Any current/future capex/capital investment/strategic investment?

H1 FY26 capex was approximately INR16,300 crores; full-year FY26 target is around INR36,000 crores. Major FY26 capex breakup: - Airports: ~INR10,500 crores - Roads: ~INR6,000 crores - Materials/petrochemicals: ~INR9,000 crores - Metals and mining: ~INR3,500 crores - Adani New Industries: ~INR5,500 crores City-side capex for Navi Mumbai Airport estimated at INR20,000 crores, with real capex starting next financial year. Phase 2 capex for Mumbai airport to begin next financial year, estimated at INR30,000 crores. A partly paid rights issue approved for up to INR25,000 crores aimed at s

Future growth expectations in sales/revenue/volumes?

Adani Enterprises is in a deep investment phase over the next five years, focusing on incubating and established businesses. The Greenfield Navi Mumbai Airport is expected to start operations in Q3 FY26, boosting airport revenues. Airport business is growing with passenger traffic up 2% and revenue increased 32% H1 FY26; airport EBITDA run rate exceeds INR 1,000 crores per quarter. New terminals (e.g., Guwahati) and digital initiatives aim to enhance non-aero income. Expansion in wind turbine capacity (2.25 GW) with new models. Mining services operate currently at 36% capacity with significant

Future growth expectations in earnings/operating earnings/profits/EPS?

Adani Enterprises is in a deep investment phase over the next five years, focusing on incubating businesses like Airports, Roads, Data Center, and Adani New Industries Ecosystem. Significant EBITDA unlock expected from completed/near-completion assets: Navi Mumbai Airport, Kutch Copper plant, Ganga Expressway. EBITDA from incubating businesses now contributes over 70%, up from 60% in the last half-year, indicating growing profitability from new ventures. Airports segment is growing strongly: H1 FY26 EBITDA up 51% YoY, running at a quarterly run rate of INR1,000+ crore. City-side development re

Current/ Expected Orderbook/ Pending Orders?

Adani Enterprises has received LOA (Letter of Award) for five new projects in road and water vertical with a cumulative order book of approximately INR 20,000 crores. There are currently 10 Mine Developer and Operator (MDO) contracts under development. The wind business has limited third-party orders of roughly 300 MW (about 100 sets), with no participation in PSU tenders due to full capacity utilization for own projects. The solar module business has a full order book matching quarterly capacities at a run rate of about 1.2 GW per quarter. Overall, significant locked-in investment plans exist

Adani Enterprises LtdQ2 FY26Metals & Minerals Trading

Adani Enterprises Ltd Q2 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹2,479.8P/E: 141.4Market Cap: ₹3.4L CrSector: Metals & Minerals Trading

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Adani Enterprises is in a deep investment phase over the next five years, focusing on incubating and established businesses.
The Greenfield Navi Mumbai Airport is expected to start operations in Q3 FY26, boosting airport revenues.
Airport business is growing with passenger traffic up 2% and revenue increased 32% H1 FY26; airport EBITDA run rate exceeds INR 1,000 crores per quarter.
New terminals (e.g., Guwahati) and digital initiatives aim to enhance non-aero income.
Expansion in wind turbine capacity (2.25 GW) with new models.
Mining services operate currently at 36% capacity with significant untapped potential.
Major capex (INR 36,000 crores FY26) largely on airports, roads, and petrochemicals supports growth.
In solar modules, capacity of 6 GW targeted for commissioning by June 2026 with order book full on quarterly capacities.
Green hydrogen plans progressing post electrolyzer testing, with clearer investment decisions expected by mid-2026.
City side real estate project capex INR 20,000 crores expected; revenue generation starting FY 29-30.

Margin guidance

Category 3

Adani Enterprises is in a deep investment phase over the next five years, focusing on incubating businesses like Airports, Roads, Data Center, and Adani New Industries Ecosystem.
Significant EBITDA unlock expected from completed/near-completion assets: Navi Mumbai Airport, Kutch Copper plant, Ganga Expressway.
EBITDA from incubating businesses now contributes over 70%, up from 60% in the last half-year, indicating growing profitability from new ventures.
Airports segment is growing strongly: H1 FY26 EBITDA up 51% YoY, running at a quarterly run rate of INR1,000+ crore.
City-side development revenue expected from FY29-30 onwards; total capex planned around INR20,000 crores.
Green hydrogen plans are pilot-stage; clearer investment horizon expected by mid-2026.
Capital management includes a rights issue up to INR25,000 crores to fund growth, particularly airports and new industries, supporting robust future earnings growth.

See what Adani Enterprises Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

- Adani Enterprises has approved a partly paid rights issue of equity shares for up to INR 25,000 crores. - This rights issue aims to strengthen the balance sheet for the next phase of incubation and support growth in core incubating infrastructure and energy transition assets. - The rights issue proceeds will significantly reduce gross debt, converting shareholder loans to equity. - Excess rights exercised by non-promoter shareholders will provide growth capital primarily for the airports business and partially for roads and Adani new industries. - No specific detailed plan on further debt fundraising was mentioned; focus is on using rights issue proceeds for capital needs. - Capital expenditures continue heavily funded by existing and forthcoming equity infusion. This reflects a current equity fundraising plan via rights issue, with no immediate new debt issuance disclosed.

Order book

Adani Enterprises has received LOA (Letter of Award) for five new projects in road and water vertical with a cumulative order book of approximately INR 20,000 crores.
There are currently 10 Mine Developer and Operator (MDO) contracts under development.
The wind business has limited third-party orders of roughly 300 MW (about 100 sets), with no participation in PSU tenders due to full capacity utilization for own projects.
The solar module business has a full order book matching quarterly capacities at a run rate of about 1.2 GW per quarter.
Overall, significant locked-in investment plans exist across incubating businesses like airports, data centers, roads, and energy transition assets, indicating a robust and growing pipeline.

See what Adani Enterprises Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

H1 FY26 capex was approximately INR16,300 crores; full-year FY26 target is around INR36,000 crores.
Major FY26 capex breakup:
- Airports: ~INR10,500 crores
- Roads: ~INR6,000 crores
- Materials/petrochemicals: ~INR9,000 crores
- Metals and mining: ~INR3,500 crores
- Adani New Industries: ~INR5,500 crores
City-side capex for Navi Mumbai Airport estimated at INR20,000 crores, with real capex starting next financial year.
Phase 2 capex for Mumbai airport to begin next financial year, estimated at INR30,000 crores.
A partly paid rights issue approved for up to INR25,000 crores aimed at strengthening the balance sheet and funding growth, primarily for airports and some roads and new industries.
Incubating asset investments ongoing, including data centers (Google AI campus), wind turbine facilities scale-up, module and cell line expansion (6 GW by June 2026), and other projects like PVC and Ganga Expressway nearing completion.

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