Adani Enterprises Limited · NSE:ADANIENT
Adani Enterprises — Q2 FY26 Earnings Presentation
41 slides from Adani Enterprises's earnings presentation
Slide 1: Adani Enterprises Limited Earnings Presentation Q2 FY26
Adani Enterprises Limited Earnings Presentation Q2 FY26
Slide 2: Consolidated Financial Highlights H1-26: Results at glance
Adani Enterprises Limited (“AEL”): Consolidated Financial Highlights H1-26 ₹ crore Results at glance Total Income EBITDA PBT 49,263 8,654 4,644 44,281 7,688 17,287 17,172 5,233 2,878 # 2,281 5,470 5% 31,976 2,630 27,109 3,421 1,766 2,218 H1-25 H1-26 (349) H1-25 H1-26 H1-25 H1-26 Established Business
Slide 3: Incubating Businesses at glance
Adani Enterprises Limited (“AEL”): Incubating Businesses ₹ crore Incubating Businesses at glance ANIL AAHL ARTL Green H2 Ecosystem Airports Roads FY25 H1-26 FY25 H1-26 FY25 H1-26 (YoY change) (YoY change) (YoY change) Total 7,233 5,882 4,056 Income 14,236 10,224 10,086 (5%) 32% (22%) 4,776 2,384 3,4
Slide 4: Contents
Contents 01 Adani Portfolio Overview 02 AEL – Largest Listed Incubator 03 Business & Operational Highlights 04 Financial Highlights 05 Debt Profile 06 ESG Highlights Appendix Home outline Hamburger Menu Icon with solid fill 4
Slide 5: Adani Portfolio Overview
01 Adani Portfolio Overview Hamburger Menu Icon with solid fill 5 STRICTLY CONFIDENTIAL
Slide 6: Adani Portfolio: A World Class Infrastructure & Utility Portfolio
Adani Portfolio: A World Class Infrastructure & Utility Portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Other Incubator Materials, Metal Energy & Utility Transport & Logistics Specialty & Mining (73.97%) (62.43%) (74.96%) (65.89%) (67.64%)3 AEL AGEL APL APSEZ Ports & Logi
Slide 7: Adani Portfolio: Best-in class growth with national footprint
Adani Portfolio: Best-in class growth with national footprint All figures in INR cr Predictable, high and rising free cash flow National footprint with deep coverage Tax paid EBITDA Finance cost paid 89,806 CAT (FFO) 66,527 (74%) EBITDA 24,870 AEL 12,784 APSEZ (51%) Adani’s Core Infra. AGEL 18,711 P
Slide 8: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment DEVELOPMENT1 OPERATIONS CONSUMERS 2 New C.E.O. Adani Infra (India) Limited | Cemindia Projects Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Constructi
Slide 9: AEL – Largest Listed Incubator
02 AEL – Largest Listed Incubator Hamburger Menu Icon with solid fill 9 STRICTLY CONFIDENTIAL
Slide 10: AEL: Incubation Model
AEL : Incubation Model Attractive Incubation Record Green Hydrogen Ecosystem Business Model Intend to set up integrated Proven incubation success record B2B Model manufacturing for generating low-cost Development green hydrogen ANIL Ecosystem, Data Center Year 2015 > APSEZ, APL & AESL B2C Model Year
Slide 11: AEL 2.0: Current incubation portfolio with long term growth potential
AEL 2.0: Current incubation portfolio with long term growth potential AEL Business Portfolio Infrastructure & Utility Core Portfolio Primary Industry Others Direct to Energy & Utility Transport & Logistics Services Metals consumer New Industries (End to end Green H2 Airports Mining Services Copper,
Slide 12: Business & Operational Highlights
03 Business & Operational Highlights Hamburger Menu Icon with solid fill 12 STRICTLY CONFIDENTIAL
Slide 13: AEL: Performance Highlights
AEL : Performance Highlights ❑ Greenfield Navi Mumbai International Airport inaugurated on 08th October 2025, a major landmark in India’s Airports aviation journey; set to commence operations from Q3 FY26 ❑ Mumbai Airport received the “Best Airport for Digitization” award at the India Cargo Award 20
Slide 14: Energy & Utility – Adani New Industries Limited (ANIL)
