Synopsis: Adani Enterprises is in focus after net profit jumped 72 % YoY despite softer revenue, and the board approved a Rs. 25,000 crore rights issue to strengthen balance sheet and support growth in infra, data centers and airports.
This company 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 is now in the spotlight after its board approved Q2 results with net profit jumping 84% YoY and approved fundraise of Rs. 2,500 cr via rights issue.
With market capitalization of Rs. 2,78,896 cr, the shares of Adani Enterprises Ltd are closed at Rs. 2,419.80 per share, down by 3% making a low of Rs. 2,390.60, from its previous close of Rs. 2,467 per share. The stock has declined 7% over the past month. On a one-year basis, returns stand at a negative 17%. Year-to-date as well, the stock is down around 6%.
YoY performance
Revenue from operations fell by 6% from Rs. 22,608 cr in Q2FY25 to Rs. 21,248 cr in Q2FY26 Total income declined by 3% from Rs. 23,196 cr in Q2FY25 to Rs. 21,844 cr. Net profit rose by 72% to Rs. 1,989 cr from Rs. 3,414 cr over the same period.
QoQ performance
Revenue from operations decreased by 3% from Rs. 21,961 cr in Q1FY26 to Rs. 21,248 cr in Q2FY26. Total income declined by 2.6% from Rs. 22,436 cr in Q1FY26 to Rs. 21,844 cr. EBITDA fell by 10% from Rs. 4,354 cr to Rs. 3,902 cr. Net profit rose by 250% to Rs. 3,414 cr from Rs. 976 cr over the same period.
Investment highlights
Asset Completed
Adani Enterprises has completed the Navi Mumbai International Airport which was inaugurated on 8th October 2025 and will start commercial operations in Q3 FY26. In roads, the Nanasa–Pidgaon project has achieved completion which now makes 7 operational road assets for AEL.
New Investments & Fund Raising
They also have won 3 new road projects and 2 new water projects worth ~Rs. 19,982 crore total. In data centers, AdaniConnex will now partner with Google to build India’s largest AI data center campus in Visakhapatnam which positions them for the huge surge of AI infra demand in India.
To fund future growth and to keep the balance sheet stronger for the next incubation cycle, the Board has approved a Rs. 25,000 crore partly paid-up rights issue. This strengthens the equity base, reduces reliance on debt, and supports scale-up of these new platforms they are building.
Business updates
Adani New Industries (Green Hydrogen Ecosystem)
ANIL continues to sell around 1 GW of solar modules every quarter and India domestic sales have increased by 43%. Expansion work for another 6 GW of cell and module capacity is progressing fully on track. The wind division has also won a national Gold Award for safety excellence.
AdaniConnex (Data Center)
AdaniConnex has partnered with Google to build India’s largest AI focused Data Center Campus in Visakhapatnam which is a major step for future AI compute demand in India. The Hyderabad data center phase 2 work is almost fully complete and both phases in Pune have crossed major completion levels.
Adani Water
Adani Water has received awards for two new major water infra projects, one to build and manage the Brahmani Barrage and another to build and manage the Mor Sagar Artificial Reservoir. This further expands their footprint in water management infrastructure.
Adani Airports
The Navi Mumbai International Airport was inaugurated on 8th October 2025 which is a huge national aviation milestone and it will start actual commercial operations in Q3 FY26. In the same quarter, new routes, new flights and a new airline were also added. Mumbai Airport also received a national award for digitization excellence.
Adani Roads
Adani Roads received provisional COD for the Nanasa-Pidgaon HAM project making this the seventh operational road project for the company. They also received new project awards including the major ropeway project between Sonprayag and Kedarnath and two new HAM road projects in Bihar.
ESG Highlights
Adani Enterprises has been recognised as the Great Indian ESG Organisation of the Year 2025. ANIL received recognition for circular economy contribution for its first off-grid green hydrogen pilot and Adani Natural Resources received a national leadership award for climate action due to its hydrogen truck initiative in mining logistics.
Operational Performance YoY
Operational trends show positive growth across most core businesses. In the green hydrogen / new energy ecosystem, module sales grew by 9% year on year and wind turbine units grew very sharply by 87% indicating strong scale up.
Airports remained broadly stable with small improvement in passenger traffic and cargo volumes, while aircraft movements saw a mild decline. Roads execution saw a 153% spike in this quarter which shows acceleration in project execution activity. Mining services also saw 27% strong growth in volume dispatched. The only segment that saw a meaningful decline was IRM where trading volumes were 17% lower due to weaker global commodity flows.
Adani Enterprises Limited (AEL) is the flagship company of Adani Group, one of India’s largest business organisations. Over the years, Adani Enterprises has focused on building emerging infrastructure businesses, contributing to nation-building and divesting them into separate listed entities.
Having successfully built sizable and scalable businesses like Adani Ports & SEZ, Adani Energy Solutions, Adani Power, Adani Green Energy, Adani Total Gas and Adani Wilmar, the company has contributed to make India self-reliant with our robust businesses. This has also led to significant returns to our shareholders for three decades.
Written by Manideep Appana
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