Adani Enterprises Limited · NSE:ADANIENT
Adani Enterprises — Q4 FY26 Earnings Presentation
49 slides from Adani Enterprises's earnings presentation, Apr 30, 2026
Slide 1: Submission of Media Release and Investor Presentation
30th April 2026 BSE Limited National Stock Exchange of India Limited P J Towers, Exchange plaza, Dalal Street, Bandra-Kurla Complex, Mumbai – 400001. Bandra (E), Mumbai – 400051. Scrip Code: 512599 Scrip Code: ADANIENT Sub: Submission of Media Release and Investor Presentation on Audited Financial R
Slide 2: Adani Enterprises Ltd announces Q4 and FY26 results
Annexure - A Media Release Adani Enterprises Ltd announces Q4 and FY26 results Consolidated EBITDA at Rs. 16,464 cr 80% of EBITDA now generated from Core Infra-Utility portfolio Synopsis Consolidated financial highlights FY26 (YoY) • Total Income increased by 3% to Rs. 1,02,943 cr • EBITDA maintaine
Slide 3: Consolidated Financial Highlights
Consolidated Financial Highlights (Rs. in Crore) Q4 Q4 % change % change Particulars FY25 FY26 FY25 FY26 Y-o-Y Y-o-Y Total Income 27,602 33,187 20% 1,00,365 1,02,943 3% EBITDA 4,346 4,479 3% 16,722 16,464 (2%) Exceptional Gain 3,946 - - 3,946 9,215 - Profit Before Tax 5,259 729 (86%) 10,479 13,525 2
Slide 4: Business Updates: ACX, AAHL, ARTL and ESG Highlights
AdaniConnex Pvt Ltd (ACX - Data Center) • Received new hyperscale order for 358 MW in Hyderabad, taking cumulative tied-up capacity to 560+ MW • Hyderabad data center phase II 4.8 MW capacity is now operational, and total operational capacity is 55+ MW from four data centers Adani Airports Holdings
Slide 5: Annexure - B: Adani Enterprises Limited Q4 FY26
Annexure - B Adani Enterprises Limited Earnings Presentation Q4 FY26
Slide 6: How does AEL make its EBITDA?
Adani Enterprises Limited : How does AEL make its EBITDA ? ₹ crore 68% 12% 20% AEL FY26 Core Infra Platform Contracted Services Mining, Metal & Others EBITDA Transport & Logistics Primary Industry Primary Industry • Airports • Mining Services • Commercial Mining • Roads [Long term, contracted, predi
Slide 7: Core Infra platform driving strong asset base supporting stable income
AEL: Core Infra platform driving strong asset base supporting stable income - FY26 ₹ crore Net Fixed Net External Equity Assets Debt deployed 30% ▪ RAB of Rs.32,726 cr (representing 71% of net external debt of all core infra businesses) assures stable Core Infra FY 26 91,397 45,640 45,756 returns ov
Slide 8: Results at glance
Adani Enterprises Limited (“AEL”): Consolidated Financial Highlights FY26 ₹ crore Results at glance Total Income 3% EBITDA PBT 1,02,943 16,722 16,464 1,00,365 6,533# 35,495 3% 13% 4,309# 34,546 10,025 11,288 4,996 7% 2% 5,340 65,819 67,448 6,697 5,176 1,537 FY25 FY26 (1,031) FY25 FY26 FY25 FY26 Esta
Slide 9: Incubating Businesses at glance
Adani Enterprises Limited (“AEL”): Incubating Businesses at glance ₹ crore ANIL AAHL ARTL Green H2 Ecosystem Airports Roads FY25 FY26 FY25 FY26 FY25 FY26 (YoY change) (YoY change) (YoY change) Total Income 14,236 15,563 10,224 13,081 10,086 6,852 9% 28% (32%) EBITDA 4,776 4,532 3,480 5,394 1,769 1,3
Slide 10: Contents
Contents 01 Adani Portfolio Overview 02 AEL – Largest Listed Incubator 03 Business & Operational Highlights 04 Financial Highlights 05 Debt Profile 06 ESG Highlights Appendix Home outline Hamburger Menu Icon with solid fill 6
Slide 11: Adani Portfolio Overview
01 Adani Portfolio Overview Hamburger Menu Icon with solid fill 7 STRICTLY CONFIDENTIAL
Slide 12: 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 13: 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 (70%) EBITDA 24,870 12,784 AEL (51%) 22,819 APSEZ (25%) Adani’s Core Infra.
