Adani Enterprises: Incubating India's Infrastructure Future with Strong H1 FY26 Performance

Adani Enterprises Limited (AEL), the flagship entity of the Adani Group, has delivered a robust performance in the first half of fiscal year 2026, underscoring its strategic focus on incubating and scaling large-scale infrastructure and energy businesses. The company reported a consolidated total income of INR 44,281 crore for H1 FY26. A standout feature of this period is the increasing contribution from its incubating businesses, which now account for over 70% of the total EBITDA, a significant jump from 60% in the previous comparative half-year. This shift highlights the successful execution of AEL's diversified growth model and its commitment to nation-building through critical infrastructure development.

The company's financial results reflect a stabilization phase for its incubating ventures, with significant EBITDA unlock anticipated from recently completed and near-completion assets. Profit Before Tax (PBT) stood at INR 5,864 crore for H1 FY26, with a continuing PBT of INR 2,281 crore, excluding an exceptional gain of INR 3,583 crore. This performance is a testament to AEL's disciplined execution and strategic diversification, as articulated by Mr. Gautam Adani, Chairman of the Adani Group, who emphasized the company's role as a national growth catalyst.

Segmental Performance: Incubators Lead the Charge

AEL's incubating businesses, including the Adani New Industries (ANIL) Ecosystem, Adani Airports Holdings Ltd (AAHL), and Adani Road Transport Ltd (ARTL), have been the primary drivers of growth. The ANIL Ecosystem reported a total income of INR 7,233 crore for H1 FY26, while AAHL's total income reached INR 5,882 crore, marking a 32% increase year-on-year. ARTL contributed INR 4,056 crore to the total income. The established businesses, comprising primary industries like Mining Services and Integrated Resource Management (IRM), also played a crucial role.

Financial Summary Table (H1 FY26)

Strategic Milestones and Future Outlook

The first half of FY26 was marked by several strategic milestones. The Greenfield Navi Mumbai International Airport was inaugurated on October 8, 2025, with operations set to commence from Q3 FY26. This project, along with the commissioning of the Kutch Copper plant (500 KTPA capacity) and the completion of seven road projects, is expected to unlock substantial EBITDA from Q4 FY26. In a significant move, AdaniConnex partnered with Google to develop India's largest AI Data Center campus in Visakhapatnam, further solidifying AEL's digital infrastructure footprint.

To support its ambitious growth trajectory, the AEL Board has approved a partly paid-up Rights Issue of INR 25,000 crore. This capital infusion is designed to strengthen the balance sheet for the next phase of incubation, funding airport requirements over the next 12 months, and supporting new projects in roads and other new industries. The company's H1 FY26 capital expenditure was approximately INR 16,300 crore, with a full-year target of INR 36,000 crore, demonstrating significant investment in future growth.

Segment Comparison Table (H1 FY26 Total Income)

Navigating Challenges and Sustaining Momentum

While the company celebrated numerous successes, it also navigated challenges. The Integrated Resource Management (IRM) business experienced a decrease in trade volume and price volatility, primarily due to geopolitical issues, impacting its revenue and EBITDA. Similarly, solar module sales faced a sequential decline, influenced by tariff uncertainties from the U.S. and subsequent pricing rationalization. Despite these headwinds, management expressed confidence in adjusting to market realities and maintaining a defensive capability.

Adani Enterprises continues to demonstrate strong ESG credentials, being ranked among the top 5 companies in its sector globally by DJSI CSA and achieving 'Leadership Category' in CDP for its climate action and environmental impact. This commitment to sustainability, coupled with strategic investments and robust execution, positions AEL to continue its journey as a leading incubator of transformative infrastructure and energy businesses in India.