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Adani Q2 FY26 Results Highlights
Adani Enterprises
Powers Ahead in Q2 FY26 with Strong Profits
Adani Enterprises delivered a strong Q2 FY26 performance with consolidated revenue of INR 21,844 crore, EBITDA of INR 3,902 crore and PBT rising 83% YoY to INR 4,398 crore, supported by an exceptional gain of INR 3,583 crore, while PAT grew 84% to INR 3,199 crore. For H1 FY26, revenue stood at INR 44,281 crore, EBITDA at INR 7,688 crore and PBT at INR 5,864 crore, up 26% YoY. The emerging core infrastructure businesses, airports, roads and data centers, contributed 71% of total EBITDA, with the airports segment reporting 51% growth in EBITDA to INR 2,157 crore. The quarter marked the inauguration of the Navi Mumbai International Airport, set to commence operations in Q3 FY26 and the completion of the seventh road project at Nanasa–Pidgaon in Madhya Pradesh. AEL also strengthened its digital infrastructure with AdaniConnex partnering with Google to build India’s largest AI Data Center campus in Visakhapatnam, while Adani New Industries (ANIL) continued expanding its green hydrogen ecosystem with steady 1 GW quarterly module sales and 6 GW capacity under development. Reinforcing its ESG leadership, AEL was named the ‘Great Indian ESG Organization of the Year 2025’, ANIL received the ‘Outstanding Contribution to Circular Economy’ award and Adani Natural Resources was recognized for ‘Leadership in Climate Action’. To support its next phase of growth, AEL’s Board approved a INR 25,000 crore partly paid-up Rights Issue, further strengthening its balance sheet and future expansion plans.
Adani Ports & SEZ (APSEZ)
Strong 29% Profit Growth with Record Revenue
Adani Ports and Special Economic Zonedelivered a strong Q2 FY26 performance with consolidated revenue rising 30% YoY to INR 9,167 crore, EBITDA up 27% to INR 5,550 crore and net profit increasing 29% to INR 3,120 crore. The company handled a record 124 MMT of cargo, up 12% YoY, boosting its market share to 28% of India’s total port volumes. The logistics business surged 92% in H1 FY26 to INR 2,224 crore, while the marine segment grew 213% with new vessel additions. APSEZ maintained a healthy net debt-to-EBITDA ratio of 1.8x and a strong cash balance of INR 13,063 crore, reflecting robust financial discipline. International operations also performed well, with record results at Haifa Port in Israel and steady progress at Colombo West International Terminal in Sri Lanka. On the ESG front, APSEZ ranked among the top 5% of global transport companies in S&P’s 2025 Sustainability Assessment, achieved Zero Waste to Landfill certification across 12 ports and received an MSCI ESG rating upgrade to ‘B’. APSEZ remains firmly on track toward its 1 billion tonnes throughput target by 2030, reinforcing its leadership as India’s premier integrated transport utility.
Adani Total Gas
Solid Growth, Wider Reach and Triple Sustainability Wins
Adani Total Gas delivered a strong performance in Q2 FY26, reporting a 16% YoY rise in total gas volume to 280 MMSCM and a 19% revenue growth to INR 1,569 crore. Despite higher gas costs, the company maintained robust profitability with EBITDA of INR 302 crore, PBT (Profit Before Tax) of INR 217 crore and PAT (Profit After Tax) of INR 162 crore. Operationally, ATGL’s CNG network expanded to 662 stations and PNG household connections crossed 1.02 million, marking a major milestone. Its credit rating was upgraded to AA+ (Stable) by ICRA, CRISIL and CARE, reflecting financial strength and prudent management. On the ESG front, ATGL expanded to 4,209 EV charging points, grew its biogas brand ‘Harit Amrit’ and earned three PNGRB Awards for excellence in safety, sustainability and customer service.
Adani Green Energy
Robust Growth, Higher Capacity and ESG Leadership
Adani Green Energy, India’s largest renewable energy company, delivered a stellar Q2 FY26 performance marked by strong growth and operational excellence. Revenue from power supply rose 20% YoY to INR 2,776 crore, while EBITDA increased 19% to INR 2,543 crore, maintaining a solid EBITDA margin of 90.5%. Cash profit grew 8% to INR 1,349 crore, supported by robust greenfield capacity additions and efficient operations. For H1 FY26, AGEL’s energy sales surged 39% YoY to 19,569 million units, with revenue up 26% to INR 6,088 crore and EBITDA rising 25% to INR 5,651 crore. Operational capacity expanded by 49% YoY to 16.7 GW, including 2.4 GW of new greenfield projects, with major contributions from the Khavda and Rajasthan sites. The Khavda project, the world’s largest RE development, now has 7.1 GW operational capacity powered by bifacial solar modules, 5.2 MW wind turbines and waterless robotic cleaning. Reinforcing its ESG leadership, AGEL ranked 1st in India and 7th globally (Sustainalytics) and won the ‘Energy Transition Company of the Year’ title at the ET Energy Leadership Awards 2025.
