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Adani Portfolio of Companies

A Legacy of Vision,
Leadership and Nationhood

The Adani portfolio of companies is India’s largest integrated infrastructure platform, synonymous with national progress, scale, and purpose. Over the years, it has consistently delivered best-in-class growth with robust cash flows and financial discipline. The portfolio is today among India’s largest contributors to national revenues and taxes, and most trusted corporate groups, redefining economic development.

Guided by a nation-first ethos, the Adani portfolio of companies is investing at scale in critical infrastructure and new-age sectors to enable ‘Viksit Bharat’. It is equally committed to sustainable development and creating value for all stakeholders, with the philosophy of ‘Growth with Goodness’ at its core.

At the Adani portfolio of companies, every action, every idea pursued and every forward leap is driven by the goal of making India rise stronger, stand self-reliant, and thrive sustainably.

Pedigree

The Adani portfolio of companies is headquartered in Ahmedabad, India. It was founded and promoted in 1988 by Mr Gautam Adani, whose foresight has shaped some of the most critical pillars of India's modern infrastructure. What began as a trading enterprise is now one of India’s most dynamic, diversified, and forward-looking conglomerates comprising 13 listed companies.

Vision

To be a world-class leader in businesses that enrich lives and contribute to nations in building infrastructure through sustainable value creation.

Culture

  • Passion — Performing with enthusiasm and energy
  • Results — Consistently achieving goals
  • Integration — Working across functions and businesses to create synergies
  • Dedication — Working with commitment in the pursuit of our aims
  • Entrepreneurship — Seizing new opportunities with initiatives and ownership

Values

  • Courage — We shall embrace new ideas and businesses
  • Trust — We shall believe in our employees and other stakeholders
  • Commitment — We shall stand by our promises and adhere to high standards of business

A Portfolio Invested in India's Tomorrow

Scale that
Drives Progress

Aligned with
India's Ambition

Built Around
Core Infrastructure

Built Around Core Infrastructure and Utility Platform

The Adani portfolio of companies is structured around a core infrastructure and utility platform that delivers strong and predictable cash flows. Its robust operating model is built around 40 years of investments in productivity, efficiency and execution across energy, utilities, and transport and logistics.

1. ATGL: Adani Total Gas Limited, JV with TotalEnergies.
2. Ambuja Cement’s shareholding does not include Global Depository Receipt of 0.04% but includes AEL shareholding of 0.35% received as part of the consideration against transfer of Adani Cementation Limited as per NCLT order dated July 18, 2025.
3. Cement includes 67.64% (67.68% on voting rights basis) stake in Ambuja Cements Limited as on March 31, 2026 which in turn owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited and Ambuja Cements Limited holds 72.66% stake in Orient Cement Limited. With effect from March 12, 2026, Sanghi Industries Limited has been merged into Ambuja Cements Limited as per NCLT order dated February 9, 2026. On April 10, 2026, Ambuja issued 1,29,93,708 equity shares to the eligible shareholders of Sanghi. Accordingly, Promoters Shareholdings in Ambuja stands revised to 67.29% (67.33% on voting rights basis) w.e.f. April 10, 2026.
4. Data centre, JV with EdgeConnex.
5. Includes the manufacturing of Defence and Aerospace Equipment.

AEL: Adani Enterprises Limited | APSEZ: Adani Ports and Special Economic Zone Limited | AESL: Adani Energy Solutions Limited |
T&D: Transmission & Distribution | APL: Adani Power Limited | AGEL: Adani Green Energy Limited | AAHL: Adani Airport Holdings Limited |
ARTL: Adani Roads Transport Limited | ANIL: Adani New Industries Limited | IPP: Independent Power Producer | NDTV: New Delhi Television Limited | PVC: Polyvinyl Chloride | GCC: Global Capability Centre l Promoter’s holdings are as on March 31, 2026.

Unmatched in Scale, Unrivalled in Impact

Nationwide Cover and Impact

Powering the daily life of 375 million+ people nationwide by delivering connectivity (ports, roads, airports), energy, essential infrastructure, and driving industrial growth

Global Credibility and Investor Confidence

  • Four of thirteen* publicly traded companies are Investment Grade (IG)-rated
  • India’s only Infrastructure Investment Grade bond issuer
  • Healthy debt profile, with 40% debt carrying an average maturity of 82 months and finance cost at 23% of EBITDA
  • Best-in-class growth with predictable, high and rising free cash flow; FY 2019-26 CAGR of 27.0% in fund flow from operations (FFO) and 21.2% in EBITDA

Empowering India’s Critical Sectors

Dominant positions and bold investments in critical sectors of the Indian economy

Transport & Logistics

Seaports, Airports, Logistics, Rail, Roads

Materials, Metals & Mining

Cement, Mining, Copper, Aluminium, Petrochemicals, Mining Services

Energy & Utility

Power Generation & Storage, Transmission & Distribution, Green Hydrogen, Data Centre, Water Management, City Gas Distribution, Solar Manufacturing, EV Charging Infrastructure

Specialty

Media & Entertainment, Defence & Aerospace

* Four of thirteen publicly traded companies are Investment Grade (IG)-rated. Listed entities also include Cemindia Projects Limited, PSP Projects Limited and Punj Lloyd Limited.