AEL : Energy & Utility – Adani New Industries Limited (ANIL) Integrated Manufacturing Module sales in MW Plant Capacity Status Solar H1-25 H1-26 2,380 MW 2,443 MW Cell & Module 2.0 GW ▪ Operational (MonoPerc) 1,379 1,350 Cell & Module 1,001 1,093 2.0 GW ▪ Operational 704 188 (TopCon) 808 490 Cell &
Slide 15: Energy & Utility – Adani ConneX (ACX)
AEL : Energy & Utility – Adani ConneX (ACX) Empowering Digital India with a platform Total Data Centers Operational of Data Center Solutions with Strong Partnership Growth Status Capacity 33 Chennai 17 MW Phase II – Under Construction MW 50 Noida 10 MW 40 MW - C&S completed, MEP under progress MW No
Slide 16: Transport & Logistics – Adani Airport Holdings Ltd (AAHL)
AEL : Transport & Logistics – Adani Airport Holdings Ltd (AAHL) Portfolio of 8 Airports Aero Performance Serving pan India presence of 45.1 46.0 ➢ ~23% of total passenger base 22.3 22.6 Pax (Mn) ➢ ~22% of total air traffic movements 22.8 23.4 2% ➢ ~29% of total cargo volume H1-25 H1-26 305.4 301.7 1
Slide 17: AAHL: Revenue Mix and Growth
AEL : Transport & Logistics – Adani Airport Holdings Ltd (AAHL) Revenue Mix H1-26 Revenue Growth Total Income Q2-25 Q2-26 H1-25 H1-26 Aero Non-Aero Aero 935 1,145 1,823 2,229 - Up by 22% Y-o-Y - Up by 36% Y-o-Y 38% 48% - Penetration at all time high backed Non-Aero 1,075 1,424 2,069 2,823 - Tariff o
Slide 18: AAHL: Operational Efficiency and Non-Aero Performance
AEL : Transport & Logistics – Adani Airport Holdings Ltd (AAHL) Operational Efficiency Non-Aero Performance Security Check Queue Non Aero Revenue Q2-25 Q2-26 H1-25 H1-26 100% 98% 96% Duty Free 386 498 733 956 94% 92% Food & Beverages (F&B) 80 233 162 486 AMD LKO IXE BOM JAI GAU TRV Lease & Retails 1
Slide 19: Transport & Logistics – Adani Road Transport Ltd (ARTL)
AEL : Transport & Logistics – Adani Road Transport Ltd (ARTL) Portfolio of 17 projects Project Completion Status 94% VBPL 97% Operational [7] Construction in progress [7] New Projects [3] HAM 93% BKRL 95% SKRL 67% AVRL 68% BHRL UPRL 78% SSRL MSRL KSRL HURL 79% PRSTL NPRL BPRPL PPRL 94% BHRL 97% BKRL
Slide 20: AEL: Primary Industry
AEL : Primary Industry Mining Services Portfolio IRM Total Peak Capacity ➢ Total 16 Mining Service Contracts 140.1 MMTPA from 10 Customers across 5 states ➢ Total 6 service contracts operational 63.0 including 1 iron ore mine 77.1 Activity Q2-25 Q2-26 % H1-25 H1-26 % change change ➢ Dispatch volume
Slide 21: Financial Highlights
04 Financial Highlights 21 STRICTLY CONFIDENTIAL
Slide 22: Consolidated Financial Highlights H1-26 Y-o-Y
AEL: Consolidated Financial Highlights H1-26 Y-o-Y ₹ crore Consolidated ANIL Ecosystem Airports IRM Mining Service 49,263 7,634 5,882 2,247 7,233 44,281 20,898 4,453 (4,867) (115) 1,660 14,899 TOTAL INCOME H1-25 H1-26 H1-25 H1-26 H1-25 H1-26 H1-25 H1-26 (5%) 32% (29%) 35% Impacted due to low export
Slide 23: Consolidated Financial Highlights Q2-26 Y-o-Y
AEL: Consolidated Financial Highlights Q2-26 Y-o-Y ₹ crore Consolidated ANIL Ecosystem Airports IRM Mining Service 23,196 3,115 3,199 1,088 208 21,844 3,167 9,697 (1,560) 803 2,276 TOTAL INCOME 6,843 Q2-25 Q2-26 Q2-25 Q2-26 Q2-25 Q2-26 Q2-25 Q2-26 3% 39% (29%) 35% Increased on account of Increased i
Slide 24: Debt Profile
05 Debt Profile 24 STRICTLY CONFIDENTIAL
Slide 25: Consolidated Debt Movement H1-26 vis-à-vis March-2024
AEL: Consolidated Debt Movement H1-26 vis-à-vis March-2024 ₹ crore Interest coverage ratio External debt External debt EBITDA from Mar-24 3.1 3.6 3.4 2.8 2.5 2.4 Rs. 31,064 cr accounted for yet to unlock ➢ Construction of Navi Mumbai Airport 35% in ➢ PPRA Payment of Three Airports Navi Mumbai Airpor
Slide 26: Consolidated Debt Details
AEL: Consolidated Debt Details ₹ crore As at Mar-24 As at Mar-25 As at Sep-25 Working Working Segment Long-Term Long-Term Total Capital Total Capital Total Debt Debt Debt Debt ANIL Ecosystem 4,010 2,997 546 3,543 2,996 970 3,966 Airport 19,206 27,714 143 27,857 29,891 162 30,053 Road 8,038 14,588 -
