Adani Enterprises Limited will spend Rs. 35,000 crore to Rs. 40,000 crore is planned to be spent. The company is expanding its infrastructure business, with airports, data centers and the proposed PVC complex being the biggest centers of investment. During the company’s earnings call, Manan Vakharia, head of finance at Adani Enterprises, said that we have about Rs. Expect capital expenditure (Capex) at Rs 40,000 crore.
Therefore, this expenditure is Rs. 35,000 crore to Rs. 40,000 crore and we expect this level to be maintained for the next few years. The plan comes as the group looks to further grow the businesses it has built up in recent years – such as airports and data centers – as well as bring its large manufacturing investments closer to commercial operations. Wakharia said that airports, data centers and PVC will play the most important role in this expansion.
How much did you earn in 6 months?
Adani Enterprises, the flagship company of the Adani Group, for the six months ended September 2026, posted Rs. 11,958 crore, the highest ever half-yearly EBITDA (EBITDA), up 56 percent over the previous year. The total revenue of the company increased by 62 percent to Rs. 71,569 crore, while profit before tax from continuing operations rose 45 percent to Rs. 3,297 crores. Chief Executive Officer (CEO) Arun Bansal said that as the company is now moving from the “build-out phase” to the “value realization phase”, the investments made over the past few years are now beginning to contribute more meaningfully to the company’s earnings.
Important role of airports and data centers
Airport business and data centers are playing a key role in this transformation. Adani Airport Holdings reported a 52 percent growth in its EBITDA in the first six months, at Rs. 3,275 crore has been reached. At the same time, the company’s joint venture for data centers, ‘AdaniConneX’, has increased its contracted capacity to over 1.2 GW. AdaniConneX signed a new hyperscale contract of 240 MW during the September quarter. After handing over an additional 29.2 MW to customers during this period, the company’s operational capacity has reached 94.6 MW.
The company expects the operational capacity to reach 120-150 MW by the end of the current financial year. This is likely to approach 500 MW in the next 12-18 months, when these facilities will start generating billing revenue. According to the company’s management, of the 1.4 gigawatt (GW) data-center capacity being developed, contracts for 1.2 GW have been signed and are in various stages of implementation and construction. According to company officials, their airport portfolio includes eight airports (including Navi Mumbai International Airport). About 23 percent of India’s total passenger traffic and 29 percent of air cargo volume come from this airport.
Earnings from the airport
Adani Airport Holdings handled 2.13 crore (21.3 million) passengers in the September quarter. The company’s revenue increased by 20 percent year-on-year to Rs. 3,786 crore, while EBITDA increased by 55 percent to Rs. 1,641 crores. Non-aeronautical (non-aviation) revenue grew by 57 percent, much faster than the 9 percent growth in aeronautical (aviation) revenue. Navi Mumbai International Airport has started its international operations from July 15.
The management hopes that the airport will reach its annual capacity of 2 crore (20 million) passengers by the end of the financial year 2028 (FY28). Expansion of domestic and international routes and transfer of some international flights from Mumbai’s existing airport will help in this.
Another major investment of the company is the 1 million tonnes per annum capacity PVC manufacturing complex at Mundra, Gujarat, with an estimated cost of Rs. 26,000 crore investment is involved. About 60 percent of the cost and construction of the project has been completed. It is expected that the first part of this complex will become operational in the next financial year. The facility will also include related chemicals and chlor-alkali operations.
Solar module expansion
Additionally, Adani Enterprises has expanded its solar module manufacturing capacity to 10 GW. The company hopes 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, up 35 percent from a year ago. In this proposed investment cycle, the company will have to strike a balance between its expansion work, completing projects and getting returns from newly commissioned assets. The management has not given any specific estimate of EBITDA for the financial year 2027 (FY27).
