Adani Enterprises Q2 results: Profit surges 84% as board okays Rs.25,000 crore rights issue

Adani Enterprises Q2 Net Profit Soars 84% YoY on One-Time Gain; Board Approves ₹25,000 Crore Rights Issue

Adani Enterprises Ltd (AEL), the flagship company of the Adani Group, reported a robust 84% year-on-year (YoY) rise in net profit to ₹3,199 crore for the quarter ended September 30, 2025 (Q2FY26). The surge was primarily driven by a one-time gain of ₹3,583 crore, even as the company’s revenue declined due to lower performance in its coal trading division.

The company’s board also approved raising up to ₹25,000 crore via a rights issue, a move aimed at “strengthening the balance sheet to support the next phase of incubation and growth.”

At around 3:10 p.m. on November 4, shares of Adani Enterprises were trading 1.5% lower at ₹2,431 apiece on the BSE, marking a fourth consecutive session of declines.

Revenue Declines on Weakness in Coal Trading

Adani Enterprises’ consolidated revenue fell 6% year-on-year to ₹21,249 crore in Q2FY26, compared with ₹22,608 crore in the same quarter last year. The decline was attributed to lower volumes and pricing pressures in the coal trading segment, which has traditionally been the company’s largest revenue contributor.

The company’s profit before exceptional items and tax dropped sharply by 66.2% to ₹814 crore, compared with ₹2,409 crore in Q2FY25, reflecting the impact of subdued trading performance.

Despite this, Adani Enterprises said its diversified infrastructure and energy portfolio continues to deliver stable growth, helping offset some of the pressure from the commodity segment.

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Strong Performance in Airports, Roads, and Renewables

Adani Enterprises’ airport business (AAHL Airports) delivered impressive results, with EBITDA rising 51% year-on-year to ₹2,157 crore, driven by higher passenger traffic and operational efficiencies.

The company said its “emerging core infrastructure businesses” — including airports, data centers, and roads — recorded half-yearly EBITDA of ₹5,470 crore, a 5% increase YoY, and now contribute 71% to total EBITDA.

Chairman Gautam Adani highlighted the company’s steady execution and expansion into high-growth, strategic sectors.

“With disciplined execution and strategic diversification, Adani Enterprises Ltd continues to strengthen its position as India’s leading incubator of transformative infrastructure and energy businesses,” Adani said.

He added that the inauguration of the Navi Mumbai International Airport represents a “defining moment in India’s infrastructure story” and underlines AEL’s role as a national growth catalyst.

“Our strong performance across airports, data centers, and roads underscores the momentum of our core infrastructure portfolio. With partnerships such as the one with Google for India’s largest AI data center and rapid progress in our green energy ecosystem, AEL is accelerating India’s transition toward a sustainable, technology-driven future,” he said.

Strategic Diversification Driving Future Growth

Adani Enterprises has increasingly focused on diversifying beyond coal trading, with significant investments in renewable energy, airport infrastructure, and digital transformation.

The company’s partnership with Google for AI-powered data centers and its growing green hydrogen and solar ecosystem signal a long-term pivot toward sustainable, technology-driven growth.

The proceeds from the upcoming ₹25,000 crore rights issue will be used to strengthen the balance sheet, reduce debt, and fund expansion in new-age infrastructure projects. This move aligns with the Adani Group’s broader strategy of fortifying capital structures after a series of expansions across ports, airports, and renewable assets.

Market Reaction and Outlook

Despite the strong profit jump, Adani Enterprises’ stock fell modestly on November 4, reflecting investor caution amid volatile global markets and concerns about the decline in adjusted profit.

Analysts, however, view the rights issue and strategic diversification positively. “The focus on infrastructure and renewable expansion positions Adani Enterprises for sustained long-term growth, even though short-term margins are under pressure,” said an analyst at a Mumbai-based brokerage.

The company’s consistent execution in infrastructure, coupled with its digital and renewable ventures, is expected to drive steady EBITDA growth over the next few quarters.

Highlights: Adani Enterprises Q2FY26 Results

• Net Profit: ₹3,199 crore, up 84% YoY (boosted by one-time gain of ₹3,583 crore)

• Revenue: ₹21,249 crore, down 6% YoY

• Profit Before Exceptional Items and Tax: ₹814 crore, down 66.2% YoY

• AAHL Airports EBITDA: ₹2,157 crore, up 51% YoY

• Rights Issue: Up to ₹25,000 crore approved for balance sheet strengthening

• Emerging Infra EBITDA Contribution: 71% of total EBITDA

Conclusion

Adani Enterprises’ Q2 results underscore the company’s resilience and adaptability amid sectoral challenges. While its coal trading segment continues to face headwinds, the company’s core infrastructure, airport, and renewable operations are driving sustained growth.

With its upcoming ₹25,000 crore rights issue, strategic partnerships, and continued focus on innovation, Adani Enterprises is poised to reinforce its leadership in India’s infrastructure and energy transformation journey.

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