Adani Enterprises stock: H1 EBITDA rises 56% as copper scales

Adani Enterprises reported stronger operating earnings for the first half and second quarter of fiscal 2027, according to the company's October 28 results release. The figures cover the six months and quarter ended September 30, 2026.

Operating earnings accelerate

Consolidated first-half revenue rose 62 percent year over year to Rs. 71,569 crore, while EBITDA increased 56 percent to Rs. 11,958 crore. Continuing profit before tax advanced 45 percent to Rs. 3,297 crore, with the company calling the half-year EBITDA its highest ever.

Second-quarter revenue increased 74 percent to Rs. 38,023 crore and EBITDA climbed 62 percent to Rs. 6,316 crore. Continuing profit before tax rose 146 percent to Rs. 2,002 crore, showing stronger operating performance despite a weaker reported bottom line.

Exceptional items distort profit

Profit after tax attributable to owners fell 92 percent in the first half to Rs. 332 crore. The comparison was affected by a one-time OFAC settlement charge of Rs. 2,644 crore in the current fiscal year, while the prior-year period included an exceptional gain of Rs. 3,583 crore. Second-quarter profit after tax declined 55 percent to Rs. 1,492 crore.

Copper and infrastructure scale up

Copper provided a major contribution to the earnings increase. First-half sales volume rose 5.2 times to 145.3 kilotonnes, and the copper business generated EBITDA of Rs. 2,033 crore. Airport EBITDA increased 52 percent in the first half to Rs. 3,275 crore, although airport profit before tax remained negative after higher depreciation linked to Navi Mumbai Airport.

Adani New Industries expanded solar module capacity to 10 gigawatts after commissioning 4.3 gigawatts of TopCon capacity in September. AdaniConnex also received a new 240-megawatt hyperscale order in Navi Mumbai, taking cumulative tied-up capacity above 1.2 gigawatts.

Investor focus shifts to execution

The results strengthen the operating case for Adani Enterprises' newer businesses, but reported earnings remain sensitive to exceptional items and the pace at which large projects convert investment into recurring cash flow. Copper, airports, solar manufacturing and data centers are therefore key areas to watch in coming quarters.

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