Under the leadership of Gautam Adani, Adani Enterprises has reported strong results for the second quarter of the financial year 2025-26. The company’s net profit rose by 84%, reaching ₹3,199 crore in the July-September 2025 quarter, compared to ₹1,742 crore in the same period last year.
However, this growth didn’t entirely come from the company’s core business. In fact, the company received a one-time gain from selling its 13.51% stake in AWL Agri Business (formerly Adani Wilmar), which resulted in a profit of ₹3,583 crore. Excluding this special gain, the company’s actual operating profit has decreased. The tax-adjusted profit before tax (PBT) dropped by 66%, falling to about ₹814 crore, which indicates that there is pressure on the core business.
Decline in Revenue, Impact on Core Business
Although the net profit reached a record level, the company’s total income dropped by 6% year-on-year, totaling ₹21,249 crore. Adani’s traditional businesses—coal trading, commercial mining, and road projects—have underperformed.
Revenue from the coal business fell by 28.5%, while the commercial mining segment saw a 33% decline. The total EBITDA (operating profit) decreased by 10%, indicating that Adani Group’s various units are not performing well together.
Airports and New Energy Segments Provided Relief
Amidst these challenges, Adani Airports and the new energy division showed strong performance. The airport division’s income grew by 43% year-on-year, while there was also an improvement in mining services and green energy segments. These results suggest that Adani is gradually moving away from its traditional business and focusing more on infrastructure and clean energy sectors.
Company to Raise ₹25,000 Crore Through Rights Issue
Immediately after announcing the profits, the company’s board approved a plan to raise up to ₹25,000 crore through a rights issue. This amount will be raised from existing shareholders. The Adani Group plans to use these funds to strengthen its balance sheet and particularly for the expansion of airport, mining, and clean energy projects.
What Does This Mean for Investors?
This news is especially relevant for Indian retail investors and mutual fund holders. The Adani Group is undergoing a major transformation. While one-time profits have boosted the results, the core business performance remains under pressure.
If you are invested in Adani stocks, you should keep an eye on how quickly the new businesses (such as airports and renewable energy) can compensate for the weakness in older sectors (such as coal trading).
What to Watch Going Forward
Adani Enterprises is now steering its business towards future-oriented sectors. The company has laid out an ambitious plan to raise funds and is increasing focus on its airport and green energy businesses. Analysts believe that Adani’s strategy in the coming months and the performance of these two segments could play a significant role in determining the direction of the Indian stock market.
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