Adani Enterprises Ltd, the flagship incubator of the Adani Group, plans to spend between ₹35,000 crore and ₹40,000 crore annually over the next two years as it accelerates investments across airports, data centres and manufacturing. The proposed capital expenditure will be led by three major businesses: Adani Airports, AdaniConneX’s data-centre operations and the company’s proposed polyvinyl chloride (PVC) manufacturing complex at Mundra, Gujarat.
The spending plan comes as Adani Enterprises reports record first-half EBITDA and advances several large infrastructure projects towards commercial operations. The company is expanding its airport network, increasing data-centre capacity and building domestic manufacturing capabilities in areas such as solar equipment and chemicals. Management says the business is gradually moving from a build-out phase towards a value-realisation phase, where investments made over recent years are expected to contribute more meaningfully to earnings.
Key Takeaways
- Adani Enterprises expects annual capital expenditure of ₹35,000 crore to ₹40,000 crore over the next couple of years.
- Airports, data centres and the PVC manufacturing project will be the biggest contributors to the investment programme.
- The company reported first-half FY27 EBITDA of ₹11,958 crore, up 56% year-on-year.
- AdaniConneX has secured contracts for more than 1.2 GW of data-centre capacity, with operational capacity expected to approach 500 MW over the following 12–18 months.
- Adani’s PVC complex at Mundra involves approximately ₹26,000 crore of investment and has completed around 60% of its spending and construction.
- Adani Airport Holdings reported first-half EBITDA of ₹3,275 crore, up 52%.
- The company has expanded solar module manufacturing capacity to 10 GW and expects to commission 6 GW of solar cell capacity by the end of FY27.
Adani Enterprises Targets ₹35,000–₹40,000 Crore in Annual Capex
The capital expenditure outlook was shared by Manan Vakharia, head of finance at Adani Enterprises, during the company’s earnings call.
Vakharia said the company expects to maintain a capital expenditure run rate of approximately ₹40,000 crore, with annual spending likely to remain in the range of ₹35,000 crore to ₹40,000 crore over the next couple of years.
He identified airports, data centres and PVC manufacturing as the main contributors to the planned investment.
The commitment reflects the scale of infrastructure businesses Adani Enterprises has been developing. These projects require substantial upfront spending on land, construction, equipment, technology and supporting infrastructure before they can reach full operating capacity.
For the company, the next two years will involve balancing the construction of new assets with the commissioning and commercial ramp-up of projects already under development.
The spending range is an annual run-rate expectation, not a separately disclosed fixed two-year project budget. Actual expenditure will depend on project schedules and execution.
Record First-Half EBITDA Supports the Expansion Plan
Adani Enterprises reported its highest-ever half-year EBITDA of ₹11,958 crore for the six months ended September 2026, representing an increase of 56% compared with the corresponding period a year earlier.
The company’s consolidated income increased 62% to ₹71,569 crore. Profit before tax from continuing operations rose 45% to ₹3,297 crore.
| Financial metric | H1 FY27 | Year-on-year change |
|---|---|---|
| Consolidated income | ₹71,569 crore | +62% |
| EBITDA | ₹11,958 crore | +56% |
| PBT from continuing operations | ₹3,297 crore | +45% |
The results reflect growth across several businesses, including airports, copper, integrated resource management and renewable-energy manufacturing.
However, EBITDA growth should not be confused with the company’s final net profit. Adani Enterprises’ first-half reported profit after tax was affected by an exceptional charge recorded in the first quarter, including the OFAC-related settlement charge reflected in its results.
Management did not provide a specific EBITDA forecast for FY27 during the earnings call. It maintained its focus on project execution and the gradual contribution of recently developed businesses.
Chief Executive Officer Arun Bansal described the company as progressively moving from a build-out phase to a value-realisation phase. This indicates that management expects existing investments to begin contributing more meaningfully as facilities become operational and customer capacity is utilised.
Airports to Drive a Major Share of Capital Spending
The airport business is one of the biggest investment priorities for Adani Enterprises.
Through Adani Airport Holdings, the group operates a portfolio of eight airports, including Navi Mumbai International Airport. According to company officials, the airport portfolio accounts for approximately 23% of India’s passenger traffic and 29% of its air cargo volumes.
The business handled 21.3 million passengers during the September 2026 quarter.
Adani Airport Holdings reported quarterly revenue of ₹3,786 crore, up 20% year-on-year, while EBITDA increased 55% to ₹1,641 crore. For the first half of FY27, airport EBITDA reached ₹3,275 crore, an increase of 52%.
