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Informist, Wednesday, Jul. 29, 2026

 

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--Adani Ent: See 16-20% YoY growth in mining services going ahead 
--CONTEXT: Comments from Adani Ent's mgmt in post-earnings call with analysts 
--Adani Ent: Geopolitical tensions may affect non-aeroplane ops sales in FY27 
--Adani Ent: See copper ops capacity utilisation to 75% from 52% going ahead 
--Adani Ent: Aim 20 mln/quarter passenger count for Navi Mumbai airport 
--Adani Ent: Expect to reach data centre capacity of 500 MW in 3 years 
 

 

By Avishek Rakshit and Eshitva Prakash

 

KOLKATA – Adani Enterprises Ltd., which entered the copper smelting business in 2022, aims to substantially increase capacity utilisation at its copper smelter and expand its capacity in the coming years, a move expected to significantly boost its revenue growth.

 

The company's copper operations are based in Mundra, Gujarat, and are operated through Kutch Copper Ltd., a wholly owned subsidiary. The smelter, which produces copper cathodes, rods, and other byproducts, has an initial capacity of 500,000 tonnes per annum. The company aims to scale this up to 1 million tonnes over time. 

 

The copper vertical has emerged as one of the company's key revenue contributors. In the June quarter, while most of its larger, established verticals reported declining or flat revenue, the copper smelting and refining business drove most of the company's revenue growth. 

 

Revenue from copper operations surged to over INR 107 billion in the June quarter from just INR 5.37 billion a year earlier, making it the company's largest revenue-generating vertical for the second consecutive quarter. By comparison, revenue from resources management services, which until recently was the company's largest revenue contributor, fell 7% on year to around INR 73 billion in the June quarter.

 

"We are currently at 52% of utilisation. So, we expect the utilisation to head towards 75%," a senior company official said during the company's post-earnings call with sector analysts. 

 

While production from the copper smelter increased manifold to 65.4 kilo tonnes in the June quarter from 11.6 kilo tonnes a year ago, sales increased to 64.7 kilo tonnes in the June quarter from 11.5 kilo tonnes a year ago. 

 

"For the first time, we are introducing a copper portfolio into our numbers. I will lay out the plan for this. We will have a much more detailed presentation on this in our December quarter results, and we will formally do a proper showcase of the copper business post the annual results in March," the company official said.

 

AIRPORTS DEMERGER 

Adani Airport Holding Ltd., a fully owned subsidiary which operates a portfolio of eight operating airports in the country, may be demerged from the company into a separate entity somewhere in 2028, the company official said.

 

"We are at a point where increasingly the business, on a standalone basis, is doing extremely well. And as we have maintained, we will come to a decision point in relation to rewarding the shareholder of AEL (Adani Enterprises Ltd.) somewhere around 2028 in terms of this business being demerged," the senior executive said. 

 

As part of its first phase of expansion of the airports business, where the company is investing INR 200 billion till March, 2030, it is targeting to add space that has retail space in line with the operations handling area. Retail space generates non-aeroplane-related revenue for the company, such as rents, as retailers put up shops in such areas. 

 

"Total land available for us across all eight airports is 660 acres. In phase I, we are only doing 22 million square feet of construction - 14.4 million (square feet) of super built-up area across Mumbai, Navi Mumbai, Lucknow, Jaipur, and Ahmedabad. That will go live in (FY) 2029-30," the company official said. 

 

In the immediate term, Adani Enterprises is targeting to scale up operations in the Navi Mumbai airport and reach a quarterly passenger count of 20 million. Higher passenger count not only leads to higher income from aeroplane-related operations, but also leads to higher revenue growth from retail operations, which gets reported under non-aeroplane revenues. However, the company is watchful of the prevalent geopolitical tensions as flying restrictions can hurt the growth potential in its non-aeroplane-related revenues. 

 

OTHER SEGMENTS

Following deal wins with a cumulative capacity of 960 MW for its data centre operations, Adani Enterprises is targeting to scale up its data centre capacity to 500 MW in the next three years. 

 

"Now that construction is moving to the hyperscale format, the next construction period will add bigger chunks to the business... In the next three years, we expect to add. We'll take this capacity closer to 500 MW," the company official said.

 

In the mining services portfolio, where Adani Enterprises has 18 mining services agreements with a peak capacity of 145 million tonnes per annum, the company sees 16-20% on-year growth going ahead. "We are currently operating at 55 million tonnes, which is approximately 38% of the total contracts we have. More importantly, as we continue to bring on new contracts at the operational stage, we have taken the total available operating capacity in contracts operational to 93 million tonnes, thus giving us a good ramp-up over the next two to three years," the official said. 

 

Wednesday, shares of Adani Enterprises closed 0.7% higher at INR 3,024.50 on the National Stock Exchange. The company announced its June quarter results during market hours.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Saji George Titus

 

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