Adani Q2 FY27 Results Show Revenue Growth Across Units

Adani group companies reported varied operating trends in the September quarter, led by higher revenue at Adani Power and Adani Total Gas. Adani Power benefited from stronger electricity demand, higher power purchase agreement tariffs and improved merchant realisation. Adani Total Gas recorded volume-led growth in its city gas distribution business. Adani Ports and Special Economic Zone, or APSEZ, reported higher cargo volumes during the quarter, while its financial results were still awaited in the information provided. The updates show how power, gas distribution and transport infrastructure responded to differing demand and pricing conditions in FY27.

Adani Power reports higher continuing revenue

Adani Power reported total continuing revenue of Rs 17,528.35 crore in Q2 FY27, up 28.5% from Rs 13,639.26 crore in Q2 FY26. Total reported revenue rose 39.4% year-on-year to Rs 19,950.60 crore. For the first half of FY27, continuing revenue stood at Rs 35,464.30 crore, compared with Rs 27,806.75 crore a year earlier. This represented growth of 27.5%. Total reported revenue for the six-month period was Rs 39,272.90 crore, up 36.0% from Rs 28,881.49 crore in H1 FY26.

Power demand and tariffs support operations

Continuing operating revenue at Adani Power rose 29.8% to Rs 17,014.06 crore in Q2 FY27 from Rs 13,106.34 crore a year earlier. The company attributed the increase to higher volumes amid a significant rise in power demand. Higher PPA tariffs, linked to a sharp increase in imported coal prices, also supported revenue. Improved merchant realisation was another stated factor. These drivers indicate that both generation volumes and realised prices contributed to the quarter's operating performance.

Profit before tax rises 32.5%

Continuing profit before tax, excluding one-time items, increased 32.5% year-on-year to Rs 4,369.51 crore in Q2 FY27. The comparable figure in Q2 FY26 was Rs 3,297.68 crore. Adani Power linked the improvement to strong operating earnings and tight control over finance costs. The increase in profit before tax was faster than the 28.5% growth in continuing revenue. However, the supplied information does not provide net profit, EBITDA, capacity or generation figures for the company.

Adani Power financial snapshot

Adani Total Gas posts volume-led growth

Adani Total Gas, or ATGL, announced its operational and financial performance for the quarter and half year ended September 30, 2026. The company said Q2 FY27 volume increased 12% year-on-year, while H1 FY27 volume rose 13%. Revenue for Q2 FY27 grew 34% to Rs 2,102 crore from Rs 1,569 crore in the previous-year quarter. First-half revenue rose 31% to Rs 3,999 crore from Rs 3,060 crore. ATGL attributed the quarter's performance to sustained CNG demand, deeper PNG penetration and disciplined network expansion.

ATGL EBITDA grows despite lower H1 PBT

ATGL's EBITDA rose 12% year-on-year to Rs 340 crore in Q2 FY27, from Rs 302 crore in Q2 FY26. H1 EBITDA increased 3% to Rs 621 crore, compared with Rs 603 crore a year earlier. Profit before tax for the September quarter rose 8% to Rs 235 crore. But H1 profit before tax declined 5% to Rs 414 crore from Rs 436 crore. This contrast shows that the company delivered growth in revenue, volumes and EBITDA, while the first-half PBT comparison remained weaker.

APSEZ cargo handling rises in September quarter

APSEZ reported cargo handling of around 142 million tonnes in the September quarter, up 15% year-on-year and about 3% sequentially. The company said port traffic growth was supported by robust container traffic and activity at its Australia-based NQXT terminal. Separately, APSEZ reported handling 46 million metric tonnes of cargo in September 2026, an 11% increase from a year earlier. Container cargo increased 15% year-on-year during that month. Logistics rail volume increased 3% in September, although first-half FY27 rail volume declined.

APSEZ earnings estimates point to overseas contribution

The supplied analyst estimates projected APSEZ consolidated revenue of Rs 11,017 crore for the September quarter, up 20% year-on-year. Estimated revenue ranged from Rs 10,687 crore to Rs 11,193 crore. Average projected consolidated net profit was Rs 3,703 crore, up 19% from Rs 3,109 crore in the year-ago quarter. Analysts expected overseas ports and marine operations to support growth, while domestic port-volume growth was relatively slower after excluding NQXT. These were forecasts ahead of the company's earnings declaration, not reported financial results.

Margins remain an investor focus for ports

Analysts expected APSEZ's EBITDA margin to be between 58% and 60% for the September quarter. The company had reported an EBITDA margin of 60.54% in the year-ago quarter and 60.40% in the June quarter. The expected moderation was linked to a higher contribution from lower-margin non-port and international businesses. APSEZ is described in the supplied material as India's biggest integrated transport company and handles roughly 27% of the country's total cargo. The mix of domestic volumes, international terminals, logistics and marine services remains important for assessing its earnings profile.

Why the updates matter for investors

The three updates reflect different business conditions across Adani's infrastructure portfolio. Adani Power's revenue and profit before tax growth were supported by demand, coal-linked tariff movement and merchant realisation. ATGL's performance was driven by higher gas volumes and expansion of CNG and PNG usage. APSEZ showed continued cargo growth, but the available September-quarter profit and revenue figures were analyst expectations rather than company-reported results. Investors will distinguish between reported results, operational updates and consensus forecasts when reviewing the group companies.

Outlook rests on reported earnings and operating data

Adani Power's first-half continuing revenue reached Rs 35,464.30 crore, while ATGL's H1 revenue was Rs 3,999 crore. APSEZ's September-quarter cargo performance provided an operational indicator ahead of its earnings announcement. The next focus will be APSEZ's reported September-quarter financial results and any update to its FY27 EBITDA guidance. For Adani Power and ATGL, subsequent disclosures will show whether demand, tariffs, network additions and cost trends continue to shape financial performance in the second half of FY27.