Adani Enterprises Limited · NSE:ADANIENT
Adani Enterprises — Investor Presentation (May 2026)
59 slides from Adani Enterprises's investor presentation, May 2026
Slide 1: Adani Enterprises Limited Investor Presentation
Adani Enterprises Limited Investor Presentation | May 2026
Slide 2: 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 3: Contents
Contents 1 Executive Summary – AEL 4 2 Transport and Logistics Business 2a Airports: Adani Airport Holdings Limited (“AAHL”) 12 2b Roads: Adani Road Transport Limited (“ARTL”) 21 3 Energy and Utility Business 3a Green Hydrogen: Adani New Industries Limited (“ANIL”) 25 3a(i) ANIL: Manufacturing 27 3a
Slide 4: Executive Summary
Executive Summary 1 Adani Enterprises Limited (“AEL”) STRICTLY CONFIDENTIAL
Slide 5: 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 6: AEL: Unprecedented Value Creation with robust cashflow
Adani Enterprises Limited (“AEL”): Unprecedented Value Creation with robust cashflow AEL has a tremendous value creation track record Past Incubation Success Stories: Creating Cashflow Unicorns Performance since listing in 1994 Market Overview FY26 EBITDA Cap1 Largest transport utility in India $32.
Slide 7: India | Colossal Growth Opportunity
India | Colossal Growth Opportunity Key Highlights: Fastest growing economy + large consumer base…. …needs critical infra in transport and logistics Fastest Growing Large Economy Large Consumer Base Under penetration of Air Travel High logistics cost G20 Real GDP CAGRs, 2014 to 2024 (%) Top 10 Count
Slide 8: AEL: poised in multi trillion dollar growth opportunity
AEL: poised in multi trillion dollar growth opportunity Business Current Scale Growth Pathway Theme Airports 300m+ consumers(1) 550m+ consumers1 − Portfolio of 8 Airports controlling over 50% of top 10 domestic routes Transport (Adani Airport Holdings Ltd.) 95m pax > 150m pax − Serving PAN India: 23
Slide 9: 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 10: AEL: Adani Incubation Platform - INDIA Story
AEL: Adani Incubation Platform - “INDIA Story” Encompassed Proven track record of successful incubation Diverse set of assets across India Key Operating Metrics – AEL, as an incubator of new businesses has over the last three decades: 8 | 95m 4GW | 2.25GW – seeded new businesses and developed them i
Slide 11: AEL: FY26 Financial Update
AEL: FY26 Financial Update Key Financials (₹ in cr) Key highlights Income Statement FY23A FY24A FY25A FY26A Key business update: FY26 Revenue 1,28,734 98,282 1,00,365 1,02,943 Airports ANIL EBITDA 10,012 13,237 16,722 16,464 ▪ Pax movements 95 Mn, 1% YoY ▪ During the Q4, Domestic Solar ▪ Greenfield
Slide 12: Transport and Logistics Business: Airports
Transport and Logistics Business 2a Airports: Adani Airport Holdings Limited (“AAHL”) STRICTLY CONFIDENTIAL
Slide 13: Adani Airports Holdings Limited: Overview
Adani Airports Holdings Limited (“AAHL”): Overview India’s one of the largest Airport Operator Adani Airports across India Key Operating Metrics • Adani Airports is India’s one of the largest airport operator with eight airports and a market share of c. 23% in passengers and 8 95m Pax c.29% in air c
Slide 14: AAHL: Market Outlook - India is the fastest growing aviation market
AAHL: Market Outlook - India is the fastest growing aviation market in the world India – Fastest growing aviation market over the last decade… ...with strong indicators of future growth Passengers in million CAGR (2018-40) – Top 10 fastest growing Asia Pacific aviation markets by pax COVID-19 impact
Slide 15: AAHL: Commercial Model
AAHL: Commercial Model Passengers Non- passengers City Dwellers ▪ Landing Fees ▪ Aerobridge charges ▪ Duty Free / Duty paid ▪ Advertisement ▪ F&B ▪ Car parking Long term sub-lease on land co- ▪ Parking Charges ▪ Unauthorized terminus with airport concession ▪ User Development Fee Overstay ▪ Lounges
Slide 16: AAHL: Stable and mature regulatory framework
AAHL: Stable and mature regulatory framework ICAO GoI Well-Defined Model Regulatory environment has evolved to become Regulatory Set up more mature and efficient MoCA Matured and well-defined Tariff setting process, stakeholders are Independent consulted throughout to ensure buy-in regulatory body N
