Adani Enterprises Ltd Management Discussions

Global Economic Overview

The global economy demonstrated resilience throughout 2025, navigating a complex environment shaped by evolving trade policies, geopolitical tensions, and uneven regional growth trends. Strong investments in technology, particularly artificial intelligence (AI), supportive fiscal and monetary policies, accommodative financial conditions, and resilient private sector activity across North America and Asia helped sustain economic momentum.

Major economies initiated policy measures and negotiations to ease trade tensions and support growth, providing near-term stability. However, escalating geopolitical tensions and the outbreak of conflicts in key regions, particularly the Middle East in early 2026, disrupted energy markets and supply chains, raising concerns around inflationary pressures, commodity price volatility, and tighter financial conditions.

According to the International Monetary Fund (IMF), global gross domestic product (GDP) grew by 3.4% in 2025. Growth remained uneven across regions, with advanced economies expanding by 1.9%, while emerging market and developing economies (EMDEs) recorded stronger growth of 4.4%.

(%)

			(%)
Real GDP Growth	2025	2026 (P)	2027 (P)
World Output	3.4	3.1	3.2
Advanced Economies	1.9	1.8	1.7
Emerging Market and Developing Economies	4.4	3.9	4.2

P = Projections

Global inflation declined to 4.1% in 2025, although price pressures remained uneven across regions.

Inflation continued to remain above target levels in the US, while remaining subdued across several other economies. The IMF expects global inflation to rise marginally to 4.4% in 2026, driven by higher energy and food prices, before easing to 3.7% in 2027.

Global financial conditions remained broadly accommodative, despite persistent market volatility and rising sovereign bond yields. Equity markets witnessed increasing divergence, with technology-led sectors continuing to outperform broader indices, supported by sustained AI-related investments and digital transformation trends.

Global trade growth is expected to slow from 5.1% in 2025 to 2.8% in 2026 and increase to 3.8% in 2027.

The moderation reflects trade front-loading, tariff-related disruptions, and ongoing adjustments in global supply chains amid evolving trade policies.

(Source: IMF World Economic Outlook April 2026)

Performance of Major Economies

United States (US)

The United States (US) economy is projected to grow by 2.3% in 2026 and 2.1% in 2027, supported by fiscal measures, earlier monetary policy rate cuts, and continued corporate investments. While higher trade barriers and geopolitical uncertainties may weigh on economic activity, resilient consumption, productivity growth, and technology-led investments are expected to support economic growth.

China

China is expected to grow by 4.4% in 2026, supported by policy stimulus measures and easing trade pressures.

Growth is expected to moderate to 4% in 2027 due to structural challenges, including weakness in the housing sector, slowing productivity growth, declining labour force, and moderating investment returns.

United Kingdom

The United Kingdoms growth is estimated to slow to 0.8% in 2026 due to geopolitical uncertainties, higher energy prices, and a slower pace of monetary easing.

Growth is, however, expected to recover to 1.3% in 2027.

Euro Area

In the euro area, growth is expected to remain steady at 1.1% in 2026 and 1.2% in 2027. Economic activity will be impacted by geopolitical tensions, elevated energy prices, manufacturing weakness, and currency pressures, while the benefits of higher defence spending will materialise gradually over the longer term.

Japan

Japans growth is expected to moderate to 0.7% in 2026 and 0.6% in 2027, supported by fiscal stimulus measures, resilientdomesticdemand,andgovernmentinterventions.

Outlook

Global economic growth is expected to moderate to 3.1% in 2026 and 3.2% in 2027. Against the backdrop of easing trade tensions and supportive financial conditions, the global economy is adapting to an evolving macroeconomic environment, with growth momentum varying across regions, countries, and sectors.

Advanced economies are expected to maintain steady growth of 1.8% in 2026 and 1.7% in 2027, supported by easing interest rates, fiscal gradual moderation of the impact from elevated trade barriers. Emerging market and developing economies are projected to grow at around 4% in both 2026 and 2027, remaining the primary drivers of global expansion. This momentum is underpinned by rising consumption, urbanisation, infrastructure development, and strengthening manufacturing ecosystems amid ongoing supply-chain realignments.

While there are emerging signs of stabilisation, risks to the global economic outlook continue to prevail.

Faster adoption of AI could lift productivity and support stronger medium-term growth, while sustained easing in trade tensions could improve policy predictability and investment. However, renewed trade tensions, geopolitical disruptions, and elevated public debt levels across several economies may dampen growth and increase financial stability risks.

(Source: IMF World Economic Outlook April 2026)

Indian Economic Overview

Despite global economic headwinds, India continues to stand out as one of the worlds fastest growing major economies. According to the Second Advance Estimates, Indias real GDP growth is estimated at 7.6% in FY 2025-26, supported by robust domestic consumption, sustained infrastructure investments, digital transformation, easing inflation, and continued momentum in manufacturing-led growth.

Government initiatives such as Make in India, Production Linked Incentive (PLI) schemes, and Viksit Bharat 2047 continued to strengthen domestic manufacturing capabilities, infrastructure creation, and economic self-reliance, helping the economy navigate external uncertainties. Public capital expenditure was envisaged at 12.2 lakh crore for FY 2026-27, supporting growth across infrastructure, construction, manufacturing, logistics, and energy sectors.

Private consumption remained a key growth driver, supported by easing inflation, improving rural demand, and rising real wages. India also witnessed strong GST collections, consistently exceeding 1.5 lakh crore per month, reflecting resilient economic activity, higher consumption, and improved tax compliance.

