Adani Enterprises Limited · NSE:ADANIENT
Adani Enterprises — Adani Portfolio — Q3 FY26 Earnings Presentation
40 slides from Adani Enterprises's earnings presentation, February 2026
Slide 1: Adani Portfolio | Result Snapshot – Q3 FY26
Adani Portfolio | Result Snapshot – Q3 FY26 February 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 (73.97%) (62.43%) (74.96%) (68.02%) (67.64%)4 AEL1 AGEL APL APSEZ3 Ports & Lo
Slide 5: Adani Portfolio: Resilience, Strength and Stability
Adani Portfolio: Resilience, Strength and Stability All figures in INR cr Sector EBITDA Q3 FY26 Q3 FY25 Growth % of Total Dec’25 TTM1 Dec’24 TTM1 Growth % of Total Utility 9,866 10,434 (5.44%) ▼ 44.84% 43,544 42,572 2.28% ▲ 47.27% Transport 6,121 5,077 20.56% ▲ 27.82% 23,702 19,327 22.64% ▲ 25.73% A
Slide 6: Adani Portfolio: Core infra platform is powering free cashflow
Adani Portfolio: Core infra platform is powering free cashflow December’25 TTM September’25 TTM 63% 83% 85% of Total Revenue of Total EBITDA of Total FFO 63 of Total Revenue % 85 of Total EBITDA % High FFO Conversion September’25 TTM Revenue $31.19 bn ~34% ~24% EBITDA $10.48 bn Conversion Conversion
Slide 7: Adani Portfolio: Continuously improving credit profile with deep rating coverage
Adani Portfolio: Continuously improving credit profile with deep rating coverage 8% 17% 9% Global Domestic IG AAA - AA+ Rating Track 38% Record April April December 49% BB+ AA – AA- 2019 21% 2023 54% 2025 6.75 BB- A Category 45% 42% BBB+ - Below 10% 9% years 48% rated above “AA-” 63% rated above “AA
Slide 8: Adani Portfolio: H1 FY26 Highlights
Adani Portfolio: H1 FY26 Highlights Growth with Responsibility Net Debt/ EBITDA Sept’25 TTM Sept’24 TTM EBITDA (INR Cr)3 92,943 83,607 3.81x 3.72x 3.66x 3.81x 3.27x EBITDA (USD bn) 3.00x 10.48 9.98 2.63x CAT (FFO) (INR Cr) 2.19x 65,016 59,723 CAT (FFO) (USD bn) 7.33 7.13 FY19 FY20 FY21 FY22 FY23 FY2
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 issuance of right shares during • Operational capacity increased by 48% • Achieved robust system availability of • Volume grew by +11% to 367 MMT (9MFY26) December’25 YoY to 17,238 MW w
Slide 11: 02a Adani Enterprises Limited
02aAdani Enterprises Limited STRICTLY CONFIDENTIAL
Slide 12: Adani Enterprises Limited: 9M FY26 Highlights
Adani Enterprises Limited: 9M FY26 Highlights Business Updates Airports: . ANIL- Solar: • New Integrated Airport Terminal Building inaugurated at Guwahati Airport • Adani Solar only Indian company, ranked 8th globally on elite list of Global Solar • Mangalore airport received SEEM Gold Award for out
Slide 13: Adani Enterprises Limited: Credit Updates
Adani Enterprises Limited: Credit Updates International Ratings 10 Years LTD Maturity Profile as on Dec 31, 2025 (INR Cr) Entity Rating MIAL BBB-/ Stable (Fitch), BBB+/ Stable (CareEdge Global) Cash Balances1: INR 15,678 Cr RR EBITDA2: INR 17,422 Cr Domestic Ratings Entity Rating Agency Rating 11,72
Slide 14: Adani Enterprises Limited: H1FY26 Highlights
Adani Enterprises Limited: H1FY26 Highlights Sept’25 TTM Sept’24 TTM Growth with Responsibility Net Debt/ EBITDA EBITDA (INR Cr) 16,343 16,252 4.53x EBITDA (USD bn) 1.84 1.94 3.49x 2.80x 2.80x 2.73x CAT (FFO) (INR Cr) 8,883 10,507 2.09x 2.18x 1.84x CAT (FFO) (USD bn) 1.00 1.25 FY19 FY20 FY21 FY22 FY
