Mumbai: Adani Enterprises Ltd (AEL) reported a robust performance in H1 FY26, supported by strong traction in its airports, mining and newly scaled materials businesses, while reaffirming its aggressive capex and deleveraging roadmap for the year.
For H1 FY26, AEL posted revenue of ₹44,281 cr and EBITDA of ₹7,688 cr. PBT came in at ₹5,864 cr, of which core operations accounted for ₹2,281 cr, with the rest driven by one-offs. Operating CF remained stable at approx. ₹7,250 cr, highlighting healthy cash generation across verticals.
A key highlight of the con call was the company’s ₹25,000 cr rights issue, aimed at converting nearly ₹20,000 cr of promoter loans into equity, a major step toward balance-sheet strengthening. The proceeds will also support the airports business, select road assets and ANIL verticals. Management emphasised that a “big gross debt reduction” is expected once the conversion is completed.
AEL reiterated its full-year capex guidance of ₹36,000 cr, with major allocations to airports (₹10,500 cr), petrochemicals (₹9,000 cr), ANIL (₹5,500 cr), roads (₹6,000 cr) and metals (₹3,500 cr).
The airports business remained the star performer, delivering H1 EBITDA of ₹2,157 cr, up 51% YoY, with a quarterly run-rate now above ₹1,000 cr. Passenger share stands at 23%, while cargo share is at 29%. Navi Mumbai Airport is set to commence operations in Q3, followed by a massive Phase-2 rollout with a capex of ₹30,000 cr. City-side revenue streams are expected to ramp up by FY29-30.
ANIL continues to scale aggressively, though solar margins are currently under pressure due to US tariff uncertainties. The vertical is on track to add 6 GW of new solar capacity by Jun ’26, while wind capacity stands at 2.25 GW. Hydrogen investments will be finalised post mid-2026 pilot results. AEL also highlighted its partnership with Google to build an AI-driven data center hub.
Mining operations posted a strong H1 with EBITDA of ₹1,019 cr (+37%), while Carmichael shipped 6.2 MMT. In metals and materials, the Kutch Copper facility is now fully commissioned, though working capital impact remains temporary. The 1 MMTPA PVC project is also progressing well.
Road assets continue to scale, with seven projects completed and the Ganga Expressway nearly 90% done.
Key catalysts over the next 6-18 months include Navi Mumbai Airport ops, tariff orders, rights-issue led deleveraging, completion of Ganga Expressway, 6 GW solar commissioning, hydrogen pilot outcomes and the Google-AI data center roadmap, all set to drive AEL’s next growth phase.
