Adani Enterprises Limited (AEL) submitted its unaudited financial results for Q2 and H1 FY27, ended September 30, 2026, to the BSE and NSE. The results were approved by the board and announced via a media release on October 28, 2026.

Consolidated Financial Highlights (YoY)

Q2 FY27 Performance:

  • Total Income: ₹38,023 crore, up 74% from ₹21,844 crore in Q2 FY26
  • EBITDA: ₹6,316 crore, up 62% from ₹3,902 crore in Q2 FY26
  • Profit Before Tax (Continuing): ₹2,002 crore, up 146% from ₹814 crore in Q2 FY26
  • Exceptional Item: ₹0 crore (compared to ₹3,583 crore in Q2 FY26)
  • Profit After Tax (attributable to owners): ₹1,492 crore, down 55% from ₹3,304 crore in Q2 FY26

H1 FY27 Performance:

  • Total Income: ₹71,569 crore, up 62% from ₹44,281 crore in H1 FY26
  • EBITDA: ₹11,958 crore, up 56% from ₹7,688 crore in H1 FY26 (highest-ever half-yearly EBITDA)
  • Profit Before Tax (Continuing): ₹3,297 crore, up 45% from ₹2,281 crore in H1 FY26
  • Exceptional Item: (₹2,644) crore (one-time OFAC settlement in Q1 FY27), compared to ₹3,583 crore in H1 FY26
  • Profit After Tax (attributable to owners): ₹332 crore, down 92% from ₹4,189 crore in H1 FY26

Incubating Businesses Financial Highlights

ANIL Ecosystem (New Energy):

  • Q2 FY27 Total Income: ₹3,669 crore, up 15% YoY; H1 FY27: ₹7,606 crore, up 5% YoY
  • Q2 FY27 EBITDA: ₹1,094 crore, down 7% YoY; H1 FY27: ₹2,066 crore, down 13% YoY
  • Q2 FY27 PBT: ₹826 crore, down 6% YoY; H1 FY27: ₹1,454 crore, down 21% YoY

Airports:

  • Q2 FY27 Total Income: ₹3,786 crore, up 20% YoY; H1 FY27: ₹7,549 crore, up 28% YoY
  • Q2 FY27 EBITDA: ₹1,641 crore, up 55% YoY; H1 FY27: ₹3,275 crore, up 52% YoY
  • Q2 FY27 PBT: (₹290) crore; H1 FY27: (₹484) crore. The PBT decline is attributed to higher depreciation from the capitalization of Navi Mumbai Airport.

Operational Highlights (YoY)

ANIL Ecosystem:

  • Module Sales: Q2 FY27: 1,478 MW (up 35%); H1 FY27: 2,818 MW (up 15%)
  • WTG Sales: Q2 FY27: 35 sets (up 25%); H1 FY27: 99 sets (up 57%)

Airports:

  • Passenger Movement: Q2 FY27: 21.2 Mn (down 6%); H1 FY27: 45.4 Mn (down 1%)
  • ATMs: Q2 FY27: 141.9k (down 4%); H1 FY27: 302.3k (flat)
  • Cargo: Q2 FY27: 3.2 Lacs MT (up 11%); H1 FY27: 6.2 Lacs MT (up 9%)

Mining Services:

  • Dispatch: Q2 FY27: 10.7 MMT (up 2%); H1 FY27: 22.5 MMT (flat)

Copper:

  • Sales Volume: Q2 FY27: 80.6 KT (5.8x increase); H1 FY27: 145.3 KT (5.2x increase). This business contributed an EBITDA of ₹2,033 crore in H1 FY27.

IRM (Integrated Resources Management):

  • Sales Volume: Q2 FY27: 7.4 MMT (down 34%); H1 FY27: 15.7 MMT (down 35%)
  • Handling Volume: Q2 FY27: 6.0 MMT (up 41%); H1 FY27: 13.0 MMT (up 37%)

Business Updates

Adani New Industries Ltd (ANIL):

  • Successfully completed the solar module capacity expansion to 10 GW by commissioning a 4.3 GW TopCon line in September 2026.
  • Construction of an additional 6 GW cell line is progressing as per schedule.

AdaniConnex Pvt Ltd (Data Center):

  • Signed a new hyperscale order of 240 MW for its Navi Mumbai data center, increasing its cumulative tied-up capacity to over 1.2 GW.
  • Increased operational capacity to 94.6 MW during the quarter, handing over 10 MW in Noida and 19.2 MW in Pune to customers.

Other Key Developments

  • The company received a long-term credit rating upgrade to 'AA / Stable' from CARE Ratings, which is the highest rating in its credit history.

Management Commentary

Mr. Gautam Adani, Chairman of the Adani Group, commented on the results, stating that the strong EBITDA growth reflects the maturity of past investments and the company's ability to execute large and complex commitments. He expressed bullishness on India's future growth and the company's position to capture upcoming opportunities.