Adani Enterprises Limited · NSE:ADANIENT
Adani Enterprises — Adani Portfolio — FY2026 Earnings Presentation
40 slides from Adani Enterprises's earnings presentation, June 2026
Slide 1: Adani Portfolio | Result Snapshot – FY26
Adani Portfolio | Result Snapshot – FY26 June 2026
Slide 2: Contents
Contents 01 Adani Portfolio Overview 02 Adani Portfolio: Business Wise Performance 02a Adani Enterprises Limited 02b Adani Green Energy Limited 02c Adani Energy Solutions Limited 02d Adani Power Limited 02e Adani Total Gas Limited 02f Adani Ports and Special Economic Zone Limited 02g Ambuja Cements
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 (74.67%) (62.43%) (74.96%) (68.02%) (67.64%)2 AEL AGEL APL APSEZ Ports & Logi
Slide 5: Adani Portfolio: Resilience, Strength and Stability
Adani Portfolio: Resilience, Strength and Stability All figures in INR cr Sector EBITDA Q4FY26 Q4FY25 Growth % of Total FY26 FY25 Growth % of Total Utility 12,272 10,439 17.56% ▲ 48.17% 45,377 43,375 4.61% ▲ 47.85% Transport 6,981 5,456 27.95% ▲ 27.40% 25,228 20,471 23.24% ▲ 26.60% AEL - Infrastruct
Slide 6: Adani Portfolio: Core infra platform is powering free cashflow
Adani Portfolio: Core infra platform is powering free cashflow Y-o-Y FY26 Growth & Revenue-FFO Conversion 63 of Total Revenue % 87 % 88 % of Total EBITDA of Total FFO 1. Infrastructure includes Adani Ports & Special Economic Zone Limited, Adani Power Limited , Adani Green Energy Limited , Adani Tota
Slide 7: Adani Portfolio: Continuously improving credit profile with deep rating coverage
Adani Portfolio: Continuously improving credit profile with deep rating coverage 8% 17% 12% Global Domestic IG AAA - AA+ Rating Track 38% Record April April April 48% BB+ AA – AA- 2019 21% 2023 54% 2026 7 BB- A Category 45% 39% BBB+ - Below 10% 9% years 48% rated above “AA-” 54% rated “AA+” or above
Slide 8: Adani Portfolio: FY26 Highlights
Adani Portfolio: FY26 Highlights Growth with Responsibility Net Debt/ EBITDA FY26 FY25 EBITDA (INR Cr)1 94,834 89,806 3.81x 3.72x 3.66x 3.81x 3.27x 3.32x EBITDA (USD bn) 10.00 10.51 2.63x CAT (FFO) (INR Cr)2 2.19x 67,995 66,532 CAT (FFO) (USD bn) 7.17 7.78 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 • A
Slide 9: Adani Portfolio: Business wise Performance
02 Adani Portfolio: Business wise Performance STRICTLY CONFIDENTIAL
Slide 10: Business wise Summary
Business wise Summary Incubator Energy & Utility Transport & Logistics AEL: • AEL has raised INR 24,930 Cr through • Operational capacity increased by 35% • Achieved robust system availability of • Volume grew by +11% to 500.8 MMT (FY26) from issuance of right shares during FY 26. YoY to 19,294 MW w
Slide 11: 02a Adani Enterprises Limited
02aAdani Enterprises Limited STRICTLY CONFIDENTIAL
Slide 12: Adani Enterprises Limited: FY26 Highlights
Adani Enterprises Limited: FY26 Highlights Airports: . Business Updates ANIL- Solar: • New Integrated Airport Terminal Building inaugurated at Guwahati Airport • Mangalore airport received SEEM Gold Award for outstanding energy efficiency & • Adani Solar only Indian company, ranked 8th globally on e
Slide 13: Adani Enterprises Limited: Credit Updates
Adani Enterprises Limited: Credit Updates International Ratings Entity Rating 10 Years LTD Maturity Profile as on March 31, 2026 (INR Cr) MIAL BBB-/ Stable (Fitch), BBB+/ Stable (CareEdge Global) Cash Balances1: INR 15,408 Cr RR EBITDA2: INR 19,912 Cr Domestic Ratings 12,789 12,498 Entity Rating Age
Slide 14: Adani Enterprises Limited: FY26 Highlights
Adani Enterprises Limited: FY26 Highlights FY26 FY25 Growth with Responsibility Net Debt/ EBITDA EBITDA (INR Cr) 16,643 17,315 4.53x EBITDA (USD bn) 3.69x 1.75 2.03 2.80x 2.80x 2.73x CAT (FFO) (INR Cr) 11,545 10,558 2.09x 2.18x 1.84x CAT (FFO) (USD bn) 1.22 1.24 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY
