Shaping the Future Ahead

Dear Stakeholders,

As India undergoes a large-scale infrastructure transformation, Adani Enterprises, the flagship incubator of infrastructure business, continues to make sharp, future-ready investments in building iconic assets. FY 2025-26 proved to be a milestone year for the organisation, which embarked on the next phase of growth and scalability to boost stakeholder value creation and national impact. Across businesses, the company augmented its track record of delivering operational and execution excellence, with time-bound completion of major projects.

Before deep-diving into the details of our performance, I would like to share with you some of the major achievements that have elevated the Company’s position as a global business powerhouse. During the year, Adani Solar – a part of Adani New Industries – became one of the world's top 10 solar manufacturers and the only Indian company to achieve this feat. On behalf of the Management, I congratulate the team that enabled this achievement, which was driven by an impressive 15 GW+ shipments.

I am also pleased to share that our Aerospace, Technology & Defence business started taking shape, with two key international partnerships forged during the year. We have partnered with Embraer for regional transport aircraft manufacturing and services. We have also signed a pact with Leonardo to create a helicopter production ecosystem, targeting both defence and civil markets.

In another landmark development, we have set up Adani's Global Capability Center (GCC) within AEL. The Adani Capability Center acts as a central hub for business transformation, integrating technology and talent to support the group's massive infrastructure and utility businesses. It is designed to redefine enterprise services, driving digital transformation at scale across the portfolio companies.

Adani Enterprises also successfully completed its third public issue of Secured, Rated, Listed, Redeemable Non-Convertible Debentures (NCDs) in January 2026. The public issue was fully subscribed within 45 minutes – a strong testimony to the investors’ confidence in our robust foundations and impactful business strategy. I am happy to further report the strong response we received for the AEL Rights Issue, raising ₹ 24,930 crore.

On the operational front, it gives me immense pleasure to share with you AEL’s robust performance for FY 2025-26, with significant growth in infrastructure, energy, and material businesses. Our strong performance across our diversified business portfolio translated into sustained excellence in financial performance. Consolidated revenue and EBITDA for the year stood at ₹ 1,02,943 crore and ₹ 16,464 crore respectively. AEL has now transitioned to a core infrastructure-led model, with 80% of its EBITDA generated from mature, long-term and contracted business, which significantly enhances earnings visibility.

The FY 2025-26 full-year EBITDA for AAHL increased by 55% to ₹ 5,394 crore. The operationalisation of the Navi Mumbai International Airport unlocked immense economic value in this business, marking a defining moment in India’s infrastructure story and reinforcing AEL’s role as a national growth catalyst. The inauguration of the integrated new terminal building at Guwahati airport further powered the Company’s growth in the Airport business. On the strategic front, Adani Airports acquired 100% stake in AGHPort Aviation Services. This acquisition provides Adani Airports with full operational control, augmenting its presence in airport ground handling.

This stellar performance by Adani Airports has solidified its position as a dominant private operator, and we will continue to capitalise on the growing opportunity in this business.

Adani New Industries (ANIL - Green Hydrogen Ecosystem) business also delivered many milestones of success during the year, which saw the commissioning of India’s first off-grid 5 MW Green Hydrogen pilot plant. This marked a significant step in the nation’s clean energy transition journey. In another key development, the Wind Turbine business received its first external order of 300 MW for 3.3 MW WTG platform and started serial production. Solar module sales increased by 15% and supply of WTG sets increased by 41% during the year. The expansion of solar cell and module line to 10 GW from current capacity of 4 GW will further boost the financial performance of the Company.

Strong traction was also seen in our Data Centre business (AdaniConneX), with its operational capacity crossing the notable 55+ MW milestone. The business entered a major partnership with Google to develop India’s largest AI Data Centre campus in Visakhapatnam, Andhra Pradesh. Other key developments in this business included completion of 19.2 MW operational capacity at Hyderabad and Pune data center. AdaniConneX reported 100% uptime in Chennai, Noida and Hyderabad Data Centre, underlining the high operational efficiency of the business. New hyperscale order of 358 MW in Hyderabad during the year has taken cumulative tied-up capacity to 560+ MW.

In the Roads business, ARTL’s largest greenfield Ganga Expressway, was inaugurated on April 29, 2026 in a record time of less than 3.5 years. Further with the operationalisation of three HAM projects and addition of one operational TOT project, AEL now has thirteen operational projects. It is a matter of pride for us that, with this feat, we have successfully added another layer to the country’s growing infrastructure strength.

The Company has also bagged four new projects including the prestigious Kedarnath Ropeway project. The Company now has portfolio of 20 Projects with concession period of 15-30 years.

We have also bagged three new projects in our Water business for developing Brahmani Barrage, Mor Sagar Artificial reservoir and Mithi river.

Within our long-term contracted service businesses, we now have a portfolio of 18 MDO service agreements with a peak capacity of 145.4 MT per annum. We are currently operating at a run rate of 50 MT from six service contracts, which is approximately 34% of the potential of this business. During the year we have made operational GP-II coal mine service agreement, now the peak operational capacity is 86.6 MT per annum from seven service contracts, giving us strong potential for continued ramp-up in this business.

These developments highlight our ability to create large scale infrastructure projects, and reaffirm our commitment to delivering infrastructure of national importance. Going forward, we expect our landmark assets like the Navi Mumbai International Airport, the Copper Plant, and the Ganga Expressway to unlock significant value for the Company’s profitable, long-term growth.

Our focus remains on resilient execution, backed by a clear strategic orientation centred around incubation of globally competitive businesses that combine economic value creation with sustainability, technological leadership, and long-term national impact. At the same time, we shall continue to invest proactively in driving sustainable growth, with a sharp focus on environmental conservation.

In a significant step in this journey, AEL has achieved the highest leadership rating of “A” in its carbon disclosure project (CDP) submission for water security, underscoring the impact of our strong emphasis on robust data disclosure and climate action. It may be recalled that AEL had embarked on its maiden CDP submission for water security in FY 2024-25 and I am happy to share that AEL has achieved the highest leadership rating of “A” in CDP – Climate Change, underlining our sustained commitment to lowering GHG emissions and their overall environmental impact.

I am confident that with your continued support and the dedicated hard work of our people,

we will continue to progress on our mission to build next-generation infrastructure platforms that are globally benchmarked, technologically advanced, and strategically vital to India’s growth story. Our disciplined execution and strategic diversification focus will help strengthen our position as India’s leading incubator of transformative infrastructure and energy businesses. We remain committed to building globally competitive businesses that contribute to the strengthening of India’s core with the creation of intelligent, forward-aligned infrastructure.

Rajesh S Adani

Managing Director