Adani Enterprises stock: EBITDA rises 56% in first-half results

Published on 11/03/2026 at 17:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Adani Enterprises stock is in focus after strong first-half operating growth. Copper, solar manufacturing and data centers remain key expansion areas.

Strong operating growth, mixed reported profit

Adani Enterprises lifted first-half revenue by 62 percent year over year and EBITDA by 56 percent.
Copper production, solar manufacturing and data-center expansion were key operating drivers.
A prior exceptional gain and a first-quarter settlement charge weighed on reported profit.

Adani Ent, INE423A01024, Illustration mit AI erstellt.

Adani Enterprises reported a sharp rise in operating earnings for the quarter and half year ended September 30, 2026. In its October 28 release, the company said consolidated first-half revenue rose 62 percent year over year to 71,569 crore rupees, while EBITDA increased 56 percent to 11,958 crore rupees.

The results were released by Adani Enterprises. Continuing profit before tax rose 45 percent in the first half to 3,297 crore rupees. For the second quarter, total income increased 74 percent to 38,023 crore rupees, EBITDA gained 62 percent to 6,316 crore rupees and continuing profit before tax climbed 146 percent to 2,002 crore rupees.

Copper capacity drives earnings momentum

The copper business was the main operating catalyst. First-half copper EBITDA reached 2,033 crore rupees, while sales volume increased 5.2 times year over year to 145.3 thousand tonnes. The company also expanded its solar module capacity to 10 gigawatts after commissioning a 4.3-gigawatt TopCon line in September.

AdaniConnex received a new 240-megawatt hyperscale order for its Navi Mumbai data center, taking cumulative tied-up capacity above 1.2 gigawatts. The airport business also delivered higher EBITDA, although higher depreciation after the capitalization of Navi Mumbai Airport left the segment with a pre-tax loss in the first half.

Reported profit reflects special items

Profit attributable to owners fell 55 percent year over year in the second quarter to 1,492 crore rupees. The comparison was affected by a 3,583-crore exceptional gain in the prior-year quarter. First-half profit fell 92 percent to 332 crore rupees after a 2,644-crore charge in the first quarter related to a settlement with the US Office of Foreign Assets Control.

CARE Ratings upgraded the company’s long-term credit rating to AA with a Stable outlook, which Adani Enterprises described as the highest rating in its credit history. For investors, the results highlight stronger operating scale but also the effect that exceptional items and expansion-related depreciation can have on reported earnings.