Adani Enterprises Q2 FY27 earnings call: what management said

Adani Enterprises management said its portfolio recorded growth across airports, solar manufacturing and copper during the quarter ended 30 September 2026. Airport passenger traffic was 21.3 million, airport total income was ₹3,786 crore and airport EBITDA was ₹1,641 crore. Copper sales volume reached 80.6 kilotonnes as capacity utilisation increased to 64%.

Management said the remaining 4.3 GW solar-module line was commissioned during the quarter, taking module capacity to 10 GW. It expects a 6 GW solar-cell line to be commissioned by the end of FY27. On PVC, management said construction and project spending had crossed the 60% mark and the first part of the project was expected to commission in the next financial year, followed by a six-to-nine-month stabilisation period.

Positives

• Airport earnings grew despite operating headwinds. Arun Bansal said: “EBITDA of INR 1,641 crore, up by 55% year-over-year.”
• Solar module capacity reached the planned scale. Muralee Krishnan said: “completing our expansion to 10 gigawatt module line capacity.”
• Domestic module demand absorbed production. Muralee Krishnan said: “domestic module sales have increased to 1,478 MWs, up by 35% year-on-year basis.”
• Copper utilisation continued to ramp up. Arun Bansal said: “copper sales volume of 80.6 kiloton with capacity utilization increased to 64%.”

Watch-points

• Airports faced fuel-price and airspace pressure. Arun Bansal said: “elevated fuel prices and airspace disturbances, which have weighed negatively on passenger traffic.”
• PVC earnings will follow commissioning and stabilisation. Manan Vakharia said: “over a period of next six to nine months, the plant will get stabilized.”
• The solar-cell line still requires execution. Muralee Krishnan said: “We are on schedule to commission the solar cell line of 6 gigawatt by end of this financial year.”

Source: Adani Enterprises Q2 FY27 earnings-call recording. This is a summary of a company earnings call, published as general information. It is not investment advice or a recommendation to buy or sell any security. Read or listen to the full call before relying on any point.