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 fr...
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Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
55%Questions answered3Evaded / deflected11Questions audited
Evasive
High priority
When will the Google contract revenue start and what profitability to expect?
Asked by Manish Somaiya, Cantor Fitzgerald
Management deferred details to future presentations and cited confidentiality, not answering the core question.
deferred to next six monthscited confidentiality
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Question
First, on the Google announcement, can you help us understand when that comes online? How should we think about revenues and profitability as we sort of build out our models?
Jugeshinder Robbie Singh, CFO
The Google contract is part of a comprehensive AI data campus in Andhra... we hope to be able to discuss that in more detail with the investors post or around our annual presentations... at this stage, we will not be able to build that out.
Partial answer
High priority
Why were solar module sales down 20% sequentially?
Asked by Manish Somaiya, Cantor Fitzgerald
Answered with half-yearly trends and tariff impact but did not directly address the 20% sequential decline.
shifted to half-yearly comparisonno specific sequential explanation
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Question
If I look at the second quarter, those were down... sequentially by about 20%. And I was hoping you could provide some context as to what's happening in the marketplace?
Jugeshinder Robbie Singh, CFO
The sales, the EBITDA, total income from Q2 2025 and Q2 2026 is broadly the same... if you do half-yearly to half-yearly comparison, you see a small change in the revenue line of roughly around about 5%... largely fully explained by the uncertainty around the tariff announcements from the U.S.
Answered
High priority
Why was cash flow from operations down significantly?
Asked by Manish Somaiya, Cantor Fitzgerald
Provided specific numbers and explained the working capital impact from the copper plant startup.
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Question
I see it was down fairly significantly vis-à-vis last year's first half. So maybe if you can just help us understand how we should think about cash flow from operations, free cash flow, leverage by the end of fiscal 2026.
Jugeshinder Robbie Singh, CFO
During this quarter, the copper plant went from work in progress to operations... adjusted for those two changes... there is not much change in the operating cash flow at all... operating cash prior to working capital movements was INR 7661 crore... and it is INR 7250 crore this year.
Partial answer
High priority
How should we think about leverage, rights issue timing, and use of proceeds?
Asked by Manish Somaiya, Cantor Fitzgerald
Explained the structure but did not give precise timing or leverage targets.
no specific timing givenno specific leverage target
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Question
And then how should we think about leverage and rights issue, timing, use of proceeds? If you can just help us understand that, please.
Jugeshinder Robbie Singh, CFO
Our main objective is that as a major shareholder, those loans have been provided by the family's company to Adani Enterprises for growth... the effective nature of that will be that the loan that the shareholders have provided will become equity... the use of proceeds will be that you will see a very significant change in the gross debt number post this.
Answered
High priority
What is H1 CapEx and FY26 target with business-wise breakup?
Asked by Mohit Kumar, ICICI Securities
Provided specific numbers for H1, full year, and business-wise breakup.
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Question
What are the CapEx expenditures for H1? And what is the target for FY 2026? And is it possible to get a broad breakup of the CapEx target for FY 2026 across various businesses?
Jugeshinder Robbie Singh, CFO
For the H1, CapEx was roughly around INR 16,000 crore, say, INR 16,300 crore. And for the full year, we expect it to be around about INR 36,000 crore... about INR 10,500 crore is in airports, about INR 6,000 crore in roads, about INR 9,000 crore in materials... metals and materials, about INR 3,500 crore. And Adani New Industries, about INR 5,500 crore.
Answered
High priority
Will Navi Mumbai phase 2 CapEx start soon and what quantum?
Asked by Mohit Kumar, ICICI Securities
Confirmed phase two starting and gave a specific CapEx quantum.
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Question
Do you expect to start the second phase of CapEx, especially in Navi Mumbai, over the next couple of years? And what could be the quantum?
Arun Bansal, CEO Adani Airport Holdings
Phase two, we are already starting, and we will accelerate the CapEx already from next financial year... it will be to the tune of INR 30,000 crore.
Partial answer
Medium priority
What is the order book for solar manufacturing and progress on 6 GW module capacity?
Asked by Mohit Kumar, ICICI Securities
Gave timeline and run rate but did not provide a specific order book figure.
no specific order book number given
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Question
What is the order book at the end of H1? And what is the progress on six GW module capacity? Are we on target to commission this capacity by June 2026?
Jugeshinder Robbie Singh, CFO
We are pretty confident of finishing around that time, so June 26. And the order book is pretty much full on the quarterly capacities that we have. So the run rate would be 1.2 GW per quarter.
Answered
Medium priority
What is the mix of domestic vs export in solar modules?
Asked by Mohit Kumar, ICICI Securities
Clearly stated the mix is expected to remain the same.
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Question
Is it fair to expect the mix of domestic export will be the same what you reported in this quarter, or do you think export will pick up?
Jugeshinder Robbie Singh, CFO
It is likely to remain the same because of the fundamental nature of the way the sort of trade discussions, etc., geopolitics is going on... you can expect that the revised mix is likely to remain.
Partial answer
Medium priority
Are you participating in third-party wind orders and what volume in FY26?
Asked by Mohit Kumar, ICICI Securities
Gave current order size but did not provide FY26 volume guidance.
no FY26 volume guidance given
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Question
Are we participating in the third-party order, and have you received any third-party order during the quarter? What is the volume you think which you can execute in FY 2026?
Jugeshinder Robbie Singh, CFO
Currently, it's a limited third-party order, roughly around 300 MW, so about 100 sets.
Evasive
Medium priority
What is the broad overview and five-year plan for defense and aero business?
Asked by Deval Shah, RBSA Investment Managers
Provided only qualitative comments and deferred details to when the business becomes a separate segment.
no five-year plan givendeferred to future segmental reporting
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Question
I just wanted a little bit more insight on our defense and aero business. I think just a broad overview, where we are and where we want to be after five years.
Jugeshinder Robbie Singh, CFO
It's currently still sort of close to the INR 500 crore EBITDA from the total... it's not ramping up... it's a technology business which provides services... those things take a long time to develop... it is in very good shape.
Partial answer
Low priority
Why has module utilization been above 100% for two quarters?
Asked by Nirav Shah, GeeCee Ventures Limited
Explained it as a reporting timing issue but did not clarify if capacity is higher than rated.
attributed to sales timing, not capacity
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Question
For the last two quarters, we have operated at above 100% capacity. Any particular reason or the rated capacity is slightly, or the producible capacity is slightly more than what the rated capacity is?
Jugeshinder Robbie Singh, CFO
It's part of that. Also, it's more reported as module sales and module exports... we are operating close to about 100% capacity, which is basically 1.09 GW.
Evasive
Medium priority
What are your thoughts on green hydrogen plans and recent SECI ammonia tender?
Asked by Sabri Hazarika, Emkay Global Financial Services
Did not comment on the tender or provide plans, deferred to future results.
deferred to pilot results mid-next yearno comment on plans
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Question
Any color on that? What are your thoughts on that, and what about your own plans with respect to green hydrogen?
Jugeshinder Robbie Singh, CFO
For us, we will complete first, we want to do is complete our testing of the electrolyzers because our scale is quite large. Till we complete that, we are not specifically commenting on anything... we should have the pilot results towards the middle of next year.