Slide 27: ESG Highlights
06 ESG Highlights 27 STRICTLY CONFIDENTIAL
Slide 28: AEL: ESG Rating & Performance Highlights
AEL: ESG Rating & Performance Highlights Ratings Performance Highlights DJSI CSA (2025) 62 Ranked among the top 5 companies in its sector globally and placed in the 97th percentile ANIL 19% 100% renewable energy water withdrawal Ecosystem in electricity mix from non-competing Denotes “Leadership Cat
Slide 29: Thank You
Thank You V20- credit metrices threshold change after Robbie sir’s comment
Slide 30: Appendix
Appendix 30 STRICTLY CONFIDENTIAL
Slide 31: Energy & Utility – Water
AEL: Energy & Utility – Water Concession Project Period Project / Location Capacity Project Status Model (In Yrs) (Const. + O&M) Prayagraj Water Pvt Ltd (PWPL) 326 Uttar Pradesh MLD • COD Achieved 2 + 15 Bhagalpur Waste Water Ltd (BWWL) 45 Bihar MLD • Completion > ~95%; 2 + 15 HAM Morsagar Bisalpur
Slide 32: Transport & Logistics – AAHL (Airports)
AEL: Transport & Logistics – AAHL (Airports) Volume Details Passengers (In Mn) ATM (In ‘000) Cargo (In Lacs MT) Airport Q2-25 Q2-26 H1-25 H1-26 Q2-25 Q2-26 H1-25 H1-26 Q2-25 Q2-26 H1-25 H1-26 Ahmedabad 3.0 3.1 6.2 6.6 23.4 23.6 47.2 50.2 0.3 0.3 0.5 0.6 Lucknow 1.5 1.4 3.0 2.9 12.5 9.6 25.3 19.9 0.1
Slide 33: Transport & Logistics – ARTL (Roads)
AEL: Transport & Logistics – ARTL (Roads) Concession Period Length Financial Project Completion Project Model Project SPV / Location (in Yrs) (KMs) Closure Status (Const. + O&M) Bilaspur Pathrapali Road Pvt Ltd (BPRPL) / Chhattisgarh 53.3 Secured Operational 2 + 15 Suryapet Khammam Road Pvt Ltd (SKR
Slide 34: Transport & Logistics – ARTL (Roads)
AEL: Transport & Logistics – ARTL (Roads) Concession Period Length Financial Project Completion Project Model Project SPV / Location (in Yrs) (KMs) Closure Status (Const. + O&M) Panagarh Palsit Road Pvt Ltd (PPRPL) / West Bengal 67.8 Secured Operational 2.5 + 18 Kagal Satara Road Pvt Ltd (KSRPL) / M
Slide 35: Primary Industries – Mining Services
AEL: Primary Industries – Mining Services Peak Customer SPV Mine Service Contracts Name of Mine & State Capacity (Owner) Name PEKB, Chhattisgarh 18.0 MMT RRVUNL Parsa Kente Collieries Ltd Gare Pelma III, Chhattisgarh 5.0 MMT CSPGCL Gare Pelma III Collieries Pvt. Ltd Talabira II & III, Odisha 23.0 MM
Slide 36: Primary Industries – Commercial Mining
AEL: Primary Industries – Commercial Mining Mine Peak Name of Mine & State SPV Name Contracts Capacity Gondulpura, Jharkhand 4.0 MMT Adani Enterprises Ltd Bijahan, Odisha 5.3 MMT Mahanadi Mines and Minerals Pvt Ltd Madheri (Northwest), Maharashtra TBD MH Natural Resources Pvt Ltd Domestic Gondbahera
Slide 37: ESG Framework
ESG Framework 37 STRICTLY CONFIDENTIAL
Slide 38: AEL: ESG backed by Assurance
AEL: ESG backed by Assurance Our Key ESG Commitments • Airport and data center businesses to become operational net Guiding • Aim to achieve No-Net Loss to biodiversity and align with IBBI/ zero by 2029 and 2030 respectively Policies • principle TNFD principles Creating shared value for communities
Slide 39: AEL: Adopted UN Sustainable Development Goals
AEL: Adopted UN Sustainable Development Goals Women’s Education • Own schools, digitalization and up gradation of 1. No Poverty Multiple Govt. school to provide cost free education to the United Nations Sustainable Development Goals 2030 2. Zero Hunger Locations needy. 4. Quality Education • Project
Slide 40: AEL: Strong Governance Framework
AEL: Strong Governance Framework Key Governance Areas Key Highlights ESG Governance Structure Board Independence & ✓ 50% Independent Directors Diversity ✓ 12.5% Women Directors Board of Directors ✓ Corporate Responsibility Committee in place with 100% Independent Directors to provide Corporate assur
Slide 41: Thank You
Thank You V20- credit metrices threshold change after Robbie sir’s comment