Adani Enterprises Q2: profit falls 55% on high base, revenue up 75%

Adani Enterprises, the flagship company of the Adani Group, reported on Wednesday, October 28, 2026, that its consolidated net profit for the July-September quarter fell about 55% from a year earlier to Rs 1,492 crore, from Rs 3,304 crore. The fall came mainly because last year's quarter included one-time gains of Rs 3,583 crore. Revenue from operations rose about 75% to Rs 37,216 crore, from Rs 21,249 crore, and operating profit (EBITDA) rose 62% to Rs 6,316 crore, according to the company's results.

At first glance, a 55% drop in profit looks like a bad quarter. The detail tells a different story. A year ago, the company booked large one-time gains of Rs 3,583 crore, which lifted that quarter's profit well above what its businesses earned from regular operations. Without such a gain this year, the comparison makes profit look weaker than the business underneath it. The better measure of how its businesses are doing is operating profit, or EBITDA, which leaves out one-time items, interest and depreciation. That rose 62% to Rs 6,316 crore.

Adani Enterprises works as an incubator: it starts new businesses, builds them up and later lists or spins them off. Its current businesses include airports, mining services, solar module and wind equipment making under Adani New Industries, roads, data centres and, increasingly, copper. The copper business was the biggest single driver of this quarter's revenue jump, adding Rs 14,843 crore of revenue. Copper is used in power cables, electric vehicles, electronics and the electricity grid, so a large domestic producer matters for a country that imports much of its refined copper needs.

The airports business also grew. Its income rose 20% and its EBITDA 55%. However, the company's results showed the airports segment posted a loss before tax of about Rs 290 crore, which it linked to higher depreciation after the new Navi Mumbai International Airport was added to its books. Depreciation is the accounting cost of spreading a large asset's price over its working life, so a big new airport raises that cost before passenger traffic fully builds up. Adani New Industries sold 1,478 megawatts of solar modules, up 35% from a year earlier.

For the wider economy, the numbers show the scale of private investment in infrastructure, from airports to metals and clean-energy equipment. The Rs 15,000 crore raised from institutional investors during the quarter gives the company money for that building programme, though large projects also bring higher interest and depreciation costs that can weigh on profit for some years.

Short-term: The headline profit fall may weigh on sentiment, but the rise in revenue and operating profit shows the businesses grew. Attention will turn to how fast the copper unit and the Navi Mumbai airport turn their growth into profit.

Long-term: If the new airport fills up and the copper and solar businesses keep scaling, the company's earnings could rise as depreciation is spread over a bigger base. Execution on large projects and the cost of debt remain the main risks.

Who is affected: Shareholders and lenders of Adani Enterprises; airline passengers in Mumbai and the other cities whose airports the group runs; solar and power companies that buy its modules; industries that use copper; and workers at its plants and projects.

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