Adani Enterprises Earnings Summary — Q1 FY2027
Adani Enterprises Reports Revenue Growth but Swings to Net Loss Following One-time OFAC Settlement
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 4 consecutive quarters.
- Revenue of ₹32,924 Cr is 49.9% higher year-on-year.
- Revenue has compounded at 5.5% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹-1,160 Cr is 231.1% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 323.2% annualised across the period.
- Operating margin stands at 15.3% in Q1 FY2027.
- Operating margin expanded by 18 bps year-on-year.
- Over the last two years operating margin has expanded by 70 bps.
- PBT margin is -4.1%.
- Expense growth of 49.6% remained below revenue growth of 49.9%.
- Operating profit of ₹5,019 Cr is 51.6% higher year-on-year.
- Operating leverage continues to improve.
- 3 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 57/100 (Healthy) on the latest 10 quarters.
- Business momentum is broadly stable quarter to quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Accelerating | 32,924 | 32,439 | 24,820 | 21,249 | 21,961 | 26,966 | 22,848 | 22,608 | 25,472 | 29,180 |
| Expenses | Accelerating | 27,905 | 28,709 | 21,178 | 17,942 | 18,651 | 23,256 | 19,778 | 18,842 | 21,767 | 25,985 |
| Operating Profit | Accelerating | 5,019 | 3,731 | 3,642 | 3,307 | 3,310 | 3,710 | 3,070 | 3,766 | 3,706 | 3,195 |
| Operating Margin | Improving | 15.3% | 11.5% | 14.7% | 15.6% | 15.1% | 13.8% | 13.4% | 16.7% | 14.6% | 10.9% |
| Other Income | Volatile | -2,022 | 748 | 6,288 | 4,179 | 475 | 4,582 | 648 | 583 | 591 | -176 |
| Interest | Volatile | 2,421 | 1,646 | 1,626 | 1,711 | 1,035 | 1,796 | 2,141 | 910 | 1,130 | 1,513 |
| Depreciation | Improving | 1,926 | 2,103 | 1,372 | 1,377 | 1,284 | 1,236 | 1,006 | 1,035 | 934 | 811 |
| Profit Before Tax | Volatile | -1,349 | 729 | 6,932 | 4,398 | 1,466 | 5,259 | 572 | 2,403 | 2,232 | 696 |
| Tax | Volatile | 219 | 854 | 1,405 | 1,001 | 571 | 1,284 | 588 | 512 | 584 | 430 |
| Net Profit | Volatile | -1,160 | -105 | 5,627 | 3,199 | 885 | 3,845 | 58 | 1,742 | 1,455 | 451 |
| Net Margin | Volatile | -3.5% | -0.3% | 22.7% | 15.1% | 4.0% | 14.3% | 0.3% | 7.7% | 5.7% | 1.5% |
Key Takeaways
- Revenue from operations surged 50% YoY to ₹32,924 Cr, driven by scaling infra projects.
- The bottom line was hit by a significant exceptional item: a ₹2,644.02 Cr (US$ 275 million) settlement with the U.S. Office of Foreign Assets Control (OFAC).
- Operating margins showed resilience, improving to 11.23% as new incubated businesses begin to contribute higher value-add.
- The company successfully completed a ₹15,000 Cr Qualified Institutional Placement (QIP) post-quarter end to bolster the balance sheet.
- Auditors maintained a qualified opinion regarding ongoing legal investigations at the Mumbai International Airport (MIAL) subsidiary.
- Cost of materials consumed spiked significantly to ₹14,255 Cr compared to ₹3,393 Cr in the same quarter last year.
- Finance costs increased sharply by 60% YoY to ₹2,414 Cr, reflecting the capital-heavy nature of current airport and green hydrogen expansions.
Management Guidance
Management remains focused on the incubation model, specifically scaling the Green Hydrogen ecosystem (ANIL) and the Airports business. The recent QIP provides the necessary capital buffer for long-gestation infrastructure projects.
Sentiment Shift
Deteriorating
While operational revenue is strong, the massive regulatory settlement and continued net losses for two consecutive quarters raise concerns over bottom-line stability.
Outlook
The outlook remains contingent on the successful execution of the 'Green Hydrogen' and 'Data Center' verticals and resolving ongoing regulatory investigations which continue to result in qualified audit reports.
From the Annual Report (Key Quotes)
“The Parent Company has entered into a settlement agreement dated 14th May, 2026 with the OFAC and paid the settlement amount of ₹2,644.02 crores.”
“The management concluded that there is no material non-compliance of applicable laws and regulations... except relating to show cause notices from the SEBI.”
“Certain subsidiary companies... are incurring continuous losses... however the accounts have been prepared on a going concern basis considering financial support from Parent.”
Official Quarterly Documents
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This summary is AI-generated from Adani Enterprises's latest quarterly filing and earnings call. For informational purposes only — not investment advice.