Slide 15: 02b Adani Green Energy Limited
02bAdani Green Energy Limited STRICTLY CONFIDENTIAL
Slide 16: Adani Green Energy Limited: 9M FY26 Highlights
Adani Green Energy Limited: 9M FY26 Highlights Business Updates • Solar portfolio CUF at 23.7% backed by 99.1% plant availability. • Operational Capacity increased by 48% to 17.2 GW YoY with addition of: • Wind portfolio CUF at 29.2% backed by 95.5% plant availability. - 4,187 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 Dec 31, 2025 (INR Cr) Entity Rating Cash Balances1 : INR 8,480 Cr AGEL BBB+ (JCR) RR EBITDA2: INR 14,454 Cr 11,153 11,320 AGEL RG2 BBB- (Fitch) / Ba1 (Moody's)/ BB+ (S&P) 9,637 AGEL RG1 BBB- (Fitch)/
Slide 18: Adani Green Energy Limited: H1FY26 Highlights
Adani Green Energy Limited: H1FY26 Highlights Growth with Responsibility Net Debt/ EBITDA Sept’25 TTM Sept’24 TTM 10.32x EBITDA (INR Cr) 11,272 9,966 6.66x 6.42x 6.59x 6.18x 6.81x EBITDA (USD bn) 1.27 1.19 5.56x 5.22x CAT (FFO) (INR Cr) 5,947 5,108 CAT (FFO) (USD bn) 0.67 0.61 FY19 FY20 FY21 FY22 FY
Slide 19: 02c Adani Energy Solutions Limited
02cAdani Energy Solutions Limited STRICTLY CONFIDENTIAL
Slide 20: Adani Energy Solutions Limited: 9M FY26 Highlights
Adani Energy Solutions Limited: 9M FY26 Highlights Business Updates Consumer centricity: • Achieved robust system availability of 99.7% at portfolio level in 9MFY26. • Distribution loss in the Mumbai utility is consistently improving and stands at 4.22% and Maintained supply reliability (ASAI) of mo
Slide 21: Adani Energy Solutions Limited: Credit Updates
Adani Energy Solutions Limited: Credit Updates International Ratings 10 Years LTD Maturity Profile as on Dec 31, 2025 (INR Cr) Entity Rating AESL BBB+ (JCR) Cash Balances1 : INR 9,670 Cr AESL USPP BBB- (Fitch) / Baa3 (Moody's) RR EBITDA2: INR 11,901 Cr Adani Electricity Mumbai Ltd BBB- (Fitch) / Baa
Slide 22: Adani Energy Solutions Limited: H1FY26 Highlights
Adani Energy Solutions Limited: H1FY26 Highlights Growth with Responsibility Net Debt/ EBITDA Sept’25 TTM Sept’24 TTM EBITDA (INR Cr) 8,237 7,156 6.11x EBITDA (USD bn) 4.60x 0.93 0.85 4.30x 4.24x 4.45x 4.55x 3.88x 4.38x CAT (FFO) (INR Cr) 5,130 3,873 CAT (FFO) (USD bn) 0.58 0.46 FY19 FY20 FY21 FY22
Slide 23: 02d Adani Power Limited
02dAdani Power Limited STRICTLY CONFIDENTIAL
Slide 24: Adani Power Limited: 9M FY26 Highlights
Adani Power Limited: 9M FY26 Highlights Business Updates • APL signed PPA of 350 MW (net) capacity with Powerpulse Trading Solutions • Consolidated O&M Availability and PLF was 88.08% and 64.13% during Ltd. (PTSL) for supply of power to Uttarakhand DISCOM for a period of 4 years from the 600 MW Raig
Slide 25: Adani Power Limited: Credit Updates
Adani Power Limited: Credit Updates 10 Years LTD Maturity Profile as on Dec 31, 2025 (INR Cr) Domestic Ratings Entity Rating Agency Rating Cash Balances1 : INR 6,652 Cr APL CareEdge AA/Stable RR EBITDA2: INR 23,000 Cr APL CRISIL AA/Stable APL ICRA AA/Stable 6,714 5,336 APL Ind Ra AA/Stable 3,914 3,2
Slide 26: Adani Power Limited: H1FY26 Highlights
Adani Power Limited: H1FY26 Highlights Growth with Responsibility Net Debt/ EBITDA Sept’25 TTM Sept’24 TTM EBITDA1 (INR Cr) 23,438 23,157 5.52x EBITDA (USD bn) 2.64 2.76 4.54x 3.91x 2.79x CAT (FFO) (INR Cr) 19,948 19,815 2.27x 1.28x 1.56x 0.94x CAT (FFO) (USD bn) 2.25 2.36 FY19 FY20 FY21 FY22 FY23 F