Slide 14: 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 15: AEL – Largest Listed Incubator
02 AEL – Largest Listed Incubator Hamburger Menu Icon with solid fill 11 STRICTLY CONFIDENTIAL
Slide 16: 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 17: 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 18: Business & Operational Highlights
03 Business & Operational Highlights Hamburger Menu Icon with solid fill 14 STRICTLY CONFIDENTIAL
Slide 19: AEL: Performance Highlights
AEL: Performance Highlights ❑ AAHL Airports contributed more than 30% of consolidated EBITDA Airports ❑ Aero and non-aero revenue delivered robust YoY growth of 26% and 31% respectively in FY26 ANIL ❑ Adani wind is the only Indian company to feature in BNEF Global Top 15 wind turbine manufacturers l
Slide 20: Energy & Utility – Adani New Industries Limited (ANIL)
AEL : Energy & Utility – Adani New Industries Limited (ANIL) Integrated Manufacturing Module sales in MW Plant Capacity Status Solar 1,464 4,904 Cell & Module 5 4,263 2.0 GW ▪ Operational 897 (MonoPerc) 990 Cell & Module 1,723 2.0 GW ▪ Operational 243 (TopCon) 1,459 4,007 ▪ Financial Closure achieve
Slide 21: Energy & Utility – Adani ConneX (ACX)
AEL : Energy & Utility – Adani ConneX (ACX) 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 I – 17 MW completed MW 50 Noida 10 MW 40 MW - All C&S completed, MEP under progress MW No
Slide 22: Transport & Logistics – Adani Airport Holdings Ltd (AAHL)
AEL : Transport & Logistics – Adani Airport Holdings Ltd (AAHL) Portfolio of 8 Airports Aero Performance Serving pan India presence of 94.4 95.3 24.7 24.7 ➢ ~23% of total passenger base Pax (Mn) 24.6 24.7 ➢ ~21% of total air traffic movements 22.3 22.6 1% ➢ ~29% of total cargo volume 22.8 23.4 FY25
Slide 23: Transport & Logistics – AAHL Revenue Mix and Growth
AEL : Transport & Logistics – Adani Airport Holdings Ltd (AAHL) ₹ crore Revenue Mix FY26 Revenue Growth Total Income Q4-25 Q4-26 FY25 FY26 Aero Non-Aero Aero 1,053 1,453 3,915 4,948 - Up by 26% Y-o-Y - Up by 31% Y-o-Y 38% 49% - Penetration at all time high backed Non-Aero 1,299 1,657 4,867 6,401 - T
Slide 24: Transport & Logistics – AAHL Operational Efficiency and Non-Aero
AEL : Transport & Logistics – Adani Airport Holdings Ltd (AAHL) ₹ crore Operational Efficiency Non-Aero Performance Security Check Queue Non Aero Revenue Q4-25 Q4-26 FY25 FY26 100% 98% 96% Duty Free 406 530 1,602 2,114 94% 92% Food & Beverages (F&B) 258 272 627 955 AMD LKO IXE BOM JAI GAU TRV Lease
Slide 25: Transport & Logistics – Adani Road Transport Ltd (ARTL)
AEL : Transport & Logistics – Adani Road Transport Ltd (ARTL) Portfolio of 20 projects Project Completion Status Operational [10] AVRL 72% HAM Construction in progress [5] 76% New Projects [5] 81% KSRL 86% SKRL 99% BHRL BHRL 99% UPRL HURL SSRL SVVPL MSRL BOT Ganga 93% Expressway PRSTL HURL inaugurat
Slide 26: Primary Industry – Mining Services and IRM
AEL : Primary Industry – Mining Services and IRM Mining Services Portfolio Integrated Resource Management (IRM) Total Peak Capacity 145.4 MMTPA ➢ Total 18 Mining Service Contracts from 11 Customers across 6 states Ramp up in progress ➢ Total 7 service contracts operational 37.2 58.8 Current runrate
Slide 27: Primary Industry – Commercial Mining and Metals
AEL : Primary Industry – Commercial Mining and Metals Commercial Mining Copper ➢ Copper smelting and refining complex strategically located in ➢ Carmichael mine in Australia is the only operational mine with peak Mundra, Gujarat having capacity of 500 KTPA capacity of 15 MMTPA ➢ During Q4, Copper pl
Slide 28: Financial Highlights
04 Financial Highlights 24 STRICTLY CONFIDENTIAL
Slide 29: Consolidated Financial Highlights FY26 Y-o-Y
AEL: Consolidated Financial Highlights FY26 Y-o-Y ₹ crore Consolidated ANIL Ecosystem Airports IRM Mining Service 13,081 40,989 4,536 1,629 949 1,02,943 15,563 1,00,365 10,224 14,236 29,112 3,787 TOTAL INCOME FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 9% 28% (29%) 20% Increased in line with higher Incr
Slide 30: Consolidated Financial Highlights Q4-26 Y-o-Y
AEL: Consolidated Financial Highlights Q4-26 Y-o-Y ₹ crore Consolidated ANIL Ecosystem Airports IRM Mining Service 4,987 599 33,187 5,168 10,528 3,429 1,293 27,602 1,272 3,661 7,044 TOTAL INCOME 2,831 Q4-25 Q4-26 Q4-25 Q4-26 Q4-25 Q4-26 Q4-25 Q4-26 41% 21% (33%) 2% Increased on account of Increased
Slide 31: Debt Profile
05 Debt Profile 27 STRICTLY CONFIDENTIAL