Inflation eased sharply during the year, with the Reserve Bank of India (RBI) revising its FY 2025-26 inflation consolidation, and the forecast to 2%, driven by goods and services tax (GST) rate cuts, benign food prices, and stable supply conditions. In view of the favourable inflation outlook, the RBI reduced the repo rate by 25 basis points to 5.25% in December 2025 to support consumption, credit growth, and capital investment.

(Source: https://www.pib.gov.in/PressReleasePage. aspxRsPRID=2233518&reg=3&lang=1)

Outlook

Indias economic outlook remains positive amid heightened geopolitical tensions and trade uncertainties.

According to IMF estimates, the Indian economy is expected to grow at 6.5% in both FY 2026-27 and FY 2027-28, supported by resilient domestic demand, easing inflationary pressures, infrastructure investments, rising income levels, and a gradual recovery in private investments and exports.

Government-led initiatives such as Make in India 2.0, Production Linked Incentive (PLI) schemes, PM Gati Shakti, National Infrastructure Pipeline (NIP), and Atmanirbhar Bharat continue to strengthen manufacturing, logistics, and infrastructure capabilities, while enhancing Indias global competitiveness and ease of doing business.

Improved rural consumption, supported by moderating inflation and stable economic conditions, is expected to support growth momentum.

Indias expanding digital infrastructure and accelerating technology adoption continue to drive productivity, financial inclusion, and economic formalisation. At the same time, the countrys strong policy focus on renewable energy, energy transition, and green hydrogen development is emerging as a key pillar of long-term sustainable growth. Continued investments in solar and wind energy, grid modernisation, transportation, logistics, ports, railways, and digital connectivity are expected to propel Indias infrastructure ecosystem and support its long-term transformation.

Union Budget FY 2026-27 Highlights

The Union Budget 2026-27 reinforces the governments commitment to fiscal discipline, structural reforms, and long-term economic growth. The Budget is guided by three core kartavya: accelerating and sustaining economic growth; meeting citizens aspirations by building human capability; and ensuring equitable access to resources and opportunities across regions and communities.

Continued prioritisation of capital expenditure, support to manufacturing and MSMEs, and focus on infrastructure, energy transition, digital public infrastructure and innovation align with the national objectives of Viksit Bharat. Measures aimed at improving ease of doing business, expanding credit access and boosting consumption are expected to further strengthen domestic demand and industrial activity.

Indias infrastructure development continues to gain momentum, forming a strong foundation for the next phase of industrial and economic transformation.

Public capital expenditure has been increased to 12.2 lakh crore in FY 2026-27, underscoring the governments continued focus on infrastructure-led growth. Key focus areas include the establishment of an Infrastructure Risk Guarantee Fund to facilitate investments in large projects; operationalisation of dedicated freight corridors and development of 20 new waterways; and development of seven high-speed rail corridors between major cities to serve as growth connectors.

The Budget also strengthens Indias defence and aerospace capabilities, with a total allocation of 7.84 lakh crore, representing an increase of 16% over the previous year. Focus has also been laid on scaling domestic manufacturing across several strategic and frontier sectors to enhance Indias industrial base and supply chain resilience. Initiatives such as the expansion of Semiconductor Mission 2.0 and the increased outlay of 40,000 crore under the Electronics Components

Manufacturing Scheme are expected to propel localisation and Indias manufacturing ecosystem. The establishment of Regional Centres of Excellence as training institutes will further support skill development and employment generation.

Several measures have also been enforced to augment

Indias digital infrastructure and attract global investments in data centers and cloud services.

A tax holiday has been proposed until 2047 for foreign companies providing cloud services to global customers through India-based Data Center infrastructure, which is expected to enhance Indias attractiveness as a digital and technology hub.

Further, the government continues to advance Indias energy transition and sustainability agenda. A dedicated scheme for the adoption of Carbon Capture, Utilisation and Storage (CCUS) is proposed to support decarbonisation across key industrial sectors. In addition, basic customs duty exemptions have been announced on goods required for nuclear power projects, as well as on capital goods used in lithium-ion cell manufacturing and critical minerals processing, aimed at strengthening the clean energy ecosystem and supporting the development of advanced energy storage technologies.

Company Overview

Adani Enterprises Limited (AEL) is the flagship company of Adani Portfolio of Companies and one of Indias largest and diversified business conglomerates. Your Company has successfully incubated and nurtured emerging infrastructure businesses that contribute to nation-building and economic growth.

Over the years, AEL has established scalable, industry-leading entities, including Adani Ports & SEZ, Adani Energy Solutions, Adani Power, Adani Green Energy, and Adani Total Gas, among others. AELs next phase of investments is focussed on high-growth sectors, including new energy ecosystem, airport management, data centers, roads, and primary industries like copper and PVC. These sectors, aligned with national priorities, present significant opportunities for inclusive growth and value-creation.

Performance Overview

Financial Highlights

The Companys incubating business EBITDA grew by 13% in FY 2025-26, driven by the strong performance of airport business. Despite increased debt for capex in these incubating businesses, net external debt to EBITDA remained stable at 3.9x, reflecting prudent financial management and sustained growth momentum.

