Adani Results: Airports Earn More as Passenger Numbers Slip
Adani Enterprises Posts Record Half-Year Earnings as Copper, Airports and New Energy Businesses Grow
Adani Enterprises Ltd (AEL) reported its highest-ever half-year earnings before interest, tax, depreciation and amortisation (EBITDA) on 28 October, with income rising sharply as its copper business expanded and its airport operations and new energy projects grew.
The Ahmedabad-based company recorded EBITDA of Rs. 11,958 crore for the six months ended 30 September 2026, up 56% from Rs. 7,688 crore in the same period last year. Total income rose 62% to Rs. 71,569 crore.
The results show how the Adani Group’s flagship company is earning more from businesses built over several years. Copper production has increased, solar manufacturing capacity has grown, and its airport and data centre operations are expanding.
Yet the headline figures come with some important differences. Profit after tax fell sharply because of a one-time settlement charge in the first quarter and a large gain in the same period last year.
For the first half of FY27, profit before tax from continuing operations stood at Rs. 3,297 crore, up 45% after excluding the settlement charge of Rs. 2,644 crore booked in Q1.
The company reported total income of Rs. 38,023 crore for the second quarter, a 74% rise from Rs. 21,844 crore a year earlier. EBITDA grew 62% to Rs. 6,316 crore, while profit before tax rose 146% to Rs. 2,002 crore.
Profit after tax attributable to owners, however, fell 55% to Rs. 1,492 crore in the quarter. In the first half, it dropped 92% to Rs. 332 crore.
The difference reflects the effect of exceptional items. AEL recorded an exceptional gain of Rs. 3,583 crore in Q2 FY26. In Q1 FY27, it booked a Rs. 2,644 crore charge linked to a settlement with the US Office of Foreign Assets Control (OFAC).
Chairman Gautam Adani said the company had become more effective at carrying out large projects across its businesses.
“We live in an age of such intense disruption that the scale of our ambitions must continuously grow,” said Mr Gautam Adani, Chairman of the Adani Group. “What Adani Enterprises has become very effective at is turning increasingly large and complex commitments into execution at scale across our businesses. Our investments in integrated energy, airports and AI ecosystems are recent examples. Perhaps the strongest validation of our execution capabilities is the trust domestic and global investors continue to place in us, choosing to partner with us even amid extreme volatility. As the tailwinds propelling India forward continue to strengthen, we believe we are better positioned than ever to capture the opportunities ahead. We remain bullish on India’s future and, therefore, confident in our own growth story.”
The copper business was a major contributor to the half-year performance. AEL reported copper EBITDA of Rs. 2,033 crore as its plant continued to increase output.
Copper sales volume reached 145.3 thousand tonnes in H1 FY27, compared with 23.3 thousand tonnes a year earlier, a rise of 5.2 times. In Q2 alone, sales rose to 80.6 thousand tonnes from 11.8 thousand tonnes.
The expansion matters as India needs copper for power networks, construction, electric vehicles and renewable energy projects. Domestic production can help meet some of that demand, although the company’s results do not show how much of India’s total copper requirement it now supplies.
Adani New Industries Ltd (ANIL), the group’s new energy business, also increased its manufacturing capacity. It commissioned a 4.3 gigawatt TopCon solar module line in September, taking total module capacity to 10 GW.
TopCon is a solar cell technology designed to improve the amount of sunlight converted into electricity. ANIL is also building an additional 6 GW cell line, with construction reported to be on schedule.
Module sales rose 15% to 2,818 megawatts in the first half. However, ANIL’s EBITDA fell 13% to Rs. 2,066 crore and profit before tax declined 21% to Rs. 1,454 crore. In Q2, EBITDA was down 7% at Rs. 1,094 crore, despite higher module sales.
The airport business recorded higher income and operating earnings. Revenue rose 28% to Rs. 7,549 crore in H1, while EBITDA increased 52% to Rs. 3,275 crore.
Passenger movement slipped 1% to 45.4 million during the half-year. Q2 passenger movement fell 6% to 21.2 million.
AEL reported a pre-tax loss of Rs. 484 crore for the airport business in H1, compared with a profit of Rs. 303 crore a year earlier. The company said higher depreciation following the capitalisation of Navi Mumbai Airport affected the result.
The airport business is also preparing for further growth as Navi Mumbai International Airport adds capacity to India’s air travel network.
AdaniConnex, the group’s data centre business, signed a new 240 MW hyperscale order for its Navi Mumbai facility. The order takes its total tied-up capacity above 1.2 GW.
During Q2, operational capacity reached 94.6 MW. The company handed over 10 MW in Noida and 19.2 MW in Pune to customers.
Data centres store and process data for businesses, digital services, and cloud computing. Demand for such facilities is growing as companies expand their digital operations and use more artificial intelligence tools.
AEL also reported a long-term credit rating upgrade to AA / Stable from CARE, the highest rating in its credit history.
Other businesses recorded mixed results. Mining Services dispatched 22.5 million tonnes in H1, almost unchanged from last year. Integrated Resources Management (IRM) sales fell 35% to 15.7 million tonnes, while handling volume rose 37% to 13 million tonnes.
The half-year results place AEL among the companies investing heavily in India’s infrastructure, energy and industrial sectors. The next test will be whether the newer businesses can keep increasing output and earnings while managing the costs of building large projects.
