Adani Enterprises Limited · NSE:ADANIENT
Adani Enterprises — Q2 FY27 Earnings Presentation
47 slides from Adani Enterprises's earnings presentation, Oct 28, 2026
Slide 1: Exchange submission letter
October 28, 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 Investor Presentation on Unaudited Financial
Slide 2: Adani Enterprises Limited Earnings Presentation Q2 FY27
Adani Enterprises Limited Earnings Presentation Q2 FY27
Slide 3: Consolidated Financial Highlights H1-27: Results at glance
Adani Enterprises Limited (“AEL”): Consolidated Financial Highlights H1-27 ₹ crore Results at glance Total Income 62% EBITDA 56% PBT# 45% 3,297 71,569 782 16,656 11,958 2,281 44,281 5,993 7,688 10% 17,172 2,630 2,515 54,914 103% 5,470 27,109 5,965 169% 2,218 (349) H1-26 H1-27 H1-26 H1-27 H1-26 H1-27
Slide 4: Value Unlocking and Ramp up of Growth
AEL: Value Unlocking and Ramp up of Growth ₹ crore AEL’s Diversified EBITDA Highest half-year EBITDA of Rs. 11,958 cr Business Portfolio with increase of 56% Y-o-Y H1-26 H1-27 Core Infra Platform Additional 4.3 GW module line operational with New Energy Ecosystem effect from 01 September ‘26 Airpo
Slide 5: Agenda
01 Adani Portfolio Overview 02 AEL – Largest Listed Incubator 03 Business & Operational Highlights 04 Financial Highlights 05 Debt Profile 06 ESG Highlights Standard FAQs Appendix 4
Slide 6: Adani Portfolio Overview
01 Adani Portfolio Overview 5 STRICTLY CONFIDENTIAL
Slide 7: 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 (71.97%) (62.43%) (74.96%) (66.03%) (67.29%)2 AEL AGEL APL APSEZ Ports & Logi
Slide 8: 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 EBITDA Tax paid 94,834 Finance cost paid CAT (FFO) 67,995 (72%) EBITDA 24,870 AEL 12,784 APSEZ (51%) 22,259 Adani’s Core Infra. AGEL (
Slide 9: 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 10: AEL – Largest Listed Incubator
02 AEL – Largest Listed Incubator 9 STRICTLY CONFIDENTIAL
Slide 11: AEL: Incubation Model
AEL: Incubation Model Attractive Incubation Record New Energy 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 2018
Slide 12: 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 Energy Mining Services Copper, Aluminium Media Airports Ecosystem Integrat
Slide 13: Business & Operational Highlights
03 Business & Operational Highlights 12 STRICTLY CONFIDENTIAL
Slide 14: AEL: Performance Highlights
AEL: Performance Highlights Airports Aero and non-aero revenue delivered robust YoY growth of 9% and 57% respectively in Q2-27 New Energy New Module line of 4.3 GW with TopCon technology commissioned from September’26, taking total module line Ecosystem capacity to 10 GW 19.2 MW capacity of Pu
Slide 15: Energy & Utility – Adani New Industries Limited (ANIL)
AEL: Energy & Utility – Adani New Industries Limited (ANIL) Integrated Manufacturing Module sales in MW Plant Capacity Remarks Solar H1-26 H1-27 2,443 MW 2,818 MW 15% 8.0 GW – TopCon Module 10.0 GW 2.0 GW - MonoPerc 1,350 1,478 1,340 0 2.0 GW – TopCon 1,093 0 Cell 4.0 GW 2.0 GW - MonoPerc 70
Slide 16: 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 94.6 MW of operational capacity 1.2+ GW of tied up capacity 33 Chennai 17 1.4+ GW of total capacity MW Phas
Slide 17: Transport & Logistics – Adani Airport Holdings Ltd (AAHL)
AEL: Transport & Logistics – Adani Airport Holdings Ltd (AAHL) Portfolio of 8 Airports Aero Performance 46.0 45.5 Serving pan India presence of ~23% of total passenger base Pax (Mn) 22.6 21.3 ~21% of total air traffic movements ~29% of total cargo volume 23.4 24.2 H1-26 H1-27 301.7 305.1 148.2