Particulars	UoM	FY 2024-25	FY 2025-26	Growth (%)
Income	crore	1,00,365	1,02,943	3%
EBITDA	crore	16,722	16,464	(2%)
PBT (excl. exceptional gain)	crore	6,533	4,309	(34%)
Particulars	UoM	FY 2024-25	FY 2025-26	Change (%)
Net Worth	crore	56,470	89,178	58%
Gross Debt	crore	76,236	86,702	14%
Shareholders Loan	crore	19,968	10,842	(46%)
Cash and Bank	crore	6,962	11,809	70%
Net External Debt	crore	49,306	64,051	30%
Net Fixed Assets	crore	1,12,568	1,47,056	31%
Debt Service Coverage Ratio	times	2.6	1.9	(29%)
Net External Debt/EBITDA	times	2.9	3.9	32%

Key Financial Ratios

Pursuant to the amendment made in Schedule V to the Listing Regulations, details of significant changes (i.e. change of 25% or more as compared to the immediately previous financial year) in Key Financial Ratios and any changes in Return on Net Worth of the Company (on standalone basis) including explanations therefor are given below:

Particulars	FY 2024-25	FY 2025-26	Changes between Current FY & Previous FY	Explanation
Debtors Turnover	11.37	7.21	(37%)	Due to discontinuation of power trading business, resulting in reduction of revenue from operations
Inventory Turnover	12.15	7.50	(38%)	Due to discontinuation of power trading business, resulting in reduction of purchases
Interest Coverage Ratio	4.61	2.77	(40%)	Increase in finance cost
Current Ratio	1.73	2.73	57%	Increase in loans provided and cash & bank and reduction in trade payables
Debt Equity Ratio	0.47	0.17	(64%)	Rights Issue proceeds
Operating Profit Margin	6.83%	8.22%	20%	Increase in EBITDA
Net Profit Margin	15.24%	44.35%	191%	Increase in exceptional gain
Return on Net Worth	22.62%	18.12%	(20%)

Business Segments

New Energy Ecosystem

Adani New Energy Ecosystem is represented by Adani New Industries Limited (ANIL), a wholly-owned subsidiary of the Company. ANIL was established to create an integrated platform to manufacture renewable energy and related products at the lowest cost. This initiative encompasses the entire supply and value chain. ANIL serves as the parent company overseeing the entire supply chain of its new energy ecosystem, addressing Indias energy security needs.

Industry Overview

Hydrogen is crucial in a net-zero energy system, enabling decarbonisation in hard-to-abate sectors such as steel, fertilisers, refining, and shipping. It serves as a versatile energy vector that can be produced, stored, and transported, allowing energy to be delivered or stored across a wide range of applications.

India has committed to achieving net-zero emissions by 2070. Renewable energy (RE), including solar and wind power, as well as green hydrogen, is expected to play a pivotal role in achieving this target. These bold and ambitious targets are leading to the development of a robust hydrogen ecosystem, supported by rising investments in infrastructure, research, and development for hydrogen production, storage, and distribution. This growing emphasis on hydrogen will reshape the countrys energy landscape by enabling large-scale decarbonisation, enhancing energy security, and supporting the transition to a more sustainable and resilient future.

Low-carbon hydrogen is categorised into blue hydrogen and green hydrogen, with green hydrogen offering the lowest lifecycle emissions. Green hydrogen is produced through electrolysis using renewable energy sources, making it a critical enabler of decarbonisation and energy transition goals.

Demand for green hydrogen is increasing rapidly, driven by its potential to decarbonise multiple sectors, including transportation, shipping, steel, and other energy-intensive industries. Green hydrogen can replace traditional fossil fuels in transportation, thereby reducing greenhouse gas emissions. In industrial applications, green hydrogen can replace fossil fuel-based feedstocks in the production of ammonia, methanol, and steel.

Additionally, green hydrogen is used as a backup energy source for renewable energy plants, providing a constant and reliable source of energy.

In India, green hydrogen production capacity is projected to reach 5 million metric tonnes per annum (MMTPA) by 2030. Coupled with abundant capital, land resources, and an extensive grid infrastructure, India holds enormous potential to become a global leader in green hydrogen. The governments focus on green hydrogen, produced through renewable energy, aims to reduce dependence on fossil fuels while significantly cutting greenhouse gas emissions.

The National Green Hydrogen Mission, approved in January 2023, aims to position India as a global hub for the production, consumption, and export of green hydrogen and its derivatives. The programme targets an annual production of 5 MMT by 2030, supporting Indias net-zero goals. The initial outlay for the mission is 19,744 crore, including an outlay of 17,490 crore for the Strategic Interventions for Green Hydrogen Transition (SIGHT) programme, 1,466 crore for pilot projects, 400 crore for R&D, and 388 crore towards other mission components. In addition to large-scale deployment, the mission places strong emphasis on innovation and ecosystem development by supporting pilot projects across emerging end-use sectors and alternative production pathways.

One of the most vital elements of green hydrogen production is the cost of power, which constitutes a substantial portion of overall production costs. India has made remarkable progress in scaling renewable energy capacity, particularly through large-scale solar and wind deployments. Renewable power is currently available at competitive tariffs of approximately 2.50–2.80 per kWh, enhancing the economic feasibility of green hydrogen production.

Indias installed renewable energy capacity reached a record 283.46 GW as of March 31, 2026. This includes 150.26 GW of solar power, 56.09 GW of wind power, 11.75 GW of bioenergy, 5.17 GW of small hydro power, 51.41 GW of large hydro power, and 8.78 GW of nuclear power capacity. Ongoing policy enhancements addressing auction design, financingmechanisms, and distributed solar challenges are accelerating renewable capacity additions and are expected to support strong sectoral growth.

Further, rising renewable energy adoption is boosting demand for wind energy and the deployment of wind turbines. India has developed a robust wind energy ecosystem, supported by strong project execution capabilities and a domestic manufacturing base.

Indias wind power capacity reached approximately 56.09 GW as of March 31, 2026, positioning the country as the worlds fourth-largest in terms of installed wind capacity. To achieve the national target of 500 GW of renewable energy capacity by 2030, the government envisages allocating 10 GW of wind projects annually.

Business Performance

( in crore)

			( in crore)
Particulars	FY 2024-25	FY 2025-26	Growth (%)
Income	14,236	15,563	9%
EBITDA	4,776	4,532	(5%)
PBT	3,958	3,452	(13%)

During the year, ANIL was recognised among the worlds

Top 10 solar manufacturers, emerging as the only

Indian company in this elite list, driven by over 15 GW of cumulative shipments, strong vertical integration, and sustained high capacity utilisation and profitability.