Enabling India’s Rise in the Global Intelligence Revolution

Planned investment of USD 100 billion in building hyperscale AI-ready data centre ecosystem over the next decade, to position India as a creator and exporter of intelligence rather than just a consumer.

Purpose-Driven Progress: ‘Growth with Goodness’

ESG at the core of operations, aligned with global and national frameworks

Environmental
  • Drive decarbonisation through USD 100 billion investment in a decarbonisation pathway aligned with India's climate change commitments
  • Champion resource circularity and stewardship by minimising waste, reducing freshwater dependency, and embedding biodiversity conservation into operations
Social
  • 13.3 million lives touched across 22 states through health, nutrition, education, sanitation, women’s livelihood, and skill development
Governance
  • 100% independent Board-level ESG Committee (Corporate Responsibility Committee)
  • Transparent disclosures, ethical operations, and accountability as guiding principles

Growing with the Nation
and its People

Impact on People, Society and Environment

375 million+ Lives touched by Adani’s core infra platform, one of the largest in the country
₹ 1,190 crore1 Total spent in CSR and environmental efforts by Adani Foundation
USD 100 billion Investment planned in the energy transition space over the next decade
19.3 GW Total renewable energy operational portfolio

Impact on the Nation and Economy

₹ 80,504 crore1 Total global tax and other contributions
₹ 7,85,098 crore2 Gross asset base supporting critical infrastructure and best-in-class performance across its life cycle
₹ 1,75,950 crore1 Total investment in capex projects for the year FY 2025-26

Impact on the Investors

₹ 12,99,150 crore2 Total market capitalisation
13.1%2 Return on assets
~7 million3 Shareholders (~6x growth from FY 2018-19 – FY 2025-26)

1In FY 2025-26.
2As of March 30, 2026.
3Excludes 1.1 million shareholders of AWL Agri Business Limited, which was divested by Adani Enterprises Limited in November 2025, and includes 95,517 shareholders of Orient Cement.

Driven by Synergies,
Significance and Sustainability

The Adani portfolio of companies together forms an integrated platform that delivers national infrastructure, future-ready development and sustainable value creation. Beyond scale and impact, the portfolio has strong operating synergies across infrastructure, capabilities, and supply chains, creating a connected ecosystem that enhances execution, efficiency and outcomes.

Adani Enterprises Limited

Adani Enterprises Limited

India's Largest Business Incubator

4 GWSolar cell and module manufacturing capacity
95.3 mnPassengers handled across 8 airports
560+ MWData centre tied-up capacity
2.25 GWWind turbine generator manufacturing capacity
20Road projects including one ropeway project
145.4 MMTPAMDO total peak capacity
Contribution to Sustainability
  • Net zero in alignment with India's climate commitments
  • RE at 19% of electricity mix
  • 98 percentile in S&P Global CSA (Top 4 in its sector globally)
  • A (Leadership) rating in CDP Climate Change, Water Stewardship and Supplier Engagement Assessment
  • CareEdge ESG 1+ (Leadership) rating by CareEdge ESG
Contribution to the Nation
  • Incubating new-age infrastructure and utility platforms
  • Improved connectivity and logistics with airports and roads
  • Advancing energy transition through solar and wind energy component manufacturing and green hydrogen ecosystem
  • Data centres for data integrity
  • Mining services
Synergies with the Adani Ecosystem
  • Road for cargo movement
  • Supply of solar modules and wind turbine generators to renewable energy arm of the portfolio
Adani Ports and Special Economic Zone Limited

