Adani Enterprises Q2 Profit Soars 84 % on One-Time Gains; Core Earnings Decline

Adani Enterprises, the flagship company of Adani Group, on Tuesday reported an 84 % jump in profit in the September quarter, mainly because of a one-time exceptional income, without which the core earnings dipped on weakness in its mainstay coal trading division.

Consolidated net profit of ₹ 3,199 crore in July-September -- the second quarter of the 2025-26 financial year -- compared with ₹ 1,742 crore earnings in the same period a year back, according to a company statement.

The profit was boosted by a one-time gain of ₹ 3,583 crore arising from the sale of its 13.51 % stake in AWL Agri Business Ltd (formerly known as Adani Wilmar Ltd).

Without this one-time gain, the adjusted profit fell 66.2 % to ₹ 814.35 crore in Q2 from ₹ 2,408.89 crore a year ago.

The company board approved raising ₹ 25,000 crore through a rights issue from existing shareholders to fund its massive expansion drive across its infrastructure portfolio that includes airports and clean energy projects.

This is the company's biggest fundraising following cancellation of a fully subscribed ₹ 20,000 crore follow-on public offering (FPO) in the aftermath of release of a damning report by US short seller Hindenburg Research in 2023.

Adani Enterprise EBITDA fell due to low volumes and prices of coal. One reason for the low volume of coal trading was lower consumption in coal-fired power plants as monsoon as well as rapid growth in renewable generation dampened demand.

Revenue from coal trading fell 29 % to ₹ 6,843 crore and pre-tax profit dipped 22 % to ₹ 726 crore. The decline outweighed the growth in the company's new energy segment and airport segment.

New energy unit, which includes solar manufacturing and wind turbine businesses, recorded a 3 % rise in revenue and 5 % in pre-tax profit while the airport division saw a massive 39 % jump in revenue and 43 % rise in pre-tax profit.

Adani Enterprises' consolidated revenue from operations fell to ₹ 21,844 crore in the second quarter from ₹ 23,196 crore a year back.

The company said it has validated its core strength of timely execution of large-scale projects during the quarter when the greenfield Navi Mumbai airport as well as 7th road project were completed.

The emerging core infra businesses have recorded half-yearly EBITDA of ₹ 5,470 crore with an increase of 5 % on year-on-year basis and now contributes 71 % to total EBITDA, it said.

"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," said Gautam Adani, Chairman of the Adani Group.

"Our strong performance across airports, data centres and roads underscore the momentum of our core infrastructure portfolio." With partnerships such as the one with Google for India's largest AI data centre and rapid progress in the green energy ecosystem, AEL is accelerating India's transition towards a sustainable, technology-driven future, he said.

"We remain committed to building globally competitive businesses that create enduring value for our stakeholders and strengthen the foundation of a self-reliant India." While sales of solar modules, which convert sunlight into electricity, rose 9 % in Q2, wind turbine generators saw 87 % growth in volumes. Adani airports handled 22.6 million passengers during the quarter. Road construction more than doubled to 456.1 line kilometres but coal volumes dropped 17 % to 11.3 million tonnes in Q3.

"Module sales continue to track to 1 GW per quarter, domestic sales increased by 43 % during H1, FY26 on a year-on-year basis," the company said, adding that the construction of an additional 6 GW cell and module line was progressing as per schedule.