Adani Enterprises Limited · NSE:ADANIENT
Adani Enterprises — Adani Portfolio — Debt Investor Presentation (February 2026)
58 slides from Adani Enterprises's debt investor presentation, February 2026
Slide 1: Adani Portfolio | Credit Update – Q3 FY26
Adani Portfolio | Credit Update – Q3 FY26 February 2026
Slide 2: Contents
Contents 01 Adani Portfolio Overview 02a Adani Portfolio: Strong Business Performance 02b Adani Portfolio: Diversified Assets 03 Borrowings & Leverage discipline 03a Leverage Risk 03b Liquidity Risk 03c System Risk 03d Concentration Risk 04 Rating Affirmations Appendix A Business Credit Update B Own
Slide 3: Adani Portfolio: Risk Evaluation Structure
Adani Portfolio: Risk Evaluation Structure ASSET RISK CASHFLOW RISK SYSTEM RISK Asset Leverage EBITDA Profile Liquidity Risk Equity deployed Contracted EBITDA as Cash reserves as in Assets % of total EBITDA % of borrowing ~59% >70%1 ~17% Funding Risk Leverage Risk Market Risk Concentration risk of B
Slide 4: Adani Portfolio Overview
01 Adani Portfolio Overview STRICTLY CONFIDENTIAL
Slide 5: 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 6: 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 7: 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 8: Broad based ESG commitment and Credentials
Adani Portfolio: Broad based ESG commitment and Credentials 2070 Net Zero Adani Enterprises Tax Transparency Audit ✓ ✓ ✓ ✓ ✓ ✓ ✓ TCFD Supporter ✓ ✓ ✓ ✓ ✓ ✓ ✓ Net Zero ✓ ✓ ✓ ✓ ✓ ✓ ✓* Commitment 2040 2070 2050 2050 2070 2070 2050 UNGC Participant ✓ NC ✓ ✓ NC NC ✓ IBBI ✓ ✓ ✓ ✓ ✓ ✓ ✓ DJSI 66 (from 68) 6
Slide 9: 02a Adani Portfolio: Strong Business Performance
02aAdani Portfolio: Strong Business Performance STRICTLY CONFIDENTIAL
Slide 10: 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 11: 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 12: 02b Adani Portfolio: Diversified Assets
02bAdani Portfolio: Diversified Assets STRICTLY CONFIDENTIAL
Slide 13: Well distributed EBITDA contribution
Adani Portfolio: Well distributed EBITDA contribution All figures in INR Crores Portfolio AGEL AESL APL 1 ATGL 10% % of Portfolio EBITDA 4% 2% 3% 1% 5% 4% 0.7% 0.3% % of Entity’s EBITDA 30% 18% 30% 9% 20% 18% 53% 24% 13,714 22,134 8,216 92,123 6,082 11,585 9% 5,200 8,616 4,048 23,702 2,050 3,453 811
Slide 14: Distributed geographically diverse asset base
Adani Portfolio: Distributed geographically diverse asset base All figures in INR Crores Portfolio AGEL AESL APL ATGL % of Portfolio Gross Assets 6% 2% 0.3% 10% 3% 1% 4% 3% 0.1% % of Entity’s Gross Assets 36% 14% 21% 17% 30% 33% 10% 13% 77,709 1,24,976 57,845 1,15,984 11% 81,269 6,77,029 20% 16,290
Slide 15: Borrowings & Leverage Discipline
03 Borrowings & Leverage Discipline STRICTLY CONFIDENTIAL
Slide 16: 03a Leverage Risk
03aLeverage Risk STRICTLY CONFIDENTIAL
Slide 17: Sustainable Financial Growth