Slide 17: AAHL: Aeronautical Business - Deep Dive
AAHL: Aeronautical Business - Deep Dive Focused on route development and stakeholder management to sweat airport assets to the fullest ▪ De-bottlenecking and capacity expansion Long term economic alignment with all Capacity 1 stakeholders ▪ Focus on smart planning of airside and terminals Creation ▪
Slide 18: AAHL: Non-Aeronautical Business - Deep Dive
AAHL: Non-Aeronautical Business - Deep Dive Non aero strategy designed to increase footfalls & provide high quality services through strategic partnerships with reputed 3rd parties – Develop new channels for sales (airport e-commerce) – Focus on increasing area for monetization both Increase Increas
Slide 19: CSD | Third Pillar of growth, city dwellers to drive revenue growth
CSD | Third Pillar of growth, city dwellers to drive revenue growth Mumbai CSD Ahmedabad CSD 663 acres City Side Development Across 8 airports 437 acres City Side Lucknow CSD Development Jaipur CSD MIAL + NMIAL Phase I by FY30 ~14.1 mn sq. ft Build up Area Navi Mumbai CSD ~22.0 mn sq. ft Constructio
Slide 20: AAHL | Planned Privatization of New Airports presents Growth Opportunity
AAHL | Planned Privatization of New Airports presents an attractive Growth Opportunity • Government of India has launched a National Monetization Pipeline (NMP) National Monetization Pipeline1 for monetization of brownfield infrastructure assets of aggregate value of 24 major AAI airports in Tier 2
Slide 21: Transport and Logistics Business: Roads
Transport and Logistics Business 2b Roads: Adani Road Transport Limited (“ARTL”) STRICTLY CONFIDENTIAL
Slide 22: Adani Roads Transport Limited: Overview
Adani Roads Transport Limited (“ARTL”): Overview Emerging Leader in Roads Infrastructure Presence across India Key Operating Metrics • ARTL has successfully developed a portfolio comprising 20 20 11 road projects(including a ropeway project) encompassing HAM, BOT, and TOT models, totaling 5,500+ lan
Slide 23: ARTL: Market Outlook - Roads are critical for Infrastructure Development
ARTL: Market Outlook - Roads are critical for Infrastructure Development & Economic Growth Critical Infrastructure Driving India's Transportation Network Growth Rates have rebounded to Pre-Pandemic Levels Freight Transport Movement in India Post the pandemic effect in FY21, the sector's growth rate
Slide 24: ARTL: Locked in asset
ARTL: Locked in asset Locked-in Portfolio Project Length Financial Project Completion Concession Period (in Yrs) Project SPV / Location Model (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 25: ARTL: Locked in asset
ARTL: Locked in asset Locked-in Portfolio 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 26: Energy and Utility Business: Green Hydrogen
3a Energy and Utility Business Green Hydrogen: Adani New Industries Limited (“ANIL”) STRICTLY CONFIDENTIAL
Slide 27: Adani New Industries Limited: Overview
Adani New Industries Limited (“ANIL”): Overview Frontrunner in India’s GH2 Revolution One of the World’s largest GH2 Hub Target Manufacturing Capacities • RE Manufacturing, H2 generation and Downstream products will result in a fully integrated Green Hydrogen ecosystem 10GW per annum 4GW per annum •
Slide 28: ANIL: Manufacturing
03a(i) ANIL: Manufacturing STRICTLY CONFIDENTIAL
Slide 29: ANIL: Green Hydrogen Manufacturing Ecosystem – Overview
ANIL: Green Hydrogen Manufacturing Ecosystem – Overview Mundra Electronic Manufacturing Cluster Solar Manufacturing Spread across • 4 GW per annum of Cell & Module manufacturing capacity is operational of which 2 GW TopCon & 2 GW 263 Ha MonoPerc. • Module sales continued at run-rate of 1 GW per quar
Slide 30: ANIL: Market Outlook - Wind & Solar manufacturing demand
ANIL: Market Outlook - Wind & Solar manufacturing demand driven by India’s rapid energy transition Annual India Solar Installation Forecast (GW) Annual India Wind Capacity Addition Forecast (GW) 80 69 80 120 8 GW 9 70 70 60 54 60 7 GW 7 GW 8 43 54 100 6 GW 50 50 35 44 7 40 24 29 36 40 30 18 30 30 80