Adani Ports and Special Economic Zone Limited

India's Largest Integrated Transport Platform

500.8 MMTCargo handled in FY 2025-26
19ports
~653 MMTdomestic cargo handling capacity
~144 MMTInternational cargo handling capacity
12 MMLPs3.1 million sq.ft. warehousing space
25,000+Trucks in the platform
247 marine vesselsincludes captive and third-party marine fleet, and dredging fleet
132rakes
Contribution to Sustainability
  • Net zero by 2040
  • Level 5 Management Quality rating from the Transition Pathway Initiative (among Top 4 in global industrial transportation companies and only one in global port operator)
  • 12 ports certified Zero Waste to Landfill
  • 66 S&P/DJSI assessment score with ranking in the top 95th percentile globally within the sector, maintained the highest score in the Environment dimension for the third consecutive year
  • 10.5 Sustainalytics score (low risk)
Contribution to the Nation
  • Enhances India’s trade efficiency and logistics competitiveness with integrated ports and logistics infrastructure
  • Handles ~27% of India’s total cargo share
  • Industrialisation by developing economic zones and industrial clusters
Synergies with the Adani Ecosystem
  • Movement of coal for AEL, APL
  • Trucking operations for Ambuja, AGEL and APL
Adani Energy Solutions Limited

Adani Energy Solutions Limited

India's Largest Private-Sector Transmission and Distribution Company

27,949 ckms transmission network
3.27 millionpower distribution customer base
1,23,175 MVAtransformation capacity
24.6 millionsmart metering order book
Contribution to Sustainability
  • Net zero by 2050
  • 65.92% (With REC’s) RE share in AEML’s overall power mix
  • 81/100 ESG Score in S&P Global’s Corporate Sustainability Assessment 2025
  • 18.1 (April 2026) Sustainalytics score (low risk)
  • AESL had ESG Score of 81/100 in S&P Global’s Corporate Sustainability Assessment 2025
Contribution to the Nation
  • Grid reliance through transmission and distribution infrastructure
  • Renewable integration
  • Grid modernisation with smart meter installation
  • Power- and cost-efficient cooling solution
Synergies with the Adani Ecosystem
  • Power evacuation from APL and AGEL
  • Electricity supply
Adani Green Energy Limited

Adani Green Energy Limited

India's Largest Renewable Energy Portfolio

19.3 GWoperational portfolio
1,376 MWhOperationalised Battery Energy Storage Systems (BESS) capacity in Khavda, one of the world’s largest single-location deployments
30 GWKhavda World’s largest Single- Location Renewable Energy Site
Contribution to Sustainability
  • Net zero by 2050
  • 74 S&P/DJSI assessment score
  • 11.8 Sustainalytics score (low risk) (Ranked #1 in India and in top 6 globally)
  • ‘Ranked Top’ in ESG ratings by ‘FTSE Russell’ (Alternative Electricity Subsector globally) and ‘ISS ESG’ (RE sector globally)
Contribution to the Nation
  • Supports energy transition and climate commitment
  • Reduction in carbon intensity
  • Round-the-clock green power supply to utilities and industrial clients
Synergies with the Adani Ecosystem
  • Uses AEL-manufactured solar and wind energy components
  • Uses AESL power evacuation network
  • Green power supply
Adani Total Gas Limited

Adani Total Gas Limited

India's Largest City Gas Distributor

53* geographical areas of gas supplies covering 14% of India’s population
1.3 million+PNG home connection
5,100e-mobility charging points
1,169CNG stations
28,000+ Inch-KmSteel pipeline

* Including JV, IndianOil - Adani Gas Private Limited

Contribution to Sustainability
  • Net zero by 2070
  • 100% fleet decarbonised
  • 72 S&P/DJSI score; ranked 9th globally in the sector of Gas utility
  • CareEdge ESG Score at 83.3 out of 100, places ATGL as best performing companies within its peer group
Contribution to the Nation
  • Cleaner fuel (PNG and CNG) supply to households, industry and transport
  • 5,100 EV Charging points
Synergies with the Adani Ecosystem
  • Gas supply to industrial and logistics operations, and commercial establishments
Adani Power Limited

Adani Power Limited

India's Largest Private Sector Thermal Power Producer

18,150 MWOperational capacity
41,870 MWTargeted capacity by FY 2031-32
74 MMTCoal handling
22 MMTFly ash handling
Contribution to Sustainability
  • Net zero by 2070
  • 60% operating capacity based on supercritical and ultra-supercritical technology
  • 69 S&P/DJSI assessment score
  • 29.2 Sustainalytics score (medium risk)
Contribution to the Nation
  • Grid stability with large-scale, reliable power generation
  • National energy security
Synergies with the Ecosystem
  • Coal, logistics, and transmission linkages via AEL, APSEZ, and AESL
NDTV Limited

NDTV Limited

Among India's Most Trusted Media Companies

Global ViewershipCountries of presence in numbers:
NDTV 24*7: 65
NDTV India: 5
NDTV Profit: 5
102 millioncombined presence across all social media platforms
Contribution to Sustainability
  • Focus on energy-efficient operations and waste reduction
Contribution to the Nation
  • Strengthening India’s media and information ecosystem
  • Public awareness and access to credible news with integrity and accuracy
Ambuja Cements Limited

