Adani Enterprises plans to spend between ₹35,000 crore and ₹40,000 crore annually over the next two years, with airports, data centres and a proposed PVC manufacturing complex expected to account for most of the investment, the company said during its earnings call.
Manan Vakharia, head of finance at Adani Enterprises, said the company expects to maintain a capital expenditure run rate of around ₹40,000 crore as it expands infrastructure businesses developed over recent years. “The heavy lifting will be done by airports, data centres and PVC,” Vakharia said.
The company reported its highest-ever half-year EBITDA of ₹11,958 crore for the six months ended September 2026, up 56 per cent from a year earlier. Consolidated income rose 62 per cent to ₹71,569 crore, while profit before tax from continuing operations increased 45 per cent to ₹3,297 crore.
Chief Executive Officer Arun Bansal said the company was moving from a “build-out phase to value realisation phase” as recent investments begin contributing more significantly to earnings. The shift places airports and data centres at the centre of Adani Enterprises’ next expansion cycle.
Adani Airport Holdings reported a 52 per cent increase in first-half EBITDA to ₹3,275 crore. Its portfolio of eight airports, including Navi Mumbai International Airport, handled 21.3 million passengers in the September quarter. The company said the portfolio accounts for about 23 per cent of India’s passenger traffic and 29 per cent of air cargo volumes. Revenue rose 20 per cent year-on-year to ₹3,786 crore, while EBITDA increased 55 per cent to ₹1,641 crore.
Navi Mumbai International Airport began international operations on July 15. Management expects the airport to reach its full annual capacity of 20 million passengers by the end of financial year 2028, supported by additional domestic and international routes and the transfer of some international flights from existing Mumbai airports.
AdaniConneX, the group’s data-centre joint venture, has expanded its contracted capacity to more than 1.2 gigawatts and signed a new 240-megawatt hyperscale contract during the September quarter. Its operational capacity stood at 94.6 MW after an additional 29.2 MW was handed over to customers. The company expects operational capacity to reach 120-150 MW by the end of the current financial year and approach 500 MW over the following 12-18 months.
Of the 1.4 GW of data-centre capacity under development, 1.2 GW has already been tied up and is at different stages of implementation and construction, management said. The expansion will add to demand for large-scale power, land and connectivity infrastructure, although the company did not provide a specific EBITDA forecast for FY27.
The proposed PVC manufacturing complex at Mundra in Gujarat is expected to involve capital expenditure of about ₹26,000 crore and have annual production capacity of one million tonnes. Around 60 per cent of spending and construction has been completed, with the first part of the complex expected to be commissioned in the next financial year. The facility will also include related chemicals and chlor-alkali operations.
Adani Enterprises has separately completed the expansion of its solar module manufacturing capacity to 10 GW and expects to commission 6 GW of solar cell capacity by the end of the current financial year. The company sold 1,478 MW of solar modules in the September quarter, a 35 per cent increase from a year earlier. Management’s immediate focus is now on executing the investment pipeline while newly commissioned airports and digital infrastructure begin generating returns.
