Adani Enterprises posts ₹1,462 Cr Q1 loss on ₹2,644 Cr OFAC one-off; revenue up 50%

Adani Enterprises reported a consolidated net loss of ₹1,461.54 Cr for Q1 FY27 against a ₹976.48 Cr profit a year ago, but the swing is entirely a one-off: a ₹2,644.02 Cr (USD 275 mn) exceptional charge from the settlement with the U.S. Office of Foreign Assets Control (agreement dated 14 May 2026). Stripping it out, adjusted PAT was ~₹1,182 Cr, up ~21% YoY. Revenue from operations rose 49.9% YoY to ₹32,923.98 Cr and operating margin edged up to 15.25% from 15.07%. Standalone tells the same story — a ₹890.34 Cr loss driven by the identical charge on ₹5,953.89 Cr revenue — so there is no divergence in the underlying read.

The topline surge was overwhelmingly the Kutch Copper ramp: Copper segment revenue jumped to ₹10,710 Cr from ₹537 Cr and swung to a ₹499 Cr segment profit from a ₹287 Cr loss, with Airport revenue up 35% to ₹3,671 Cr. The commissioning of new capacity is visible in depreciation (₹1,926 Cr, +50%) and finance costs (₹2,414 Cr, +60%), which is why the operating EBITDA step-up did not fully carry to pre-exceptional PBT. The clear offset was Roads, where segment revenue fell to ₹770 Cr from ₹2,168 Cr and EBIT to ₹113 Cr from ₹349 Cr.

The stock went into the print at ₹3,030, down 0.2% over the past month of trading.

For context: revenue is at a 6-quarter high.

Against management's Feb-2026 concall guidance of a Q1 FY27 EBITDA step-up from three mega-projects (Navi Mumbai Airport, Ganga Expressway, Kutch Copper; ~₹3,000 Cr of stabilised annual EBITDA), the copper leg clearly delivered while the guided doubling of Roads EBITDA on the Ganga Expressway ramp has yet to appear — so guidance is partially met. No formal Street PAT consensus was published (Bloomberg estimates were unavailable; previews focused on capex, debt and the share sale), so the print cannot be scored against consensus. Concurrently, the company completed a ₹15,000 Cr QIP subsequent to quarter-end (5.2 cr shares at ₹2,883), net worth stood at ₹89,178 Cr, and consolidated debt-equity rose to 1.12 from 0.97. The recurring media flurry this quarter (denials of an airline launch, the Flight Simulation Solutions stake buyout, a low-carbon-chemicals tie-up) is immaterial to the numbers. Auditors issued a modified conclusion on the consolidated results over the ongoing MIAL ₹845.76 Cr matter.