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Adani Enterprises Q2 FY27 Share Price & Earnings Call Analysis

₹2,607.90+5.17% today
Market cap
₹3.53L Cr
P/E
148.67
ROE
4.48%
PEG
53.49
Price to sales
3.18
Debt to equity
1.32
52W high / low
₹3,212 / ₹1,759
Sales growth (5Y)
20.50%
EBITDA margin
14.09%
Net profit margin
3.12%
Promoter holding
71.97%
Sales (last year)
₹1.11L Cr

Adani Enterprises Ltd has business interests in various economic areas such as mining, integrated resources management (IRM), infrastructure such as airports, roads, rail/ metro, water, data centres, solar manufacturing, agro and defence.[1]

Guidance scorecard · Q2 FY27 call

What Adani Enterprises Ltd's management guided
and where it ranks in Metals & Minerals Trading

#3of 3 in
Metals & Minerals Trading
Revenue10–20%MarginsWhat management saidCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • Mining Services: Expected growth of 16% to 20% in volume due to new mines becoming operational.
  • Copper business: Current utilization at 52%, expected to increase towards 75%, leading to higher revenues and EBITDA. Long-term EBITDA margin expected closer to 5%.
  • Airport Business: Non-aero growth is robust; further growth depends on the return of international passengers post-geopolitical issues. Continued premiumization and new business lines (e.g., ground handling) expected to contribute.
  • Data Centers: Target to ramp operational capacity to about 500 MW over the next 3 years from around 65 MW currently; tied-up capacity projected to reach 3 GW by 2030.
  • Roads: EBITDA expected to continue ramping up as assets like Ganga Expressway reach capacity over 9-12 months.

2 more points from Adani Enterprises Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

See what Adani Enterprises Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Phase 1 of city side development across airports (Mumbai, Navi Mumbai, Lucknow, Jaipur, Guwahati, Ahmedabad) with ~22 million sq ft construction, including 14 million sq ft retail space; capex committed ~INR 20,000 crores, to be completed by FY29-30.
  • Navi Mumbai Phase 2 construction to start in FY27, with excavation post-monsoon; design works are advanced.
  • Data centers: Capex per MW is around INR 70-75 crores, with a ramp-up to add roughly 400 MW in the next 2.5 years; construction cycle about 2.5 years.
  • Airports: Regulatory Asset Base (RAB) expected to rise from ~INR 37,000 crores to close to INR 70,000 crores, indicating ongoing investments.

2 more points from Adani Enterprises Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what Adani Enterprises Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • Defence subsidiary revenue was INR 2,500 to 2,600 crores last year.
  • A detailed update on the defence order book and growth strategy is planned for November next year.
  • The company expects defence to become significant enough for segmental reporting within 18 months.
  • Growth is on track, but precise order book numbers will be shared post-September next year.
Full Q1 FY27 analysis
Full Metals & Minerals Trading ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Metals & Minerals Trading
on management's own guidance

  1. Nupur RecyclersGood growth
    2
  2. SG MartGood growth
    1
  3. This stockAdani Enterp.Moderate growth
    3
See all potential multibaggersAll Metals & Minerals Trading rankings

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Metals & Minerals Trading companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1SG Mart20–40%Up 0–2%₹10,124 Cr81.4
2Nupur Recyclers20–40%Flat₹1,167 Cr68.0
3Adani Enterp.This stock10–20%—₹3.64L Cr153.5

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Adani Enterprises Ltd announcements

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Financials of Adani Enterprises Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Adani Enterprises Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +72.61%72.61%74.72%74.89%73.97%73.97%73.97%73.97%73.97%74.67%74.84%71.97%
FIIs +14.65%14.41%11.73%11.31%11.72%11.71%11.55%11.72%11.64%10.80%8.77%10.66%
DIIs +5.44%5.77%6.02%6.46%6.61%6.86%7.04%6.84%6.71%6.70%9.34%10.62%
Public +7.30%7.22%7.53%7.36%7.68%7.45%7.44%7.47%7.66%7.84%7.06%6.75%
No. of Shareholders5,61,3095,37,3426,43,9755,84,9286,67,2106,55,9466,21,7396,18,4136,42,6146,64,8825,96,4145,72,522