ANIL registered strong operational and financial performance, contributing 15% to the Total Consolidated Income and 28% to the Total EBITDA. Despite the global turbulence, ANIL witnessed significant growth in its module sales, which increased by 15% to 4,904 MW, achieving a run rate of more than one GW per quarter. Domestic module sales grew by 58% to 4,007 MW, driven by increasing domestic demand and timely delivery of orders.

The solar manufacturing division currently operates 4 GW of cell and module capacity, with an additional 6 GW under construction, taking total capacity to 10 GW upon completion. This backward-integrated supply chain has resulted in significant savings on import duties for solar cells while ensuring continuity in module production.

In the wind segment, ANIL secured external orders for 300 MW under its 3.3 MW WTG platform. ANIL supplied 231 WTG sets, including 51 units of the 3.3 MW model during the year.

Outlook

ANIL aims to establish a Green Hydrogen production capacity of 1 MMTPA (Million Metric Tonnes Per Annum), equivalent to 5.6 MMTPA of Green Ammonia, by 2030. In the solar manufacturing business, ANIL is developing a 10 GW fully automated solar manufacturing ecosystem at Mundra. The focus on driving vertical integration, supply chain optimisation, and technological innovation will continue to envisage cost competency and further improve operating margins and offer a competitive advantage. On the other hand, the wind division is poised to accelerate with its offering of four WTG models to explore new domestic and international regions to expand the reach of the Companys wind turbine solutions.

Data Centers

The Data Center business, represented by AdaniConneX (ACX), a 50:50 joint venture between Adani Enterprises and EdgeConneX, envisions building an environmentally and socially conscious Data Center infrastructure platform. AdaniConneX is earning the trust of customers worldwide through its comprehensive build-to-suit Data Center solutions, along with one-of-a-kind energy-as-a-solution offerings. With this unique combination, AdaniConneX delivers an unparalleled advantage to hyperscale customers, enabling faster time to market and full-stack control of the digital-energy value chain.

Industry Overview

Data Centers are fundamentally reshaping the Indian economy, acting as crucial catalysts for the nations ambitious digital transformation. The Indian data center industry is expected to add 795 MW of new capacity by the end of 2027, taking the total capacity in this segment to 1,825 MW and is projected to expand fivefold to 8 GW by 2030, generating over USD 30 billion in capital expenditures. Growth will be driven by rising data consumption, growing cloud adoption, regulatory data localisation requirements, and increasing deployment of Internet of Things (IoT), artificial intelligence (AI), and big data analytics. The rollout of 5G networks also drives increased demand for Data Centers with enhanced computing, low latency, and cloud-native designs.

This expansion will require approximately USD 30 billion in facility capex and will boost Data Center leasing revenues fivefold to USD 8 billion by 2030.

Structural demand drivers, such as surging digital adoption, cloud migration, regulatory mandates, and major foreign investments, are contributing to Data Center capacity growth. Indias rising internet user base, with 895.8 million subscribers, also underscores the need for enhanced Data Center capacity amid high mobile data consumption. In addition, evolving regulatory developments such as the Digital Personal

Data Protection (DPDP) Act, 2023, and data localisation guidelines are driving enterprises to store and process data domestically, highlighting the need for resilient and scalable Data Center infrastructure.

Supported by expanding digital infrastructure, robust technology adoption, and a favourable policy environment, India has emerged as a preferred global destination for Data Center investments. Key Data Center markets include Mumbai, Chennai, Bengaluru, Hyderabad, Pune, and the Delhi NCR region.

Business Performance

ACX currently has a cumulative order book of 560+ MW of which 55+ MW is made operational across data centers at Chennai, Noida, Hyderabad and Pune. During the year, AdaniConneX and Google announced a landmark partnership to develop Indias largest AI Data Center campus and green energy infrastructure in Visakhapatnam, Andhra Pradesh.

During the year, ACX has completed and handed over 19.2 MW of Data Center capacity to hyperscale customers.

These facilities are powered by renewable energy and offer sustainable energy choices. Data Centers under development at four locations are progressing in line with scheduled timelines. Data Centers maintained 100% uptime throughout the year.

Outlook

AdaniConneX aims to develop 2 GW of renewable-powered Data Center tied up capacity by 2030 to meet the surging demand for Data Center infrastructure and solutions. With the Chennai 1 facility setting benchmarks in efficiency and reliability, we are expanding with hyperscale campuses in Pune, Noida, and Hyderabad to serve global technology leaders.

Water

The water business is represented by Adani Water Limited (AWL), a wholly-owned subsidiary of the Company. AWL, in its capacity as developer, focusses primarily on providing solutions in wastewater treatment, irrigation infrastructure development, river interlinking projects, large-scale water supply & water distribution projects, and desalination projects.

Industry Overview

Indias water treatment sector plays a vital role in ensuring access to clean water for residential and commercial consumption while addressing the growing challenge of wastewater management.

Rapid urbanisation, industrialisation, and population growth are putting pressure on the countrys water resources. Increasing environmental awareness, tighter regulations, and the requirement for sustainable water management drive demand for effective wastewater treatment solutions. Moreover, government policies, population growth, and industrialisation further propel Indias wastewater treatment market growth and innovation.

Thegovernmenthasenforcedmultiplelarge-scalereforms to improve water supply and sewage infrastructure.

