Adani Enterprises Q2 FY27 results: net profit down 64.2% to ₹1,221 crore, revenue up 75.1%

How did Adani Enterprises perform in Q2 FY27?

Adani Enterprises reported consolidated revenue of ₹37,216 crore for Q2 FY27, up 75.1% from ₹21,249 crore in Q2 FY26 and 13.0% from ₹32,924 crore in Q1 FY27. EBITDA rose 66.6% year on year to ₹5,509 crore and increased from ₹5,019 crore in the previous quarter. The EBITDA margin was 14.8%, lower than 15.6% a year earlier and 15.2% in Q1 FY27.

The company reported a net profit of ₹1,221 crore in Q2 FY27, compared with ₹3,414 crore in Q2 FY26 and a net loss of ₹1,462 crore in Q1 FY27. Basic EPS was ₹11.05, compared with ₹27.38 in the year-ago quarter and a loss of ₹8.91 in the previous quarter. These are consolidated figures; the company also filed unaudited standalone results.

What changed in Adani Enterprises' costs and profit?

Cost of materials rose 239.8% year on year to ₹16,858 crore, compared with ₹4,962 crore in Q2 FY26, while total expenses increased 71.3% to ₹36,021 crore. Finance costs rose 34.2% to ₹2,296 crore, depreciation increased 46.6% to ₹2,018 crore and employee cost rose 22.3% to ₹1,098 crore. Other expenses declined 5.4% to ₹6,532 crore.

Other income increased 35.6% year on year to ₹807.49 crore from ₹595.56 crore, and tax was ₹947.32 crore, down 5.4% from ₹1,001 crore. Q2 FY26 included an exceptional gain of ₹3,583 crore, while Q2 FY27 had no exceptional item. Against Q1 FY27, the company reported an exceptional charge of ₹2,644 crore.

Against the previous quarter, cost of materials increased 18.3% to ₹16,858 crore and other expenses fell 7.7% to ₹6,532 crore. Other income rose 29.8% to ₹807.49 crore, while tax increased 332.5% to ₹947.32 crore. Finance costs fell 5.1% to ₹2,296 crore. The filings attributed part of the year-on-year earnings improvement to the copper plant ramp-up and positive commodity price movements.

How did the first half of FY27 go?

For H1 FY27, Adani Enterprises reported consolidated revenue of ₹70,140 crore, up 62.3% from ₹43,210 crore in H1 FY26, and total income of ₹71,569 crore, up 61.6% from ₹44,281 crore. PBT was ₹652.64 crore, down 88.9% from ₹5,863.91 crore, while the company reported a net loss of ₹240.55 crore compared with a net profit of ₹4,390.91 crore.

H1 FY26 basic EPS was ₹33.40; no basic EPS figure was provided for H1 FY27. The H1 comparison is on a consolidated basis. The company’s separate media release reported continuing PBT of ₹3,297 crore for H1 FY27, up 45% from ₹2,281 crore in H1 FY26, and said the figure excluded the exceptional item.

What do the balance sheet and cash flow show?

As of 30 September 2026, total assets were ₹294,858.06 crore, up from ₹261,600.35 crore at 31 March 2026, and total equity was ₹103,713.28 crore, up from ₹89,178.25 crore. Borrowings fell to ₹97,293.78 crore from ₹113,701.85 crore, while cash rose to ₹7,958.09 crore from ₹6,266.67 crore. Inventories were ₹27,429.29 crore, trade receivables ₹13,773.33 crore and trade payables ₹25,796.95 crore.

H1 FY27 operating cash flow was ₹6,318.24 crore, compared with ₹628.46 crore in H1 FY26. Investing cash flow was an outflow of ₹24,095.94 crore, compared with ₹12,750.34 crore a year earlier, while financing cash flow was an inflow of ₹19,041.53 crore, compared with ₹13,057.63 crore. Capital expenditure was ₹17,117.71 crore in H1 FY27, compared with ₹13,080.40 crore in H1 FY26.

How has Adani Enterprises done over the last 8 quarters?

Revenue rose year on year in each of the last four quarters. Across the eight-quarter series, revenue was lowest at ₹21,248.51 crore in Q2 FY26 and highest at ₹37,215.62 crore in Q2 FY27; the latest quarter extended the year-on-year rise.

Profit moved from ₹228.64 crore in Q3 FY25 to a peak of ₹5,726.57 crore in Q3 FY26, before falling to a loss of ₹1,461.54 crore in Q1 FY27 and recovering to ₹1,220.99 crore in Q2 FY27. The EBITDA margin reached 15.6% in Q2 FY26, bottomed at 11.5% in Q4 FY26 and was 14.8% in Q2 FY27.

