Adani Enterprises Limited · NSE:ADANIENT
Adani Enterprises — Investor Presentation (January 2026)
48 slides from Adani Enterprises's investor presentation, January 2026
Slide 1: Adani Enterprises Limited Business Presentation
Adani Enterprises Limited Business Presentation January ‘26
Slide 2: Agenda
1 Adani Portfolio Overview 2 About AEL Energy & Utility 3 Adani New Industries 4 AdaniConneX (Data Centre) Transport & Logistics 5 Adani Airport Holdings 6 Adani Roads Transport Primary Industry 7 Materials, Metals & Mining Mining Services & IRM Commercial Mining Materials & Metals 8 ESG
Slide 3: Adani Portfolio Overview
01 Adani Portfolio Overview STRICTLY CONFIDENTIAL
Slide 4: 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%) (68.02%) (67.64%)4 AEL1 AGEL APL APSEZ3 Ports & Lo
Slide 5: 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 92,943 CAT (FFO) 65,016 (74%) EBITDA 24,870 12,784 AEL (51%) 22,819 APSEZ (21%) Adani’s Core Infra.
Slide 6: 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 7: About Adani Enterprises Limited
02 About Adani Enterprises Limited STRICTLY CONFIDENTIAL
Slide 8: 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 9: AEL: Journey So Far
AEL: Journey So Far INR INR Past Incubation Success Stories: Creating Decacorns Market Cap 150 6,49,497 Company Overview India’s largest and one of the (USD bn)1 In Nov 1994 In Dec 2025* leading renewable energy companies globally enabling 18.6 Achieves > 31% CAGR clean energy transition Versus Inde
Slide 10: 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 Energy & Utility Transport & Logistics Services Metals Specialty New Industries (End to end Green H2 Airports Mining Services Copper, Aluminium
Slide 11: Adani New Industries Limited
03 Adani New Industries Limited (Green Hydrogen Ecosystem of Adani Enterprises) STRICTLY CONFIDENTIAL
Slide 12: ANIL: Emulating Adani's Business Philosophy
ANIL: Emulating Adani’s Business Philosophy Large Integrated Platform De-risking Capex Strategic Location Platform uniquely positioned to offer scale Next generation technologies to stay and high efficiencies Mundra SEZ – Integrated Green H2 Hub Development ahead of the curve Integrated platform ->
Slide 13: ANIL: Green Hydrogen – Massive potential to decarbonize industries
ANIL: Green Hydrogen – Massive potential to decarbonize industries End Use Sectors Green Hydrogen Market (MMT) Key Drivers 1.85 − Green H2 consumption by existing refining capacity in line with expected Refinery Demand 0.78 policy from GoI (National Hydrogen Energy mission) 0.13 − New Refinery proje
Slide 14: ANIL: Renewable + Green Hydrogen Generation
ANIL: Renewable + Green Hydrogen Generation Green H2 Generation Hub in H2 − 70% of the total cost to produce hydrogen is power cost Gujarat − Low-cost renewable power key for green hydrogen generation − RE generation site in Gujarat with potential of ~20 GW with high wind and solar resource Mundra S
Slide 15: ANIL: Designed to win in the Green Hydrogen market
ANIL: Designed to win in the Green Hydrogen market GH2 Value What it takes to win How we are delivering it 1 Competitive cost Green Electron Large scale with high quality resources Pricing − Input power cost accounts for ~70% of cost of − Investment of USD 50 bn in Green H2 Green Hydrogen ecosystem
Slide 16: ANIL: Operational Updates
ANIL: Operational Updates Integrated Manufacturing Module sales in MW Plant Capacity Status Solar 3440 997 3273 Cell & Module 893 - 2.0 GW ▪ Operational 892 (MonoPerc) 182 1480 Cell & Module 2.0 GW ▪ Operational (TopCon) 997 Cell & Module ▪ Financial Closure achieved 711 2548 6.0 GW 1793 (TopCon) ▪
Slide 17: AdaniConneX (Data Centre – 50:50 JV of Adani & Edge Connex)
04 AdaniConneX (Data Centre – 50:50 JV of Adani & Edge Connex) STRICTLY CONFIDENTIAL
Slide 18: AdaniConneX: Emulating Adani's Business Philosophy
AdaniConneX: Emulating Adani’s Business Philosophy Hyperlocal to Hyperscale Proximate Locales In-house Project Group Real Estate identified Experienced Project Team Capacity of 1 GW Data centres Development Land location identified in optimal Dedicated team with years of Presence across spectrum fro
Slide 19: AdaniConneX: JV Philosophy
AdaniConneX: JV Philosophy Combining the assets and expertise of two of the world’s leading infrastructure providers to deliver new digital infrastructure solutions and premium technology services to the Indian market Largest Private Infrastructure and A Large, Global, Private Data Energy Provider i
Slide 20: AdaniConneX: Operational Updates
AdaniConneX: Operational Updates 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 Noida Hyderab
Slide 21: Adani Airport Holdings Limited
05 Adani Airport Holdings Limited (Transport & logistics business of Adani Enterprises)
Slide 22: AAHL: Integrated Airport Network
AAHL: Integrated Airport Network Integrated Airport Network Portfolio of 8 Airports Operational Serving pan India presence of AAHL Greenfield ➢ ~23% of total passenger base ➢ ~21% of total air traffic movements ➢ ~29% of total cargo volume Mumbai Ahmedabad Lucknow Mangaluru Navi Mumbai Jaipur Guwaha
Slide 23: AAHL: Indian aviation market – Strong growth indicators
AAHL: Indian aviation market – Strong growth indicators India – Fastest growing aviation market over the last decade… ...with strong indicators of future growth Passengers in millions CAGR (2018-40) – Top 10 fastest growing Asia Pacific aviation markets COVID-19 by passenger impact 84 1. Vietnam 2.
