Adani Enterprises Limited (ADANIENT) share price
₹2938.00 on NSE as of 2026-09-04. +1.28% on the day. market cap ₹397,724 Cr. P/E 46.2. 52-week range ₹1758.80 to ₹3212.10. Metals & Mining.
Adani Enterprises Q1 FY27: Record ₹5,019 Cr Operating Profit, and a ₹2,644 Cr Cheque to Washington
At a glance
Adani Enterprises reported revenue of ₹32,924 crore for the June 2026 quarter, up from ₹21,961 crore a year earlier. Operating profit came in at ₹5,019 crore against ₹3,310 crore, with operating margin at 15%. Management's own release described total income of ₹33,546 crore and EBITDA of ₹5,642 crore as the highest quarterly EBITDA the company has recorded, attributing the step-up to the copper smelter coming online.
Below the operating line, the picture changes shape. Other income was negative ₹2,022 crore for the quarter. Interest was ₹2,421 crore and depreciation ₹1,926 crore. Profit before tax was negative ₹1,349 crore, and net profit was a loss of ₹1,462 crore against a profit of ₹976 crore in the year-ago quarter. EPS was negative ₹8.92.
Sitting inside that number is an exceptional item: a settlement of ₹2,644.02 crore (USD 275 million) with the U.S. Office of Foreign Assets Control, signed on 14th May 2026 and paid during the quarter, following reports published in June 2025. Management's presentation reports PBT of ₹1,295 crore excluding that settlement.
The quarter also carried operational milestones the company listed: a 1.7 GW solar module line commissioned in June, a 400 MW hyperscale data-centre order in Vizag, Ganga Expressway toll collection starting 15 May 2026, and Navi Mumbai Airport international operations starting 15 July 2026 — after quarter close. A ₹15,000 crore QIP followed in July.
The auditors also had something to say. More on that later.
Introduction
Adani Enterprises was incorporated in 1993 and is the flagship entity of the Adani Group, promoted by Gautam Adani. Its stated function is unusual for a listed company: it is an incubator. It builds infrastructure businesses inside itself and then hives them off into separate listed entities. Adani Ports & SEZ, Adani Energy Solutions, Adani Power, Adani Green Energy, Adani Total Gas and Adani Wilmar all came out of this same corporate womb.
What remains inside is therefore, by construction, whatever hasn't graduated yet. In FY26 that meant Integrated Resource Management (28% of the mix), New Energy Ecosystem (15%), Copper (15%), Airports (13%), Others (14%), Road (6%), Commercial Mining (5%) and Mining Services (4%).
The recent announcement flow is dense. In June 2026, AdaniConneX acquired Madhuvanti Build Estate for ₹765.25 crore, and the company announced a planned alliance with Jabil for a GW-scale AI data-centre platform in India. In July, it signed an MoU with IRH for a 50:50 joint venture on a USD 11.5 billion Odisha aluminium project, broke ground on a ₹2,500 crore missile ecosystem in Shivpuri through Adani Defence & Aerospace, obtained LME registration for Kutch Copper cathodes effective 10 July 2026, announced a pilot formic acid facility with Dioxycle using captured CO2, and completed the ₹15,000 crore QIP at ₹2,883 per share.
The FY27 capex guidance is ₹40,000 crore: roughly ₹17,000 crore to airports, ₹9,000 crore to the Mundra 1 MTPA PVC project, ₹4,000 crore to natural resources, metals and mining, and ₹10,000 crore across everything else. Management reaffirmed that this plan is unchanged despite the QIP, and described FY27 as a shift from "build-out phase to value realization phase."
The build-out has been going on a while. FY26 investing cash outflow was ₹27,680 crore.
Business model
Adani Enterprises does not have a business model. It has a portfolio of business models that happen to share a balance sheet, an auditor, and a surname.
Start with coal trading, the original engine. IRM handles sourcing, procurement, trading and logistics of natural resources, plus bunkering and rock phosphate, where it holds 30% of the west-coast trade. Volumes moved 44.6 MMT in FY26 against 56.5 MMT in FY25 — a business that has been shrinking in tonnage while remaining the single largest revenue slice.
Then there is New Energy: green hydrogen and its derivatives, solar ingots-wafers-cells-modules, wind turbines (2.25 GW of WTG capacity commissioned), data centres via AdaniConneX, and water infrastructure. Module sales were 4,904 MW in FY26. WTG sets: 231.
Then copper. Kutch Copper runs a greenfield 0.5 MTPA smelting and refining complex at Mundra, expandable to 1 MTPA, one of India's largest single-location copper facilities. In FY25 copper was 2% of the mix. In FY26 it was 15%. That is not growth; that is a business appearing from nowhere like a magician's rabbit, except the rabbit weighs 113,600 tonnes.
Then airports: eight of them, 23% of India's passenger traffic, 29% of cargo volumes, 21% of air traffic movements, and 95.3 million passengers in FY26. Then roads: 20 projects, 5,500-plus lane kilometres across HAM, BOT and TOT. Then commercial mining, including the Carmichael open-cut thermal coal mine in Queensland, which produced 11.4 MnT in FY26. Then mining services: 15 coal blocks, three iron ore and other contracts, 86.6 MMT operational capacity.
And then "Others," which at 14% of FY26 is where a normal company would keep the stationery cupboard. Adani keeps a planned alumina refinery in Odisha, a 1 MTPA PVC plant in Gujarat, a defence business making ammunition, UAVs, missiles, small arms and aircraft services, and NDTV.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Adani Enterprises Limited.
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