Adani Enterprises Q2 FY27 Results: H1 EBITDA Hits Record Rs 11,958 Crore, Up 56%

Adani Enterprises Ltd (AEL), the flagship company of the Adani Group, on Wednesday announced its financial results for the second quarter and half year ended September 30, 2026. The company reported its highest-ever half-yearly EBITDA of Rs 11,958 crore, a 56% rise over the same period last year.

For the first half of FY27, AEL’s consolidated revenue rose 62% year-on-year to Rs 71,569 crore. EBITDA grew 56% to Rs 11,958 crore. Continuing profit before tax (PBT) rose 45% to Rs 3,297 crore, excluding a one-time OFAC settlement of Rs 2,644 crore booked in Q1 FY27.

Profit after tax attributable to owners stood at Rs 332 crore, down from Rs 4,189 crore a year earlier. The Q1 settlement and a Rs 3,583 crore exceptional item in the base period explain much of the change.

The company said the capacity ramp-up at its Copper business boosted EBITDA and PBT. The business posted an EBITDA of Rs 2,033 crore. AEL also received a long-term credit rating upgrade to AA/Stable from CARE Ratings, the highest in its credit history.

Q2 FY27 performance

In the July-September quarter, revenue rose 74% to Rs 38,023 crore, while EBITDA grew 62% to Rs 6,316 crore. Continuing PBT jumped 146% to Rs 2,002 crore. PAT attributable to owners was Rs 1,492 crore, compared with Rs 3,304 crore in Q2 FY26, a 55% decline.

Business highlights

*ANIL (New Energy Ecosystem):* Adani New Industries expanded its solar module line capacity to 10 GW after commissioning 4.3 GW of TOPCon capacity in September 2026. Construction of an additional 6 GW cell line is progressing on schedule. In Q2, module sales rose 35% to 1,478 MW and wind turbine generator (WTG) sales rose 25% to 35 sets. However, the ANIL ecosystem’s Q2 EBITDA fell 7% to Rs 1,094 crore, and H1 EBITDA declined 13% to Rs 2,066 crore.

*Data centres:* AdaniConnex received a new hyperscale order of 240 MW for its Navi Mumbai data centre, taking cumulative tied-up capacity to over 1.2 GW. Operational capacity rose to 94.6 MW during the quarter, with 10 MW in Noida and 19.2 MW in Pune handed over to customers.

*Copper:* Sales volume in Q2 rose 5.8 times to 80.6 kilo tonnes. For H1, volume stood at 145.3 kilo tonnes, a 5.2-fold increase. *Airports:* Q2 total income rose 20% to Rs 3,786 crore and EBITDA grew 55% to Rs 1,641 crore. The segment reported a PBT loss of Rs 290 crore in Q2, which the company attributed to higher depreciation after the capitalisation of Navi Mumbai Airport. Passenger movement fell 6% to 21.2 million in Q2, while cargo volume rose 11% to 3.2 lakh tonnes.

*Mining services and IRM:* Mining services dispatch was 10.7 million metric tonnes in Q2, up 2%. In Integrated Resource Management (IRM), sales volume fell 34% to 7.4 MMT, while handling volume rose 41% to 6.0 MMT.

Chairman’s comment

"We live in an age of such intense disruption that the scale of our ambitions must continuously grow," said Gautam Adani, Chairman of the Adani Group. "What Adani Enterprises has become very effective at is turning increasingly large and complex commitments into execution at scale across our businesses."

He added that the company’s investments in integrated energy, airports and AI ecosystems are recent examples. "Perhaps the strongest validation of our execution capabilities is the trust domestic and global investors continue to place in us, choosing to partner with us even amid extreme volatility," he said.

"As the tailwinds propelling India forward continue to strengthen, we believe we are better positioned than ever to capture the opportunities ahead. We remain bullish on India’s future and, therefore, confident in our own growth story," he said.

The company said the strong H1 EBITDA growth reflects the maturity of investments made over the past several years, and that it is well positioned to sustain this growth with the ramp-up of newly commissioned ANIL module line capacity.

About Adani Enterprises

Adani Enterprises Ltd is the flagship company of the Adani Group. It has built emerging infrastructure businesses and later demerged them into separate listed entities, including Adani Ports & SEZ, Adani Energy Solutions, Adani Power, Adani Green Energy, Adani Total Gas and Adani Wilmar. Its next generation of investments centres on the new energy ecosystem, airport management, data centres, roads, and primary industries such as copper and petrochem.