Financials of Adani Enterprises Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +19,54625,05029,18025,47222,60822,84826,96621,96121,24924,82032,43932,92437,216
Expenses +17,11621,82425,98521,76718,84219,77823,25618,65117,94221,17828,70927,90531,707
Operating Profit2,4303,2263,1953,7063,7663,0703,7103,3103,3073,6423,7315,0195,509
OPM %12%13%11%15%17%13%14%15%16%15%12%15%15%
Other Income +461491-1765915836484,5824754,1796,288748-2,022807
Interest1,3435971,5131,1309102,1411,7961,0351,7111,6261,6462,4212,296
Depreciation7577608119341,0351,0061,2361,2841,3771,3722,1031,9262,018
Profit before tax7912,3616962,2322,4035725,2591,4664,3986,932729-1,3492,002
Tax %50%19%62%26%21%103%24%39%23%20%117%16%47%
Net Profit +3331,9733521,7721,9892294,0159763,4145,727-167-1,4621,221
EPS in Rs1.7814.793.5311.3913.640.4529.746.8525.5643.53-0.81-8.9211.02

Financials of Adani Enterprises Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +64,46534,00836,53335,92440,37943,40339,53769,420127,54096,42197,895100,469127,398
Expenses +52,01532,32534,63133,88638,40941,10837,03165,707118,72285,04483,64386,478109,498
Operating Profit12,4501,6841,9022,0381,9692,2942,5063,7148,81811,37714,25213,99117,900
OPM %19%5.0%5%6%4.9%5%6%5%7%12%15%14%14%
Other Income +7921,0447493635048724941,0128341,1466,40311,6885,821
Interest7,0561,3571,2571,2501,6251,5721,3772,5263,9694,5555,9786,0197,990
Depreciation3,5223143156643904725371,2482,4363,0424,2116,1357,418
Profit before tax2,6631,0561,0794874591,1221,0869523,2474,92610,46613,5258,313
Tax %14%7%25%23%32%29%31%50%32%33%28%28%
Net Profit +2,2981,0009255945061,0401,0467882,4223,3358,0059,9515,319
EPS in Rs15.818.218.026.155.829.247.496.3019.3025.3755.0272.3144.82
Dividend Payout %8%4%4%6%6%10%12%14%6%5%2%2%

Financials of Adani Enterprises Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital110110110110110110110110114114115129135
Reserves25,61813,26814,02614,97914,64616,83717,04922,14732,93738,96250,19980,79797,817
Borrowings +83,57119,16920,84617,63711,24312,41916,22741,60453,20065,31091,473106,622117,933
Other Liabilities +21,4209,13212,63023,67916,53717,50918,23137,72655,02756,20056,05673,32178,973
Total Liabilities130,71841,67947,61156,40542,53646,87551,617101,586141,278160,586197,843260,868294,858
Fixed Assets +83,83410,47313,66810,5559,02010,47610,83830,12356,88165,97877,260115,174137,916
CWIP6,7337,7057,7315,5265,7657,3478,82523,54424,02535,18051,51651,75337,634
Investments7448051,0421,4611,5111,9525,5034,2926,3108,7019,8879,42814,088
Other Assets +39,40722,69625,17038,86426,24027,09926,45143,62754,06250,72859,18084,513105,220
Total Assets130,71841,67947,61156,40542,53646,87551,617101,586141,278160,586197,843260,868294,858

Financials of Adani Enterprises Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +8,5325,1127742,9423,2362,4544,0431,38517,62610,3124,5132,357
Cash from Investing Activity +-11,465-1,825-1,460-7,6492,487-1,082-8,611-17,041-15,459-18,767-26,417-27,680
Cash from Financing Activity +3,445-3,4487165,120-6,158-2213,10915,901-1,1988,87922,65528,484
Net Cash Flow512-16130413-4361,151-1,4592469704247513,161
Free Cash Flow-621-778-3,373-4,3521,471-268684-10,2602,972-11,934-25,002-30,993
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit75%317%52%157%175%119%166%43%210%106%46%36%

Financials of Adani Enterprises Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days871091271231291111117236373646
Inventory Days3517192829272146276973126
Days Payable8969101104133126142120111179151185
Cash Conversion Cycle335746472611-10-2-49-73-42-13
Working Capital Days-81-2-19-8-10-21-31-89-38-61-59-45
ROCE %9%3%7%6%7%9%8%7%9%10%9%6%

Guidance history

How Adani Enterprises Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%—PlannedPlanned—
Q4 FY26 call →20–40%FlatPlannedNone planned—
Q3 FY26 call →20–40%FlatPlannedPlanned—
Q2 FY26 call →20–40%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

26out of 100

Momentum score · price trend

26 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−0.6%60%
Last 6 months+2.2%58%
Last 3 months−18.0%23%

The price is 36.4% below its all-time high of ₹3,897.14 (18 Nov 2022). Stocks more than 20% below their peak have their score halved, so 52 became 26.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Adani Enterprises Ltd: 0.4 × 60 + 0.4 × 58 + 0.2 × 23 = 52, halved to 26 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Adani Enterprises Ltd's management said in earlier quarters

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