Adani Enterprises Ltd (ADANIENT) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Adani Enterprises is the infrastructure incubator of the Adani group, building and scaling businesses across airports, roads, energy, copper, solar manufacturing and data centers. This quarter's print will speak to the ramp of its three big commissioned assets — Navi Mumbai airport, Kutch Copper and the Ganga Expressway — against the committed over Rs. 3,000 Cr of incremental FY27 EBITDA, alongside the margin drag from higher fuel prices and fresh depreciation.

Adani Enterprises Ltd Q2 Results Date and Time

The Board of Adani Enterprises Ltd will meet on October 28, 2026 to approve the unaudited financial results for the quarter and half year ended September 30, 2026. The trading window has been closed from October 1, 2026 until 48 hours after the declaration of results.

An earnings call is scheduled for October 28, 2026 at 5:00 PM IST. The call will feature CFO Robbie Singh, Vinay Prakash, Arun Bansal (CEO, AAHL) and Muralee Krishnan (CEO, Adani New Industries).

What to expect from Adani Enterprises Ltd's Q2 FY27 results

The Q2 FY27 print is the first full tolling quarter for the Ganga Expressway and the first full quarter of NMIA international operations, making the build toward the committed over Rs. 3,000 Cr of FY27 incremental EBITDA from NMIA, Kutch Copper and Ganga the central yardstick. Copper enters the quarter with a favorable price backdrop — LME copper hit a record $14,635/t on September 8, 2026 — against a guided ~Rs. 800 Cr quarterly EBITDA run-rate as utilization moves from 52% toward 75%. Airports face a softer aero backdrop, with DGCA domestic passengers down 6.34% YoY in August for a third straight monthly decline, and the shift of 265 weekly international departures from CSMIA to NMIA deferred beyond the winter schedule. Mining services is the swing factor: Q1 dispatch fell 2% YoY against a 16-20% FY27 growth guide, even as India's power-sector coal imports jumped 85.6% YoY to 5.52 MMT in August and Apr-Aug power demand rose 9.5%. Management has attributed Q1 cost pressure to "increased fuel prices due to global volatility", and Brent at $113.17/bbl as of October 22 keeps that pressure line live, while the rupee's July slide toward the 96.96 record low argues for a mark-to-market headwind in the commercial mining book that took a Rs. 600 Cr non-cash forex loss in Q4 FY26. The call is also expected to confirm the 6 GW solar module and cell-ready milestone dated September 30, 2026, on the path to 10 GW each by end FY27.

Key Things To Watch

Performance vs Guidance Tracking: Key FY27 commitments to check against H1 actuals:

• Group capex ~Rs. 40,000 Cr for FY27 — reaffirmed post-QIP with management saying they are "tracking to that number very closely"; H1 FY27 actual is the checkpoint
• Incremental EBITDA over Rs. 3,000 Cr from NMIA + Kutch Copper + Ganga in FY27 — CFO: "we will 100% have that"; check run-rate build
• Peak EBITDA of Rs. 6,000-6,800 Cr from the three assets by end FY28 — early trajectory check
• NMIA EBITDA ~Rs. 3,000 Cr over an 18-month ramp — international flights began July 15, 2026
• Roads EBITDA doubling from the Rs. 1,500 Cr run rate — Q1 FY27 was Rs. 288 Cr with a 9-12 month Ganga ramp
• Copper: ~Rs. 800 Cr run rate, margin normalizing toward ~5%, utilization 52% to 75% — Q1 was Rs. 749 Cr at 52%
• Solar: 10 GW module and cell capacity by end FY27; 2,000 MW per quarter sales once available — 5.7 GW module / 4 GW cell as of Q1
• Mining services 16-20% growth in FY27 — Q1 dispatch was -2% YoY
• NMIA at 20 million passengers per quarter within 3 quarters of Q1 FY27 — milestone to test
• Data centers: 65 MW to over 470 MW in 2-3 years; 2 GW platform by 2030 — monitor Vizag and Hyderabad execution

NMIA ramp and tariff order

• NMIA Phase 2 (Rs. 30,000 Cr) construction to begin within FY27, with excavation post-monsoon
• Final tariff order expected within 3-6 months of November 2025; provisional RAB in the high teens (close to Rs. 20,000 Cr) with 12-14% expected return
• International ramp: only 8,442 international passengers and 74 international movements by Oct 23, with the shift of 265 weekly CSMIA departures deferred beyond the winter schedule (Oct 25, 2026 - Mar 27, 2027)

Legal, regulatory and audit overhangs

• OFAC settlement of Rs. 2,644.02 Cr (USD 275 mn, agreement dated May 14, 2026) drove the Q1 FY27 loss — watch for any further legal or regulatory costs
• Auditors gave a modified conclusion on consolidated results, citing MIAL/NMIAL litigations and MCA investigations
• Customs disputes: import coal quality demands total Rs. 863.62 Cr, with Rs. 460.61 Cr paid under protest

Funding execution and corporate actions

• AAHL Rs. 9,825 Cr (~USD 1 bn) primary equity in three tranches, final by July 2027
• Rights issue call-money window of October 5 - November 4, 2026 (Rs. 450 per share first call and Rs. 450 per share second and final call); non-payment renders partly paid shares liable to forfeiture
• Airports demerger: business ready around 2027-28, with the AEL Board decision around 2028

Coal-to-PVC and green hydrogen milestones

• Coal-to-PVC: 1 MMTPA project on schedule with ~Rs. 9,000 Cr already expensed (just over one-third of total); physical completion end of 2026 and revenue around calendar year '28
• Green hydrogen investment decision after electrolyzer pilot results, expected around the middle of the next calendar year