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Adani Enterprises Limited — Q2 FY26
Adani Enterprises reported H1 FY26 consolidated total income of INR 44,281 crore and EBITDA of INR 7,688 crore, with incubating businesses contributing over 70% of EBITDA (up from 60% YoY).
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Adani Enterprises reported H1 FY26 consolidated total income of INR 44,281 crore and EBITDA of INR 7,688 crore, with incubating businesses contributing over 70% of EBITDA (up from 60% YoY). The airport vertical posted strong growth: revenue of INR 5,882 crore (+32% YoY) and EBITDA of INR 2,157 crore (+51% YoY), driven by tariff revisions and non-aero income. The MDO business dispatched 22.6 MMT (+29% YoY) with EBITDA of INR 1,019 crore (+37% YoY). Management guided for FY26 CapEx of ~INR 36,000 crore, with airports receiving INR 10,500 crore. A INR 25,000 crore rights issue was approved to strengthen the balance sheet. Key risks include tariff uncertainty in solar manufacturing and delayed ramp-up of new assets like Kutch Copper.
अडानी एंटरप्राइजेज ने वित्त वर्ष 2026 की पहली छमाही में कुल आय ₹44,281 करोड़ और EBITDA ₹7,688 करोड़ रिपोर्ट की। नए कारोबार (जैसे एयरपोर्ट, खनन) ने कुल EBITDA में 70% से अधिक योगदान दिया, जो पिछले साल 60% था। एयरपोर्ट सेगमेंट ने ₹5,882 करोड़ राजस्व (+32%) और ₹2,157 करोड़ EBITDA (+51%) दर्ज किया, जो किराए में बढ़ोतरी और गैर-विमानन आय से हुआ। खनन कारोबार ने 22.6 मिलियन टन कोयला (+29%) भेजा और EBITDA ₹1,019 करोड़ (+37%) रहा। कंपनी ने चालू वित्त वर्ष में ₹36,000 करोड़ के पूंजीगत खर्च का अनुमान लगाया, जिसमें एयरपोर्ट पर ₹10,500 करोड़ खर्च होंगे। बैलेंस शीट मजबूत करने के लिए ₹25,000 करोड़ के राइट्स इश्यू को मंजूरी दी गई। जोखिमों में सोलर मैन्युफैक्चरिंग में टैरिफ अनिश्चितता और कच्छ कॉपर जैसी नई परियोजनाओं में देरी शामिल है।
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Solar manufacturing tariff uncertainty
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Airport passenger traffic
46M
+2% YoY
Adani Airports serviced 46 million passengers in H1 FY26, reflecting steady growth.
MDO dispatch volume
22.6 MMT
+29% YoY
MDO business achieved dispatch volume of 22.6 million metric tons in H1 FY26.
Airport non-aero income per passenger
INR 614
+34% YoY
Non-aero income per passenger rose to INR 614, driven by digital initiatives.
Solar module order book run rate
1.2 GW/quarter
flat
Order book is full at 1.2 GW per quarter; mix of domestic and export likely unchanged.
What Changed vs Last Quarter
NEW
Navi Mumbai Airport commercial operations in Q3 FY26
The greenfield Navi Mumbai Airport is expected to commence operations in the current quarter (Q3 FY26).
NEW
6 GW module capacity commissioning by June 2026
The additional 6 GW module and cell line is on track for commissioning by June 2026.
NEW
Rights issue of INR 25,000 crore to strengthen balance sheet
A partly paid rights issue of INR 25,000 crore was approved to fund growth in airports, roads, and Adani New Industries.
UPDATED
FY26 CapEx target of INR 36,000 crore
Management guided for full-year CapEx of approximately INR 36,000 crore, with airports receiving INR 10,500 crore, roads INR 6,000 crore, and materials INR 9,000 crore.
DROPPED
Navi Mumbai Airport operational by October 2025
Navi Mumbai Airport expected to receive operational clearances around October 2025, with ramp-up to capacity within six months.
DROPPED
Ganga Expressway completion in H2 FY26
Greenfield Ganga Expressway project is 85% complete and expected to be completed in the second half of FY26, with EBITDA contribution from next fiscal year.
DROPPED
Airport demerger by 2027
Airport business expected to be technically ready for demerger by 2027, subject to board approvals, with shares distributed to AEL shareholders.
NEW RISK
Solar manufacturing tariff uncertainty
US tariff announcements have caused pricing rationalization, impacting EBITDA by -14% in H1. Management expects normalization over 18 months.
NEW RISK
Green hydrogen project timeline uncertainty
Electrolyzer pilot results are only expected by mid-2026, delaying a formal investment decision and clarity on the green hydrogen roadmap.
RISK GONE
Global trade uncertainties impacting IRM business
Management acknowledged that global trade instability will persist through the year, causing pricing pressure on commodities and affecting the integrated resource management segment.
RISK GONE
US tariff impact on solar business
Analyst raised concern about US tariff imposition on solar; management said it's too early to comment on precise impact but acknowledged some uncertainty.
RISK GONE
Electrolyzer testing delays green hydrogen CapEx
Management indicated that major CapEx on green hydrogen is on hold pending results of electrolyzer testing, with no timeline provided for completion.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q1 FY26, Q2 FY25, Q3 FY25
Navi Mumbai Airport expected to receive operational clearances around October 2025, with ramp-up to capacity within six months.
Mentioned in Q1 FY25, Q1 FY26
Management indicated that major CapEx on green hydrogen is on hold pending results of electrolyzer testing, with no timeline provided for completion.
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Guidance and risk preview
Management guided for full-year CapEx of approximately INR 36,000 crore, with airports receiving INR 10,500 crore, roads INR 6,000 crore, and mater...
US tariff announcements have caused pricing rationalization, impacting EBITDA by -14% in H1.
View Risks →