Interim report
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Adani Enterprises Limited “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar Ahmedabad 382 421 Gujarat, India Tel + 91 79 2656 5555 Fax + 91 79 2555 5500 investor.ael@adani.com www.adanienterprises.com CIN: L51100GJ1993PLC019067 Registered Office : “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421 November 4, 2025 BSE Limited P J Towers, Dalal Street, Mumbai – 400001. National Stock Exchange of India Limited Exchange plaza, Bandra-Kurla Complex, Bandra (E), Mumbai – 400051. Scrip Code: 512599 Scrip Code: ADANIENT Dear Sir, Sub: Outcome of the meeting of the Board of Directors of Adani Enterprises Limited (the “Company”) held on November 4, 2025 and intimation pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“SEBI Listing Regulations”). In continuation to our prior intimations dated October 28, 2025 and October 30, 2025, we wish to inform you that: 1. The Board of Directors of the Company (“the Board”) at its meeting held on November 4, 2025 (commenced at 01:00 p.m. and concluded at 02:30 p.m.), has inter alia approved and taken on record the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2025 as reviewed and recommended by the Audit Committee. 2. The said Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2025, are prepared in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) together with the Limited Review Report and Security Cover Certificate of the Statutory Auditors along with the Statement of Assets and Liabilities and Cash Flow Statement for the year half year ended September 30, 2025 are enclosed herewith as Annexure “A”. These results are also being uploaded on the Company’s website at www.adanienterprises.com. 3. Statement indicating the utilization of issue proceeds of Non -Convertible Securities and material deviations, if any, under Regulation 52(7) and 52(7A) of the SEBI Listing Regulations is enclosed herewith as Annexure B. 4. The Board has, inter alia, also considered and approved the issuance of partly paid- up equity shares of the Company of face value of ₹1 each (the “Rights Equity Shares”) for an amount not exceeding ₹ 25,000.00 crore (Rupees Twenty Five Thousand Crore) by way of a rights issue to the eligible equity shareholders of the Company, as on the record date (to be determined and notified subsequently), in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as
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Adani Enterprises Limited “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar Ahmedabad 382 421 Gujarat, India Tel + 91 79 2656 5555 Fax + 91 79 2555 5500 investor.ael@adani.com www.adanienterprises.com CIN: L51100GJ1993PLC019067 Registered Office : “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421 amended, subject to such regulatory and statutory approvals, as may be required under the applicable laws. Further, f or the purposes of giving effect to the rights issue, the specific and detailed terms in relation to the rights issue, including but not limited to the determination of the issue price, rights entitlement ratio, record date, timing of the rights issue and terms of payment will be determined by the Rights Issue Committee of the Board authorised in this regard and disclosed to the exchange in due course. The disclosure relating to the rights issue, as required pursuant to Regulation 30 of SEBI Listing Regulations read with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024 is attached as per Annexure C. Kindly take the same on your records. For Adani Enterprises Limited Jatin Jalundhwala Company Secretary & Joint President (Legal) Membership No. F3064
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IND I A SHAH DHANDHARIA & CO LLP CHARTERED ACCOUNTANTS Independent Auditor's Review Report on Quarterly and Half Yearly ended Unaudited Consolidated Financial Results of the Company pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Adani Enterprises Limited 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Adani Enterprises Limited ("the Parent" or "the Company") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), its jointly controlled entities and associates for the quarter and half year ended 30th September 2025 ("the Statement") being submitted by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 as amended (the "Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors at their meeting held on 4th November, 2025, has been prepared in accordance with recognition and measurement principles laid down in Indian Accounting Standards 34 "Interim Financial Reporting" (Ind AS 34), as prescribed under section 133 of the Companies Act, 2013 as amended, read with the relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular No CIR/CFD/CMDl/44/2019 issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable. 4. The Statement includes unaudited interim financial results of the subsidiaries, jointly controlled entities and associates as per annexure in addition to the Parent. 