Adani Energy Solutions
Strong Q2 FY 26 with Smart Infrastructure and ESG Excellence
Adani Energy Solutions reported a strong Q2 FY26, with total income up 6% YoY to INR 6,767 crore, EBITDA up 12% to INR 2,126 crore and PBT up 25% to INR 745 crore. Adjusted PAT rose 21% to INR 557 crore, driven by stable transmission and smart metering growth. For H1 FY26, revenue grew 16% to INR 13,793 crore and Adjusted PAT surged 42% to INR 1,096 crore. AESL maintained a healthy net debt-to-EBITDA ratio of 4.4x and repurchased USD 44.66 million in bonds to reduce borrowing costs. Operationally, it added three new transmission projects, expanding its network to 26,705 circuit km and installed 73.7 lakh smart meters, targeting 1 crore by FY26. The company’s ESG risk score improved to 19.9 (Low Risk) and all transmission sites achieved Zero Waste to Landfill certification.
Adani Power
Steady Growth and Strong Profitability Amid Market Challenges
Adani Power delivered a strong performance in Q2 FY26, with total revenue rising to INR 14,308 crore and EBITDA stable at INR 6,001 crore. PBT stood at INR 3,966 crore and PAT at INR 2,906 crore, reflecting continued operational efficiency. Power sales grew 7.4% YoY to 23.7 billion units, supported by new capacity and efficient operations. During the quarter, the company secured 4.5 GW of new long-term PPAs with Bihar, Madhya Pradesh and Karnataka DISCOMs and completed the acquisition of the 600 MW Vidarbha Industries Power Ltd, taking total capacity to 18,150 MW. Adani Power maintained a strong balance sheet with total debt at INR 47,254 crore and net debt at INR 36,776 crore. On the ESG front, its risk rating improved to “Medium Risk” (score: 29.2) with a CSR HUB rating of 77%, reflecting impactful initiatives in education, healthcare, livelihood and environment. The company remains on track toward its 42 GW capacity target by FY32, reinforcing its role in powering India’s sustainable energy future.
ACC
Records 460% Profit Surge and Record Cement Volumes
ACC Limited, part of the Adani Group, delivered an exceptional Q2 FY26 performance with revenue rising 28% YoY to INR 5,932 crore and PAT surging 460% to INR 1,119 crore, driven by record cement volumes of 10 million tonnes. EBITDA nearly doubled to INR 846 crore with margins improving to 14.3%, while EPS jumped to INR 59.4 per share. The company remains debt-free with a strong net worth of INR 19,937 crore and a Crisil AAA (Stable) rating. Operational progress continues with upcoming capacity additions of 3.4 MTPA at Salai Banwa and Kalamboli and debottlenecking projects unlocking an additional 5.6 MTPA by FY28. ACC launched its AI-driven CiNOC platform to boost operational efficiency and accelerate digital transformation. On the ESG front, it achieved zero liquid discharge across all plants, planted over 7 million trees and continues impactful CSR initiatives in education, healthcare and women empowerment. Backed by cost optimization, synergies with Ambuja and a favorable post-GST outlook, ACC remains strongly positioned for sustained growth and leadership in India’s cement industry.
Ambuja Cements
Record Volumes, Profit Surge & ESG Leadership
Ambuja Cements delivered a stellar Q2 FY26 performance with revenue up 21% YoY to INR 9,174 crore, driven by record cement volumes of 16.6 MnT (up 20%), outperforming industry growth nearly fivefold. PAT surged 364% YoY to INR 2,302 crore, aided by a tax provision reversal, while EBITDA rose 58% to INR 1,761 crore with margins improving to 19.2% and EPS jumping to INR 7.2. The company remains debt-free with a net worth of INR 69,493 crore and the highest Crisil AAA (Stable) rating. Operationally, Ambuja raised its FY28 capacity target to 155 MTPA (from 140 MTPA) through low-capex debottlenecking, with major kiln and grinding unit expansions underway. The launch of its AI-powered CiNOC platform marks a leap in digital transformation, while cost efficiencies led to a 5% YoY cost reduction. On the ESG front, Ambuja achieved zero liquid discharge, planted 7.1 million trees, reached 32.9% green power share and remained water positive at 29.6x, reaffirming its sustainability leadership. With strong balance sheet, innovation, and efficiency focus, Ambuja is poised for sustained growth in India’s cement sector.
(Compiled by Poonam Advani)