Adani Portfolio: Sustainable Financial Growth All figures in INR cr Short Seller Major Supply chain Russia – Middle East 2,00,000 COVID 19 Event & US Economies in US Tariff War disruption Ukraine War Conflict Bank Crisis Election Cycle 1,80,000 1,60,000 1,40,000 22.5% 1,20,000 1,00,000 1,02,088 89,8
Slide 18: High growth profile & Credit Discipline
Adani Portfolio: High growth profile & Credit Discipline Threshold 5.0x Guided 3.5x to 4.5x 3.81x 3.72x 3.81x 3.66x Benchmark 2.5x to 3.5x 3.27x 3.00x 2.63x Net Debt / EBITDA 2.19x FY19 FY20 FY21 FY22 FY23 FY24 FY25 Sept'25 Avg Maturity (yrs)1 6.54 6.54 7.01 7.00 1.20 10.26% 14.00% 9.76% 9.02% 8.76%
Slide 19: 03b Liquidity Risk
03bLiquidity Risk STRICTLY CONFIDENTIAL
Slide 20: Derisking Balance Sheet
Adani Portfolio: Derisking Balance Sheet Particulars UOM FY19A FY20A FY21A FY22A FY23A FY24A1 FY25A1 Sept’25 EBITDA INR Cr 24,870 27,274 32,136 42,023 57,2052 82,9152 89,8062 92,9432,3 Gross Assets INR Cr 158,363 183,984 222,980 316,764 412,318 483,082 609,159 677,029 Gross Debt INR Cr 105,964 118,8
Slide 21: Maintaining RoA at rapidly increasing Asset base
Adani Portfolio: Maintaining RoA at rapidly increasing Asset base All figures in INR cr Gross Assets RoA 6,77,029 6,09,170 4,83,082 16.92% 4,12,318 3,16,764 15.14% 2,22,980 1,83,984 1,58,363 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Sept'25 Particulars FY19A FY20A FY21A FY22A FY23A FY24A1 FY25A1 Sept’25 EB
Slide 22: 03c System Risk
03cSystem Risk STRICTLY CONFIDENTIAL
Slide 23: Eliminating system risk
Adani Portfolio: Eliminating system risk Long-Term Net Long- Avg. Maturity Leverage Net Debt / RR FFO Cash Balance Listed Entity Debt Term Debt Net LTD/FFO of LTD Ratio EBITDA INR cr. INR cr. INR cr. INR cr. (Years) ATGL 1.14x 869 610 1,924 1,314 1.51x 3.11 0.0x – 2.5x APL 1.59x 19,948 10,478 37,520
Slide 24: No maturity outside of cash & FFO envelop
Adani Portfolio: No maturity outside of cash & FFO envelop All figures in INR cr FFO for Sept’25 TTM 10 years of debt maturity profile 92,943 FFO + Cash Balances – 122,1731 65,016 (22,818) (5,109) Part of refinance plan EBITDA Finance Tax Paid FFO FFO – 65,0161 Cost 47,750 1,22,173 42,106 1,12,751 8
Slide 25: 03d Concentration Risk
03dConcentration Risk STRICTLY CONFIDENTIAL
Slide 26: Concentration risk management
Adani Portfolio: Concentration risk management Debt mix profile of Adani Portfolio as on 30th September 2025 All figures in INR cr Global Capital Domestic Capital Domestic Banking Global Banking Others Markets Markets Debt Mix 50% 23% 18% 6% 3% Avg Maturity (yrs) 9.17 2.62 6.37 6.35 8.75 1,45,510 Lo
Slide 27: Rating Affirmations
04 Rating Affirmations STRICTLY CONFIDENTIAL
Slide 28: 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 29: A Business Credit Update
A APPENDIX Business Credit Update