Slide 18: AAHL: Revenue Mix and Growth
AEL: Transport & Logistics – Adani Airport Holdings Ltd (AAHL) ₹ crore Revenue Mix H1-27 Revenue Growth Non-Aero Total Income Q2-26 Q2-27 H1-26 H1-27 Aero - Up by 55% Y-o-Y Aero 1,145 1,243 2,229 2,501 - Up by 12% Y-o-Y - Driven by F&B, ground handling, lease 33% 58% rent, lounge and duty free Non-A
Slide 19: AAHL: Operational Efficiency and Non-Aero Performance
AEL: Transport & Logistics – Adani Airport Holdings Ltd (AAHL) ₹ crore Operational Efficiency Non-Aero Performance Security Check Queue Non Aero Revenue Q2-26# Q2-27 H1-26# H1-27 100% 98% Duty Free 498 608 956 1,180 96% 94% Food & Beverages and Lounge 235 449 466 808 92% AMD LKO IXE BOM JAI GAU TRV
Slide 20: Transport & Logistics – Adani Road Transport Ltd (ARTL)
AEL : Transport & Logistics – Adani Road Transport Ltd (ARTL) Portfolio of 21 projects Project Status 78% HAM AVRL 82% SKRL 90% BOT KSRL BHRL 94% UPRL HURL SSRL SVVPL MSRL Till Q1-27 Till Q2-27 PRSTL DPJRL PPRL IGRL NPRL BPRPL BKRL Under Operational [14] Model Operational In Progress KSRL MRRPL Deve
Slide 21: 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 % % 18 mining services contracts from 11 Activity Q2-26 Q2-27 H1-26 H1-27 Change Change Customers across 6 states Ramp up in progress 38.1 Sales 8 mining
Slide 22: 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 in this Mundra, Gujarat having capacity of 500 KTPA segment with peak capacity of 15 MMTPA Durin
Slide 23: Financial Highlights
04 Financial Highlights 22 STRICTLY CONFIDENTIAL
Slide 24: Consolidated Financial Highlights H1-27 YoY
AEL: Consolidated Financial Highlights H1-27 YoY ₹ crore ANIL Ecosystem Airports IRM Mining Services Copper 7,233 7,606 7,549 14,899 14,593 2,247 2,171 25,764 5,882 Total Income 1,961 H1-26 H1-27 H1-26 H1-27 H1-26 H1-27 H1-26 H1-27 H1-26 H1-27 ▲5% ▲28% ▼2% ▲12x ▼3% Revenue in line with volume Increa
Slide 25: Consolidated Financial Highlights Q2-27: Results at glance
Adani Enterprises Limited (“AEL”): Consolidated Financial Highlights Q2-27 ₹ crore Results at glance Total Income 74% EBITDA 62% PBT 146% 38,023 6,316 8,041 2,002 3,099 21,844 3,902 429 16% # 814 8,154 29,982 2,670 119% 1,573 3,217 1,192 13,690 161% 1,232 (378) Q2-26 Q2-27 Q2-26 Q2-27 Q2-26 Q2-27 Es
Slide 26: Consolidated Financial Highlights Q2-27 YoY
AEL: Consolidated Financial Highlights Q2-27 YoY ₹ crore ANIL Ecosystem Airports IRM Mining Services Copper 3,669 3,786 6,843 7,169 1,088 14,843 3,199 3,167 998 Total Income 1,400 Q2-26 Q2-27 Q2-26 Q2-27 Q2-26 Q2-27 Q2-26 Q2-27 Q2-26 Q2-27 ▲15% ▲20% ▲5% ▼8% ▲9.6x Revenue in line with volume Increase
Slide 27: Debt Profile
05 Debt Profile 26 STRICTLY CONFIDENTIAL
Slide 28: Consolidated Debt Details
AEL: Consolidated Debt Details ₹ crore Interest coverage ratio As at Mar-26 As at Sep-26 Working Working 3.1 3.6 3.4 Segment Long-Term Long-Term 2.6 2.8 2.3 Capital Total Capital Total Debt Debt Debt Debt New Energy Ecosystem 2,092 1,012 3,104 3,700 1,634 5,334 FY22 FY23 FY24 FY25 FY26 H1-27 Airport
Slide 29: ESG Highlights
06 ESG Highlights 28 STRICTLY CONFIDENTIAL
Slide 30: ESG Rating & Performance Highlights
AEL: ESG Rating & Performance Highlights Ratings Performance Highlights DJSI CSA 64 Ranked among the top 5 companies in its sector ANIL 18% 100% (2025) globally and placed in the 98th percentile water withdrawal renewable energy Ecosystem from non-competing in electricity mix sources Denotes “Leader
Slide 31: Thank You
Thank You V20- credit metrices threshold change after Robbie sir’s comment
