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Adani Enterprises LtdQ2 FY26

Adani Enterprises Ltd Q2 FY26 Earnings Call Analysis

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

Price: ₹3,060P/E: 174.4Market Cap: ₹4.1L 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.

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.

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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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.

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.

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