Slide 15: 02b Adani Green Energy Limited
02bAdani Green Energy Limited STRICTLY CONFIDENTIAL
Slide 16: Adani Green Energy Limited: FY26 Highlights
Adani Green Energy Limited: FY26 Highlights Business Updates • Solar portfolio CUF at 24% backed by 99.2% plant availability. • Operational Capacity increased by 35% to 19.29 GW YoY with addition of: • Wind portfolio CUF at 26.6% backed by 95.6% plant availability. - 3,412 MW solar power plants, • H
Slide 17: Adani Green Energy Limited: Credit Updates
Adani Green Energy Limited: Credit Updates International Ratings 10 Years LTD Maturity Profile as on March 31, 2026 (INR Cr) Entity Rating Cash Balances1 : INR 8,912 Cr AGEL BBB+ (JCR) RR EBITDA2: INR 16,155 Cr 11,165 11,054 AGEL RG2 BBB- (Fitch) / Ba1 (Moody's)/ BB+ (S&P) 9,579 AGEL RG1 BBB- (Fitch
Slide 18: Adani Green Energy Limited: FY26 Highlights
Adani Green Energy Limited: FY26 Highlights Growth with Responsibility Net Debt/ EBITDA FY26 FY25 10.32x EBITDA (INR Cr) 12,075 10,532 7.45x 6.66x 6.42x 6.59x 6.12x1 EBITDA (USD bn) 1.27 1.23 5.56x 5.22x CAT (FFO) (INR Cr) 5,803 6,489 CAT (FFO) (USD bn) 0.61 0.76 FY19 FY20 FY21 FY22 FY23 FY24 FY25 F
Slide 19: 02c Adani Energy Solutions Limited
02cAdani Energy Solutions Limited STRICTLY CONFIDENTIAL
Slide 20: Adani Energy Solutions Limited: FY26 Highlights
Adani Energy Solutions Limited: FY26 Highlights Business Updates Consumer centricity: • Achieved robust system availability of 99.7% at portfolio level in FY26. • Distribution loss in the Mumbai utility is consistently improving and stands at 4.21% and Maintained supply reliability (ASAI) of more th
Slide 21: Adani Energy Solutions Limited: Credit Updates
Adani Energy Solutions Limited: Credit Updates International Ratings 10 Years LTD Maturity Profile as on March 31, 2026 (INR Cr) Entity Rating AESL BBB+ (JCR) Cash Balances1 : INR 8,208 Cr AESL USPP BBB- (Fitch) / Baa3 (Moody's) RR EBITDA2: INR 14,798 Cr Adani Electricity Mumbai Ltd BBB- (Fitch) / B
Slide 22: Adani Energy Solutions Limited: FY26 Highlights
Adani Energy Solutions Limited: FY26 Highlights Growth with Responsibility Net Debt/ EBITDA FY26 FY25 EBITDA (INR Cr) 8,726 7,747 6.11x EBITDA (USD bn) 4.60x 0.92 0.91 4.30x 4.24x 4.45x 4.55x 3.84x1 4.54x CAT (FFO) (INR Cr) 4,834 5,180 CAT (FFO) (USD bn) 0.51 0.61 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Slide 23: 02d Adani Power Limited
02dAdani Power Limited STRICTLY CONFIDENTIAL
Slide 24: Adani Power Limited: FY26 Highlights
Adani Power Limited: FY26 Highlights Business Updates • New Long Term Power Purchase Agreement [“PPA”] award of 1,600 MW by Maharashtra DISCOM under Design, Build, Finance, Own, and Operate [“DBFOO”] • Consolidated O&M Availability and PLF was 89% and 67% during FY26, respectively. mode. Annual powe
Slide 25: Adani Power Limited: Credit Updates
Adani Power Limited: Credit Updates 10 Years LTD Maturity Profile as on Mar 31, 2026 (INR Cr) Domestic Ratings Entity Rating Agency Rating Cash Balances1 : INR 8,534 Cr APL CareEdge Ratings AA/Stable RR EBITDA2: INR 21,804 Cr 8,489 APL CRISIL AA/Stable APL ICRA AA/Stable 4,939 5,336 4,525 4,425 APL
Slide 26: Adani Power Limited: FY26 Highlights
Adani Power Limited: FY26 Highlights Growth with Responsibility Net Debt/ EBITDA FY 26 FY 25 EBITDA1 (INR Cr) 23,321 23,917 5.52x EBITDA (USD bn) 2.46 2.80 4.54x 3.91x 2.79x CAT (FFO) (INR Cr) 20,138 20,503 2.27x 1.92x 0.94x 1.28x CAT (FFO) (USD bn) 2.12 2.40 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
Slide 27: 02e Adani Total Gas Limited
02eAdani Total Gas Limited STRICTLY CONFIDENTIAL
