Key Financial Results (Consolidated)

Quarterly Performance (Q2 FY2027)

  • Revenue from Operations: ₹37,215.62 crore (vs ₹21,248.51 crore in Q2 FY2026, +75% YoY)
  • Total Income: ₹38,023.11 crore (vs ₹21,844.07 crore in Q2 FY2026)
  • Profit Before Tax: ₹2,002.02 crore (vs ₹4,397.63 crore in Q2 FY2026)
  • Profit After Tax: ₹1,220.99 crore (vs ₹3,414.43 crore in Q2 FY2026)
  • EPS (Basic): ₹11.05 (vs ₹27.46 in Q2 FY2026)

Half-Yearly Performance (H1 FY2027)

  • Revenue from Operations: ₹70,139.60 crore (vs ₹43,209.71 crore in H1 FY2026, +62% YoY)
  • Total Income: ₹71,569.37 crore (vs ₹44,280.69 crore in H1 FY2026)
  • Profit Before Tax: ₹652.64 crore (vs ₹5,863.91 crore in H1 FY2026)
  • Profit After Tax: ₹(240.55) crore (vs ₹4,390.91 crore in H1 FY2026)
  • EPS (Basic): ₹2.50 (vs ₹34.58 in H1 FY2026)

Segment-wise Revenue Performance (Q2 FY2027)

  • Integrated Resources Management: ₹7,096.99 crore
  • Mining Services: ₹985.22 crore
  • Commercial Mining: ₹2,489.46 crore
  • New Energy Ecosystem: ₹3,571.78 crore
  • Airport: ₹3,698.41 crore
  • Road: ₹430.07 crore
  • Copper: ₹14,772.36 crore
  • Others: ₹4,286.98 crore

Capital Structure Changes

Qualified Institutional Placement (QIP)

  • During Q2 FY2027, the company completed QIP issuance
  • Shares Allotted: 5,20,29,136 equity shares of face value ₹1 each
  • Issue Price: ₹2,883 per share (including premium of ₹2,882)
  • Total Proceeds: ₹15,000 crore

Rights Issue (Previous Year)

  • During FY2026, allotted 13,85,01,687 equity shares through rights issue
  • Issue Price: ₹1,800 per share on partly paid-up basis
  • Total Proceeds: ₹24,930.30 crore
  • No deviation in use of proceeds from stated objects

Exceptional Items

US OFAC Settlement

  • Amount: ₹2,644.02 crore (USD 275 million)
  • Period: Recorded in Q1 FY2027 (quarter ended June 30, 2026)
  • Reason: Settlement with US Office of Foreign Assets Control regarding allegations from June 2025 reports
  • Status: Settlement agreement dated May 14, 2026

Previous Year Exceptional Gains

  • Sale of AWL Stake: Gain of ₹8,600.81 crore (post-tax ₹7,116.68 crore) in FY2026 from sale of remaining 30.42% stake in AWL Agri Business (formerly Adani Wilmar)
  • Ambuja Cement Amalgamation: Gain of ₹614.56 crore in Q2 FY2025 from amalgamation of Adani Cementation with Ambuja Cements

Legal and Regulatory Matters

Mumbai International Airport Limited (MIAL) Investigations

  • CBI Chargesheet: Alleged diversion of ₹845.76 crore through contracts, currently in Property, Plant & Equipment at net book value of ₹409.28 crore
  • Status: Ongoing legal proceedings, no adjustments made to financial results
  • Arbitration with AAI: Exempt from annual fees payment from March 13, 2020 to February 28, 2022; matter under challenge in Delhi High Court
  • MCA Investigation: Initiated for period 2017-18 to 2021-22, ongoing

Navi Mumbai International Airport Limited (NMIAL)

  • MCA Investigation: Initiated for period 2017-18 to 2021-22, ongoing
  • Status: Regularly submitting information to authorities

US Legal Proceedings

  • Executive Director Case: EDNY dismissed indictment from US DOJ and disposed civil complaint from US SEC on August 10, 2026
  • Resolution: Director paid civil monetary penalty as per final judgement

SEBI Matters

  • Short Seller Report Aftermath: SEBI concluded two SCNs on September 18, 2025 with no instances of non-compliance found
  • Settlement Orders: Dated September 22, 2026 and September 28, 2026 disposed remaining SCNs relating to auditor certificates and shareholding categorization

