Adani Enterprises Limited · NSE:ADANIENT
Adani Enterprises — Adani Portfolio — Q1 FY27 Earnings Presentation
40 slides from Adani Enterprises's earnings presentation, August 2026
Slide 1: Adani Portfolio | Result Snapshot – Q1 FY27
Adani Portfolio | Result Snapshot – Q1 FY27 August 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 (74.84%) (62.43%) (74.96%) (66.03%) (67.29%)4 AEL1 AGEL APL APSEZ Ports & Log
Slide 5: Adani Portfolio: Resilience, Strength and Stability
Adani Portfolio: Resilience, Strength and Stability All figures in INR cr Sector EBITDA Q1 FY27 Q1 FY26 Growth % of Total June’26 TTM1 June’25 TTM1 Growth % of Total Utility 16,286 11,895 36.91% ▲ 52.63% 49,768 43,633 14.06% ▲ 48.80% Transport 7,106 5,949 19.45% ▲ 22.96% 26,385 21,154 24.73% ▲ 25.87
Slide 6: Adani Portfolio: Core infra platform is powering free cashflow
Adani Portfolio: Core infra platform is powering free cashflow June’26 TTM FY 26 63% 87% 88% 62 of Total Revenue % 86 of Total EBITDA % of Total Revenue of Total EBITDA of Total FFO High FFO Conversion FY 26 Revenue $30.77 bn ~32% ~ 23% EBITDA $10.00 bn Conversion Conversion FFO $7.17 bn 1. Infrastr
Slide 7: Adani Portfolio: Continuously improving credit profile with deep rating coverage
Adani Portfolio: Continuously improving credit profile with deep rating coverage 8% 17% 8% Global Domestic IG AAA - AA+ Rating Track 38% Record April April July BB+ AA – AA- 54% 50% 2019 21% 2023 2026 42% 7.25 BB- A Category 45% BBB+ - Below 10% 9% years 48% rated “AA-” or above 63% rated “AA-” or a
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: • Operational capacity increased by 27% YoY • Achieved robust system availability of • Volume grew by +15% to 138 MMT (Q1FY27) • Successfully completed India’s largest to 20,142 MW with addition of 3,051 MW 99.63% at portfol
Slide 11: Adani Enterprises Limited
02aAdani Enterprises Limited STRICTLY CONFIDENTIAL
Slide 12: Adani Enterprises Limited: Q1FY27 Highlights
Adani Enterprises Limited: Q1FY27 Highlights Business Updates Airports: . ANIL- Solar: • Navi Mumbai Airport ramp up in progress; launched international passenger • Cell & Module line capacity expanded to 5.7 GW, by commissioning of services from 15 July ’26 1.7 GW in June ’26. Further, 4.3 GW capac
Slide 13: Adani Enterprises Limited: Credit Updates
Adani Enterprises Limited: Credit Updates International Ratings Entity Rating 10 Years LTD Maturity Profile as on June 30, 2026 (INR Cr) MIAL BBB-/ Stable (Fitch), BBB+/ Stable (CareEdge Global) Cash Balances1: INR 12,794 Cr RR EBITDA2: INR 22,900 Cr Domestic Ratings Entity Rating Agency Rating 13,7
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: Adani Green Energy Limited
02bAdani Green Energy Limited STRICTLY CONFIDENTIAL
Slide 16: Adani Green Energy Limited: Q1FY27 Highlights
Adani Green Energy Limited: Q1FY27 Highlights Business Updates • Solar portfolio CUF at 25.3% backed by 99.5% plant availability. • Operational Capacity increased by 27% to 20.1 GW YoY with addition of: • Wind portfolio CUF at 44.4% backed by 95.3% plant availability. - 3,051 MW solar power plants,
Slide 17: Adani Green Energy Limited: Credit Updates
Adani Green Energy Limited: Credit Updates International Ratings 10 Years LTD Maturity Profile as on June 30, 2026 (INR Cr) Entity Rating Cash Balances1 : INR 10,219 Cr RR EBITDA2: INR 17,065 Cr AGEL BBB+ (JCR) 11,923 11,782 AGEL RG2 BBB- (Fitch) / Ba1 (Moody's)/ BB+ (S&P) AGEL RG1 BBB- (Fitch) 10,0
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: Adani Energy Solutions Limited
02cAdani Energy Solutions Limited STRICTLY CONFIDENTIAL
Slide 20: Adani Energy Solutions Limited: Q1FY27 Highlights