Slide 32: Consolidated Debt Movement FY26 vis-à-vis FY24
AEL: Consolidated Debt Movement FY26 vis-à-vis FY24 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. 37,825 cr accounted for yet to unlock ➢ Construction of Navi Mumbai Airport 40% in ➢ PPRA Payment of Three Airports FY21 FY22 FY23 F
Slide 33: Consolidated Debt Details
AEL: Consolidated Debt Details ₹ crore As at Mar-24 As at Mar-25 As at Mar-26 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 2,092 1,012 3,104 Airport 19,206 27,714 143 27,857 29,616 129 29,746 Road 8,038 14,588
Slide 34: ESG Highlights
06 ESG Highlights 30 STRICTLY CONFIDENTIAL
Slide 35: ESG Rating & Performance Highlights
AEL: ESG Rating & Performance Highlights Ratings Performance Highlights DJSI CSA (2025) 63 Ranked among the top 4 companies in its sector globally and placed in the 98th percentile ANIL 21% 100% renewable energy water withdrawal Ecosystem in electricity mix from non-competing Denotes “Leadership Cat
Slide 36: Thank You
Thank You V20- credit metrices threshold change after Robbie sir’s comment
Slide 37: Appendix
Appendix 33 STRICTLY CONFIDENTIAL
Slide 38: Energy & Utility – Water
AEL: Energy & Utility – Water Concession Period Project Project / Location Capacity Project Status (In Yrs) Model (Const. + O&M) Prayagraj Water Pvt Ltd (PWPL) / 326 • Project Status > COD Achieved 2 + 15 Uttar Pradesh MLD Bhagalpur Waste Water Ltd 45 • Project Status > ~96%; Applied for Pre-COD wit
Slide 39: Transport & Logistics – AAHL (Airports) Volume Details
AEL: Transport & Logistics – AAHL (Airports) Volume Details Passengers (In Mn) ATM (In ‘000) Cargo (In Lacs MT) Airport Q4-25 Q4-26 FY25 FY26 Q4-25 Q4-26 FY25 FY26 Q4-25 Q4-26 FY25 FY26 Ahmedabad 3.7 3.6 13.4 13.8 27.4 26.3 101.1 103.5 0.3 0.4 1.0 1.4 Lucknow 1.7 1.6 6.4 6.1 11.7 10.0 49.7 40.3 0.1
Slide 40: Transport & Logistics – ARTL (Roads)
AEL: Transport & Logistics – ARTL (Roads) Concession Period (in Length Financial Project Completion Project Model Project SPV / Location Yrs) (KMs) Closure Status (Const. + O&M) Bilaspur Pathrapali Road Pvt Ltd (BPRPL) / Chhattisgarh 53.3 Secured Operational 2 + 15 Suryapet Khammam Road Pvt Ltd (SKR
Slide 41: Transport & Logistics – ARTL (Roads)
AEL: Transport & Logistics – ARTL (Roads) Project Length Financial Project Completion Concession Period (in Yrs) Project SPV / Location Model (KMs) Closure Status (Const. + O&M) Panagarh Palsit Road Pvt Ltd (PPRPL) / West Bengal 67.8 Secured Operational 2.5 + 18 Kagal Satara Road Pvt Ltd (KSRPL) / M
Slide 42: Primary Industries – Mining Services
AEL: Primary Industries – Mining Services Peak Customer SPV Mine Service Contracts Name of Mine & State Capacity (Owner) Name PEKB, Chhattisgarh 18.0 MMT RRVUNL Parsa Kente Collieries Ltd Gare Pelma III, Chhattisgarh 5.0 MMT CSPGCL Gare Pelma III Collieries Pvt. Ltd Talabira II & III, Odisha 23.0 MM
Slide 43: Primary Industries – Commercial Mining
AEL: Primary Industries – Commercial Mining Mine Peak Name of Mine & State SPV Name Contracts Capacity Gondulpura, Jharkhand 4.0 MMT Adani Enterprises Ltd Bijahan, Odisha 5.3 MMT Mahanadi Mines and Minerals Pvt Ltd Gondbahera Ujheni, Madhya Pradesh 4.1 MMT MP Natural Resources Pvt Ltd Domestic Comme
Slide 44: ESG Framework
ESG Framework 40 STRICTLY CONFIDENTIAL
Slide 45: ESG backed by Assurance
AEL: ESG backed by Assurance Our Key ESG Commitments • Airport and data center businesses to become operational net Guiding • Aim to achieve No-Net Loss to biodiversity and align with IBBI/ zero by 2029 and 2030 respectively Policies TNFD principles • Creating shared value for communities through in
Slide 46: Adopted UN Sustainable Development Goals
AEL: Adopted UN Sustainable Development Goals Women’s Education • Own schools, digitalization and up gradation of 1. No Poverty Multiple Govt. school to provide cost free education to the United Nations Sustainable Development Goals 2030 2. Zero Hunger Locations needy. 4. Quality Education • Project
Slide 47: Strong Governance Framework
AEL: Strong Governance Framework Key Governance Areas Key Highlights ESG Governance Structure Board Independence & ✓ 50% Independent Directors Diversity ✓ 12.5% Women Directors Board of Directors ✓ Corporate Responsibility Committee in place with 100% Independent Directors to provide Corporate assur
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
Slide 49: Thank You
Thank You V20- credit metrices threshold change after Robbie sir’s comment