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📋 Filing Types Available on ForgeUp Filings Sourced from BSE corporate announcements (equity segment). Companies covered are BSE-listed and most are also listed on NSE. We show only material filings.
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Adani Enterprises Ltd

Adani Enterprises Q2 FY27 Results: Auditors Flag MIAL Legal Proceedings

RESULTS ▼ Concern Flagged HIGH RISK
📅 Filed on BSE: 28 Oct 2026, 01:39 PM IST  ·  BSE ID: 73fe6917-2458-4318-89a5-79027b6bf7ea
View Original BSE Filing (PDF)
💡
In Simple Terms
Adani Enterprises released its Q2 FY27 earnings, with auditors noting ongoing legal issues at its airport subsidiary, MIAL, for alleged fund misuse.
🤖 AI Summary
  • Adani Enterprises Board approved unaudited consolidated financial results for the quarter and half year ended September 30, 2026.
  • Auditors highlighted ongoing legal proceedings for Mumbai International Airport Limited (MIAL) concerning alleged misuse of funds aggregating Rs. 845.76 crores.
  • MIAL legal issues involve works contracts included in Property, Plant and Equipment at a net book value of Rs. 409.28 crores.
  • The consolidated results include 59 subsidiaries reviewed by other auditors, reflecting Rs. 1,86,593.83 crores total assets.
  • Results also incorporate 142 management-certified subsidiaries with total assets of Rs. 13,904.09 crores as of September 30, 2026.
🔢 Key Numbers — exact figures from BSE filing, not rounded
MIAL Alleged Fund Misuse
Rs. 845.76 crores
MIAL Works Contracts Net Book Value
Rs. 409.28 crores
Total Assets of Reviewed Subsidiaries
Rs. 1,86,593.83 crores
Total Assets of Management-Certified Subsidiaries
Rs. 13,904.09 crores
🏢 How This Affects the Company
💰
Financial Impact
The ongoing legal proceedings at MIAL involving Rs. 845.76 crores for alleged misuse of funds could impact the company's financial position if the potential exposure materializes.
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Risk Impact
The auditor's modified conclusion due to MIAL's legal proceedings and an ongoing investigation at Navi Mumbai International Airport Limited (NMIAL) introduces increased legal and financial risks.
👥 What This Means For Shareholders
✅
Action Required
No immediate action is required from shareholders based on this filing.
👤
Who Is Affected
All shareholders are indirectly affected by the auditor's modified conclusion and the ongoing legal issues at key subsidiaries like MIAL (Rs. 845.76 crores in question) and NMIAL, which could influence future company performance.
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Management Signal
The management's approval of results despite auditor qualifications indicates their assessment of the overall financial position and ongoing commitment to disclosures.

For information only. Not investment advice. ForgeUp is not SEBI-registered.

👁 Watch List — track these upcoming events
Next financial results — review the auditor's opinion on MIAL's legal proceedings.
Any updates on MIAL's legal proceedings involving the Rs. 845.76 crores in question.
Developments regarding the MCA investigation into Navi Mumbai International Airport Limited.
HIGH RISK The auditor's modified conclusion and ongoing legal matters at subsidiaries, especially MIAL's Rs. 845.76 crores issue, present significant financial and reputational risks.
💡 Investor Takeaway
Adani Enterprises' Board approved Q2 FY27 financial results. The auditors' report includes a modified conclusion regarding Mumbai International Airport Limited (MIAL) due to ongoing legal proceedings involving Rs. 845.76 crores of alleged misuse of funds.
⚖️ Strengths & Concerns

⚠️ Concerns

  • Auditors gave a modified conclusion for MIAL due to lack of sufficient audit evidence regarding legal proceedings involving Rs. 845.76 crores of alleged fund misuse.
  • MIAL has ongoing litigation/arbitration for Monthly Annual Fee (March 2020-February 2022) that could significantly impact financial results if exposure materializes.
📅 Company Track Record
Adani Enterprises previously intimated a Board meeting on October 13, 2026, to approve Q2 FY27 results. In Q1 FY27, total income was Rs. 33,546 cr (up 50%) and EBITDA Rs. 5,642 cr (up 49%). Auditors had also flagged the Rs. 845.76 crores MIAL legal issues in the Q1 FY27 results filed on July 29, 2026.

Based on publicly available historical data. For context only.

❓ Frequently Asked Questions
What is the key update from Adani Enterprises' Q2 FY27 financial results?
The Board of Directors approved the unaudited consolidated financial results for the quarter and half year ended September 30, 2026, with auditors noting ongoing legal proceedings at MIAL.
What concern did auditors raise regarding Mumbai International Airport Limited (MIAL) in the Q2 FY27 results?
Auditors noted ongoing legal proceedings at MIAL involving investigations into alleged misuse of funds aggregating to Rs. 845.76 crores related to works contracts.
What is the net book value of the works contracts at MIAL subject to legal proceedings?
The works contracts at MIAL involved in legal proceedings are currently included in Property, Plant and Equipment at a net book value of Rs. 409.28 crores.
How many subsidiaries' financial results were reviewed by other auditors in Adani Enterprises' consolidated statement?
The Statement includes unaudited interim financial results of 59 subsidiaries that were reviewed by other auditors, reflecting total assets of Rs. 1,86,593.83 crores.
Is there any ongoing litigation mentioned for Navi Mumbai International Airport Limited (NMIAL)?
Yes, NMIAL has received communication from the Ministry of Corporate Affairs (MCA) initiating an investigation for financial years ended March 31, 2018 to March 31, 2022.

Questions based on this BSE filing only. For information purposes.

⚠️ For Information Only — Not Investment Advice
ForgeUp Filings provides AI-generated summaries of public BSE exchange announcements (equity segment) for informational purposes only. Nothing here constitutes investment advice or a recommendation to buy, sell, or hold any security. ForgeUp is not a SEBI-registered investment advisor. All financial numbers are sourced directly from BSE filings and shown as-is. Past data is historical only. Please consult a qualified financial advisor before making investment decisions. Data sourced from BSE India public disclosures.
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