Non-aeronautical revenue was an important contributor to the performance. It increased 57%, significantly faster than the 9% growth in aeronautical revenue.
Non-aeronautical income generally includes activities such as retail, food and beverage, advertising, parking and other commercial services at airports. These activities can become increasingly important as passenger traffic and airport commercial facilities expand.
Navi Mumbai International Airport Enters a New Growth Phase
Navi Mumbai International Airport is a major part of the group’s airport expansion strategy.
The airport began international operations on July 15, 2026, and is expected to gradually increase its passenger and airline network.
Management expects the airport to reach its full annual capacity of 20 million passengers by the end of FY28. This corresponds to a run rate of approximately five million passengers per quarter.
The expansion will depend on additional airline operations, new domestic and international routes and the transfer of some traffic from existing Mumbai airport facilities.
Management has indicated that discussions with airlines are ongoing. The transition of flights to a newly developed airport is a gradual process because airlines need to coordinate operations, schedules and infrastructure requirements.
The expected increase in traffic will also support commercial revenue from retail, food services and other airport activities.
Data Centres Become Another Major Investment Driver
Data centres are expected to account for a significant portion of Adani Enterprises’ planned capital expenditure.
The company’s data-centre business operates through AdaniConneX, a joint venture focused on developing large-scale data-centre infrastructure.
The business has expanded its contracted capacity to more than 1.2 gigawatts after signing a new 240 MW hyperscale contract during the September quarter.
AdaniConneX had 94.6 MW of operational capacity after handing over an additional 29.2 MW to customers during the quarter.
The company expects operational capacity to increase to between 120 MW and 150 MW by the end of FY27. It is targeting approximately 500 MW over the following 12–18 months.
The difference between contracted and operational capacity is important. Contracted capacity represents infrastructure committed to customers, while operational capacity refers to facilities that have been commissioned and can serve customers.
Adani Enterprises has approximately 1.4 GW of data-centre capacity under development. Management said around 1.2 GW has already been tied up with customers and is at different stages of implementation and construction.
New Hyperscale Contracts Support Expansion
The new 240 MW contract reflects demand for large-scale computing infrastructure.
Hyperscale data centres are designed to support significant computing requirements, including cloud services, enterprise applications and artificial intelligence workloads.
As companies expand their use of cloud computing and AI, demand for data-centre capacity is increasing. These facilities require substantial investment in buildings, electrical infrastructure, cooling systems, connectivity and reliable power supply.
AdaniConneX is developing its facilities using a core-and-shell model, under which the company builds the main infrastructure while customers handle server installation and related equipment.
The company expects operational capacity to approach 500 MW over the next 12–18 months. Reaching that level will be important because commissioned capacity can begin generating billing revenue, subject to customer arrangements and utilisation.
₹26,000 Crore PVC Manufacturing Complex at Mundra
Another major contributor to Adani Enterprises’ investment programme is its proposed PVC manufacturing complex at Mundra in Gujarat.
The project involves capital expenditure of approximately ₹26,000 crore and is designed for production capacity of one million tonnes per annum.
PVC, or polyvinyl chloride, is a widely used industrial plastic. It is used in products such as pipes, fittings, cables, construction materials and other industrial applications.
India’s demand for PVC is linked to infrastructure development, construction, water supply, agriculture and manufacturing. Domestic production capacity is therefore strategically important for the country’s chemicals and plastics industries.
Adani Enterprises said approximately 60% of the project’s spending and construction had been completed.
The first part of the complex is expected to be commissioned in FY28. The facility will also include related chemicals and chlor-alkali operations.
Once operational, the project could add a major manufacturing business to Adani Enterprises’ portfolio. However, commissioning will be followed by a stabilisation period before the facility reaches its intended operating performance.
The scale of the investment makes project execution, raw-material availability, operating efficiency and market demand important factors to monitor.
Solar Manufacturing Capacity Expands to 10 GW
Adani Enterprises is also expanding its renewable-energy manufacturing operations through Adani New Industries.
The company has completed the expansion of its solar module manufacturing capacity to 10 GW. It expects to commission 6 GW of solar cell capacity by the end of FY27.
During the September 2026 quarter, the company sold 1,478 MW of solar modules, representing an increase of 35% compared with the year-earlier period.
The expansion is part of a wider effort to build domestic manufacturing capabilities across the solar supply chain.