Slide 27: 02e Adani Total Gas Limited
02eAdani Total Gas Limited STRICTLY CONFIDENTIAL
Slide 28: Adani Total Gas Limited: 9M FY26 Highlights
Adani Total Gas Limited: 9M FY26 Highlights Business Updates Gas sourcing: • ATGL has added 33 new CNG stations in 9MFY26 taking total CNG stations to 680. • Portfolio optimization through long and short-term agreements: • PNG domestic connections increased to 1.05 million households, by adding 87,4
Slide 29: Adani Total Gas Limited: Credit Updates
Adani Total Gas Limited: Credit Updates Domestic Ratings 10 Years LTD Maturity Profile as on Dec 31, 2025 (INR Cr) Entity Rating Agency Rating Cash Balances1: INR 521 cr ATGL ICRA AA+/Stable RR EBITDA2: INR 1,210 cr ATGL CRISIL AA+/Stable 2891 ATGL CareEdge AA+/Stable • These strong ratings reflects
Slide 30: Adani Total Gas Limited: H1FY26 Highlights
Adani Total Gas Limited: H1FY26 Highlights Growth with Responsibility Net Debt/ EBITDA Sept’25 TTM Sept’24 TTM EBITDA (INR Cr) 1.08x 1.14x 1,166 1,239 1.05x 0.87x EBITDA (USD bn) 0.74x 0.13 0.14 0.49x CAT (FFO) (INR Cr) 869 931 0.17x CAT (FFO) (USD bn) 0.1 0.1 FY20 FY21 FY22 FY23 FY24 FY25 Sep'25 TT
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: 9M FY26 Highlights
Adani Ports and Special Economic Zone Limited: 9M FY26 Highlights Business Updates Operational Highlights: • In December’25, Dahej Port created a new record by dispatching 30,965 • APSEZ clocked 367 MMT (+ 11% YoY) cargo volume in 9M FY26. The growth was MT cargo via 872 trucks in a single day. It a
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 Dec 31, 2025 (INR Cr) Entity Rating BBB- (S&P, Fitch) / Baa3 (Moody’s) / Cash Balances1 : INR 11,807 Cr APSEZ RR EBITDA2: INR 24,410 Cr A- (JCR) Adani International Container Termi
Slide 34: Adani Ports and Special Economic Zone Limited: H1FY26 Highlights
Adani Ports and Special Economic Zone Limited: H1FY26 Highlights Sept’25 TTM Sept’24 TTM Growth with Responsibility Net Debt/ EBITDA EBITDA (INR Cr) 22,658 18,846 2.92x 2.79x 2.50x 2.41x 2.53x EBITDA (USD bn) 2.13x 2.55 2.25 1.78x 1.65x CAT (FFO) (INR Cr) 17,657 15,307 CAT (FFO) (USD bn) 1.99 1.83 F
Slide 35: 02g Ambuja Cements
02gAmbuja Cements STRICTLY CONFIDENTIAL
Slide 36: Ambuja Cements: 9M FY26 Highlights
Ambuja Cements: 9M FY26 Highlights Business Updates • Cement Sales volume grew by 19% YoY from 53.8 MnT in YTD Dec’25 to 45.3 • Successfully completed acquisition and onboarding of Orient Cement (in Apr’25). MnT in YTD Dec’24, driven by strong focus on volume expansion, efficiency • Amalgamation of
Slide 37: Ambuja Cements: Credit Updates
Ambuja Cements: Credit Updates Domestic Ratings 10 Years LTD Maturity Profile as on Dec 31, 2025 (INR Cr) Entity Rating Agency Rating Cash Balances1 : INR 1,511 Cr ACL CareEdge AAA/Stable RR EBITDA2: INR 8,218 Cr ACL CRISIL AAA/Stable 21,287 The external credit rating to ACL has been assigned AAA (S
Slide 38: Ambuja Cements: H1FY26 Highlights
Ambuja Cements: H1FY26 Highlights Growth with Responsibility Net Debt/ EBITDA Sept’25 TTM Sept’24 TTM EBITDA (INR Cr) 9,829 6,991 EBITDA (USD bn) 1.11 0.83 4.81x CAT (FFO) (INR Cr) 3.42x 6,582 4,183 2.99x CAT (FFO) (USD bn) 1.66x 0.74 0.50 FY23 FY24 FY25 Sept'25 TTM 1 Year EBITDA 2.5 Year EBITDA • A
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