21.2 million in the second quarter. In new business, AdaniConnex received an order for a 240-megawatt hyperscale data centre in Navi Mumbai. The order lifted cumulative contracted capacity to more than 1.2 gigawatts. Segment data show diverging operating trends during the quarter, with airport metrics growing as passenger traffic declined and contracted data-centre orders expanding.
CARE Ratings upgraded the company’s long-term rating to CARE AA with a stable outlook from CARE AA- with a stable outlook, and retained its short-term rating at CARE A1+. The agency said growth in copper and airports, along with the commencement of operations and gradual expansion of Navi Mumbai airport, are expected to support growth in earnings before interest, lease, depreciation and tax in fiscal 2027. At the same time, it noted that the consolidated external net debt-to-PBILDT ratio rose to 4.25 times on March 31, 2026, from 3.08 times on March 31, 2025, due to debt-funded capital expenditure. In the market, Adani Enterprises shares fluctuated between gains and losses on October 28 after the results were announced, then recovered from their lows before giving back some gains. The investor relations calendar lists a board meeting to review third-quarter results on January 28, 2027, with the company noting that the date is tentative and subject to change.