Adani Enterprises (ADANIENT) Q2 26/27 earnings summary

Executive summary

• H1 FY27 total income rose 62% YoY to ₹71,569 crore and EBITDA rose 56% to a record ₹11,958 crore; CARE upgraded the long-term rating to AA Stable.

• Q2 FY27 total income was ₹38,023.11 crore and pre-exceptional PBT was ₹2,002.02 crore; H1 PAT was a loss of ₹240.55 crore after the Q1 OFAC settlement charge.

• Growth initiatives advanced across airports, copper, manufacturing, data centers and roads, with investment continuing in large infrastructure assets.

Financial highlights

• H1 consolidated revenue was ₹70,139.60 crore versus ₹43,209.71 crore; pre-exceptional PBT was ₹3,296.66 crore versus ₹2,280.63 crore.

• H1 PBT excluding exceptional items was ₹5,993 crore, up 169% YoY; H1 consolidated PBT was ₹652.64 crore and PAT was a loss of ₹240.55 crore.

• Q2 consolidated revenue was ₹37,215.62 crore versus ₹21,248.51 crore; total income was ₹38,023.11 crore and PAT was ₹1,220.99 crore.

• Q2 EBITDA was ₹6,316 crore, up 62% YoY; PBT excluding exceptional items was ₹2,002.02 crore, up 146%.

• Standalone Q2 PAT was ₹1,224.45 crore; H1 standalone PAT was ₹334.11 crore.

Outlook and guidance

• Navi Mumbai Airport targeted a 20 million passenger annual run rate by FY2027-28 exit; management also cited 5 million passengers per quarter by Q1 2028.

• Data-center operational capacity expected at 120–150 MW by FY2027 and close to 500 MW over the following 12–18 months; platform target is 3 GW by 2031.

• Solar module sales run rate expected to reach 2 GW in the next quarter; 6 GW cell capacity targeted for commissioning by FY27-end.

• Annual CapEx expected at ₹35,000–40,000 crore for the next couple of years, led by airports, data centers and PVC.

• Mining services and IRM volumes expected to grow 10%–15% above last year, subject to seasonality and market conditions.