Slide 28: Adani Total Gas Limited: FY26 Highlights
Adani Total Gas Limited: FY26 Highlights Business Updates Gas Sourcing: • ATGL has added 58 new CNG stations in FY26 taking total CNG stations to 705. • Portfolio optimization through long and short-term agreements: • PNG domestic connections increased to 1.10 million households, by adding 1,37,001
Slide 29: Adani Total Gas Limited: Credit Updates
Adani Total Gas Limited: Credit Updates Domestic Ratings 10 Years LTD Maturity Profile as on March 31, 2026 (INR Cr) Entity Rating Agency Rating Cash Balances1: INR 828 cr ATGL ICRA AA+/Stable RR EBITDA2: INR 1,254 cr 3,047 ATGL CRISIL AA+/Stable ATGL Care Edge AA+/Stable The external credit rating
Slide 30: Adani Total Gas Limited: FY26 Highlights
Adani Total Gas Limited: FY26 Highlights Growth with Responsibility Net Debt/ EBITDA FY26 FY25 EBITDA (INR Cr) 1.08x 1.08x 1,254 1,179 1.05x 0.87x EBITDA (USD bn) 0.74x 0.13 0.14 0.49x CAT (FFO) (INR Cr) 1,002 880 0.17x CAT (FFO) (USD bn) 0.11 0.10 FY20 FY21 FY22 FY23 FY24 FY25 FY26 • ATGL won multi
Slide 31: 02f Adani Ports and Special Economic Zone Limited
02fAdani Ports and Special Economic Zone Limited STRICTLY CONFIDENTIAL
Slide 32: Adani Ports and Special Economic Zone Limited: FY26 Highlights
Adani Ports and Special Economic Zone Limited: FY26 Highlights Business Updates Operational Highlights: • Dhamra Port achieved new benchmarks at BB4 by discharging limestone cargoes within 24 hours and handling its maiden capesize vessel, demonstrating enhanced • APSEZ clocked 501 MMT (+ 11% YoY) ca
Slide 33: Adani Ports and Special Economic Zone Limited: Credit Updates
Adani Ports and Special Economic Zone Limited: Credit Updates International Ratings 10 Years LTD Maturity Profile as on March 31, 2026 (INR Cr) Entity Rating BBB- (S&P, Fitch) / Baa3 (Moody’s) / Cash Balances1 : INR 12,193 Cr APSEZ RR EBITDA2: INR 26,467 Cr A- (JCR) / BBB+ (CareEdge Global) Adani In
Slide 34: Adani Ports and Special Economic Zone Limited: FY26 Highlights
Adani Ports and Special Economic Zone Limited: FY26 Highlights FY26 FY25 Growth with Responsibility Net Debt/ EBITDA EBITDA (INR Cr) 25,228 20,471 2.92x 2.79x 2.50x 2.41x 2.53x EBITDA (USD bn) 2.13x 2.66 2.39 1.78x 1.68x CAT (FFO) (INR Cr)1 20,204 16,341 CAT (FFO) (USD bn) 2.13 1.91 FY19 FY20 FY21 F
Slide 35: 02g Ambuja Cements
02gAmbuja Cements STRICTLY CONFIDENTIAL
Slide 36: Ambuja Cements: FY26 Highlights
Ambuja Cements: FY26 Highlights Business Updates • Successfully completed acquisition and onboarding of Orient Cement (in Apr’25). • Cement Sales volume grew by 16% YoY from 63.5 MnT in FY 24-25 to 73.7 MnT in FY 25-26, driven by strong focus on volume expansion, efficiency improvement and • Amalgam
Slide 37: Ambuja Cements: Credit Updates
Ambuja Cements: Credit Updates Domestic Ratings 10 Years LTD Maturity Profile as on March 31, 2026 (INR Cr) Entity Rating Agency Rating Cash Balances1 : INR 1,770 Cr ACL CareEdge AAA/Stable RR EBITDA2: INR 7,909 Cr ACL CRISIL AAA/Stable 22,461 The external credit rating to ACL has been assigned AAA
Slide 38: Ambuja Cements: FY26 Highlights
Ambuja Cements: FY26 Highlights Growth with Responsibility Net Debt/ EBITDA FY26 FY25 EBITDA (INR Cr)1 7,586 8,644 EBITDA (USD bn) 0.80 1.01 4.81x 4.72x CAT (FFO) (INR Cr) 4,468 6,581 2.99x CAT (FFO) (USD bn) 1.66x 0.47 0.77 FY23 FY24 FY25 FY26 1 Year EBITDA 3 Year EBITDA • Added 746 MnT new limesto
Slide 39: 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 t o general business plans and strategy of Adani group, the future outlook and growt h prospects, and fut ure developments o f
Slide 40: Thank You
Thank You V16 – Main common portfolio EBIDTA Slide change