Key initiatives include the Jal Jeevan Mission (JJM), Jal Shakti, and Atal Bhujal Yojana. Additionally, programmes such as the Swachh Bharat Mission, AMRUT, and Smart

Cities Mission are fuelling investments in both sewered and unsewered sanitation infrastructure across the country. These programmes provide grants and subsidies to state governments, municipalities, and private sector entities to facilitate the development of sewage treatment plants and water treatment facilities, shaping a more resilient and sustainable water ecosystem.

Business Performance

The Bhagalpur project is nearing completion, with commissioning and trial works in progress. During the year, the Company secured three new projects, strengthening the order book by more than 7,000 crore.

Outlook

The Company is exploring opportunities in various domains, including wastewater treatment, irrigation infrastructure development, river interlinking projects, large-scale water supply and distribution initiatives, and desalination projects.

Airports

The airports business is represented by Adani Airport Holdings Limited (AAHL), a wholly-owned subsidiary of the Company. AAHL is responsible for the development, operation, and management of airports, aiming to develop world-class airport infrastructure and associated city-side developments to enhance passenger experience and operational efficiency across its portfolio of airports. AAHL has emerged as the largest private operator of airports based on the number of airports. Its portfolio comprises city airports located adjacent to large cities with strong connectivity through bus, taxi, automobile, and other public transportation modes. This proximity contributes to relatively resilient passenger traffic, mitigating the impact of seasonality and regional economic cycles. The non-aero segment focusses on the development of airport villages and city-side commercial zones to strengthen non-passenger airport visitors.

Industry Overview

Indias airport sector has experienced stupendous growth and expansion in recent years, driven by rapid urbanisation, rising disposable incomes, technological advancements, and government initiatives, positioning India as the worlds third-largest domestic aviation market. The number of airports has increased from 74 in 2014 to 163 in 2025, with plans to develop 350-400 airports by 2047.

The industry has undergone significant evolution with the development of greenfield airports, privatisation of existing airports, entry of new airlines, and the rollout of a comprehensive drone policy. Private sector participation has reshaped the airport ecosystem by introducing global best practices and new revenue streams, including airport retailing and commercial development.

Passenger traffic has recorded a strong uptrend over the past decade, led by higher disposable incomes, growing affordability,expansionofthemiddleclass,proliferationof low-cost carriers, and government initiatives to enhance regional connectivity. In FY 2025-26, domestic air passenger traffic stood at 1,677.4 lakh, registering a 1.4% growth over FY 2024-25. The international air passenger traffic grew by 3.9% to 350.0 lakh in FY 2025-26. Looking ahead, passenger traffic in India is expected to grow at a CAGR of 10% between FY 2022-23 and FY 2029-30. Increased airport infrastructure, enhanced connectivity, travel demand, and private investments are expected to sustain this growth momentum.

The government has been instrumental in boosting the aviation sector through policy initiatives such as the National Civil Aviation Policy and the Regional Connectivity Scheme (RCS-UDAN). The UDAN-RCS scheme aims to enhance air connectivity by providing affordable, economically viable, and profitable travel on regional routes, with over 660 routes operationalised as of February 2026. As part of the National Monetisation Pipeline (NMP), the government has earmarked 25 airports for monetisation through Public-Private Partnership (PPP) models over 2025-2027. Liberalised foreign direct investment (FDI) norms are also expected to attract global capital and expertise, supporting the sectors modernisation and long-term growth.

Technology and digitisation are integral to the airport ecosystem. The Digi Yatra Foundation is spearheading the Digi Yatra programme to enable a seamless, paperless passenger journey using advanced identity management and facial recognition technologies. This initiative forms part of a broader digital transformation agenda aimed at improving operationalefficiency, safety, security, and the overall passenger experience across airports.

Business Performance

( in crore)

			( in crore)
Particulars	FY 2024-25	FY 2025-26	Growth (%)
Income	10,224	13,081	28%
EBITDA	3,480	5,394	55%
PBT	(5)	1,427	-

During the year, the greenfield Navi Mumbai International Airport, commenced operations on December 25, 2025.

The airport business demonstrated strong resilience and growth across both aero and non-aero activities, contributing 13% to the Total Consolidated Income and 33% to the Total EBITDA. Passenger movements remained stable at 95.3 million, air traffic movements at 619 thousand while cargo volumes saw an upward trend, rising by 7% to 11.7 Lakhs-MT. AAHL expanded connectivity by adding 24 new routes, 4 airlines, and 37 flights, further strengthening its network.

The business continued to outperform standard KPI benchmarks. Tariff orders are in place for six SPV airports Ahmedabad, Jaipur, Lucknow, Mangalore, Guwahati and Thiruvananthapuram, with the financial results already reflecting these revisions from their respective effective dates. With the commencement of Navi Mumbai operations, FY 2026-27 is expected to reflect the full-year impact of enhanced capacity and network expansion.

Digital transformation remains a key enabler, with initiatives such as Pranaam services, passenger self-service solutions, a centralised airport control centre, and customer relationship management systems elevating operational efficiency and customer experience.

Outlook

The greenfield Navi Mumbai International Airport (Phase I), with a capacity of 20 million passengers per annum, is expected to ramp up the capacity from next financial year. AAHL continues to prioritise growth in non-aeronautical revenues, positioning it as a key contributor to airport revenue and EBITDA. Development of city-side developments (CSD) (Phase I) has commenced at Mumbai and Ahmedabad airports and is expected to be completed over the next 2 3 years. With diversified revenue and substantial organic growth potential, the Airports segment remains a pivotal contributor to the Companys long-term growth trajectory.

Roads

The Roads business is represented by Adani Road Transport Limited (ARTL), a wholly-owned subsidiary of the Company. ARTL forayed into the roads and highway construction in 2018 and has rapidly expanded its presence in the sector. Leveraging its entrenched businesses across diverse states in India, ARTL aims to harness its local presence and project management expertise to create a world-class portfolio by developing national highways and expressways.

