Adani Enterprises earnings fell 55% in the quarter ended September 30, 2026, even as revenue from operations rose 75%. Profit attributable to owners declined to ₹1,492 crore from ₹3,304 crore a year earlier, when results included a sizeable exceptional gain.

Key Takeaways

  • Quarterly revenue from operations rose to ₹37,216 crore, while total expenses increased 71% to ₹36,021 crore.
  • Copper sales volume rose to 80.6 kilotonnes from 11.8 kilotonnes a year earlier.
  • Management plans annual capital spending of ₹35,000 crore to ₹40,000 crore over the next couple of years.

Adani Enterprises earnings and the prior-year gain

The company announced its fiscal second-quarter results on October 28. In its results release, Adani Enterprises reported an exceptional gain of ₹3,583 crore in the year-earlier quarter and no exceptional item in the latest quarter.

Revenue from operations rose from ₹21,248 crore a year earlier. Profit before exceptional items and tax increased to ₹2,002 crore from ₹814 crore.

For the first half of fiscal 2027, profit attributable to owners fell 92% to ₹332 crore, while total income rose 62% to ₹71,569 crore. The half-year result included an exceptional loss of ₹2,644 crore in the June quarter, compared with the exceptional gain in the corresponding period a year earlier.

Copper growth and mixed business performance

The ramp-up of the copper business was a key contributor to revenue growth. The company also cited higher by-product prices, particularly for sulphuric acid, alongside increased utilization. First-half copper sales volumes rose 5.2 times to 145.3 kilotonnes.

Airport income rose 20% to ₹3,786 crore in the quarter, although passenger traffic fell 6% to 21.2 million. The company said non-aeronautical revenue increased 57%.

Adani New Industries income rose 15% to ₹3,669 crore, while its operating earnings fell 7%. Solar module sales increased 35% to 1,478 megawatts. Integrated resource management sales volumes fell 34% to 7.4 million tonnes.

Investment plans and data-center order

On the post-earnings call, management said planned annual capital expenditure would be directed primarily toward airports, data centers and the PVC project at Mundra.

AdaniConnex secured a new 240-megawatt hyperscale order in Navi Mumbai, taking cumulative tied-up capacity above 1.2 gigawatts. The company also completed an expansion of solar module manufacturing capacity to 10 gigawatts.

Adani Enterprises shares closed at ₹2,459.80 on October 28, down 1.21%.

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