Adani Enterprises Limited · NSE:ADANIENT
Adani Enterprises — Q3 FY26 Earnings Presentation
47 slides from Adani Enterprises's earnings presentation, Feb 3, 2026
Slide 1: Submission of Media Release and Investor Presentation cover letter
February 3, 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 Dear Sir/Madam, Sub: Submission of Media Release and Investor Presentation on Un
Slide 2: Annexure A: Media Release - 9M FY26 results
Annexure - A Media Release Adani Enterprises Ltd announces 9M FY26 results Consolidated EBITDA at Rs. 11,985 cr Greenfield Navi Mumbai Airport commenced operations Adani Solar (ANIL) features in elite list of Top 10 global solar manufacturers Editor’s Synopsis Consolidated financial highlights 9M FY
Slide 3: Consolidated and Incubating Businesses Financial Highlights
building nationally critical assets at scale and speed. Our continued progress across airports, renewable manufacturing, data centres and transport infrastructure, alongside strong capital market support through our successful rights issue and NCD offerings, positions us well to accelerate the next
Slide 4: Business Updates
Business Updates Adani New Industries (ANIL - Green Hydrogen Ecosystem) • Module sales continue to track over 1 GW per quarter, Domestic Solar Module sales surge 40% to 997 MW during the quarter on Y-o-Y basis • Wind division started 3.3MW WTG model supply, 12 sets supplied during the quarter AdaniC
Slide 5: For more information please contact
For more information, please visit www.adanienterprises.com For more information please contact: Mitul Thakkar Manan Vakharia Adani Group, Adani Enterprises Ltd Corporate Communication Investor Relations Tel: +91-79-25556628 Tel: +91-79-25556140 mitul.thakkar@adani.com mananj.vakharia@adani.com Adan
Slide 6: Annexure B: Adani Enterprises Limited Q3 FY26
Annexure - B Adani Enterprises Limited Earnings Presentation Q3 FY26
Slide 7: Consolidated Financial Highlights 9M-26 Results at glance
Adani Enterprises Limited (“AEL”): Consolidated Financial Highlights 9M-26 ₹ crore Results at glance Total Income EBITDA PBT 72,763 69,756 12,377 11,985 5,220 25,170 25,521 3,581# 7,674 8,224 4,016 7% 3,994 47,593 44,235 4,703 3,761 1,204 9M-25 9M-26 9M-25 9M-26 (413) 9M-25 9M-26 Established Busines
Slide 8: Incubating Businesses at glance
Adani Enterprises Limited (“AEL”): Incubating Businesses at glance ₹ crore ANIL AAHL ARTL Green H2 Ecosystem Airports Roads FY25 9M-26 FY25 9M-26 FY25 9M-26 (YoY change) (YoY change) (YoY change) Total Income 14,236 10,394 10,224 9,652 10,086 5,474 (2%) 31% (24%) EBITDA 4,776 3,359 3,480 3,724 1,769
Slide 9: 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 4
Slide 10: Adani Portfolio Overview
01 Adani Portfolio Overview Hamburger Menu Icon with solid fill 5 STRICTLY CONFIDENTIAL
Slide 11: 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 12: 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 (74%) EBITDA 24,870 12,784 AEL (51%) 22,819 APSEZ (21%) Adani’s Core Infra.
Slide 13: 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 14: AEL – Largest Listed Incubator
02 AEL – Largest Listed Incubator Hamburger Menu Icon with solid fill 9 STRICTLY CONFIDENTIAL
Slide 15: 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 16: 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 17: Business & Operational Highlights
03 Business & Operational Highlights Hamburger Menu Icon with solid fill 12 STRICTLY CONFIDENTIAL
Slide 18: AEL: Performance Highlights
AEL : Performance Highlights ❑ Greenfield Navi Mumbai International Airport commenced operations from 25th December 2025 Airports ❑ New Integrated Airport Terminal Building inaugurated at Guwahati Airport ANIL ❑ Domestic Solar Module sales surge 40% to 997 MW during the quarter on Y-o-Y basis Ecosys
Slide 19: 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 3440 997 3273 Cell & Module 893 0 2.0 GW ▪ Operational 892 (MonoPerc) 182 1480 Cell & Module 2.0 GW ▪ Operational (TopCon) 997 Cell & Module ▪ Financial Closure achiev
Slide 20: 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 II – Under Construction MW 50 Noida 10 MW 40 MW - C&S completed, MEP under progress MW No
Slide 21: 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 69.7 70.6 24.7 ➢ ~23% of total passenger base 24.6 Pax (Mn) 22.3 22.6 ➢ ~21% of total air traffic movements 1% 22.8 23.4 ➢ ~29% of total cargo volume 9M-25 9M-26 466
Slide 22: Transport & Logistics – AAHL Revenue Mix and Growth