Industry Overview

India boasts the worlds second-largest road network, covering approximately 6.7 million kilometres (km).

This extensive network serves as the backbone of the countrys transportation system, facilitating the movement of 64.5% of freight and 90% of passenger traffic. It encompasses national highways, expressways, state highways, major district roads, other district roads, and village roads, with national highways spanning 1,46,195 km. Factors such as easy accessibility, flexibility, and cost-effectiveness enhance the viability of road transport.

Under the Union Budget 2026-27, the government has allocated 3.09 lakh crore to the Ministry of Road Transport and Highways, an increase of 8% compared to FY 2025-26. In FY 2025-26, the National Highways

. Authority of India (NHAI) constructed 5,313 km of national highways, reflecting strong execution momentum. Over the past few years, the road sector has attracted significant investments, driven by innovative financing models such as the Hybrid Annuity Model (HAM). Build-Operate-Transfer (BOT) projects are also playing a crucial role in attracting private investments, allowing developers to recover costs through toll collection over a fixed concession period. Moreover, the road sector has led the way in asset monetisation, generating significant revenue through toll-operate-transfer (TOT) models and . infrastructure investment trusts (InvITs), reinforcing economies of scale, its position as a key driver of economic growth and infrastructure development.

The integration of the National Highway Development Programme (NHDP) into the Bharatmala Pariyojana reflects a cohesive and future-oriented approach to national road infrastructure development. Bharatmala Pariyojana is among Indias largest infrastructure programmes, focussed on developing 34,800 km of national highway corridors. As of February 2026, Bharatmala Pariyojana Phase-1 has achieved significant progress, awarding contracts for the construction of 26,425 km of roads and completing 22,223 km. A network of 35 multimodal logistics parks is also being developed under Bharatmala Pariyojana, capable of handling around 700 million metric tonnes of cargo.

Looking ahead, highway project execution is expected to accelerate further, supported by favourable initiatives such as Gati Shakti, Bharatmala Pariyojana, the National Infrastructure Pipeline, and revisions to the Model Concession Agreement (MCA) for HAM projects.

These measures aim to improve project viability, streamline execution, and enhance investor confidence.

(Source: MoRTH, Crisil Intelligence)

. Business Performance

( in crore)

Particulars	FY 2024-25	FY 2025-26	Growth (%)
Income	10,086	6,852	(32%)
EBITDA	1,769	1,362	(23%)
PBT	1,043	462	(56%)

During the year, ARTL received PCOD for three projects. On April 29, 2026, the largest greenfield Ganga Expressway was inaugurated which was completed in a record time of less than 3.5 years. With this the total number of operational projects are now 13. The decline in financial numbers are due to completion of projects during the year, as the revenue and margins were already recognised during construction period in past years.

ARTL contributed 7% to the Total Consolidated Income and 8% to the Total EBITDA. With the commencement of majority of the projects, the revenue and EBITDA numbers remain stable during the concession period.

ARTL has added six new projects to its portfolio, including the prestigious Kedarnath Son Prayag ropeway project. Now ARTL portfolio has increased to 20 projects comprising 11 HAM projects, 5 BOT projects and 3 TOT projects and one ropeway project.

Outlook

With the completion of the largest greenfield project, the Ganga Expressway Project, ARTL is poised to significantly increase its profitability. ARTL has rapidly expanded in the roads and highway sector over the past eight years, leveraging HAM, BOT, and TOT models for large-scale infrastructure development. Beyond roads, the Company is also focussing on metro and rail projects, reinforcing its commitment to Indias infrastructure growth.

Integrated Resources Management (IRM)

Your Companys Integrated Resources Management (IRM) business, through its long-standing global supplier relationships, has established itself as one of Indias leading importers and suppliers of natural resources from Indonesia, South Africa, Australia, and the USA, catering to the customised requirements of both public and private sector enterprises. The business operates a comprehensive door-to-door delivery model, assuming end-to-end responsibility for sourcing, sea-borne logistics, port handling, intermediate storage, and inland transportation. This integrated approach enables tailored deliveries aligned with individual customer needs. Through its agile and customer-centric model, IRM serves diverse industries including power, cement, steel, and iron, building strong, long-term partnerships across sectors.

Industry Overview

India is the worlds second-largest coal producer. In fiscal 2025, India produced 1,048 MT of coal, recording a 5% increase from 998 MT in the previous year. By FY 2029-30, domestic coal production is estimated to reach 1,210-1,220 MT. Coal consumption has also grown significantly, driven by increasing energy requirements from rapid industrialisation, urbanisation, and infrastructure development. Domestic consumption of coal (coking and non-coking coal) has seen healthy growth of 4.5% in the past decade to reach 1,262 MT by FY 2024-25.

Despite abundant coal reserves, domestic coal production has consistently faced challenges due to delays in environmental and forest clearances, land acquisition constraints, and logistics and evacuation bottlenecks.

Demand from the power and industrial sectors continues to outpace supply, leading to continued imports of both coking and non-coking coal. The government has undertaken several initiatives to accelerate domestic coal production and reduce non-essential coal imports. Key measures include the introduction of a Single Window Clearance mechanism to streamline approvals, amendments to the Mines and Minerals (Development and Regulation) Act, 1957, to permit captive coal mines to sell up to 50% of their annual production after meeting the requirements of end-use plants. In addition, production through the Mine Developer and Operator (MDO) mode, increasing use of mass production technologies, new projects and expansion of existing projects, and auction of coal blocks to private companies and Public Sector Undertakings (PSUs) for commercial mining have been enforced to expedite investments and project development.