Which businesses drove the quarter?

Copper reported revenue of ₹14,772.36 crore and EBIT of ₹1,038.11 crore, with an EBIT margin of 7.0%. Integrated Resources Management reported revenue of ₹7,096.99 crore, up 6.6% year on year, and EBIT of ₹542 crore, down from ₹585.52 crore. Mining Services revenue was ₹985.22 crore, down 7.1%, while EBIT was ₹331.02 crore, down from ₹464.50 crore.

Commercial Mining reported revenue of ₹2,489.46 crore, up 45.4%, and EBIT of ₹0.49 crore against a loss of ₹397.85 crore. New Energy Ecosystem revenue was ₹3,571.78 crore, up 13.2%, with EBIT of ₹779.37 crore, down from ₹924.88 crore. Airport revenue rose 15.3% to ₹3,698.41 crore and EBIT increased to ₹509.59 crore from ₹451.44 crore.

Road revenue fell 74.2% to ₹430.07 crore, while EBIT was ₹161.88 crore against ₹265.79 crore. Others reported revenue of ₹4,286.98 crore, down 4.9%, and EBIT of ₹128.49 crore, down from ₹3,219.01 crore. Unallocable EBIT was ₹807.49 crore; no revenue was reported for that line.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, together with the auditors’ limited review reports, security cover certificate, balance sheet and cash-flow statement. The results were reviewed and recommended by the audit committee. The company also submitted its investor presentation and a revised media release on 28 October 2026.

The company reported no deviation in the use of proceeds from its Rights Issue during the quarter ended 30 September 2026. The amount raised was ₹24,906.82 crore, and CARE Ratings Limited monitored the issue; the filing said the entire amount raised through the Rights Issue up to 30 September 2026 had been used for the objects stated in the letter of offer.

A separate CARE Ratings report recorded no deviation from the objects of the company’s ₹15,000 crore QIP issue. The monitoring agency stated that its report was based on information provided by the issuer and believed to be accurate and reliable, but it did not constitute an audit or independently verify the information received.

What did the auditors point out?

The independent auditor’s review report was modified in respect of Mumbai International Airport Limited because the auditors did not have sufficient appropriate audit evidence for matters involving potential conflict of interest and alleged misuse of funds amounting to ₹845.76 crore. The amount was included in property, plant and equipment at a net book value of ₹409.28 crore. The auditor said the review was conducted under SRE 2410 and was substantially less in scope than an audit.

The auditor also included an emphasis of matter for Mumbai International Airport Limited, noting ongoing litigation or arbitration over the Monthly Annual Fee for March 2020 to February 2022, which could have a significant impact if the potential exposure materialised. A further emphasis of matter referred to communication from the Ministry of Corporate Affairs initiating an investigation under Section 2 concerning Navi Mumbai International Airport Limited.

What did Adani Enterprises' management say?

Management targeted a 20 million annual passenger run-rate at Navi Mumbai by FY28 exit, split between 5 million international and 15 million domestic passengers. Arun Bansal, CEO of Adani Airport Holdings, said, “So our guidance is that we will exit next financial year with full capacity at Navi Mumbai.” Solar module sales were expected at about 2 GW in Q3 FY27, and the 6 GW solar-cell line was expected to be commissioned by FY27 end.

Management said elevated fuel prices and airspace disturbances weighed on passenger traffic, while toll-road utilisation was slightly behind plan after seasonal rains and floods, with catch-up expected over two quarters. It said coal trading and integrated resource management remained market-driven, with coal shortage limiting outlook visibility. Copper was described as commoditised, with long-term operating margins expected to normalise to 4-6%, although long-term contracts insulate procurement.

How did Adani Enterprises shares react?

The stock was trading when the results appeared. It was unchanged after 5 minutes, fell 0.1% after 15 minutes and fell 0.2% after 30 minutes. On the reaction day, it fell 0.6% from the previous close of ₹2,490.00, compared with a 0.1% fall for the industry median and a 0.2% fall for the Nifty 100.

By the next day’s close, the stock was up 4.7% from its pre-results close, against a 0.2% industry-median rise and a 0.9% rise for the Nifty 100. By the fifth session’s close, it was up 8.5%, compared with a 2.2% industry-median rise. Its move exceeded the industry median by 4.5 percentage points after one session and 6.3 percentage points after five sessions.

Earlier results-day reactions were mixed: the stock rose 10.6% on 3 February 2026 and 2.6% on 30 April 2026, but fell 3.7% on 4 November 2025 and 3.8% on 31 July 2025. It was unchanged on 1 May 2025.