Slide 30: Adani Enterprises Ltd: Derisking Balance Sheet
Adani Enterprises Ltd: Derisking Balance Sheet Particulars UOM FY19A FY20A FY21A FY22A FY23A FY24A1 FY25A1 Sept’25 EBITDA INR Cr 3,127 3,571 3,329 5,312 10,562 13,681 17,316 16,3432 Gross Assets INR Cr 16,247 19,789 21,860 57,237 86,403 109,741 141,489 159,084 Gross Debt INR Cr 10,471 10,024 11,608
Slide 31: Adani Enterprises Limited: Credit Updates
Adani Enterprises Limited: Credit Updates Credit Highlights 10 Years LTD Maturity Profile as on 31st December, 2025 (INR Cr) Particulars (INR Cr) Sept-25 FFO + Cash 21,8842 Gross Debt 70,002 Cash Balances 13,001 Net Debt 57,001 11,727 EBITDA1 16,343 10,210 RR EBITDA 17,412 FFO 8,8832 Net Debt / EBIT
Slide 32: Adani Green Energy Limited: Derisking Balance Sheet
Adani Green Energy Limited: Derisking Balance Sheet Particulars UOM FY19A FY20A FY21A FY22A FY23A FY24A1 FY25A1 Sept’25 EBITDA INR Cr 1,779 1,855 2,637 3,926 6,390 8,908 10,532 11,2722 Gross Assets INR Cr 13,071 16,096 23,698 52,004 58,384 75,540 103,670 115,984 Gross Debt INR Cr 10,639 13,943 18,88
Slide 33: Adani Green Energy Limited: Credit Updates
Adani Green Energy Limited: Credit Updates Credit Highlights Particulars (INR Cr) Sept-25 10 Years LTD Maturity Profile as on 31st December, 2025 (INR Cr) Gross Debt 86,715 FFO + Cash 15,8732 Cash Balances 9,926 11,153 11,320 Net Debt 76,789 9,637 EBITDA1 11,272 RR EBITDA 14,086 FFO 5,9472 Net Debt
Slide 34: Adani Energy Solutions Limited: Derisking Balance Sheet
Adani Energy Solutions Limited: Derisking Balance Sheet Particulars UOM FY19A FY20A FY21A FY22A FY23A FY24A1 FY25A Sept’25 EBITDA INR Cr 3,115 4,532 5,066 5,493 6,101 6,323 7,747 8,2372 Gross Assets INR Cr 27,695 30,898 37,328 41,878 46,937 51,784 56,206 58,341 Gross Debt INR Cr 20,101 22,151 24,583
Slide 35: Adani Energy Solutions Limited: Credit Updates
Adani Energy Solutions Limited: Credit Updates Credit Highlights Particulars (INR Cr) Sept-25 10 Years LTD Maturity Profile as on 31st December, 2025 (INR Cr) Gross Debt 44,379 FFO + Cash 13,3962 Cash Balances 8,266 Net Debt 36,113 8,887 EBITDA1 8,237 RR EBITDA 11,901 6,803 6,355 Net Debt / EBITDA 4
Slide 36: Adani Power Limited: Derisking Balance Sheet
Adani Power Limited: Derisking Balance Sheet Particulars UOM FY19A FY20A FY21A FY22A FY23A FY24A1 FY25A Sept’25 EBITDA INR Cr 7,878 7,256 10,425 13,835 14,4272 28,1082 23,9172 23,4382,3 Gross Assets INR Cr 62,210 72,623 76,903 84,215 88,188 91,634 113,215 124,976 Gross Debt INR Cr 36,814 42,255 42,5
Slide 37: Adani Power Limited: Credit Updates
Adani Power Limited: Credit Updates Credit Highlights 10 Years LTD Maturity Profile as on 31st December, 2025 (INR Cr) Particulars (INR Cr) Sept-25 Gross Debt 47,053 FFO + Cash 30,4263 Cash Balances 10,478 Net Debt 36,575 FFO 19,9483 EBITDA1,2 23,438 RR EBITDA 23,000 6,714 5,336 Net Debt / EBITDA 1.