Further, 100% foreign direct investment (FDI) has been permitted under the automatic route for commercial coal mining. These policy interventions are expected to boost indigenous coal production, improve productivity, and support the nations objective of achieving self-reliance in the coal sector.

India also remains a significant player in the mining sector globally, ranking as the fourth-largest producer of iron ore. During FY 2025-26, iron ore production reached 310 million metric tonnes (MMT), registering a growth of 7% over 289 MMT in FY 2024-25. This growth reflects strong demand from core end-use industries such as steel and cement.

Business Performance

( in crore)

Particulars	FY 2024-25	FY 2025-26	Growth (%)
Income	40,989	29,112	(29%)
EBITDA	3,585	2,767	(23%)
PBT	3,277	2,521	(23%)

During the year, the volume decreased by 21% to 44.6 MMT due to low demand. Total income and EBITDA impacted due to low volume. Leveraging its flagship e-portal, the "Adani IRM Portal", the business successfully entered the retail segment, expanding its presence across local markets in multiple geographies.

Outlook

The IRM business is focussed on enhancing its capabilities and reach by building a multi-commodity portfolio. The business actively seeks partnerships with miners, ensuring timely and cost-effective resource delivery. Leveraging our expertise in end-to-end natural resource delivery, we aim to drive long-term sustainable efficiency, sustainability, and growth, establishing ourselves as a global leader in trading.

Mining Services

AEL is a pioneer of the Mine Developer and Operator (MDO) model in India, operating through an integrated approach that spans across mine development and comprehensive upstream and downstream activities. It provides end-to-end services, from seeking statutory approvals, land acquisition, rehabilitation, resettlement, infrastructure development, mining, beneficiation (onsite) and transportation to designated consumption points. Our success is underpinned by a commitment to excellent risk management and sustainable mining practices.

Business Performance
			( in crore)
Particulars	FY 2024-25	FY 2025-26	Growth (%)
Income	3,787	4,536	20%
EBITDA	1,688	1,986	18%
PBT	1,554	1,959	26%

Dispatch volume grew by 14% to 49.4 MMT. During the year, the business operated at run-rate annual capacity of ~50 MMTPA from 6 service contracts, which is approximately 34% capacity of contracted potential of 6 this business. Additionally, MDO service contract for GP-II mine with peak capacity of 23.6 MMT per annum is made operational, taking our current portfolio to seven operational service contracts. With this, now this business has growth potential to achieve 86 mn tonne on annual basis.

Outlook

As Indias largest MDO, the Company aims to increase . volume by 20% in next year. With portfolio of 18 service contracts having peak capacity of 145.4 MMT per annum, this business has clear long runway available for growth. Further growth will be driven by full-scale digitalisation ofoperationstoenhance innovation. With a strategic focus on expanding its natural resources business, the Company is set to strengthen its leadership in the coal sector. By diversifying into profitable mining segments and supporting mine owners in maximising reserves, it aims to meet the rising demand from Indias pellet and steel plants.

Copper

Copper business is represented by Kutch Copper Limited (KCL), a wholly-owned subsidiary of the Company, has developed greenfield custom copper smelting and refining complex at Mundra, Gujarat with an annual capacity of 0.5 million tonnes, scalable up to 1 million tonnes, it will be the worlds largest single-location custom smelter. The facility produces copper cathodes, rods, gold, silver, selenium, and sulphuric acid, supporting Indias self-reliance in copper production.

Industry Overview

Copper is a critical metal with extensive applications across key end-use sectors, including building and construction, infrastructure, consumer durables, electricals, and telecommunications. Its growth is expanding rapidly with increasing adoption in emerging segments such as e-mobility and metro rail systems, renewable energy, and engineering goods, positioning copper as a core enabler of the global energy transition.

Demand for copper has witnessed strong momentum in recent years, growing at a CAGR of 24.1% from FY 2019-20 to FY 2024-25. Copper demand grew by 9.3% YoY to 1,878 kilo tonnes (KT) in FY 2024-25, driven by robust consumption across power, infrastructure, consumer durables, and automobile sectors.

Indias copper industry is poised for significant growth, underpinned by strategic investments, international collaborations, and heightened demand from emerging sectors. Key growth drivers include:

Renewables: Indias ambitious target to achieve 500 GW of renewable energy capacity by 2030 will translate into a healthy domestic copper demand.

Transport: Increasing investments in the metro rail network and railway electrification are likely to sustain domestic copper demand growth over the next few years.

Urbanisation: The governments focus on housing, smart cities, defence, and EV infrastructure further strengthens copper demand outlook.

Business Performance

During the year, KCL has produced high quality copper finished contributing to Indias objective of achieving self-reliance in copper production. KCL has achieved efficient sourcing of raw materials and streamlined distribution, strengthening supply chain reliability and cost KCL has continued ramping up of production and sales of copper cathodes and cast rods. During Q4 FY 2025-26, copper plant operated at 45% of annual capacity. KCL has secured certificationfor both products while its BIS laboratories have achieved NABL accreditation for gold and silver products.

Outlook

KCL is poised to play a key role in Indias copper sector, leveraging the Adani Groups strong infrastructure and expertise in resource trading and energy. With its strategic location, KCL benefits sea, road, and rail, ensuring an efficient supply chain.

Petrochemicals

Mundra Petrochemicals Limited (MPL), the step-down subsidiary of your Company, is developing a PVC project with capacity of 1 MMT per annum, slated for commissioning by 2028.

Industry Overview

PVC is the third-most widely produced synthetic plastic polymer globally, after polyethylene and polypropylene.

It is primarily manufactured through the suspension polymerisation of vinyl chloride monomer and is used in a wide range of industries, such as pipes, automotive, sanitary fittings, wires, cables, bottles, transparent films, and flexible hoses.