Slide 32: Standard FAQs
Standard FAQs Capex Breakup H1-27 New Energy Ecosystem – Solar and Wind Bifurcation Finance Cost Movement – Sequential Quarter 31 STRICTLY CONFIDENTIAL
Slide 33: Capex Breakup: H1-27 Business Vertical
Capex Breakup: H1-27 ₹ crore Business H1 FY27 FY26 FY25 Vertical New Energy Ecosystem 2,684 2,962 1,615 Airport 4,245 13,059 10,887 Road 1,737 6,604 8,617 PVC 4,319 7,979 3,895 Mining Services & Others 3,028 5,296 6,753 Total Capex Incurred 16,013 35,900 31,767 32
Slide 34: New Energy Ecosystem: Solar and Wind Bifurcation
New Energy Ecosystem: Solar and Wind Bifurcation ₹ crore Vertical Particulars Q1-26 Q2-26 H1-26 Q1-27 Q2-27 H1-27 Total Income 3,493 2,719 6,212 3,071 3,135 6,206 Solar Manufacturing EBITDA 1,129 1,023 2,152 787 1,001 1,788 Total Income 542 480 1,022 866 516 1,382 WTG Manufacturing EBITDA 83 149 232
Slide 35: Finance Cost Movement: Q-o-Q
Finance Cost Movement: Q-o-Q ₹ crore Q1-27 Q2-27 Segment Gross Debt Interest Cost Gross Debt Interest Cost Airport 32,843 757 35,009 745 Road 18,024 339 16,949 426 Copper 10,542 336 11,461 383 Corporate & Others 36,213 982 33,875 814 Gross Debt 97,622 2,414 97,294 2,368 Less: Interest on Shareholder
Slide 36: Appendix
Appendix 35 STRICTLY CONFIDENTIAL
Slide 37: 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 • COD Achieved 2 + 15 Uttar Pradesh MLD Bhagalpur Waste Water Ltd (BWWL) / 45 • Pre-COD Achieved 2 + 15 Bihar MLD HAM Morsagar Bisalpu
Slide 38: Transport & Logistics – AAHL (Airports) Volume Details
AEL: Transport & Logistics – AAHL (Airports) Volume Details Passengers (In Mn) ATM (In ‘000) Cargo (In Lacs MT) Airport Q2-26 Q2-27* H1-26 H1-27* Q2-26 Q2-27* H1-26 H1-27* Q2-26 Q2-27* H1-26 H1-27* Ahmedabad 3.1 2.7 6.6 6.3 23.6 20.2 50.2 44.9 0.3 0.4 0.6 0.8 Lucknow 1.4 1.3 2.9 3.0 9.6 10.2 19.9 21
Slide 39: Transport & Logistics – ARTL (Roads)
AEL: Transport & Logistics – ARTL (Roads) Length Concession Period (in Yrs) Project Model Project SPV / Location Project Completion Status (KMs) (Const. + O&M) Bilaspur Pathrapali Road Pvt Ltd (BPRPL) / Chhattisgarh 53.3 Operational 2 + 15 Suryapet Khammam Road Pvt Ltd (SKRPL) / Telangana 58.6 Opera
Slide 40: Transport & Logistics – ARTL (Roads)
AEL: Transport & Logistics – ARTL (Roads) Length Project Completion Concession Period (in Yrs) Project Model Project SPV / Location (KMs) Status (Const. + O&M) Kagal Satara Road Pvt Ltd (KSRPL) / Maharashtra 65.1 94.0% 2 + 16 21 BCPs Operation Maharashtra Border Check Post Network Ltd (MBCPNL) / Mah
Slide 41: 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 42: Primary Industries – Commercial Mining
AEL: Primary Industries – Commercial Mining Mine Peak Name of Mine & State SPV Name Contracts Capacity Tara Coal Block 6.0 MMT CG Syn - Gas and Chemicals Limited Gondulpura, Jharkhand 4.0 MMT Adani Enterprises Ltd Bijahan, Odisha 5.3 MMT Mahanadi Mines and Minerals Pvt Ltd Domestic Gondbahera Ujheni
Slide 43: ESG Framework
ESG Framework 42 STRICTLY CONFIDENTIAL
Slide 44: 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 45: 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 46: Strong Governance Framework
AEL: Strong Governance Framework Key Governance Areas Key Highlights ESG Governance Structure Board Independence & 50% Independent Directors Diversity 25% Women Directors Board of Directors Corporate Responsibility Committee in place with 100% Independent Directors to provide Corporate assuran
Slide 47: Thank You
Thank You V20- credit metrices threshold change after Robbie sir’s comment