Slide 38: Adani Total Gas Limited: Derisking Balance Sheet
Adani Total Gas Limited: Derisking Balance Sheet Particulars UOM FY19A FY20A FY21A FY22A FY23A FY24A1 FY25A Sept’25 EBITDA INR Cr 541 639 740 819 924 1,166 1,179 1,1662 Gross Assets INR Cr 1,405 1,826 2,424 3,333 4,497 5,378 6,426 6,841 ‘ Gross Debt INR Cr 394 403 488 995 1,371 1,474 1,757 1,936 Net
Slide 39: Adani Total Gas Limited: Credit Updates
Adani Total Gas Limited: Credit Updates Credit Highlights 10 Years LTD Maturity Profile as on 31st December, 2025 (INR Cr) Particulars (INR Cr) Sept-25 2,891 Gross Debt 1,936 Cash Balances 610 Net Debt 1,326 FFO + Cash 1,4792 EBITDA1 1,166 562 FFO 8692 RR EBITDA 1,166 209 206 87 - Net Debt / EBITDA
Slide 40: Adani Ports & Special Economic Limited: Derisking Balance Sheet
Adani Ports & Special Economic Limited: Derisking Balance Sheet Particulars UOM FY19A FY20A FY21A FY22A FY23A FY24A1 FY25A Sept’25 EBITDA INR Cr 8,430 9,422 9,939 12,637 14,434 17,202 20,471 22,6582 Gross Assets INR Cr 37,736 42,754 60,767 78,098 93,049 103,942 122,921 130,534 Gross Debt INR Cr 27,5
Slide 41: Adani Ports and Special Economic Zone Limited: Credit Updates
Adani Ports and Special Economic Zone Limited: Credit Updates Credit Highlights 10 Years LTD Maturity Profile as on 31st December, 2025 (INR Cr) Particulars (INR cr) Sept-25 FFO + Cash 30,7202 Gross Debt 50,495 Cash Balances 13,063 Net Debt 37,432 FFO 17,6572 10,334 9,010 8,773 EBITDA1 22,658 6,069
Slide 42: Ambuja Cements: Derisking Balance Sheet
Ambuja Cements: Derisking Balance Sheet Particulars UOM FY19A FY20A FY21A FY22A FY23A FY24A1 FY25A Sept’25 INR cr. EBITDA INR Cr - - - - 4,368 7,589 8,644 9,8292 Gross Assets INR Cr - - - - 34,862 45,065 65,252 81,269 Gross Debt INR Cr - - - - 32,916 28,603 35,968 35,168 Net Debt INR Cr - - - - 21,0
Slide 43: Ambuja Cements: Credit Updates
Ambuja Cements: Credit Updates Credit Highlights 10 Years LTD Maturity Profile as on 31st December, 2025 (INR Cr) Particulars (INR cr) Sept-25 21,287 Gross Debt 35.168 Cash Balances 1,813 Net Debt 33,355 14,245 EBITDA1 9,829 RR EBITDA 10,113 Net Debt / EBITDA 3.39x FFO + Cash 8,3952 Net Debt / RR EB
Slide 44: B Ownership Structure
B APPENDIX Ownership Structure STRICTLY CONFIDENTIAL
Slide 45: Adani Portfolio: Shareholding Summary
Adani Portfolio: Shareholding Summary Total Total Total Promoter Total Public Listed Entity Others Onshore Offshore Holding Holding AEL 58.29% 15.68% 73.97% - 26.03% APSEZ 39.99% 28.03% 68.02% - 31.98% APL 47.20% 27.76% 74.96% - 25.04% AGEL 49.07% 13.37% 62.43% - 37.57% AESL 58.21% 12.98% 71.19% - 2
Slide 46: UBO (Onshore)
Adani Portfolio: UBO (Onshore) Trustees Gautam S. Adani Rajesh S. Adani Vinod S Adani 100% S. B. Adani Family Trust (SBAFT) 15.59% 83.97% 100% Individual Adani Properties Private Ltd. Adani Rail Infra Private Ltd. SBAFT (APPL) & its wholly owned AEL Total Promoters 1 (ARIPL) Subsidiaries AEL 0.00% 4
Slide 47: UBO (Offshore)
Adani Portfolio: UBO (Offshore) Trust (Beneficiary Owner: VSA & RVA) Amulya Resources Holding Ltd through Holding Company (BVI) Adani Global Investment DMCC (UAE) Acropolis Trade & Investment through Total Subsidiaries & Financial Companies (Mauritius) AEL 1.66% 14.02% 15.68% APSEZ 5.91% 22.12% 28.0
Slide 48: C Synergy
C APPENDIX Synergy STRICTLY CONFIDENTIAL