Solar modules convert sunlight into electricity, while solar cells are the individual components used to manufacture those modules. Increasing domestic production capacity can help manufacturers participate in India’s growing solar installation market.
The company is also developing additional manufacturing capabilities for related components, including ingots and wafers.
Although solar manufacturing is not among the three largest capex drivers specifically highlighted by management for the next two years, it remains an important part of Adani Enterprises’ broader investment strategy.
What the Investment Plan Means for Adani Enterprises
The planned annual capital expenditure of ₹35,000 crore to ₹40,000 crore represents a continuation of Adani Enterprises’ infrastructure-led growth strategy.
The company is investing across businesses with different revenue models and operating cycles.
| Business | Major investment or expansion | Key milestone |
|---|---|---|
| Airports | Airport infrastructure and expansion | Navi Mumbai targeting 20 million annual passengers by FY28 |
| Data centres | Hyperscale capacity through AdaniConneX | Around 500 MW operational capacity targeted over 12–18 months |
| PVC manufacturing | Approximately ₹26,000 crore project at Mundra | First part expected to be commissioned in FY28 |
| Solar manufacturing | Module and cell manufacturing expansion | 10 GW module capacity; 6 GW cell capacity targeted by FY27-end |
This diversification gives the company exposure to infrastructure, digital services, manufacturing and renewable energy.
However, the investment cycle also creates financial and operational responsibilities.
Large infrastructure projects require capital before they generate their full expected earnings. Delays in commissioning, slower customer adoption or lower utilisation can affect the pace at which investments generate returns.
For data centres, customer commitments must translate into operational capacity and billing revenue. For airports, passenger traffic and commercial revenue need to grow. For PVC manufacturing, the plant must be commissioned and stabilised before its financial contribution can be properly assessed.
The ability to manage these milestones will be central to the company’s next phase of growth.
The Bigger Picture
Adani Enterprises’ investment plan reflects the scale of India’s infrastructure and manufacturing opportunities. Airports, data centres and industrial chemicals are capital-intensive sectors, but they also support wider economic activity across transportation, digital services, construction and manufacturing.
The company’s record first-half EBITDA provides an indication of the growth across its existing businesses. However, the planned annual spending will require continued execution and careful capital allocation. Investors will be watching whether newly commissioned assets can generate enough operating cash flow to support further expansion.
The shift from building infrastructure to generating returns is therefore the most important part of the company’s next chapter. The headline capex figure shows the scale of its ambition, but the commercial performance of airports, data centres and manufacturing facilities will determine how effectively that investment translates into long-term earnings.
Frequently Asked Questions
1. How much will Adani Enterprises spend annually over the next two years?
Adani Enterprises expects to spend between ₹35,000 crore and ₹40,000 crore annually over the next couple of years.
2. Which businesses will receive the largest share of the capex?
Airports, data centres and the proposed PVC manufacturing complex at Mundra are expected to be the biggest contributors to the investment programme.
3. How much is Adani Enterprises investing in the PVC project?
The proposed PVC manufacturing complex at Mundra involves capital expenditure of approximately ₹26,000 crore and has a planned capacity of one million tonnes per annum.
4. What is AdaniConneX’s data-centre capacity target?
AdaniConneX expects operational capacity to reach 120–150 MW by the end of FY27 and approach 500 MW over the following 12–18 months.
5. How much EBITDA did Adani Enterprises report in H1 FY27?
Adani Enterprises reported record first-half EBITDA of ₹11,958 crore for the six months ended September 2026, up 56% year-on-year.
6. What is the capacity of Adani’s solar module manufacturing business?
Adani Enterprises has expanded its solar module manufacturing capacity to 10 GW and expects to commission 6 GW of solar cell capacity by the end of FY27.
7. When will Navi Mumbai International Airport reach its full capacity?
Management expects Navi Mumbai International Airport to reach its full annual capacity of 20 million passengers by the end of FY28.
Looking Ahead
Adani Enterprises’ next two years will be defined by the execution of its large infrastructure and manufacturing investments. The commissioning of the Mundra PVC complex, the expansion of data-centre operations and the ramp-up of Navi Mumbai International Airport will be important milestones in determining how quickly the company’s spending begins to translate into operating revenue and earnings.
The planned annual capex of ₹35,000 crore to ₹40,000 crore also places greater importance on funding discipline, project timelines and asset utilisation. With record first-half EBITDA and several projects approaching commercial operation, the company’s challenge will be to turn its extensive investment pipeline into sustainable cash flows and long-term returns.
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