Adani Enterprises Capex to Run at Up to ₹40,000 Crore a Year; Airports Lead

Adani Enterprises capex will run at ₹35,000–40,000 crore a year over the next couple of years, with airports, data centres and a PVC complex at Mundra taking the largest share of the spending.

The outlook was shared by Manan Vakharia, head of finance, on the company’s earnings call, according to a PTI report published on 8 November. “We expect to do the capex at a run rate of around Rs 40,000 crore,” he said.

Vakharia said the “heavy lifting” would be done by airports, data centres and PVC. Management did not give a specific EBITDA forecast for FY27.

Adani Enterprises capex follows record half-year EBITDA

The spending plan comes after the Adani Group’s flagship company reported its highest-ever half-year EBITDA. For the six months ended September 2026, EBITDA rose 56% year-on-year to ₹11,958 crore, while total income grew 62% to ₹71,569 crore, the company said in its results release on 28 October.

Profit before tax for the half rose 45% to ₹3,297 crore, excluding a one-time OFAC settlement of ₹2,644 crore booked in the first quarter. For the September quarter alone, EBITDA climbed 62% to ₹6,316 crore and total income rose 74% to ₹38,023 crore.

Profit after tax attributable to owners fell 55% to ₹1,492 crore in the quarter, as the year-ago period included an exceptional gain of ₹3,583 crore. Chief Executive Officer Arun Bansal said the company was moving from a “build-out phase” to a “value realisation phase”.

Airports and AdaniConneX data centres lead growth

Adani Airport Holdings handled about 21 million passengers in the September quarter. Its total income rose 20% to ₹3,786 crore and EBITDA jumped 55% to ₹1,641 crore, though higher depreciation after Navi Mumbai airport was capitalised pushed the business to a pre-tax loss of ₹290 crore. Non-aeronautical revenue grew 57%, against 9% for aeronautical revenue.

The company operates eight airports, including Navi Mumbai International Airport, which officials said account for about 23% of India’s passenger traffic and 29% of air cargo volumes. Navi Mumbai began international operations in July, and management expects it to reach a run rate in line with its capacity of 20 million passengers a year during the next financial year.

In data centres, the AdaniConneX joint venture signed a new 240 MW hyperscale order for its Navi Mumbai data centre in the quarter, taking contracted capacity above 1.2 GW. Operational capacity stood at 94.6 MW after another 29.2 MW was handed over to customers in Noida and Pune during the period.

The company expects operational data centre capacity to reach 120–150 MW by the end of this financial year and to near 500 MW over the following 12–18 months, with billing to customers starting as that capacity comes online.

The data centre push has continued this month. AdaniConneX, a joint venture of Adani Enterprises and EdgeConneX, signed an agreement on 5 November to buy a 100% stake in Vizag Mega Data Center Park Limited from Adani Infra (India) for about ₹1,085.5 crore in cash, according to an exchange filing. The deal was expected to close by 10 November.

The Vizag company, incorporated in February 2026, has not started commercial operations but holds a large land parcel and key licences, according to the filing.

The 1 million tonne per annum PVC complex at Mundra in Gujarat carries a capex of about ₹26,000 crore. Around 60% of the project spending is complete, and the first part is expected to be commissioned next financial year. The project will also include chlor-alkali operations.

In solar manufacturing, module capacity has expanded to 10 GW after 4.3 GW of TOPCon capacity was commissioned in September, and a 6 GW solar cell line is on schedule to be commissioned by the end of this financial year. Module sales rose 35% year-on-year to 1,478 MW in the September quarter.

Why it matters for investors and India Inc

The Adani Enterprises capex run rate of up to ₹40,000 crore a year shows that the group’s incubator will keep committing large sums to infrastructure that takes years to pay back. That is below the roughly ₹80,000 crore the company had planned for FY25. Airports and data centres are now its main new earnings engines, while the Mundra complex is set to add a manufacturing business from next year.

For Indian companies, the build-out adds domestic hyperscale capacity as large customers sign up for space. The trend mirrors other group businesses: the recent Adani Ports Q2 results showed the ports arm raising its guidance.

Also Read: Adani Green Q2 Results: Profit Up 16% to ₹747 Crore on Khavda Growth

Investors will track how the Adani Enterprises capex is funded and how quickly the new assets add to cash flow. The next markers are traffic growth at Navi Mumbai, the 120–150 MW data centre target for this financial year and the first phase of the Mundra complex. CARE Ratings recently upgraded the company’s long-term rating to AA/Stable, the highest in its credit history, according to the results release.