Slide 49: Operational Synergies accruing to each business in Portfolio
Operational Synergies accruing to each business in Portfolio Adani Portfolio Ecosystem EPC & PMC O&M Human Resource AIMSL GCC AIIL1 Centre of Centre of Centre of Excellence Excellence Excellence Supply of Power Synergy benefits between entities providing assurance on Supply chain and off Mining Ener
Slide 50: Thank You
Thank You V20- credit metrices threshold change after Robbie sir’s comment
Slide 51: Business Risk summary: assets, EBITDA, liquidity and financing
Adani Portfolio: Business Risk Asset Profile Asset Coverage Diversified Financing Sources Global Banking, Domestic Total Asset Equity Deployed Liquidity Refinance Risk1 77,141 Capital Mkt, 25% 20,054 Sept 25 FFO+ Cash Cover 398,440 Cr 17.02% 2.50x 48% 677,029 Cr INR INR Domestic Global Banking, Capi
Slide 52: ESG Credentials Legend Scale
ESG Credentials Legend Scale Risk Assessment Negligible Low Medium High Severe SUSTAINALYTICS (Lower the better) 0-10 10-20 20-30 30-40 40+ ESG Assessment Leadership Strong Adequate Below Avg. Weak (Higher the better) 71-100 61-70 51-60 41-50 0-40 ESG Assessment Highest Lowest (Higher the better) 10
Slide 53: Concentration risk management
Adani Portfolio: Concentration risk management Debt Profile of Adani Portfolio as on 30th September 2025 INR Cr. Institution Type Term Debt Outstanding % WC Debt Outstanding % Total Gross Debt % Domestic Banking 145,510 48% 20,959 69% 166,469 50% Dom. PSU Banks 60,411 20% 16,431 54% 76,842 23% Dom.
Slide 54: Rating Actions – Q3 FY26 (1/3)
Rating Actions – Q3 FY26 (1/3) Vertical Entity CRA Earlier Existing Upgrade Khavda-II A Transmission Limited - AA+/Stable New Rating (November’25) Adani Energy Solutions Limited1 - BBB+/Stable New Rating Transmission (January’26) & Distribution Adani Electricity Mumbai Limited AA+/Stable AAA/Stable
Slide 55: Rating Actions – Q3 FY26 (2/3)
Rating Actions – Q3 FY26 (2/3) Vertical Entity CRA Earlier Existing Upgrade Adani Green Energy limited1 - BBB+/Stable New Rating (January’26) Adani Solar Energy AP Six Private Ltd. AA-/Stable AA/Stable 1 notch ▲ (December’24) (November’25) Adani Green Energy Twenty Three Ltd. - AA+/Stable New Rating
Slide 56: Rating Actions – Q3 FY26 (3/3)
Rating Actions – Q3 FY26 (3/3) Vertical Entity CRA Earlier Existing Upgrade Adani Solar Energy Jodhpur Six Private - AA-/Stable New Rating Limited (November’25) Adani Renewable Energy Three Limited - AA-/Stable New Rating (November’25) Adani Solar Energy Chitrakoot One - AA-/Stable New Rating Limite
Slide 57: Well distributed EBITDA contribution
Adani Portfolio: Well distributed EBITDA contribution All figures in INR cr Major Assets % of Listed % of Portfolio Listed Entity EBITDA Major Assets EBITDA Entity EBITDA EBITDA 16,660 Airports 4,679 28% 5% AEL 18% ANIL Ecosystem 4,480 27% 5% 11,585 Khavda Cluster (7,003 MW) 3,453 30% 4% AGEL 13% R.
Slide 58: Distributed geographically diverse asset base
Adani Portfolio: Distributed geographically diverse asset base All figures in INR cr Major Assets % of Entity % of Portfolio Listed Entity Gross Assets Major Assets Gross Block Gross Assets Gross Assets 159,084 Airports 54,074 34% 8% AEL 24% Commercial Mining 36,725 23% 5% 115,984 Khavda Cluster (6,
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