Slide 31: ANIL: Solar Manufacturing Business - Deep Dive
ANIL: Solar Manufacturing Business - Deep Dive Integrated Solar Manufacturing Ecosystem Integrated Supply Chain Mg Silicon Poly Silicon: Ingots: 10 GW Wafers: 10 GW Cells: 10 GW Modules: 10 GW ~30 KTPA 30 KTPA Current Mfg. 2 GW Ingot-Wafer Manufacturing facility each 2 GW Topcon Cell 2 GW PERC Cell
Slide 32: ANIL: Wind Manufacturing Business - Deep Dive
ANIL: Wind Manufacturing Business - Deep Dive Leveraging Global Expertise and Cutting-Edge Technology ANIL WTGs have an Edge in the Market Highly experienced in-house team Strategically located in proximity to and globally renowned technology Mundra port, connected to 2 state India’s largest turbine
Slide 33: ANIL: Green Hydrogen The Game Changer
03a(ii) ANIL: Green Hydrogen The Game Changer STRICTLY CONFIDENTIAL
Slide 34: ANIL: What is Green Hydrogen and Why is it Relevant?
ANIL: What is Green Hydrogen and Why is it Relevant? Global Hydrogen Market - Grey vs. Blue vs. Green What Makes Green Hydrogen Relevant? Types of Hydrogen Hydrogen as a Strong Substitute for Traditional Fuels GREY BLUE GREEN Zero Emissions High Energy Density • Hydrogen is crucial in a net- Reformi
Slide 35: ANIL: Adani's Unique Value Proposition to Capture the Hydrogen Market
ANIL: Adani’s Unique Value Proposition to Capture the Hydrogen Market • Adani’s fully-integrated green hydrogen ecosystem with complete supply chain control will produce H2 at a fraction of the cost of other domestic/ global players ✓ Adani’s Hub in Gujarat has an immense renewable potential of c.40
Slide 36: ANIL: Why will Adani Succeed?
ANIL: Why will Adani Succeed? Adani’s control of its’ input cost and access to the Mundra site have removed the principal cost variables and ensure the lowest cost H2 production in India, representing first quartile primary energy Best in class O&M and On-site GH2 LCOH for Controlled cost renewable
Slide 37: ANIL: Setting up the Largest Green Hydrogen Hub in the World
ANIL: Setting up the Largest Green Hydrogen Hub in the World at Mundra Gujarat … For multiple end uses including substantial captive use in Adani .. And backed by credible action on Full suite of Hydrogen offerings… Portfolio businesses … ground 1 5 RE capacity directly Steel, ~42 GW Green Fertilize
Slide 38: ANIL: Building a Premium Platform with Key Competitive Advantages
ANIL: Building a Premium Platform with Key Competitive Advantages Key Business Drivers for ANIL and its Competitive Advantage vs. Peers Regional and Replication and Team and Strategy Geographical Cost Advantage Offtake Advantage ESG premium Growth Premium Platform Strategic Location Support Proximit
Slide 39: Energy and Utility Business: Data Center
Energy and Utility Business 3b Data Center: AdaniConnex Private Limited (“ACX”) STRICTLY CONFIDENTIAL
Slide 40: AdaniConneX Private Limited: Overview
AdaniConneX Private Limited (“ACX”): Overview Leading Data Center Solutions AdaniConneX Data Centers across India Key Operating Metrics 55+ MW Noida | 10 MW operational 6 Operational • 50:50 JV between Adani Enterprises Limited and | 50 MW growth Data Centers EdgeConneX (one of world’s largest priva
Slide 41: ACX: JV Philosophy and Product Offering
ACX: JV Philosophy and Product Offering Combining the assets and expertise of two of the world’s leading infrastructure providers to deliver new digital infrastructure solutions and premium technology services to the Indian market Largest Private Infrastructure and A Large, Global, Private Data Inte
Slide 42: ACX: Market Outlook - Explosive Growth In Digital Infra, AI & Data Localisation
ACX: Market Outlook - Explosive Growth In Digital Infra, AI & Data Localisation Data Localisation Push Energy Efficiency & Sustainability as Key Drivers for Investment − Data relating to payment − Data of policies & claim − Power cost accounts for ~ 65% of the total operating cost of data systems op
Slide 43: Primary Industry Business
