Adani Enterprises Limited (ADANIENT), the flagship company of Adani Group, announced its results today for the quarter and half year ended September 30, 2026. The strong EBITDA growth in the first half of FY27 reflects maturity of investments made over the past several years, with multiple businesses reaching scale and translating capital deployment into tangible earnings growth. This performance underscores the strength of our diversified business portfolio and its growth potential.

Financial Highlights

The consolidated financial highlights for H1 FY27 show a revenue up by 62% to Rs. 71,569 crore, EBIT DA up by 56% to Rs. 11,958 crore, and continuing PBT up by 45% to Rs. 3,297 crore. Notably, the ANIL Solar module line expanded to 10 GW by commissioning 4.3 GW in September 2026, and AdaniConnex signs a new hyperscale order of 240 GW for Navi Mumbai data center.

Business Updates

Backed by strong operating fundamentals, increasing asset maturity, and the ramp-up of newly commissioned ANIL module line capacity, ADANIENT is well positioned to sustain this growth trajectory further. As the tailwinds propelling India forward continue to strengthen, we believe we are better positioned than ever to capture the opportunities ahead. We remain bullish on India’s future and, therefore, confident in our own growth story.

Source: NSE Corporate Announcement

Fundamental & Technical Analysis of Adani Enterprises Limited

Adani Enterprises Limited belongs to the Energy › Thermal Coal sector. Here’s a quick read on where the business and the stock stand today.

Adani gains 26.6% over three months and trades near its 52-week highs. D/E of 1.62 is elevated. As a result, debt servicing will compress free cash flow in a high-rate environment. Thin margins at 6.5% leave limited room for error — any demand softness or cost spike hits the bottom line hard. The stock trades at 87% of its 52-week range — near its best levels of the year. Clearly, the market pays a premium for this name. The stock rises 26.6% in three months on -7.7% revenue growth. As a result, the market gives it more credit than the fundamentals strictly justify. Watch the next quarterly results. If growth accelerates, the move makes sense. If not, expect some gains to unwind. Check Fundamentals of Adani Enterprises Limited.

Adani Enterprises Limited (ADANIENT) has reported its consolidated financial results for Q2 FY27, marking the highest half-year EBITDA of Rs. 11,958 crore, up 56% year-on-year. The company’s established businesses saw an increase in EBITDA and PBT due to the ramp-up in the Copper plant and positive price movements in commodities. Incubating Core Infra businesses, particularly Airports, continued to record strong performance, with a 62% increase in EBITDA.

Established Businesses Performance

The established businesses’ EBITDA and PBT have seen a significant increase due to the ramp-up in the Copper plant and positive price movements in commodities. The mining services and metals sectors have also shown improved results due to better price realization.

Incubating Core Infrastructure Businesses

Incubating Core Infrastructure businesses, especially Airports, have shown robust growth, with a 103% increase in EBITDA. The full ramp-up of large infrastructure assets, including the Navi Mumbai Airport and Ganga Expressway, is on the horizon, promising further growth.

Forward-Looking Statement

Adani Enterprises Limited continues to leverage its diversified business portfolio and strategic investments to unlock value and drive growth. With a strong focus on infrastructure and utility core, the company is well-positioned to capitalize on the opportunities in the market.

Source: NSE Corporate Announcement

Fundamental & Technical Analysis of Adani Enterprises Limited

Adani Enterprises Limited belongs to the Energy › Thermal Coal sector. Here’s a quick read on where the business and the stock stand today.

Adani gains 26.6% over three months and trades near its 52-week highs. D/E of 1.62 is elevated. As a result, debt servicing will compress free cash flow in a high-rate environment. Thin margins at 6.5% leave limited room for error — any demand softness or cost spike hits the bottom line hard. The stock trades at 87% of its 52-week range — near its best levels of the year. Clearly, the market pays a premium for this name. The stock rises 26.6% in three months on -7.7% revenue growth. As a result, the market gives it more credit than the fundamentals strictly justify. Watch the next quarterly results. If growth accelerates, the move makes sense. If not, expect some gains to unwind. Check Fundamentals of Adani Enterprises Limited.

Refex Industries Limited (NSE: REFEX) has announced its un-audited financial results for the quarter and half-year ended 30th September 2026. The company reported a robust performance with revenue from operations at ₹560 crores, marking a 36.1% year-on-year increase. The profit after tax (PAT) also rose by 13.1% to ₹60 crores. These figures reflect the company’s strong operational resilience and strategic growth initiatives.

Key Financial Highlights

The financial highlights for the quarter include:

• Revenue from operations: ₹560 crores (36.1% Y-o-Y)
• EBITDA: ₹91 crores (21.7% Y-o-Y)
• Profit After Tax (PAT): ₹60 crores (13.1% Y-o-Y)

Operational Milestones

Refex Industries Limited has continued to expand its business footprint. The Ash & Coal Handling business secured new orders worth ₹346 crore, boosting its orderbook to ₹1,721 crore. The company has also ventured into the Ready Mixed Concrete (RMC) business, launching its first plant in Pune in September 2026. The Venwind Business achieved revenue of ₹201 crore in Q2 FY27 and ₹499 crore in H1 FY27. The RGML Business reported revenues of ₹36 crore and ₹69 crore in Q2 FY27 and H1 FY27 respectively.

Looking Ahead

Mr. Anil Jain, Chairman & Managing Director of Refex Industries Limited, commented on the performance, “Q2 FY27 saw healthy execution across our businesses despite the monsoon season. The Ash & Coal Handling business continues to see strong momentum, supported by a robust orderbook and execution scale-up. Our recent entry into the RMC business marks a strategic forward integration, enabling greater ash utilisation, access to new markets, and an integrated presence across the infrastructure value chain. In our Wind Energy Business, we remain focused on executing our existing order book while building in-house manufacturing capabilities to strengthen technology integration and efficiency. Our Mobility business is progressing steadily towards profitability, driven by rising demand for premium corporate mobility and higher fleet utilisation. With the proposed demerger awaiting final approval from the Hon’ble NCLT, the business is well positioned to enter its next phase of growth and create long-term value for all stakeholders.”

Source: NSE Corporate Announcement

Fundamental & Technical Analysis of Refex Industries Limited

Refex Industries Limited belongs to the Energy › Thermal Coal sector. Here’s a quick read on where the business and the stock stand today.

Refex falls 16.4% over three months and has not found a floor yet. The PEG of 0.61 signals undervaluation relative to growth. It is a potential re-rating candidate. Thin margins at 8.7% leave limited room for error — any demand softness or cost spike hits the bottom line hard. The stock holds at 35% of its 52-week range with RSI at 40. In other words, neither side has a clear edge right now. Revenue grows at 12.0% and the stock moves sideways over three months. Neither side makes a strong case. The next earnings print will likely break this stock out of its current range. Check Fundamentals of Refex Industries Limited.