Adani Enterprises , the flagship company of the Adani Group, has reported its financial results for the quarter and half year ended September 30, 2025, showcasing robust performance across various metrics.

Financial Highlights

For H1 FY26, Adani Enterprises reported:

• Consolidated revenue: Rs 44,281 crore
• Consolidated EBITDA: Rs 7,688 crore
• Consolidated profit before tax: Rs 2,281 crore (excluding an exceptional gain of Rs 3,583 crore)

Key Strategic Development

The Board has approved a partly paid-up Rights Issue of Rs 25,000 crore, aiming to strengthen the company's balance sheet for the next phase of incubation.

Operational Highlights

Navi Mumbai International Airport

• Inaugurated on October 8, 2025
• Set to commence operations from Q3 FY26

Road Assets

• Received provisional commercial operation date for the Nanasa-Pidgaon project
• Total operational road assets now stand at seven

AAHL Airports

• EBITDA increased by 51% year-on-year to Rs 2,157 crore
• Airports business tracking at a quarterly run-rate of Rs 1,000 crore

New Projects

• Received letters of award for:
  • Three projects in Roads
  • Two projects in Water business
• Cumulative order book: Rs 19,982 crore

AI Data Center

• Adani Connex partnered with Google to develop India's largest AI Data Center campus in Visakhapatnam

Outlook

Adani Enterprises' diverse portfolio and strategic initiatives position it well for future growth. The significant EBITDA growth and the approval of the Rights Issue demonstrate the company's commitment to strengthening its financial position and pursuing expansion opportunities.

As the company continues to diversify its portfolio and focus on key growth sectors, investors and market analysts will be keenly watching its performance in the coming quarters. The robust financial results for H1 FY26 set a positive tone for the company's future prospects, although sustained performance will depend on various macroeconomic factors and the company's strategic execution.

Adani Enterprises' ability to maintain strong EBITDA growth and secure new projects highlights its operational strength and positions it well for future growth opportunities across its diverse business segments.

Fitch Ratings has revised the outlook for two key Adani Group companies, signaling improved financial stability amid recent challenges. The credit rating agency has upgraded the outlook for Adani Ports and Special Economic Zone Limited (APSEZ) and Adani Energy Solutions Limited (AESL) to 'Stable' from 'Negative'.

Key Highlights

• Fitch affirmed 'BBB-' ratings on Adani Electricity Mumbai Limited's senior secured notes
• The Adani Group has demonstrated access to diversified funding sources
• Contagion risks have eased as Adani entities secured adequate funding access
• Adani Enterprises expects to generate EBITDA from three major assets beginning in Q4 FY26
• Israeli Foreign Minister Gideon Sa'ar praised Adani Group's investments in Israel

Funding Access and Financial Stability

The upgrade comes despite a US indictment relating to certain board members of Adani Green Energy Limited. Fitch noted that the Adani Group has shown resilience in accessing diverse funding sources:

These financial moves have been crucial in easing contagion risks and demonstrating the group's ability to maintain liquidity.

Regulatory Developments

In a significant development, the Securities and Exchange Board of India (SEBI) ruled that the Adani Group did not violate regulatory disclosure norms. This ruling has likely contributed to the improved outlook from Fitch Ratings.

Company Profiles

APSEZ

India's largest commercial port operator, handling 25% of the country's seaborne cargo through 15 operational ports.

AESL

One of India's largest private-sector power transmission and distribution companies, with projects across 14 Indian states.

Recent Corporate Activities

While not directly related to the Fitch ratings update, it's worth noting recent corporate activities within the Adani Group:

1. Adani Enterprises incorporated a wholly-owned subsidiary, Munger Sultanganj Road Limited (MSRL), to develop and manage the Ganga Path project in Bihar.

2. On the same day, Adani Enterprises also incorporated Morsagar Bisalpur Water Limited (MBWL), holding a 74% stake, to design and maintain the Mor Sagar Artificial Reservoir project in Rajasthan.

These new subsidiaries underscore the group's continued focus on infrastructure development across various sectors.

Future EBITDA Generation

Adani Enterprises expects to generate EBITDA from three major assets beginning in Q4 FY26. These assets include:

1. Navi Mumbai Airport
2. A copper plant
3. The Ganga Expressway project

This planned EBITDA generation from key assets indicates the company's strategic focus on long-term value creation and diversification of revenue streams.

Israeli Foreign Minister's Praise

In a recent development, Israeli Foreign Minister Gideon Sa'ar praised Adani Group's investments in Israel, describing them as a 'symbol of trust' and important for both countries. During an interview with NDTV World, Sa'ar highlighted the following points:

• India is viewed as the 'future' and a 'global superpower'
• The relationship between India and Israel is 'stronger than ever'
• Deepening cooperation spans defense, innovation, counterterrorism, and trade
• Israel's air defense system provides security assurances for investments in the country
• Both nations aim to establish a strong, long-term strategic partnership

The upgraded outlook from Fitch Ratings, coupled with the positive remarks from the Israeli Foreign Minister, reflects the Adani Group's efforts to strengthen its financial position and maintain investor confidence in the face of recent challenges. As the group continues to expand its operations in key infrastructure sectors and plans for future EBITDA generation, the stable outlook and international recognition may provide a more positive environment for its future endeavors.