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Quarterly Results

ADANIENT · Adani Enterprises Limited · NSE · Filed 29 Jul · 2 min read

Adani Enterprises posts record quarterly EBITDA but swings to a net loss on OFAC settlement

AEL reported its highest-ever quarterly EBITDA for the quarter ended 30 June 2026, but a one-time OFAC settlement pushed consolidated profit into a net loss.

What was filed

Adani Enterprises Limited (AEL) submitted a media release and investor presentation on its unaudited standalone and consolidated results for the quarter ended 30 June 2026 (Q1 FY27), following a board meeting the same day. The company described the quarter as its highest-ever for quarterly EBITDA, crediting both its established primary-industry businesses and its incubating infrastructure platforms.

The result has two sides. Consolidated total income and EBITDA both rose sharply year-on-year, per the filing. At the same time, the company reported a consolidated net loss attributable to owners, which it attributes to a one-time exceptional item — a settlement with the US Office of Foreign Assets Control (OFAC) — and to higher depreciation following the capitalisation of Navi Mumbai Airport in Q4 FY26. The company reports profit before tax excluding the OFAC item separately.

The operating platforms

The filing frames AEL as an incubator of infrastructure businesses, several of which hit operational milestones during or just after the quarter, per the company.

Adani New Industries commissioned a new solar module line in June 2026. The AdaniConneX data centre business signed a new hyperscale order in Vizag, lifting cumulative tied-up capacity above 960 MW. Navi Mumbai International Airport began international flight operations on 15 July 2026, and toll collection on the Ganga Expressway commenced from 15 May 2026. The copper smelting business, which the company says operated at roughly 52% of capacity, added EBITDA as volumes ramped.

Not every line advanced. The New Energy Ecosystem saw lower EBITDA year-on-year, and Integrated Resource Management sales volumes fell, per the operational tables in the filing.

Capital and balance sheet

The company said it raised Rs. 15,000 cr through a Qualified Institutional Placement in July 2026, which it described as India's largest QIP by a non-financial corporate, with bids of 3.8x the base issue size. Following the QIP, the filing states the promoter's shareholding stands revised to 71.97%.

On debt, the presentation shows consolidated gross debt of Rs. 97,622 cr as at June 2026 and a stated consolidated net debt-to-equity ratio of 0.85x for Q1-27.

Consolidated total income Q1 FY26
Rs. 22,437 cr → Rs. 33,546 crQ1 FY26 → Q1 FY27+50%
Consolidated EBITDA Q1 FY26
Rs. 3,786 cr → Rs. 5,642 crQ1 FY26 → Q1 FY27+49%
Profit before tax Q1 FY26
Rs. 1,466 cr → Rs. 1,295 crQ1 FY26 → Q1 FY27−12%
Profit after tax Q1 FY26
Rs. 885 cr → Rs. (1,160) crQ1 FY26 → Q1 FY27
Airports EBITDA Q1 FY26
Rs. 1,094 cr → Rs. 1,633 crQ1 FY26 → Q1 FY27+49%
Net margin
3.9% → -3.5%Q1 FY26 → Q1 FY27−7.4 pp
Exceptional item (OFAC settlement)
Rs. 2,644 cr (USD 275 mn)
Copper business EBITDA Q1 FY27
Rs. 749 cr
Solar module line capacity
5.7 GW
New hyperscale data centre order
400 MW
QIP raised
Rs. 15,000 cr
Consolidated net external debt as at Jun-26
Rs. 73,998 cr

‡ Computed by us from the filing’s own figures — not a company-stated number.

For a holder, the quarter shows record operating profitability alongside a headline net loss driven by a one-time OFAC settlement and higher depreciation from the recently capitalised Navi Mumbai Airport; the July QIP also revises the promoter's stated shareholding to 71.97%. These are the disclosed figures and the company's own attributions, not a projection of future results.

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