Adani Enterprises

“And we are fairly confident, as I said earlier, that we will end financial year FY2728 with a run rate of 20 million, which is the peak capacity of Navi Mumbai.”

“And after it gets fully commissioned over a period of next 6 to 9 months, the plant will get stabilized”

“So, Phase 2 of Navi Mumbai has already kicked off. We have already onboarded the international consultant and the design work is ongoing.”

“So for Phase 2 of Terminal 2 of Navi Mumbai, the actual work will start in the month of November this year.”

“Phase 1, as I call it, will be live at Ahmedabad by October 2029 and Mumbai and Navi Mumbai by March 2030.”

“We are doing a redevelopment of Terminal 1 at MIAL, which will start from Q1 next year.”

“We are on schedule to commission the solar cell lines of 6 GW by end of this financial year.”

“And in terms of ingot-wafer, I would say that we already have 2.2 GW of ingot-wafer capacity and the balance capacity will come up by 2028, which we are already working on.”

“We are constructing data centers of 1.4 GW of capacity, which are at various stages. Out of this, the capacity of 1.2 GW is already tied up and is at different levels of implementation and project construction.”

“Yes, it will actually be a bit more than that because technically, the yield factor is approximately around 87-88% of the nameplate capacity world over. So accordingly, the capacity installed will be slightly higher than the cell capacity that we already have in hand.”

“AdaniConneX has signed up a new hyperscale contract of 240 MW capacity, taking cumulative contracted capacity to 1.2+ GW”

“What we know from the authorities is that we are L1. There is no further development there as of now.”

“In general, I can only say that our capacity is already booked, both for wind as well as solar. We will not be in a position to give you the exact numbers at this point in time, but I can assure you that the order book is already full.”

“Adani Airport Holdings Limited EBITDA reported growth of 52% Y-o-Y to INR3,275 crores.”

“Kutch Copper reported EBITDA of INR2,033 crores.”

“Our greenfield development of Navi Mumbai International Airport commenced its international operations w.e.f. 15th July '26.”

“We handled passenger traffic of 21.3 million passengers;”

“Total income of INR3,786 crores, up by 20% Y-o-Y;”

“During the quarter, domestic module sales have increased to 1,478 MW, up by 35 % Y-o-Y basis.”

“This demonstrates strong demand of Adani Solar modules in domestic market, which has fully absorbed the export intake.”

“One is that on the rooftop, actually 56% of our sales was into the rooftop.”

“So that gives us assurance of the offtake for around 12% to 15% of our capacity.”

“If you look at the margins that we made on revenue, i.e. EBITDA as a percentage of revenue, it has been in the range of around 7% to 8.5% during this period.”

“This is a commoditized business, and the prices of some of the by-products like sulphuric acid have ramped up. So that is something which has contributed to the good set of numbers.”

“So, the absolute number will definitely increase, and our operating margin range for the current fiscal will be slightly higher.”

“But broadly, there has been some increase in the rates over the last 6 months, but it is not material in terms of where we are looking at those numbers.”

“So, wherever we are seeing the increased capex, that will be factored in when the billing is considered for the new sign-up of the project which we are doing.”

“It is my pleasure to inform you that AEL achieved credit rating upgrade to AA / stable by CARE during the first week of October 2026, its highest ever long-term rating in its credit history.”

“In terms of the capex and equity requirement, we expect this project to be funded in approximately 20/80 to 30/70 kind of scenario.”

“Mohit, the entity was acquired and in-sourced somewhere in the middle of November last year.”

“Now what we seek to do with Jabil is a completely new development, different and separate from AdaniConneX, where Adani Enterprises and Jabil are looking to manufacture the AI racks and related equipment, and the manufacturing facility will be set up in the country.”

“It is still at an MOU stage, and we are looking to finalize the definitive agreement over the next few months.”

“So, nothing of the JAL acquisition remains with us and is completely off the table for AEL.”

“Yes and we have not contributed any equity or any funding also in the project. So it is completely off AEL.”

“we had closed some of the advance authorizations, which had an impact of approximately around INR89 crores. So that is one of the main reason for this Q2 increase.”

“So, there is one element which was specific to Q2, and that is the new hangar sale we have done at Navi Mumbai, which got recorded in Q2 financials.”

“This growth is achieved despite industry headwinds like elevated fuel prices and airspace disturbances, which have weighed negatively on passenger traffic.”

“But practically, Q2 is seasonally the rainy season, plus there were floods in the northern part of the country.”

“There might be 1 or 2 airlines who decide not to operate from Mumbai for a couple of years, but that will have almost no impact on the overall passenger count.”

“There are safeguards and the guardrails which are built out in any agreement and those general contractual guardrails are there, but on specifics of take-or-pay, I think we will have to check and come back after the contract and the legal review.”

“As we informed in our earlier discussions, AEL's current fiscal results will reflect value unlock from investments made over the last few years and moving progressively from build-out phase to value realization phase.”

“Total income increased to INR71,569 crores, an increase of 62% Y-o-Y”

“EBITDA increased to INR11,958 crores, an increase of 56% Y-o-Y”

“Continuing profit before tax increased to INR3,297 crores, an increase of 45% Y-o-Y”

“contributing approximately 23% of India's passenger traffic and 29% of country's air cargo volume”