AEL : Transport & Logistics – Adani Airport Holdings Ltd (AAHL) Revenue Mix 9M-26 Revenue Growth Total Income Q3-25 Q3-26 9M-25 9M-26 Aero Non-Aero Aero 1,039 1,266 2,862 3,495 - Up by 22% Y-o-Y - Up by 33% Y-o-Y 36% 49% - Penetration at all time high backed Non-Aero 1,499 1,920 3,568 4,743 - Tariff
Slide 23: Transport & Logistics – AAHL Operational Efficiency and Non-Aero
AEL : Transport & Logistics – Adani Airport Holdings Ltd (AAHL) Operational Efficiency Non-Aero Performance Security Check Queue Non Aero Revenue Q3-25 Q3-26 9M-25 9M-26 100% 98% 96% Duty Free 463 629 1,196 1,585 94% 92% Food & Beverages (F&B) 207 198 369 683 AMD LKO IXE BOM JAI GAU TRV Immigrations
Slide 24: Transport & Logistics – Adani Road Transport Ltd (ARTL)
AEL : Transport & Logistics – Adani Road Transport Ltd (ARTL) Portfolio of 17 projects Project Completion Status Operational [9] AVRL 68% HAM Construction in progress [5] 72% New Projects [3] 79% KSRL 81% SKRL 97% BHRL BHRL 99% UPRL HURL SSRL MSRL BOT 87% Ganga PRSTL HURL Expressway PPRL 93% NPRL BP
Slide 25: Primary Industry: Mining Services and IRM
AEL : Primary Industry Mining Services Portfolio IRM Total Peak Capacity 143.1 MMTPA ➢ Total 17 Mining Service Contracts from 11 Customers across 6 states 18.0 Ramp up in progress ➢ Total 6 service contracts operational Current runrate 77.1 45.0 capacity including 1 iron ore mine Under development A
Slide 26: Financial Highlights
04 Financial Highlights 21 STRICTLY CONFIDENTIAL
Slide 27: Consolidated Financial Highlights 9M-26 Y-o-Y
AEL: Consolidated Financial Highlights 9M-26 Y-o-Y ₹ crore Consolidated ANIL Ecosystem Airports IRM Mining Service 72,763 9,652 3,243 351 69,756 (3,358) 10,575 10,394 7,393 30,460 2,516 22,068 TOTAL INCOME 9M-25 9M-26 9M-25 9M-26 9M-25 9M-26 9M-25 9M-26 (2%) 31% (28%) 29% Impacted due to lower Incre
Slide 28: Consolidated Financial Highlights Q3-26 Y-o-Y
AEL: Consolidated Financial Highlights Q3-26 Y-o-Y ₹ crore Consolidated ANIL Ecosystem Airports IRM Mining Service 1,509 465 25,475 3,161 3,770 23,501 2,941 9,562 996 2,939 856 7,169 TOTAL INCOME Q3-25 Q3-26 Q3-25 Q3-26 Q3-25 Q3-26 Q3-25 Q3-26 7% 28% (25%) 16% Increased on account of Increased in li
Slide 29: Debt Profile
05 Debt Profile 24 STRICTLY CONFIDENTIAL
Slide 30: Consolidated Debt Movement 9M-26 vis-à-vis March-2024
AEL: Consolidated Debt Movement 9M-26 vis-à-vis March-2024 ₹ crore 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. 36,262 cr accounted for yet to unlock ➢ Construction of Navi Mumbai Airport 35% in ➢ PPRA Payment of Three Airports F
Slide 31: Consolidated Debt Details
AEL: Consolidated Debt Details ₹ crore As at Mar-24 As at Mar-25 As at Dec-25 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 1,976 1,037 3,014 Airport 19,206 27,714 143 27,857 27,627 159 27,786 Road 8,038 14,588
Slide 32: ESG Highlights
07 ESG Highlights 27 STRICTLY CONFIDENTIAL
Slide 33: ESG Rating & Performance Highlights
AEL: ESG Rating & Performance Highlights Ratings Performance Highlights DJSI CSA (2025) 63 Ranked among the top 5 companies in its sector globally and placed in the 97th percentile ANIL 21% 100% renewable energy water withdrawal Ecosystem in electricity mix from non-competing Denotes “Leadership Cat
Slide 34: Thank You
Thank You V20- credit metrices threshold change after Robbie sir’s comment
Slide 35: Appendix
Appendix 30 STRICTLY CONFIDENTIAL
Slide 36: Energy & Utility – Water
AEL: Energy & Utility – Water Concession Project Project / Location Capacity Project Status Period (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 (BWWL) / Bihar MLD • Project Status > ~95%, Comm
Slide 37: Transport & Logistics – AAHL (Airports)
AEL: Transport & Logistics – AAHL (Airports) Volume Details Passengers (In Mn) ATM (In ‘000) Cargo (In Lacs MT) Airport Q3-25 Q3-26 9M-25 9M-26 Q3-25 Q3-26 9M-25 9M-26 Q3-25 Q3-26 9M-25 9M-26 Ahmedabad 3.5 3.7 9.7 10.3 26.5 27.0 73.7 77.2 0.3 0.4 0.8 1.0 Lucknow 1.7 1.6 4.7 4.5 12.7 10.4 38.0 30.3 0
Slide 38: 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 39: 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 40: 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 41: 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 42: ESG Framework
ESG Framework 37 STRICTLY CONFIDENTIAL
Slide 43: 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 • principle TNFD principles Creating shared value for communities
Slide 44: 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 45: 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 46: 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 47: Thank You
Thank You V20- credit metrices threshold change after Robbie sir’s comment