Adani Enterprises to Invest ₹35,000-40,000 Crore Annually Over Two Years

Adani Enterprises Ltd has announced its intention to invest between ₹35,000 crore and ₹40,000 crore each year over the next two years. This significant capital expenditure will primarily support growth in its airport operations, data centre developments, and a large PVC manufacturing complex currently under construction.

Manan Vakharia, the company’s head of finance, shared these plans during the recent earnings call. He highlighted that this level of investment will continue at a consistent pace, enabling the conglomerate to strengthen and expand its infrastructure business segments.

The focus on airports, data centres, and the PVC facility reflects the group’s strategy to accelerate the scaling of businesses it has built over recent years. These sectors are expected to be the main drivers of the upcoming investment wave.

Adani Enterprises, which acts as the flagship incubator for the wider Adani Group, reported its best-ever half-year EBITDA of ₹11,958 crore for the six months ending September 2026. This figure marks a 56 percent increase compared to the same period a year earlier. The company’s consolidated revenue also grew by 62 percent to ₹71,569 crore, while profit before tax from ongoing operations rose by 45 percent to ₹3,297 crore.

Arun Bansal, the Chief Executive Officer, mentioned that the company is gradually transitioning from a phase of building infrastructure to one focused on value realization. Investments made in recent years are now beginning to contribute more substantially to the company’s earnings profile.

The airport division and data centre business stand out as central to this transition. Adani Airport Holdings experienced a 52 percent rise in EBITDA for the first half of the year, reaching ₹3,275 crore. Its portfolio consists of eight airports, including the Navi Mumbai International Airport, which together handle approximately 23 percent of India’s passenger traffic and 29 percent of its air cargo volume.

During the July to September quarter, Adani Airport Holdings managed 21.3 million passengers. Revenues climbed 20 percent year-on-year to ₹3,786 crore, while EBITDA surged 55 percent to ₹1,641 crore. Non-aeronautical revenues showed particularly strong growth, increasing 57 percent, outpacing the 9 percent rise in aeronautical income.

Notably, the Navi Mumbai International Airport commenced international operations on July 15, 2026. The management anticipates that the airport will reach its full annual passenger capacity of 20 million by the end of the fiscal year 2028. This growth will be supported by an expansion of both domestic and international flight routes, as well as the relocation of some international flights from existing Mumbai airports.

On the data centre front, AdaniConneX, a joint venture involving Adani Enterprises, has expanded its contracted capacity to over 1.2 gigawatts. The company signed a new hyperscale contract for 240 megawatts in the September quarter. Its operational capacity stood at 94.6 megawatts following the delivery of an additional 29.2 megawatts to customers during this period.

AdaniConneX expects to reach operational capacity of between 120 and 150 megawatts by the end of the current financial year. Over the subsequent 12 to 18 months, this figure should rise to around 500 megawatts, with these facilities beginning to generate billing revenue. Out of the 1.4 gigawatts of data centre capacity planned, 1.2 gigawatts have already been contracted and are at various stages of construction and implementation.

One of the company’s other major projects is a 1-million-tonne-per-annum PVC manufacturing complex located in Mundra, Gujarat. This large-scale facility involves a capital investment of roughly ₹26,000 crore. Around 60 percent of the construction and project spending has been completed so far. The first phase of this complex is expected to become operational during the next financial year. The facility will also include related chemical and chlor-alkali manufacturing components.

In addition, Adani Enterprises has finished expanding its solar module manufacturing capacity to 10 gigawatts. The company plans to commission 6 gigawatts of solar cell capacity by the end of the current financial year. Sales of solar modules reached 1,478 megawatts in the September quarter, a 35 percent increase compared to the previous year.

This upcoming investment cycle will require the company to carefully balance new project execution with the generation of returns from recently commissioned assets. The management has not provided a specific EBITDA forecast for the fiscal year 2027, but the ongoing expansion across multiple sectors reflects a strategic focus on long-term growth and infrastructure development.