Adani Enterprises Limited (AEL) submitted an investor presentation detailing its unaudited financial and operational performance for Q2 and H1 FY27, ended September 30, 2026. The document was filed with the BSE and NSE under Regulation 30 of the SEBI Listing Regulations.

Financial Performance Overview

  • The company achieved its highest half-year EBITDA of ₹11,958 crore, representing a 56% year-on-year increase for H1 FY27.
  • Consolidated EBITDA for H1 FY27 stood at ₹5,993 crore, up 10% YoY from ₹5,470 crore in H1 FY26.
  • The Primary Industry segment (Metals, Mining, IRM & Specialist Manufacturing) showed remarkable growth, with EBITDA surging to ₹5,137 crore in H1 FY27 from ₹1,199 crore in H1 FY26, a 3.3x increase.
  • The Core Infra Platform (New Energy Ecosystem, Airports, Roads) recorded EBITDA of ₹5,993 crore in H1 FY27.
  • The Long-Term Contracted Services segment (primarily Mining Services) saw EBITDA decline by 19% YoY to ₹828 crore in H1 FY27 from ₹1,019 crore, attributed to higher operating costs from increased global fuel prices.

Operational Highlights

New Energy Ecosystem (Adani New Industries Ltd - ANIL):

  • A new 4.3 GW module production line with TopCon technology became operational from September 1, 2026.
  • Total module manufacturing capacity now stands at 10 GW (8 GW TopCon, 2 GW MonoPerc).
  • Cell manufacturing capacity is at 4 GW, with an additional 6 GW cell line expected to be commissioned by the end of FY27.
  • Ingot & Wafer capacity remains at 2 GW and is operational.
  • Wind Turbine Generator (WTG) manufacturing capacity is 2.25 GW.

Data Centers (Adani ConneX - ACX):

  • 19.2 MW capacity in Pune and 10 MW in Noida were handed over to customers in Q2, taking total operational capacity to 94.6 MW.
  • A new 240 MW hyperscale order was received for the Navi Mumbai data center, increasing the cumulative tied-up capacity to over 1.2 GW.
  • The company reported 100% uptime availability across all operational data centers.

Airports (Adani Airport Holdings Ltd - AAHL):

  • Non-aero revenue grew 55% year-on-year in H1 FY27, reaching ₹4,371 crore (H1 FY26: ₹2,823 crore).
  • The breakdown of non-aero revenue for H1 FY27 was: Duty Free (₹1,180 cr), Food & Beverages and Lounge (₹808 cr), Lease & Retails (₹1,032 cr), Ground Handling (₹388 cr), Car Park (₹167 cr), and Passenger Services & Others (₹796 cr).
  • Aero revenue grew 9% YoY.
  • The company is leveraging a consumer base of over 300 million across its airport network.
  • AAHL entered binding agreements in September 2026 to raise ₹9,825 crore (~USD 1 Bn) in primary equity from global investors, who will hold a 5.54% stake upon completion.

Roads (Adani Road Transport Ltd - ARTL):

  • The portfolio includes 7 operational HAM projects, 5 operational BOT projects, and 2 operational TOT projects.
  • Several projects are under development or in progress, including a ropeway project.

Primary Industries - Mining Services & IRM:

  • The segment holds 18 mining services contracts from 11 customers across 6 states, with a peak capacity of 145.4 MMTPA.
  • Sales volume declined 35% YoY to 15.7 MMT in H1 FY27, while handling volume was largely flat at 9.4 MMT.
  • Dispatch volumes to major mine owners like RRVUNL, CSPGCL, and NLCIL were detailed for Q2 and H1.

Primary Industries - Commercial Mining (Australia):

  • The Carmichael mine produced 6.5 MMT in H1 FY27, a 6% increase YoY.
  • Sales volume from the mine was flat at 6.2 MMT for H1 FY27.

Primary Industries - Copper:

  • The 500 KTPA copper smelting and refining plant in Mundra operated at ~64% of its annual capacity in Q2 FY27.
  • Production surged to 145.6 KT in H1 FY27 from 24.5 KT in H1 FY26.
  • Sales increased to 145.3 KT in H1 FY27 from 23.3 KT in H1 FY26.

Debt Profile (as of September 30, 2026)

  • Gross Debt stood at ₹97,294 crore, up from ₹86,702 crore as of March 31, 2026.
  • The increase was primarily driven by ongoing capex in Airports (₹35,009 cr) and the PVC project (₹10,093 cr).
  • After accounting for Shareholder's Loans (₹8,203 cr) and Cash & Bank Balances (₹16,857 cr), the Net External Debt was ₹72,233 crore.
  • The Consolidated Net Debt / Equity ratio was reported at 0.70x for H1 FY27.

Capex Incurred (H1 FY27)

The total capital expenditure incurred in H1 FY27 was ₹16,013 crore, broken down as follows:

  • Airport: ₹4,245 crore
  • PVC: ₹4,319 crore
  • New Energy Ecosystem: ₹2,684 crore
  • Mining Services & Others: ₹3,028 crore
  • Road: ₹1,737 crore

Credit Rating Update

AEL's long-term credit rating was upgraded to 'AA Stable', which is noted as the highest ever rating in its credit history.

ESG Highlights

  • The company scored 64 in the DJSI Corporate Sustainability Assessment (CSA) 2025, ranking in the 98th percentile globally and among the top 5 companies in its sector.
  • Achieved an 'A' Leadership Category in both CDP Climate Change 2025 and CDP Water Stewardship 2025.
  • Other ESG ratings include Sustainalytics (35.8), Care Edge (83.1 - 'Leadership'), CRISIL (60 - 'Adequate'), TPI (Level 3), and ESG Risk Assessment & Insight (67.5 - 'Strong').
  • Specific ESG performance metrics were provided for various business verticals, including renewable energy usage in electricity mix and water stewardship.

The presentation also included detailed appendices with operational data for airports, roads, mining services, water projects, and a comprehensive overview of the company's ESG governance framework and alignment with UN Sustainable Development Goals.