Primary Industry Business 4 Copper | PVC | Mining Services Commercial Mining | Integrated Resource Management STRICTLY CONFIDENTIAL
Slide 44: Kutch Copper Limited: Overview
Kutch Copper Limited (“KCL”): Overview Bridging the supply-demand gap Strategically located close to India’s largest Port Key Operating Metrics • Kutch Copper commissioned the first unit of its greenfield copper refinery project with capacity of 500 KTPA at Mundra in March 2024 500 KTPA • KCL will e
Slide 45: KCL: Market Outlook - Copper as a Critical Metal
350 0 KCL: Market Outlook - Copper as a Critical Metal and its Importance in India 300 0 250 0 High Levels of Domestic Refined Copper Consumption Domestic Production of Refined Copper 32% 200 0 1,538 49% 54% 50% 1,358 in thousands tonnes 1,221 40% 36% 38% in thousands tonnes 150 0 1,119 1,014 100 0
Slide 46: Mundra Petrochem Limited: Overview
Mundra Petrochem Limited (“MPL”): Overview Leveraging synergies for Atmanirbhar Bharat Strategically located close to India’s largest Port Key Operating Metrics • MPL is establishing a coal to PVC project at Mundra • The project will reduce import dependency of PVC, and will 1 MTPA 38% promote domes
Slide 47: MPL: Make in India push to make India leader in Global PVC Production
MPL: Make in India push to make India leader in Global PVC Production by 2027 56% Segment-wise Domestic Demand: an Essential Material Demand-Supply Gap in India’s PVC Production & Consumption1 5000 4,355 7% Pipes 4,055 3,770 3% 4000 3,560 3,560 In thousands tonnes 6% 30 Kg 3,440 3,270 3,385 W&C 300
Slide 48: AEL: Mining Services – Overview
AEL: Mining Services – Overview India’s pioneer and largest MDO MDO contracts across mineral belt Key Operating Metrics • AEL Mining Services is India’s pioneer in Mine Development and Operations (MDO) Area of Operations 7 + 11(Under Development) • AEL currently has eighteen MDO contracts with eleve
Slide 49: AEL: Integrated Resources Management (IRM) – Overview
AEL: Integrated Resources Management (IRM) – Overview IRM logistics network across India with global sourcing footprint Key Operating Metric • One of the world’s largest end to end logistics provider for coal imports 44.6 MTPA with experience of over 2 decades • Team of 200+ with global operations r
Slide 50: AEL: Commercial Mining – Overview
AEL: Commercial Mining – Overview Overseas Commercial Mining Portfolio Carmichael Mine @ Australia Key Operating Metrics 15 MTPA • High quality, in-demand coal from both mines with consistent high rank product throughout the mine life Total Peak Capacity • Australia Mine is connected with Adani-owne
Slide 51: Thank You
Thank You V20- credit metrices threshold change after Robbie sir’s comment
Slide 52: Annexures
Annexures STRICTLY CONFIDENTIAL
Slide 53: AEL: Best in class industry experts managing AEL Businesses
AEL: Best in class industry experts managing AEL Businesses Gautam Adani Rajesh Adani Key Executive Chairman, Adani Group ▪ Founder and Chairman of the Adani MD, Adani Enterprises ▪ Vital part of the Adani group since its Sponsors Group, which ranks among the top 3 inception, heading the Group’s ope
Slide 54: AEL: 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 55: AEL: 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 56: AEL: Strong Governance Framework
AEL: Strong Governance Framework Key Items Key Highlights ESG Governance Structure Board ✓ 50% Independent Directors Board of Directors Independence ✓ 12.5% Women Directors Corporate ✓ Corporate Responsibility Committee in place with 100% Independent Directors to Responsibility, provide assurance on
Slide 57: AEL: Board of Directors and Management overview
AEL: Board of Directors and Management overview 100% Chaired by IDs IDs Board of Directors Statutory Committees Independent Directors - Audit 🗹 50% Comprised of only - Nomination & Remunerations 🗹 Independent Directors - Stakeholder Relationship 🗹 100% of - Corporate Social Responsibility 🗹…
Slide 58: AEL: 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 59: Thank You
Thank You V20- credit metrices threshold change after Robbie sir’s comment