Adani Enterprises Limited Q2 FY26 Concall Decoded: ₹25,000 Cr Rights Issue, 70% EBITDA from Incubation, and Airports Ready to Fly (Literally)
1. Opening Hook
Adani Enterprises just held its Q2 FY26 concall, and no, it wasn’t about survival this time. Instead, it was a victory lap—unfinished, but loud enough to wake Dalal Street.
Between commissioning airports, copper plants, roads, and casually announcing a ₹25,000 crore rights issue, management sounded less defensive and more… ambitious. Almost suspiciously calm.
The message was clear: “Yes, we’re still spending. Yes, leverage looks scary. Relax—we planned this.”
With incubating businesses now doing the heavy lifting, commodity trading sulking in the corner, and airports turning into EBITDA vending machines, the story is quietly shifting gears.
Read on—because the real fun begins when we decode what management didn’t hype loudly enough.
2. At a Glance
Total Income ₹44,281 Cr – Big number, but commodity volatility made it moody.
70% EBITDA from incubating businesses – Last year was 60%; glow-up confirmed.
PBT ₹5,864 Cr – Includes ₹3,583 Cr of exceptional drama.
Rights Issue ₹25,000 Cr – Balance sheet gym membership renewed.
Airport EBITDA +51% YoY – Boarding pass straight to profitability.
3. Management’s Key Commentary
“Over the next five years, Adani Enterprises is in a deep investment phase.” (Translation: Free cash flow can wait, destiny cannot.) 😏
“Navi Mumbai Airport, Kutch Copper and seven road projects are complete.” (Translation: Capex tantrums now turning into EBITDA adults.)
“EBITDA from incubating businesses now contributes over 70%.” (Translation: Trading business, please sit down.)
“The rights issue will strengthen the balance sheet for the next phase.” (Translation: Promoter loans converting into equity—leverage diet starts now.)
“Airports are now running at ₹1,000+ crore EBITDA per quarter run-rate.” (Translation: Airports are no longer infra—they’re ATMs.) ✈️
“Solar margins impacted due to U.S. tariff uncertainty.” (Translation: Geopolitics ruined our spreadsheet.)
“We expect the next 10 years to be the most exciting.” (Translation: Please don’t judge us quarter-to-quarter.)
4. Numbers Decoded
Source table
Segment
Key Metric
What It Really Means
Airports
EBITDA ₹2,157 Cr (+51%)
Tariff hikes + non-aero magic
Mining Services
EBITDA ₹1,019 Cr (+37%)
Still running at 36% capacity
Trading
EBITDA ₹1,331 Cr
Volatile, cyclical, emotionally unstable
MDO Volumes
22.6 MMT (+29%)
Long runway still untouched
Capex H1 FY26
₹16,300 Cr
Full throttle, no brakes
FY26 Capex Guide
₹36,000 Cr
Infra binge continues
One-liner: Capacity exists. Utilisation will follow. Patience mandatory.
