Adani Enterprises Ltd intends to spend between ₹35,000 and ₹40,000 crore annually over the next two years. The main drivers for these investments will be airports, data centers, and the planned PVC production complex, as the conglomerate accelerates the expansion of its infrastructure activities.
Manaan Vakharia, Head of Finance at Adani Enterprises, stated during the company's earnings call that the expected pace of capital expenditure is around ₹40,000 crore, which falls within the projected range of ₹35,000 to ₹40,000 crore that he forecasts will continue over the next couple of years.
The planned expenditures are being made against the backdrop of the group's drive to scale up the business built in recent years, including airports and data centers, as well as bringing major manufacturing investments closer to commercial operation.
Vakharia emphasized that airports, data centers, and PVC production will bear the primary burden of project implementation.
Adani Enterprises, the flagship incubator of Adani Group, reported a record half-year EBITDA of ₹11,958 crore for the six months ending September 2026, representing a 56% increase compared to the previous year. Furthermore, consolidated revenue grew by 62% to ₹71,569 crore, and profit before tax from continuing operations increased by 45% to ₹3,297 crore.
CEO Arun Bansal noted that the company is gradually transitioning from a 'construction phase to a value realization phase,' as investments made in recent years are beginning to have a more tangible impact on revenues.
Transition to Asset Monetization
The airport business and data centers are central to this transition. Adani Airport Holdings demonstrated a 52% growth in EBITDA for the first half, reaching ₹3,275 crore, while the AdaniConneX joint venture in the data center sector increased its contracted capacity to over 1.2 gigawatts.
In the September quarter, AdaniConneX secured a new contract for hyperscale services with a capacity of 240 megawatts. After transferring an additional 29.2 MW to customers, the operational capacity stood at 94.6 MW. The company expects the operational capacity to reach 120–150 MW by the end of the current fiscal year and approach 500 MW within the next 12–18 months, when these facilities will begin generating revenue.
According to management, of the 1.4 GW of planned data center capacity, 1.2 GW has already been reserved and is at various stages of implementation and construction.
Development of Airport Portfolio
The airport portfolio, comprising eight facilities including the Navi Mumbai International Airport, accounts for approximately 23% of India's passenger traffic and 29% of air cargo volume, according to official company representatives. In the September quarter, Adani Airport Holdings served 21.3 million passengers. Its revenue grew by 20% year-on-year to ₹3,786 crore, and EBITDA increased by 55% to ₹1,641 crore. Non-aviation revenues rose by 57%, significantly outpacing the 9% growth in aviation revenues.
International flights at the Navi Mumbai International Airport commenced on July 15. Management anticipates that by the end of the 2028 fiscal year, the airport will achieve a full annual capacity of 20 million passengers through the expansion of domestic and international routes, as well as the transfer of some international flights from existing Mumbai airports.
Investments in PVC Production and Solar Energy
Another major investment by the company is a 1 million tons per year PVC production complex in Mundra, Gujarat, requiring capital expenditure of about ₹26,000 crore. Approximately 60% of the expenses and construction work for this project is complete, and the first phase of the complex is expected to launch in the next fiscal year. The facility will also include associated chemical and chlor-alkali operations.
Separately, Adani Enterprises completed the expansion of its solar module production capacity to 10 GW and plans to commission 6 GW of solar cell manufacturing capacity by the end of the current fiscal year. In the September quarter, the company sold 1,478 MW of solar modules, which was 35% more than the previous year.
The anticipated investment cycle will require the company to balance expansion, project execution, and generating profits from recently commissioned assets. Management did not provide a specific EBITDA forecast for the 2027 fiscal year.