Slide 24: AAHL: Diversified Revenue Streams
AAHL: Diversified Revenue Streams Passengers Non- passengers City Dwellers ▪ Landing Fees ▪ Aerobridge charges ▪ Duty Free / Duty paid ▪ Advertisement Long term sub-lease on land co-terminus ▪ Parking Charges ▪ Unauthorized ▪ F&B ▪ Car parking with airport concession ▪ User Development Fee Overstay
Slide 25: AAHL: Aero Strategy
AAHL: Aero Strategy Focussed on route development and stakeholder management to sweat airport assets to the fullest – Focus on smart planning of airside and terminals Long term economic alignment with all Capacity – Efficient and sustainable design 1 stakeholders Creation – Leveraging group's execut
Slide 26: AAHL: Stable and mature regulatory framework
AAHL: Stable and mature regulatory framework ICAO GoI Well-Defined Model Regulatory environment has evolved to become Regulatory Set up more mature and efficient MoCA Matured and well-defined Tariff setting process, stakeholders are Independent consulted throughout to ensure buy-in regulatory body N
Slide 27: AAHL: Non-Aero Strategy
AAHL: Non - Aero Strategy AAHL non aero strategy designed to increase footfalls and provide high quality services through strategic partnerships with reputed third parties – Develop new channels for sales (airport e-commerce) – Focus on increasing area for monetization Increase – Anticipating consum
Slide 28: AAHL: CSD Strategy - Third Pillar of growth
AAHL: CSD Strategy - Third Pillar of growth, city dwellers to drive revenue growth Mumbai CSD Ahmedabad CSD 663 acres City Side Development Across 8 airports 437 acres City Side Development Jaipur CSD Lucknow CSD MIAL + NMIAL Phase I ~14.3 mn sq. ft Build up Area Navi Mumbai CSD ~22.3 mn sq. ft Cons
Slide 29: AAHL: Revenue Mix
AAHL: Revenue Mix Revenue Mix 9M-26 Revenue Growth Total Income Q3-25 Q3-26 9M-25 9M-26 Aero Non-Aero Aero 1,039 1,266 2,862 3,495 - Up by 22% Y-o-Y - Up by 33% Y-o-Y 36% 49% - Penetration at all time high backed Non-Aero 1,499 1,920 3,568 4,743 - Tariff order revision for 4 airports - Aero YPP INR
Slide 30: AAHL: Operational Updates
AAHL: Operational Updates Aero Performance Non-Aero Performance 69.7 70.6 24.6 24.7 Non Aero Revenue Q3-25 Q3-26 9M-25 9M-26 Pax (Mn) 22.3 22.6 Duty Free 463 629 1,196 1,585 1% 22.8 23.4 Food & Beverages (F&B) 207 198 369 683 9M-25 9M-26 Lease & Retails 317 536 686 1,086 466.0 460.7 Car Park 71 88 1
Slide 31: Adani Road Transport Limited
06 Adani Road Transport Limited (Transport & logistics business of Adani Enterprises) STRICTLY CONFIDENTIAL
Slide 32: ARTL: Emulating Adani's Business Philosophy
ARTL: Emulating Adani’s Business Philosophy Large Portfolio De-risking Capex Diverse Asset Mix De-risked development stage through 17 Projects Development extensive site studies & Long term asset mix: 60% traffic & 40% having order book of 5,500+ lane km & comprehensive traffic diligence annuity ass
Slide 33: AEL: Transport & Logistics – Adani Road Transport Ltd (ARTL)
AEL : Transport & Logistics – Adani Road Transport Ltd (ARTL) Portfolio of 17 projects Project Completion Status Operational [9] AVRL 68% HAM Construction in progress [5] 72% New Projects [3] 79% KSRL 81% SKRL 97% BHRL BHRL 99% UPRL HURL SSRL MSRL BOT 87% Ganga PRSTL HURL Expressway PPRL 93% NPRL BP
Slide 34: Primary Industry
07 Primary Industry (Materials, Metal & Mining business of Adani Enterprises) STRICTLY CONFIDENTIAL
Slide 35: Mining Services: Existing Portfolio
Mining Services: Existing Portfolio ~50% Market Share in MDO business Mine Developer and Operator (MDO) Mine Service Peak Name of Mine & State Contracts Capacity Area of Operations PEKB, Chhattisgarh 18.0 MMT Gare Pelma III, Chhattisgarh 5.0 MMT Talabira II & III, Odisha 23.0 MMT Suliyari, Madhya Pr
Slide 36: Integrated Resources Management (IRM): Global Footprint
Integrated Resources Management (IRM): Global Footprint Multi-Country Multi modal Customer Account Financing Procurement Logistics Management Client Segments Highlights − Integrated presence in complete supply chain Private Adani Overseas provides sustainable Yamunagar SOE clients clients Power Ltd.
