Adani Enterprises Plans ₹40,000 Crore a Year in Capex on Airports, Data Centres and PVC

Adani Enterprises plans to spend ₹35,000 crore to ₹40,000 crore every year for the next couple of years, its head of finance Manan Vakharia said on the company’s earnings call, with airports, data centres and a PVC complex at Mundra doing “the heavy lifting.” The plan follows a record first half in which EBITDA rose 56% to ₹11,958 crore.

What happened

Adani Enterprises Ltd, the flagship incubator of the Adani Group, told investors it expects capital expenditure to run at around ₹40,000 crore a year. “We expect to do capex at a run rate of around ₹40,000 crore. So, we may be somewhere in the range of ₹35,000 crore to ₹40,000 crore, which is the rate we expect to continue over the next couple of years,” Vakharia said during the earnings call, according to The Hindu BusinessLine and TradingView News.

The spending is a run-rate for businesses built over recent years — airports and data centres now scaling up, plus a large Mundra manufacturing plant moving closer to production.

The record half-year behind the plan

First-half EBITDA was the highest the company has reported: ₹11,958 crore for the six months ended September 2026, up 56% from a year earlier. Consolidated income rose 62% to ₹71,569 crore, and profit before tax from continuing operations increased 45% to ₹3,297 crore. Those figures are the backdrop for the capex guidance: the company is committing to spend roughly three times its half-year EBITDA, every year, for the next couple of years.

Management gave no full-year EBITDA forecast. The first tests will be operating ones: airport traffic, new data-centre capacity, and Mundra’s first commissioning.

Airports: eight airports, 23% of India’s passengers

Adani Airport Holdings runs eight airports, including Navi Mumbai International Airport. The portfolio accounts for about 23% of India’s passenger traffic and 29% of its air cargo volumes, company officials said. It handled 21.3 million passengers in the September quarter alone.

Adani Airport Holdings reported a 52% increase in first-half EBITDA to ₹3,275 crore, with quarterly EBITDA of ₹1,641 crore, up 55% — a central reason airports top the capex list.

Data centres: more than 1.2 GW already contracted

AdaniConneX, the group’s data-centre joint venture, has expanded its contracted capacity to more than 1.2 gigawatts. Of the 1.4 GW of capacity being developed, about 1.2 GW is already tied up and at different stages of construction, management said. In the September quarter it signed a new 240-megawatt hyperscale contract in Navi Mumbai.

Operating capacity is still only about 94.6 MW, which explains the spending ahead. Reports on the call put it at 120–150 MW by the end of FY27, approaching 500 MW in the following 12 to 18 months, on hyperscale AI and cloud demand.

PVC at Mundra: a ₹26,000 crore bet, 60% built

The third driver is manufacturing. The Mundra complex in Gujarat is a 1-million-tonne-per-year PVC plant involving capex of about ₹26,000 crore, with related chemicals and chlor-alkali operations. Around 60% of the project spending and construction has been completed.

The first part is now expected in the next financial year, beginning April 2027 — a shift from an earlier December 2026 target. PVC is used in pipes, construction and packaging, and India imports much of what it uses.

Why it is blowing up today

The guidance landed on Sunday, November 8, as Indian markets prepared for the special Diwali Muhurat trading session that opens Samvat 2083, and Adani Enterprises was already on stocks-to-watch lists for the session. A ₹35,000–₹40,000 crore annual run-rate is one of the largest single-company capex commitments in India, and it spans three themes investors are actively pricing right now: air-travel infrastructure, AI data centres, and domestic manufacturing.

What’s next

Watch three things: how the stock absorbs the guidance in the Muhurat session and the first days of Samvat 2083; data-centre milestones, since contracted capacity only matters once megawatts are operating; and any update confirming Mundra’s commissioning window. This report describes the company’s stated plans and results; it is not a recommendation to buy, sell or hold any security.

Sources

The Hindu BusinessLine — Adani Enterprises plans ₹35,000-40,000 cr annual capex
TradingView News — Adani Enterprises plans ₹35,000-40,000 cr annual capex in next two years
Urban Acres — Adani Enterprises capex plan targets airports, data centres

FAQ

How much does Adani Enterprises plan to spend?

Between ₹35,000 crore and ₹40,000 crore a year for the next couple of years, according to head of finance Manan Vakharia on the earnings call.

What will the capex be spent on?

Mainly airports, data centres through AdaniConneX, and the 1-million-tonne PVC complex at Mundra in Gujarat, which alone involves about ₹26,000 crore.

What were Adani Enterprises’ first-half results?

EBITDA hit a record ₹11,958 crore, up 56% year on year, on consolidated income of ₹71,569 crore, up 62%.

When will the Mundra PVC plant start?

The first part is expected to be commissioned in the next financial year, beginning April 2027, with about 60% of construction and spending already completed.