Adani Enterprises Q2 FY27 Results Analysis: Revenue Jumps 75%, Kutch Copper Beats Run-Rate (ADANIENT)
Adani Enterprises Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 37,215.62 Cr (+75.14% YoY) and PAT growth of -54.84% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 28, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 37,215.62 Cr (+75.14% YoY) |
| PAT (Q2) | Rs. 1,492.04 Cr (-54.84% YoY) |
| EBITDA margin | 16.61% (-125 bps YoY) |
| EPS (Q2) | Rs. 11.05 (-59.76% YoY) |
| Market cap | Rs. 345,693.17 Cr |
| CMP | Rs. 2,554.20 |
Quarter Snapshot
Revenue grew 75.14% YoY to Rs.37,215.62 Cr and EBITDA 61.86% YoY to Rs.6,316.04 Cr, with the Kutch Copper ramp delivering Rs.1,038.11 Cr EBIT — above management's ~Rs.800 Cr quarterly run-rate — and Commercial Mining returning to breakeven. The reported 54.84% PAT decline is a base effect from prior-year exceptional gains of Rs.3,583.28 Cr; pre-exceptional PBT grew 145.84%. The Rs.15,000 Cr QIP cut D/E to 0.94x, though mining services is tracking below its 16-20% growth guide and the consolidated audit carries a modified conclusion.
Key Investment Insights
Key Positives
- Revenue from operations grew 75.14% YoY to Rs.37,215.62 Cr (+13.03% QoQ)
- EBITDA (company definition) grew 61.86% YoY to Rs.6,316.04 Cr, a fifth consecutive sequential build (3,902 → 4,297 → 4,479 → 5,642 → 6,316)
- Copper segment swung from Rs.(277.65) Cr EBIT loss to Rs.1,038.11 Cr EBIT, with margin improving to 7.03% from 4.66% in Q1, above the ~Rs.800 Cr quarterly run-rate management cited
- Pre-exceptional PBT grew 145.84% YoY to Rs.2,002.02 Cr; normalized YoY PAT improvement of +Rs.1,123.40 Cr after stripping prior-year exceptional gains
- Commercial Mining returned to breakeven EBIT (Rs.0.49 Cr vs Rs.(397.85) Cr) with revenue +45.44% YoY
- Rs.15,000 Cr QIP completed (52,029,136 shares at Rs.2,883); D/E fell to 0.94x from 1.50x YoY; interest service coverage improved to 3.04x from 2.38x
- H1 operating cash flow of Rs.6,318.24 Cr vs Rs.628.46 Cr in H1 FY26; CFO/EBITDA improved to 0.53x from 0.08x
- Airport EBIT grew 12.88% YoY on 15.33% revenue growth despite a soft domestic-traffic backdrop
Risk Factors
- Mining services revenue fell 7.13% YoY against management's 16-20% FY27 growth guide; H1 at -3.36% needs a sharp H2 acceleration
- Operating margin compressed to 14.80% from 15.56% YoY; EBITDA margin on total income fell to 16.61% from 17.86%
- New Energy EBIT fell 15.73% YoY on pricing pressure attributed to US-tariff uncertainty
- IRM EBIT fell 7.43% YoY despite 6.59% revenue growth
- Effective tax rate spiked to 47.32% from 22.76% YoY as copper/captive losses shelter profits while standalone and airport profits carry tax
- Consolidated results carry a modified audit conclusion (MIAL CBI chargesheet of Rs.845.76 Cr, MIAL-AAI arbitration, NMIAL MCA investigation), repeated from Q1 FY27
- Inventory build of Rs.8,716.31 Cr vs March tied up working capital, funded by trade credits rising to Rs.11,723.46 Cr from Rs.7,080.06 Cr
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.