Adani Enterprises Ltd (ADANIENT) Q2FY27 Concall Transcript - Sep-2026 Qtr
Moderator: Ladies and gentlemen, good day and welcome to the Adani Enterprises Q2 FY '27 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and then zero on your touch-tone phone. I now hand the conference over to Mr. Alok Deora. Thank you, and over to you.
Alok Deora (Motilal Oswal): Thank you. Good evening, everyone. On behalf of Motilal Oswal, I welcome you all to the 2Q FY21 '27 earnings call of Adani Enterprises. So we have with us the senior management from the company led by Mr. Arun Bansal, Chief Executive Officer, Adani Airport Holdings; Mr. Murli Krishnan, Chief Executive Officer, Adani New Industries, Solar Manufacturing; Mr. Rajesh Poddar, CFO, Adani Airport Holdings; Mr. Manan Vakharia, Head of Finance, Adani Enterprises; and Mr. Jitendra Khialia, Investor Relations, Adani Enterprises. So, I would now hand over the call to Mr. Arun Bansal to provide opening remarks, and then we can take up the Q&A. Thank you, and over to you, sir.
Arun Bansal (Adani Airport Holdings): Thanks, Alok. Good evening, everyone. Thank you for joining us today for Adani Enterprise earnings call for the quarter and half-year ended September 30th, 2026. AEL's portfolio comprises primarily of infrastructure-focused businesses, which spans across energy and utilities, transport and logistics, and primary industry. It is my pleasure to inform you that AEL achieved credit rating upgrade to triple, AA Stable by Care during the first week of October 2026, its highest-ever long-term rating in its credit history. This upgrade serves as an independent validation of AEL's disciplined capital management and tight fiscal prudence. As we informed in our earlier discussions, AEL's current fiscal results will reflect value unlocked from investments made over the last few years and moving progressively from build-out phase to value realization phase. AEL has reported its highest-ever half-yearly EBITDA of Rs 11,958 crore. The strong EBITDA delivered is testimony of incubation business model and strength of our diversified business platform. Backed by strong operating fundamentals, increasing asset maturity, and the ramp-up of newly commissioned Adani New Industries' module line capabilities, AEL is now well-positioned to sustain this growth trajectory going forward. Moving to our half-yearly financial performance on consolidated basis: Total income increased to 71,569 crore, an increase of 62% year-over-year. EBITDA increased to Rs 11,958 crore, an increase of 56% year-over-year. Continuing profit before tax increased to Rs 3,297 crore, an increase of 45% year-over-year. Adani Airport Holding Limited EBITDA reported growth of 52% year-over-year to Rs 3,275 crore and KCL copper EBITDA reported EBITDA of Rs 2,033 crore.
Arun Bansal (Adani Airport Holdings): our additional 29.2 megawatt data center to customers taking operational capacity to 94.6 megawatt. Moving to airport business. Adani Airport is one of India's largest private airport platforms operating a portfolio of eight airports including the greenfield Navi Mumbai International Airport and contributing approximately 23% of India's passenger traffic and 29% of country's air cargo volume, underscoring our scale and strategic importance in India's aviation ecosystem. Adani Airports delivered a resilient performance during first half of this fiscal and achieved highest ever half yearly EBITDA of rupees 3,275 crore, which is close to full year EBITDA of financial year '25. This growth is achieved despite industry headwinds like elevated fuel prices and airspace disturbances, which have weighed negatively on passenger traffic. The effort put in over the last few years in developing non-aero strategy and ecosystem have provided resilience in this atmosphere. Our greenfield development of Navi Mumbai International Airport commenced its international operations effective 15th July '26. Indian domestic airlines Indigo, Air India, and Akasa have recently announced their operational plans to commence international operations and progressively expand from Navi Mumbai Airport. Moving on to financial and operational bank performance during Q2 financial year '27. We handled passenger traffic of 21.3 million passengers, total income of rupees 3,786 crore, up by 20% year-over-year, EBITDA of rupees 1,641 crore, up by 55% year-over-year, and aero and non-aero revenue delivered year-over-year growth of 9% and 57% respectively. During the quarter, we added eight new routes and four new airlines. If I move to mining services portfolio, during the quarter with dispatched volume up, it stood at 10.7 million metric ton while revenue stand at rupees 998 crore and EBITDA of rupees 407 crore. In integrated resource management business portfolio, during the quarter, trading volume stood at 7.4 million metric ton and revenue stood at 7,169 crore and EBITDA of 654 crore. In copper business, we are now seeing capacity ramp up. During the quarter, copper sales volume of 80.6 kiloton with capacity utilization increased to 64%. Revenue increased to rupees 14,843 crore and EBITDA increased to rupees 1,283 crore. With this, now I handover the call to my colleague Murali Krishnan, CEO of Adani Solar. Over to you, Murali.
Murli Krishnan (Adani Solar): Thank you, Arun. Good evening, ladies and gentlemen. Adani New Energy Ecosystem is developing an end-to-end integrated ecosystem for manufacturing solar modules and wind equipments. As you as all of you know, Adani Solar has featured in the elite list of top 10 global solar module manufacturing and Adani Wind became the only Indian company in top 15 global wind turbine manufacturers. I'm happy to inform you that we have commissioned the remaining module line capacity of 4.3 gigawatt on 31st of August 2026 completing our expansion to 10 gigawatt module line capacity. We are on schedule to commission the solar cell lines of 6 gigawatt by end of this financial year. During the quarter, domestic module sales have increased to 1,478 megawatts up by 35 percentage year-on-year basis. The this demonstrates strong demand of Adani solar modules in domestic market, which has fully absorbed the export intake. Now moving into the financials and operational performance of Q2 FY '27, the mo-
Murli Krishnan (Adani Solar): sales was 1,478 MW, up by 35% year-on-year. Wind turbine sales was 235 sets, up by 25% year-on-year. Total income stood at 3,669 crores, with an EBITDA at 1,094 crores. Now the session is open for question and answer.
Moderator: Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we'll wait for a moment while the question queue assembles. We have the first question from the line of Manish A. Somaiya from Cantor. Please go ahead.
Manish A. Somaiya (Cantor): Good evening. Can you hear me?
Arun Bansal (Adani Airport Holdings): Yes, we can hear you, Manish.
Manish A. Somaiya (Cantor): Okay, wonderful. I wanted to ask my first question on the airport business, specifically on Navi Mumbai. Perhaps if Arun can talk about the key traffic, yield, and cost milestones over the next 12, 15 months that we should be thinking about as that airport ramps up. And and what are sort of some of the meaningful contributions to profitability and cash flow that we should think about?
Arun Bansal (Adani Airport Holdings): No, thanks for your question. So, NMIAL, as I said in my commentary, we've started the the commercial international operations from 26th of July. As you might have seen recently, together with Indian carriers IndiGo, Akasa, and Air India, we have announced the the new international routes. Actually, IndiGo has announced 12 new routes from Navi Mumbai starting from December until up to April, summer schedule '27. Air India Group has announced seven international routes from Navi Mumbai, and Akasa has announced one additional. So, that makes 19 international routes, one is existing from Navi Mumbai. Domestic also we see a proportionate growth. So, our guidance is that we will exit next financial year with full capacity at Navi Mumbai. So, Navi Mumbai, as you know, the capacity we can handle is max 20 million, which is 5 million international and 15 domestic. And we will exit next financial year, i.e., Q1 2028 running with a run rate of 5 million per quarter.
135 more turns of this transcript: log in to Stocksigma to read the full call.