Slide 37: AEL: Operational Updates of Primary Industry
AEL: Operational Updates of Primary Industry Mining Services Portfolio IRM Total Peak Capacity 143.1 MMTPA ➢ Total 17 Mining Service Contracts from 11 Customers across 6 states 18.0 Ramp up in progress ➢ Total 6 service contracts operational Current runrate 77.1 45.0 capacity including 1 iron ore mi
Slide 38: AEL: poised in multi trillion dollar growth opportunity
AEL: poised in multi trillion dollar growth opportunity Business Current Scale Growth Pathway Theme 550m+ consumers1 − Portfolio of 8 Airports controlling over 50% of top 10 domestic routes Airports 300m+ consumers(1) > 150m pax Transport (Adani Airport Holdings Ltd.) 94m pax (2028) − Serving PAN In
Slide 39: ESG
08 ESG (Environmental, Social and Governance)
Slide 40: AEL: ESG Rating & Performance Highlights
AEL: ESG Rating & Performance Highlights Ratings Performance Highlights DJSI CSA Ranked among the top 5 companies in its sector 21% 100% (2025) 63 globally and placed in the 97th percentile ANIL Ecosystem ☀️ renewable energy in electricity mix 💧 water withdrawal from non-competing Denotes…
Slide 41: Thank You
Thank You
Slide 42: Appendix
Appendix
Slide 43: Consolidated Financial Highlights 9M-26: Results at glance
Adani Enterprises Limited (“AEL”): Consolidated Financial Highlights 9M-26 ₹ crore Results at glance Total Income EBITDA PBT 72,763 69,756 12,377 11,985 5,220 25,170 25,521 3,581# 7,674 8,224 4,016 7% 3,994 47,593 44,235 4,703 3,761 1,204 9M-25 9M-26 9M-25 9M-26 (413) 9M-25 9M-26 Established Busines
Slide 44: AEL: Consolidated Financial Highlights 9M-26 Y-o-Y
AEL: Consolidated Financial Highlights 9M-26 Y-o-Y ₹ crore Consolidated ANIL Ecosystem Airports IRM Mining Service 9,652 3,243 10,575 10,394 7,393 30,460 2,516 22,068 TOTAL INCOME 9M-25 9M-26 9M-25 9M-26 9M-25 9M-26 9M-25 9M-26 (2%) 31% (28%) 29% Impacted due to lower Increased in line with tariff I
Slide 45: AEL: Consolidated Financial Highlights Q3-26 Y-o-Y
AEL: Consolidated Financial Highlights Q3-26 Y-o-Y ₹ crore Consolidated ANIL Ecosystem Airports IRM Mining Service 3,161 3,770 2,941 9,562 996 2,939 856 7,169 TOTAL INCOME Q3-25 Q3-26 Q3-25 Q3-26 Q3-25 Q3-26 Q3-25 Q3-26 7% 28% (25%) 16% Increased on account of Increased in line with tariff Impacted
Slide 46: AEL: Consolidated Debt Movement 9M-26 vis-à-vis March-2024
AEL: Consolidated Debt Movement 9M-26 vis-à-vis March-2024 ₹ crore Interest coverage ratio External debt EBITDA External debt from Mar-24 at peak capacity 3.1 3.6 3.4 2.8 2.6 2.4 Rs. 36,262 cr accounted for yet to unlock ➢ Construction of Navi Mumbai Airport 35% in ➢ PPRA Payment of Three Airports F
Slide 47: AEL: Consolidated Debt Details
AEL: Consolidated Debt Details ₹ crore As at Mar-24 As at Mar-25 As at Dec-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 1,976 1,037 3,014 Airport 19,206 27,714 143 27,857 27,627 159 27,786 Road 8,038 14,588
Slide 48: Disclaimer
Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Adani Enterprises Limited (“AEL”), the future outlook and growth prospects, and futu
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