Published: November 08, 2026
StartupFeed Quick Take
- Adani Enterprises plans Rs 35,000 to 40,000 crore of capex a year for two years.
- Q2 net profit fell 55% to Rs 1,492 crore, even as EBITDA rose 62%.
- Airports, data centres and a new PVC plant will take most of the next spend.
Ahmedabad-based Adani Enterprises plans to spend Rs 35,000 to 40,000 crore on capital projects every year for the next two years, its management said.
The plan came alongside Adani Enterprises’ results statement for the six months to September 2026, and the two sides pull in opposite directions.
Reported net profit for owners fell 55% in the second quarter, to Rs 1,492 crore from Rs 3,304 crore a year earlier.
The drop has a simple cause. The same quarter last year carried a one-time gain of Rs 3,583 crore, from selling its AWL Agri Business stake. This year had no such gain, which is why the reported fall looks worse than the business did.
Underneath, the business grew fast: quarterly EBITDA rose 62% to Rs 6,316 crore and profit before tax rose 146% to Rs 2,002 crore.
For the full half-year, EBITDA reached a record Rs 11,958 crore, up 56%, while income rose 62% to Rs 71,569 crore.
On a reported basis, the half-year slipped to a net loss of Rs 240 crore. A one-time settlement charge of Rs 2,644 crore in the June quarter dragged it down.
| Measure | Q2 FY26 | Q2 FY27 | Change |
|---|---|---|---|
| Total income | Rs 21,844 Cr | Rs 38,023 Cr | up 74% |
| EBITDA | Rs 3,902 Cr | Rs 6,316 Cr | up 62% |
| Profit before tax | Rs 814 Cr | Rs 2,002 Cr | up 146% |
| Net profit (owners) | Rs 3,304 Cr | Rs 1,492 Cr | down 55% |
Where Adani Enterprises Will Spend Rs 40,000 Crore
The money will flow to three businesses: airports, data centres and a new plastics plant. Manan Vakharia, the company’s head of finance, set the pace for that spending on the earnings call. He put the scale plainly.
“We expect to do capex at a run rate of around Rs 40,000 crore.”
Manan Vakharia, head of finance, Adani Enterprises. From the Q2 FY27 earnings call, October 28, 2026.
The company frames this as a shift. Arun Bansal, its chief executive, said Adani Enterprises is moving from a build-out phase to a value realisation phase.
The plastics plant explains part of the bill: a new PVC complex is rising at Mundra in Gujarat. It will make one million tonnes a year and cost about Rs 26,000 crore.
About 60% of the work is done, and the first phase should start next financial year.
Airports Earn More but Post a Loss on Paper
The airport arm is the group’s showpiece, running eight airports that handle about 23% of India’s passenger traffic and 29% of its air cargo. They flew 21.3 million passengers in the second quarter.
Airport income rose 20% to Rs 3,786 crore, and segment EBITDA rose 55% to Rs 1,641 crore. Income from shops and parking, called non-aeronautical revenue, grew 57%. For the half-year, airport EBITDA reached Rs 3,275 crore, up 52%.
Yet the unit still booked a pre-tax loss of Rs 290 crore for the quarter. The cause is Navi Mumbai. The new airport began international flights on July 15, and the heavy depreciation now sits on the books.
Half-year airport income came to Rs 7,549 crore, up 28%. Management expects Navi Mumbai to reach capacity for 20 million passengers a year by the end of FY28.
Data Centres Chase 500 MW in 18 Months
The data centre arm, AdaniConneX, is scaling fast, with contracts for more than 1.2 GW of capacity. A new 240 MW hyperscale deal was signed in the second quarter. Of 1.4 GW now under development, about 1.2 GW is already tied up.
Live capacity is smaller for now. The business runs 94.6 MW, after switching on another 29.2 MW in the quarter. The latest additions came in Noida and Pune, at 10 MW and 19.2 MW.
The ramp is steep from here. Adani Enterprises expects 120 to 150 MW live by the end of this financial year. It targets about 500 MW more over the next 12 to 18 months.
A Credit Upgrade and a Bigger Solar Line
A credit upgrade landed in the same quarter, as CARE Ratings raised Adani Enterprises to AA with a stable outlook, its highest grade ever. A better rating usually means cheaper loans for the capex ahead.
Net worth has climbed to Rs 1.04 lakh crore, up from Rs 61,578 crore a year earlier.
The solar factory grew too. Module capacity now stands at 10 GW, with a 6 GW cell line due by the end of this financial year. Module sales reached 1,478 MW in the quarter, up 35%.
Copper did the quiet work, adding Rs 2,033 crore of half-year EBITDA as a new plant ramped up. Copper sales hit 80.6 kilo tonnes in the quarter, almost six times a year earlier.
What this means for you: If you hold Adani Enterprises shares or track its data centre and airport arms, read past the 55% profit drop. The fall came from last year’s one-time gain, while EBITDA and the Rs 40,000 crore capex plan show where the real growth is.
StartupFeed Insight
The 55% profit fall will grab headlines, but it is noise. Adani Enterprises lost a one-time gain, not its footing. The real test is cash. A Rs 40,000 crore plan, run every year for two years, is Rs 80,000 crore against a half-year EBITDA of Rs 11,958 crore. The airport loss and the copper ramp show both sides of that bet. Watch the data centre numbers most closely. If AdaniConneX hits 120 to 150 MW live by March 2027, as promised, the build-out story holds. If it slips, the capex math gets harder.
By Avinash Mishra, Business Correspondent
Disclaimer: This article is for information only and is not investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. Please speak to a SEBI-registered advisor before investing.
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