Adani Enterprises is about to spend big, and it plans to keep spending. The flagship company of the Adani Group will invest between Rs 35,000 crore and Rs 40,000 crore every year for the next couple of years, with airports, data centres and a giant PVC plant at Mundra taking the largest share of the money.
The guidance came from Manan Vakharia, the company’s head of finance, on its earnings call. He said the spending will run at roughly Rs 40,000 crore a year, and the three businesses doing the heavy lifting are airports, data centres and PVC. The message is clear: after years of building these businesses from scratch, Adani Enterprises now wants to turn them into steady money earners.
Where the money goes
The company described the shift as a move from a build-out phase to a value-realisation phase. In plain terms, the group spent years putting up airports, data centre capacity and factories. Now it plans to keep investing at a similar pace, but with the focus on finishing projects and making them pay.
That is a big commitment. The planned annual spend of up to Rs 40,000 crore is roughly in line with the Rs 36,000 crore the company had guided for FY26, and it sits inside the Adani Group’s wider Rs 1.5 lakh crore capex plan for the year. For a company whose first-half profit before tax, excluding a one-time US settlement, was Rs 3,297 crore, the spending is being funded on the back of record operating earnings.
Airports: the biggest engine
Airports remain the star of the Adani Enterprises story. The company runs eight airports, including the new Navi Mumbai International Airport, and the portfolio now handles about 23 per cent of India’s passenger traffic and 29 per cent of its air cargo.
The numbers explain why airports get the biggest cheque. Airport earnings rose 52 per cent in the first half to Rs 3,275 crore, and the September quarter alone brought in Rs 1,641 crore in airport EBITDA, up 55 per cent from a year earlier. The airports handled 21.3 million passengers in the September quarter, and the group is still expanding capacity as air travel keeps growing.
Data centres: 1.2 GW and counting
The second pillar is data centres. AdaniConneX, the company’s data centre joint venture, now has more than 1.2 gigawatts of contracted capacity, including a new 240 MW hyperscale order signed in the September quarter.
About 94.6 MW is already operating, and management expects operational capacity to reach 120 to 150 MW by the end of this financial year, rising towards 500 MW over the following 12 to 18 months. Data centres have become one of the hottest infrastructure bets in India as cloud computing and artificial intelligence drive demand for computing power, and Adani wants a large share of that market.
The Rs 26,000 crore PVC bet
The third big spend is a one-million-tonne-a-year PVC manufacturing complex at Mundra in Gujarat, costing about Rs 26,000 crore. Around 60 per cent of the project is complete, and the first part is expected to start operations in the next financial year.
The plant matters because India imports a large share of its PVC, the plastic used in pipes, cables and construction. A domestic plant of this size would cut that dependence. The first phase was earlier targeted for December 2026, so the schedule has slipped a little, but the company says commissioning is now set for the next financial year, which begins in April 2027.
What the numbers say
- Annual capex: Rs 35,000 crore to Rs 40,000 crore for the next couple of years
- First-half EBITDA: Record Rs 11,958 crore, up 56 per cent, on consolidated income of Rs 71,569 crore, up 62 per cent
- Airports: Eight airports, 23 per cent of passenger traffic, 29 per cent of air cargo
- Data centres: More than 1.2 GW contracted, 94.6 MW operating
- PVC plant: Rs 26,000 crore, 1 MTPA at Mundra, about 60 per cent complete
One thing management did not give is a profit forecast for FY27. Investors will have to wait for operating milestones instead: the first PVC commissioning, more data centre capacity coming online, and passenger growth at the airports.
For now, the signal from the earnings call is simple. Adani Enterprises is not slowing down. It is spending at a record pace, and it expects the airports, data centres and factories it has built to start paying for themselves.
FAQs
How much will Adani Enterprises spend each year?
Between Rs 35,000 crore and Rs 40,000 crore a year for the next couple of years, according to the company’s head of finance, Manan Vakharia.
Where will the money go?
Mostly to three businesses: airports, data centres and the PVC complex at Mundra in Gujarat.
How did Adani Enterprises perform in the first half?
It reported record first-half EBITDA of Rs 11,958 crore, up 56 per cent, on consolidated income of Rs 71,569 crore, up 62 per cent.
When will the Mundra PVC plant start?
The first part of the one-million-tonne-a-year complex is expected to be commissioned in the next financial year, starting April 2027. About 60 per cent of the work is done.
How big is the data centre business?
AdaniConneX has more than 1.2 GW of capacity contracted, with 94.6 MW operating and a target of 120 to 150 MW by the end of this financial year.
Adani Enterprises will keep investors watching its execution. The spending is announced; the returns will be judged quarter by quarter.