Adani Energy Solutions Limited: Q1FY27 Highlights Business Updates Consumer centricity: • Achieved robust system availability of 99.63% at portfolio level in Q1FY27 • Distribution loss in the Mumbai utility is consistently improving and stands at 5.16% and Maintained supply reliability (ASAI) of mor
Slide 21: Adani Energy Solutions Limited: Credit Updates
Adani Energy Solutions Limited: Credit Updates International Ratings 10 Years LTD Maturity Profile as on June 30, 2026 (INR Cr) Entity Rating AESL BBB+ (JCR) Cash Balances1 : INR 10,268 Cr AESL USPP BBB- (Fitch) / Baa3 (Moody's) RR EBITDA2: INR 15,249 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: Adani Power Limited
02dAdani Power Limited STRICTLY CONFIDENTIAL
Slide 24: Adani Power Limited: Q1FY27 Highlights
Adani Power Limited: Q1FY27 Highlights Business Updates • APL acquired the 180 MW Churk thermal power plant, 24% equity stake in Jaiprakash Power Ventures Limited (2,220 MW), and 11.49% equity stake in • Consolidated O&M Availability and PLF was 96% and 78% during Q1 FY27, Prayagraj Power Generation
Slide 25: Adani Power Limited: Credit Updates
Adani Power Limited: Credit Updates 10 Years LTD Maturity Profile as on June 30, 2026 (INR Cr) Domestic Ratings Entity Rating Agency Rating Cash Balances1 : INR 10,739 Cr APL CareEdge Ratings AA/Stable RR EBITDA2: INR 23,000 Cr APL CRISIL AA/Stable 8,865 APL ICRA AA/Stable 6,322 5,425 5,387 5,392 AP
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: Adani Total Gas Limited
02eAdani Total Gas Limited STRICTLY CONFIDENTIAL
Slide 28: Adani Total Gas Limited: Q1FY27 Highlights
Adani Total Gas Limited: Q1FY27 Highlights Gas Sourcing: Business Updates ➢ Elevated gas costs and APM supply gaps, driven by West Asia Crisis, were managed • Combined CNG and PNG volume of 303 MMSCM, 13% increase Y-o-Y through proactive measures such as, • Increased CNG stations to 707 by adding 5
Slide 29: Adani Total Gas Limited: Credit Updates
Adani Total Gas Limited: Credit Updates Domestic Ratings 10 Years LTD Maturity Profile as on June 30, 2026 (INR Cr) Entity Rating Agency Rating Cash Balances1: INR 910 cr ATGL ICRA AA+/Stable RR EBITDA2: INR 1,242 cr 3,042 ATGL CRISIL AA+/Stable ATGL Care Edge AA+/Stable ✓ The above strong ratings r
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: 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: Q1FY27 Highlights
Adani Ports and Special Economic Zone Limited: Q1FY27 Highlights Business Updates Operational Highlights: • APSEZ’s marine arm, Astro Offshore, has entered into a contract with • APSEZ clocked 138 MMT (+ 15% YoY) cargo volume in Q1FY27. The growth was primarily Oceaneering International Inc. to supp
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 June 30, 2026 (INR Cr) Entity Rating BBB (S&P) / BBB- (Fitch) / Baa3 (Moody’s) / Cash Balances1 : INR 12,428 Cr APSEZ RR EBITDA2: INR 29,098 Cr A- (JCR) / BBB+ (CareEdge Global) Ad
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: Ambuja Cements
02gAmbuja Cements STRICTLY CONFIDENTIAL
Slide 36: Ambuja Cements: Q1FY27 Highlights
Ambuja Cements: Q1FY27 Highlights Business Updates • Clear focus on value-led growth and improving the quality of earnings; Trade • IoT-Based Reliability: IoT-enabled condition monitoring provides real-time Share up by 4 pp to 78% YoY visibility into equipment health, enhancing asset reliability, re
Slide 37: Ambuja Cements: Credit Updates
Ambuja Cements: Credit Updates Domestic Ratings 10 Years LTD Maturity Profile as on June 30, 2026 (INR Cr) Entity Rating Agency Rating Cash Balances1 : INR 844 Cr ACL CareEdge AAA/Stable RR EBITDA2: INR 9,559 Cr ACL CRISIL AAA/Stable 22,421 The external credit rating to ACL has been assigned AAA (St
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