Adani Enterprises (ADANIENT) Q2 25/26 earnings summary

Executive summary

• Portfolio includes incubating and established businesses in energy, utilities, transport, logistics, consumer services, and primary industries, with major assets like Navi Mumbai Airport, Copper Plant, and Ganga Expressway expected to unlock significant EBITDA from Q4 FY26.

• Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, with limited review by statutory auditors.

• Rights issue of partly paid-up equity shares up to ₹25,000 crore approved to strengthen the capital base and fund growth.

• AdaniConneX partnered with Google to develop India's largest AI data center campus in Andhra/Visakhapatnam.

• Incubating businesses, especially Airports, showed strong EBITDA growth, while established businesses faced headwinds from market volatility.

Financial highlights

• H1 FY26 total income: ₹49,263 crore, up 15% year-over-year; EBITDA: ₹8,654 crore, up 13% year-over-year; profit before tax: INR 5,864 crore.

• Q2 FY26 consolidated revenue: ₹21,248.51 crore; net profit: ₹3,414.43 crore; H1 FY26 net profit: ₹4,390.91 crore.

• Exceptional gains from sale of AWL Agri Business shares and Ambuja Cements share consideration.

• Airports EBITDA up 51% to ₹2,157 crore; major CapEx underway in airports, roads, and new industries.

• Rights issue of equity shares approved for ₹25,000 crore to strengthen balance sheet.

Outlook and guidance

• Next 10 years expected to be a high-growth period as startup phase assets mature, with large infra assets set to contribute to EBITDA from Q4 FY26.

• Airport and road businesses to see significant capital deployment and growth; solar module business expected to normalize over 18 months.

• Targeting 1 GW data center capacity powered by renewables by 2030.

• Green hydrogen investment decision pending pilot results by mid-2026.

• Rights issue to strengthen capital base; detailed terms to be announced.