Indias PVC demand has been growing steadily, driven by rising infrastructure development, urbanisation, and increasing end-use applications. However, India remains heavily dependent on imports, meeting nearly half of its PVC requirement through overseas sourcing due to limited domestic production capacity. The current domestic demand-supply gap is estimated at 2.5 MTPA, with demand of around 4.3 MTPA against domestic supply of 1.8 MTPA. However, with capacity expansion plans underway, India is projected to emerge as one of the largest producers of PVC by 2027.

The governments focus on large-scale infrastructure development and initiatives like Smart Cities, Housing for All, and Atal Mission for Rejuvenation and Urban Transformation (AMRUT), among others, are accelerating demand for PVC products. Programmes such as the precious metals and byproducts, Jal Jeevan Mission and Swachh Bharat Mission, aimed at providing tap water connections and improving sanitation infrastructure, are also expected to boost efficiency. demand for PVC pipes and fittings. Growing demand for pharmaceutical packaging, PVC pipes in agriculture and irrigation systems, and flexible PVC applications is further contributing to consumption growth.

Outlook

The proposed PVC project marks a significant toward reducing Indias import dependence, aligned with the nations vision of self-reliance. MPL has selected the carbide acetylene route for the project. The project is being designed as a low-carbon green PVC facility, incorporating processes aimed at minimising carbon emissions. Backed by the Groups proven execution seamless connectivity via capabilities in delivering ultra-mega projects, the PVC project will benefit from strong synergies, including Mundras strategic location, reliable power availability, and feedstock sourcing advantages.

Defence

Adani Defence & Aerospace is a pioneer in defence design, development and manufacturing. The product portfolio and services include small arms, ammunition, unmanned aerial vehicles, counter drone systems, missiles and aircraft services. These offerings are further enhanced by the transformative potential of our AI/ML-driven digital technologies. The Companys defence portfolio prioritises intelligence, surveillance and reconnaissance across land, air and naval borders that warrant building capabilities in the next-generation technologies in the unmanned, cyber and satellite space.

Industry Overview

Indias defence sector is undergoing rapid transformation, shifting from a major importer to a growing manufacturer, driven by the Atmanirbhar Bharat initiative, higher budgetary allocations, and focus on indigenous production. The sector comprises several segments, including military fixed-wing aircraft, naval vessels and surface combatants, missiles and missile defence systems, military rotorcraft, submarines, artillery, tactical communications, electronic warfare, and military land vehicles.

Over the last five years, India has consistently ranked among the worlds top importers of defence equipment.

Indias defence expenditure has steadily increased over the years, rising from 2.01 lakh crore in FY 2015-16 to 4.65 lakh crore in FY 2024-25, recording a CAGR of 8.7%. To modernise its armed forces and reduce imports, the government has implemented several initiatives under the Make in India and the Defence Procurement Procedure (DPP) programmes, providing policy support to encourage defence manufacturing. These measures aim to promote self-reliance and boost innovation and technological advancements in Indias defence capabilities. In the Union Budget 2026-27, the government has allocated 7.85 lakh crore for the defence sector, an increase of 16% over the previous years allocation.

In FY 2025-26, defence exports stood at 38,424 crore recording a 63% YoY increase, underscoring Indias growing presence in the global defence market. Foreign investment in the sector has also grown, with cumulative FDI equity inflows reaching 154 crore (USD 21.74 million) between April 2000 and June 2025.

Business Performance

Adani Defence & Aerospace has established robust infrastructure, secured marquee contracts and expanded capabilities across multiple defence and aerospace segments. Adani Defence and Aerospace operates three facilities across Kanpur, Gwalior and Hyderabad. It has established a state-of-the-art R&D centre in Delhi to strengthen innovation and technology development.

It has acquired Air Works and Indamer Technics for expansion in aircrafts MRO services. For offering end-to-end solutions across civil aviation, general aviation, defence MRO and flight training, it has acquired Indias largest independent flight training and simulation provider FSTC (Flight Simulation Technique Centre).

Outlook

With the recent acquisitions and strengthening presence across various defence and aerospace segments, Adani Defence and Aerospace is expected to unlock strong synergies across the business. The sector presents significant growth opportunities, supported by rising government spending, strategic policy reforms, and evolving geopolitical dynamics.

Risk Management & Internal Control Systems

Your Company has a robust risk management framework designed to identify, assess, monitor, and mitigate key business risks. A dedicated Risk Management Committee oversees the enterprise-wide risk management process, ensuring effective management of risks. The outcomes of these risk assessments are periodically reviewed and reported to the Audit Committee and the Board of Directors on a quarterly basis. This governance structure ensures effective oversight and decision-making at the highest levels.

Human Resources

Your Company is committed to creating a conducive work environment that supports sustainable growth and development. It focusses on regular employee engagement, effective dispute resolution mechanisms, and initiatives that encourage employee participation.

Your Company continuously invests in capability building and skill development to build a high-performing, future-ready workforce. Constructive engagement with labour unions and industry bodies further strengthens harmonious industrial relations, ensures fair and equitable treatment, and reinforces employee well-being through human rights policies. Your Company also promotes womens leadership, inclusive employment practices and policies that uphold non-discrimination, diversity, and equal opportunity.

Refer the chapter Our People at Page 188 of this report for more information

Cautionary Statement

Statements in the Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations and others may constitute "forward-looking statements" within the meaning of applicable securities laws and regulations. Actual results may differ from those expressed or . implied. Several factors that could significantly impact the Companys operations include economic conditions affecting demand, supply and price conditions in the domestic and overseas markets, changes in Government regulations, tax laws and other statutes, climatic conditions and such incidental factors over which the Company does not have any direct control. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.