Customs Duty Dispute

  • Demand Notices: ₹863.62 crore for custom duty levy on coal imports
  • Amount Deposited: ₹460.61 crore under protest
  • Status: Contested, no material financial impact envisaged as merchant trader

Subsidiary Updates

Adani Airport Holdings Limited (AAHL)

  • Investment Deal: Entered Shareholders' Agreement for up to 5.54% stake sale to identified investors
  • Status: Subject to customary conditions precedent and regulatory approvals

Acquisition Activities (FY2026)

  • Air Works India: 99.98% stake acquired by Adani Defence Systems
  • AGHPort Aviation & Skyiwave: 100% acquired by AAHL
  • Flight Simulation Technique Centre: 72.8% acquired by Adani Defence and Horizon Aero
  • DP Jain TOT Toll Roads: 100% acquired by Adani Road Transport

Corporate Restructuring

Composite Scheme of Arrangement

  • Effective Date: April 1, 2026
  • Amalgamated with Parent: Adani Green Technology Limited and Adani Emerging Business Private Limited
  • Amalgamated with ANIL: Adani Tradecom Limited with Adani New Industries Limited
  • Shares Allotted: 90,11,048 equity shares to Amalgamating Company 2 shareholders

Auditor Qualifications

Modified Review Opinion

  • Basis: Lack of sufficient audit evidence for MIAL matters involving ₹845.76 crore
  • History: Qualified audit report for FY2026 and modified review reports for previous quarters

Unreviewed Subsidiaries

  • 59 Subsidiaries: Not reviewed by auditors, representing assets of ₹1,86,593.83 crore and H1 revenue of ₹29,659.75 crore
  • 142 Subsidiaries: Not audited, certified by management, representing assets of ₹13,904.09 crore

Financial Position

Consolidated Balance Sheet (as of September 30, 2026)

  • Total Assets: ₹294,858.06 crore (vs ₹261,600.35 crore as of March 31, 2026)
  • Property, Plant & Equipment: ₹81,908.71 crore
  • Right of Use Assets: ₹19,425.17 crore
  • Capital Work-in-Progress: ₹37,634.44 crore
  • Total Equity: ₹103,713.28 crore (vs ₹89,178.22 crore as of March 31, 2026)
  • Borrowings: ₹97,293.78 crore (Non-current: ₹83,262.36 crore, Current: ₹14,031.42 crore)

Standalone Performance

  • H1 Revenue: ₹11,921.46 crore
  • H1 PAT: ₹334.11 crore
  • Standalone Net Worth: ₹78,299.38 crore

Debt Securities Compliance

Non-Convertible Debentures

  • Total Issuance: ₹3,800 crore in various tranches
  • Security Cover: Maintained above 110% through first ranking pari passu charge on non-current loans and advances
  • Recent Payments: Principal and interest paid on multiple dates between April-September 2026
  • Ratings: CARE AA (CARE Ratings) and ICRA AA- (ICRA Limited)

Cash Flow Statement

Consolidated Cash Flows (H1 FY2027)

  • Operating Activities: ₹6,318.24 crore inflow
  • Investing Activities: ₹24,095.94 crore outflow (mainly capex of ₹17,117.71 crore)
  • Financing Activities: ₹19,041.53 crore inflow (mainly QIP proceeds and borrowings)
  • Net Change: ₹1,691.42 crore increase in cash

Key Ratios

Consolidated Financial Ratios

  • Debt Equity Ratio: 0.94x (vs 1.50x in H1 FY2026)
  • Interest Service Coverage Ratio: 2.81x (vs 2.49x in H1 FY2026)
  • Current Ratio: 1.11x (vs 0.97x in H1 FY2026)
  • Operating Margin: 15.01% (vs 15.31% in H1 FY2026)

Standalone Financial Ratios

  • Debt Equity Ratio: 0.12x (vs 0.58x in H1 FY2026)
  • Interest Service Coverage Ratio: 7.30x (vs 2.93x in H1 FY2026)
  • Current Ratio: 3.09x (vs 2.21x in H1 FY2026)

Going Concern Assessment

Management confirms subsidiaries with continuous losses and negative net current assets are considered going concern based on financial support from parent and fellow subsidiaries.