Ambuja Cements Limited

9th Largest Cement Producer Globally

Iconic and Most Trustedcement brands
~109 MTPAcement manufacturing capacity
119 MTPAtargeted cement manufacturing capacity by FY 2026-27
Contribution to Sustainability
  • India’s leading and globally one of the four large-scale cement companies with science-based net-zero 2050 and near-term 2030 target validated by SBTi
  • First Indian cement company to adopt the Taskforce on Nature-related Financial Disclosures (TNFD) framework
  • Green Power (31% Ambuja and 30% ACC for FY 2025-26). Target to reach 60% Green Power by FY 2027-28.
  • 69/100 for Ambuja and 72/100 for ACC in the 2025 S&P Global CSA (with MSA impact)
  • 21.1 (9/124 global rank) for Ambuja and 21.9 (12/124 global rank) for ACC in Sustainalytics ESG risk rating
  • CareEdge ESG 1+ (Leadership) rating for both Ambuja and ACC
Contribution to the Nation
  • Cement, concrete and building materials supply for housing and national infra projects
  • Contribution to nation-building reflected in its involvement in marquee projects including the Navi Mumbai International Airport, Ganga Expressway, Chenab Bridge, Atal Setu, Mumbai Coastal Road and World One, among others
Synergies with the Ecosystem
  • Fly ash from APL
  • Leveraging logistics solutions of APSEZ, AAHL and ARTL
  • Coal supplies from AEL (mining operation)
  • Supply of building materials for capex projects
  • Power supply from APL, AGEL and AESL

Note: AEL exited AWL Agri Business in FY 2025-26 by divesting its remaining 30.5% stake, including ~20% strategic sale to Wilmar (July 2025), and the remaining ~10.5% through block deals (November 2025).

Stable, Predictable
Infrastructure-led Growth

Delivering Best-in-Class Performance, Consistently (₹ in crore)
FY 2025-26 Revenue FY 2025-26 Adjusted EBITDA* FY 2025-26 PAT
APL 57,865 23,321 12,971
APSEZ 40,854 25,228 12,782
AESL 28,325 8,726 2,393
AEL 1,02,943 16,643 9,951
AGEL 13,819 12,075 1,987
ATGL 6,446 1,254 656
Ambuja Cements 41,490 7,586 5,637
₹ 2,91,742 crore Consolidated revenue ▲ 10% 5-Year CAGR
₹ 94,833 crore Consolidated Adjusted EBITDA ▲ 23% 5-Year CAGR
₹ 46,377 crore Consolidated PAT ▲ 38% 5-Year CAGR
Growth with Prudence
and Responsibility Free Cash Flow Powered
by the Core Infra Platform

Infrastructure platform contribution in FY 2025-26

63% of total revenue
87% of total EBITDA
88% of the total fund
flow from operations
Solid Fundamentals
USD 5.89 billion Portfolio-level cash balance
(as on March 31, 2026)
2.49x Gross assets/net
debt ratio
3.32x Net debt/EBITDA
(below the guided 3.5x leverage range)
100% Of the run rate EBITDA of ₹1,08,300 crore rated above 'A-'
13.6% Return on
Assets

* Adjusted EBITDA = PAT + Share of profit from JV & Associates + Current Tax + Deferred Tax + Depreciation & Amortisation + Finance Cost + Unrealised Forex Loss / (Gain) + Exceptional Items.

Industry-Leading by Design

Cargo Volume Growth

(MMT)

CAGR
Industry
4.5%
APSEZ
12.7%
2016 1,073 152
2026 1,668 501
Renewable Capacity Growth

(GW)

(Multiples of x)
Industry
2.2x
AGEL
3.6x
2022 94 5.4
2026 206 19.3
Transmission Network Growth

(ckm)

CAGR
Industry
2.62%
AESL
10.3%
2022 4,56,716 18,875
2026 5,06,513 27,949
City Gas Distribution Volume

(MMSCM)

CAGR
Industry
7.92%
ATGL
13%
2022 12,175 696
2026 16,516 1,133
Thermal Power Capacity Growth

(MW)

CAGR
Industry
1.8%
APL
5.7%
2016 1,85,173 10,440
2026 2,21,940 18,150
Airport Passenger Traffic Growth

(million)

CAGR
Industry
22%
AEL
27%
2022 189.0 36.9
2026 420.1 95.3
Smart Meter Installation Growth

(million)

(Multiples of x)
Industry
17x
AESL
76x
2024 3.07 0.15
2026 52.91 11.43
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