Adani Enterprises posts Q1 loss on one-time OFAC charge despite record operating performance

Adani Enterprises Ltd reported a consolidated net loss of ₹1,160 crore for the June quarter, compared with a profit of ₹885 crore a year earlier, after booking a one-time loss of ₹2,644 crore related to a settlement with the US Office of Foreign Assets Control (OFAC).

Excluding the exceptional item, the Adani Group flagship's consolidated revenue from operations rose 49.9% year-on-year to ₹32,924 crore. EBITDA increased 51.6% to ₹5,018 crore, while EBITDA margin improved 10 basis points to 15.2%. Profit before tax stood at ₹1,295 crore, compared with ₹1,466 crore in the year-ago period.

Infrastructure businesses drive growth

The company said the quarter reflected the growing contribution of both its established businesses and incubation platforms.

"Adani Enterprises has begun FY27 with an exceptionally strong performance, delivering its highest-ever quarterly EBITDA of Rs 5,642 crore, driven by the growing scale and maturity of our infrastructure and incubation platforms," chairman Gautam Adani said in the company's media release.

He added that the commencement of international operations at Navi Mumbai International Airport, toll collections on the Ganga Expressway, expansion of solar module capacity and a major hyperscale data centre order marked important milestones for the company.

Among key businesses, the airports segment reported a 39% rise in revenue to ₹3,763 crore, while EBITDA climbed 49% to ₹1,633 crore. The company attributed the growth to higher passenger traffic and stronger aero and non-aero revenues. Navi Mumbai International Airport commenced international operations on July 15.

The copper business also continued its ramp-up, contributing ₹749 crore in EBITDA during the quarter as sales volumes surged more than four-fold to 64.7 kilotonnes from 11.5 kilotonnes a year ago.

Expansion across new businesses

During the quarter, Adani New Industries commissioned an additional 1.7 GW solar module manufacturing line, taking total module capacity to 5.7 GW. The company also secured a new 400 MW hyperscale order for its data centre business in Visakhapatnam, taking cumulative tied-up capacity to more than 960 MW. Toll collection also commenced on the Ganga Expressway project during the quarter.

The company also completed a ₹15,000 crore qualified institutional placement (QIP) in July, which was subscribed 3.8 times, underscoring strong institutional interest in its infrastructure-led growth strategy.

Despite the reported quarterly loss due to the one-off OFAC settlement, Adani Enterprises said its diversified infrastructure portfolio continued to deliver strong operating momentum and remains well positioned to benefit from higher capacity utilisation across airports, roads, renewable energy manufacturing, copper and data centre businesses.

Shares of Adani Enterprises ended 0.76% higher at ₹3,025 apiece on the NSE on Wednesday, as investors looked past the one-time OFAC-related charge and focused on the company's strong operating performance. The stock has gained more than 22% over the past year, outperforming the benchmark Nifty 50, which has declined a little over 2% during the same period.