Adani Enterprises Q2 FY27 Results: Consolidated Net Profit ₹1,221 Crore on Total Income of ₹38,023 Crore

Earnings
Diversified conglomerate

Blacklitt Research28 October 20263 min read

Adani Enterprises (NSE: ADANIENT) reported consolidated total income of ₹38,023.11 crore and a consolidated net profit of ₹1,220.99 crore for the quarter ended 30 Sep 2026, it said in a filing on 28 Oct 2026. Standalone total income was ₹7,130.41 crore and standalone net profit was ₹1,224.45 crore.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹38,023.11 crore, up 74.1% YoY and 13.3% QoQ
Net profit and EPS: ₹1,220.99 crore, down 64.2% YoY; basic EPS ₹11.05 against ₹27.38 a year earlier
Finance costs: ₹2,367.58 crore, up 38.4% YoY and 6.2% of total income
Exceptional item: ₹2,644.02 crore OFAC settlement recorded in the quarter ended 30 Jun 2026

Standalone

The company on its own, without its subsidiaries

Total income: ₹7,130.41 crore, up 27.1% YoY and 4.5% QoQ
Net profit and EPS: ₹1,224.45 crore, down 71.1% YoY; basic EPS ₹9.07 against ₹35.63 a year earlier
Other income: ₹1,162.84 crore, up 113.8% YoY and 16.3% of total income

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	38,023.11	21,844.07	+74.1%	33,546.26	+13.3%
Revenue from operations	37,215.62	21,248.51	+75.1%	32,923.98	+13.0%
Other income	807.49	595.56	+35.6%	622.28	+29.8%
	1,220.99	3,414.43	-64.2%	-1,461.54	n/a
Finance costs	2,367.58	1,711.22	+38.4%	2,420.93	-2.2%
Depreciation	2,017.60	1,376.55	+46.6%	1,926.00	+4.8%
Tax expense	947.32	1,001.07	-5.4%	219.04	+332.5%
Net profit margin	3.21%	15.63%	-12.42 pp	-4.36%	+7.57 pp
Tax as share of profit before tax	47.3%	22.8%	+24.55 pp	n/a	n/a
EPS, basic (₹)	11.05	27.38	-59.6%	n/a	n/a

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Consolidated total income rose 74.1% YoY, but net profit fell 64.2%, so profit grew more slowly than income. Revenue from operations rose 75.1% to ₹37,215.62 crore, while other income of ₹807.49 crore is 2.1% of total income. Consolidated profit before tax of ₹2,002.02 crore is after tax of ₹947.32 crore, which is 47.3% of that profit before tax, against 22.8% a year earlier.

Finance costs of ₹2,367.58 crore are 6.2% of total income.

The review report on the consolidated results is modified. The auditors of Mumbai International Airport Limited gave a modified conclusion, which the filing links to a CBI chargesheet on alleged diversion of ₹845.76 crore from works contracts carried at a net book value of ₹409.28 crore. The company's note says no adjustments have been made to the results on that matter.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	7,130.41	5,610.21	+27.1%	6,823.40	+4.5%
Revenue from operations	5,967.57	5,066.43	+17.8%	5,953.89	+0.2%
Other income	1,162.84	543.78	+113.8%	869.51	+33.7%
	1,224.45	4,235.39	-71.1%	-890.34	n/a
Profit before tax	1,596.10	4,426.15	-63.9%	-1,189.90	n/a
Finance costs	266.23	469.80	-43.3%	294.41	-9.6%
Depreciation	50.19	42.71	+17.5%	48.46	+3.6%
Tax expense	371.65	190.76	+94.8%	-299.56	n/a
Net profit margin	17.17%	75.49%	-58.32 pp	-13.05%	+30.22 pp
EPS, basic (₹)	9.07	35.63	-74.5%	-6.84	n/a

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Standalone total income rose 27.1% YoY, and net profit fell 71.1%, more than profit before tax (down 63.9%). Revenue from operations rose 17.8%, slower than other income, which rose 113.8% to ₹1,162.84 crore and is 72.9% of standalone profit before tax of ₹1,596.10 crore.

Standalone finance costs fell 43.3% to ₹266.23 crore, 3.7% of total income. Standalone tax expense of ₹371.65 crore is 23.3% of profit before tax, against a year-ago tax of ₹190.76 crore. The standalone review report is unmodified, with no exceptions reported.

Consolidated net profit is ₹3.46 crore lower than standalone net profit, a difference that is small against consolidated total income of ₹38,023.11 crore.

The filing reports a Qualified Institutional Placement in the quarter that allotted 5,20,29,136 equity shares at ₹2,883 a share, aggregating ₹15,000 crore. Consolidated net worth stood at ₹1,03,713.28 crore at 30 Sep 2026, against ₹78,299.38 crore standalone. Consolidated net external debt to EBITDA is 3.52 times under the debenture covenant, as stated in the filing.

Inference

The filing says that debentures of ₹3,800 crore are outstanding with security cover above 110%, and that CARE Ratings has assigned CARE AA and ICRA has assigned ICRA AA- to them. Interest and principal on certain series were paid on seven dates between 12 Apr 2026 and 30 Sep 2026.

The filing says the Parent and Adani Airport Holdings Limited entered a Shareholders' Agreement for issuance of AAHL equity for a stake of up to 5.54%, subject to conditions precedent. The timing and conditions for completion are not stated.

The filing does not state how the QIP proceeds will be used beyond the objects in the Letter of Offer, or the outcome of the MIAL arbitration and CBI proceedings.

Reference: Original filing (PDF)

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