Adani Enterprises Limited — PPTs, 04-11-2025: Investor Presentation

Adani Enterprises reported for H1 FY26.

1. **Business Performance:** Consolidated revenue dipped 10% to Rs. 44,281 Cr and EBITDA fell 11% to Rs. 7,688 Cr, mainly due to lower trade volumes and price volatility in its IRM and Commercial Mining sectors. However, incubating businesses showed strong momentum, with their EBITDA growing 5% to Rs. 5,470 Cr, making up 71% of total EBITDA. Airport segment EBITDA notably soared 51% to Rs. 2,157 Cr.

2. **Growth Drivers or Strategy:** AEL is focused on incubating large infrastructure projects, with expansion in green hydrogen, airports, data centers, and roads. Digital initiatives are key, exemplified by airport digitization and AI data center partnerships.

3. **Recent Developments:** The greenfield Navi Mumbai International Airport was inaugurated, set to begin operations in Q3 FY26. AdaniConnex partnered with Google for India's largest AI Data Center campus. AEL operationalized its 7th road project and secured new road and water projects. The company has approved a rights issue of Rs. 25,000 Cr to strengthen its balance sheet.

4. **Key Financial Metrics:** H1 FY26 Consolidated PBT (excluding exceptional gain) stood at Rs. 2,281 Cr. The Net Debt / Equity ratio for H1 FY26 was 0.98x.

5. **Management Commentary / Outlook:** Management highlighted disciplined execution and strategic diversification. Significant EBITDA unlocking from Navi Mumbai Airport, Copper Plant, and Ganga Expressway is anticipated from Q4 FY26, supporting India's sustainable, technology-driven future.