5. As detailed in Note 9(a) and 9(c) of this Statement, in case of one of the subsidiaries, namely Mumbai International Airport Limited ("MIAL"), the legal proceedings involving investigations initiated by the Ministry of Corporate Affairs and chargesheet filed by the Central Bureau of Investigation are currently on-going in respect of matters involving potential conflict of interest and alleged misuse of funds of MIAL aggregating to Rs. 845.76 crores related to works contracts that are currently included in Property, Plant and Equipment at a net book value of Rs. 459.42 crores. The auditors of MIAL have given a modified conclusion in the absence of sufficient appropriate audit evidence in respect of the above. Our audit report issued on the consolidated financial results and consolidated financial statements of the Group for the year ended 31st March 2025 were also qualified in respect of the above matter. Further, our review report on the consolidated financial results for the quarter ended 30th June 2025 and quarter and half year ended 30th September, 2024 was also modified in respect of the above matter. 6. Based on our review of the Statement conducted as stated above, except for the possible effects of the matters referred to in paragraph 5 above and based on the consideration of the reports of other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and 52 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. ..f:. \1HAR1.4 -, /'� ¢01 Y:,/1 Fr ;-I 0 , (� 1" i''""'r_ --:WI :=, \� W10 :724 ;'/J � ,< �:it::-._�<'>;• ' .,.,� 'i-' •-�:erJ /v o\'i· ,;,r Shah Dhandharia & Co LLP is registered with limited liability having identification number MW-6528. 507, Abhijeet -1, Mithakali Six Roads, Navrangpura, Ahmedabad - 380009. � www.sdco.in 8 079-4890-1710 Ii info@sdco.in I gst@sdco.in Annexure-A
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IN DIA SHAH DHANDHARIA & CO LLP CHARTERED ACCOUNTANTS Independent Auditor's Review Report on Quarterly and Half Yearly ended Unaudited Consolidated Financial Results of the Company pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (as amended) (Continued) 7. We did not review the interim financial results of 60 subsidiaries included in the Statement, whose interim financial results reflect total assets of Rs. 1,60,304.74 crores as at 30th September, 2025, total revenues of Rs. 13,154.01 crores and Rs. 27,654.65 crores, total Profit after tax of Rs. 2,989.26 crores and Rs. 3,406.73 crores, and total comprehensive income of Rs. 3,352.70 crores and Rs. 3,258.86 crores for the quarter and half year ended 30th September 2025 respectively, and net cash inflows of Rs. 1,191.04 crores for the half year ended 30th September 2025, as considered in the unaudited consolidated financial results. The Statement also includes Group's share of profit after tax of Rs. 8.64 crores and Rs. 83.52 crores for the quarter and half year ended 30th September 2025 respectively, as considered in the Statement in respect of29 jointly controlled entities and associates. These interim financial results . have been reviewed by other auditors whose reports have been furnished to us by the management and our report on the Statement, in so far as it relates to the amount and disclosures included in respect of these subsidiaries, jointly controlled entities and associates is based solely on the report of the other auditors. Our conclusion on the Statement is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors. 8. The Statement also includes the interim financial results of 141 Subsidiaries which have not been reviewed by their auditors and are certified by the Management, whose interim financial results reflect total assets of Rs. 9,566.64 crores as at 30th September, 2025, total revenue of Rs. 1,289.65 crores and Rs. 2,212.59 crores , total Profit after tax of Rs. 192.62 crores and Rs. 262.62 crores and total comprehensive income of Rs. 199.79 crores and Rs. 279.65 crores for the quarter and half year ended 30th September 2025 respectively, as considered in the unaudited consolidated financial results. The Statement also includes Group's share of profit after tax of Rs. 8.72 crores and Rs. 15.19 crores for the quarter and half year ended 30th September 2025 as considered in the Statement in respect of 49 jointly controlled entities and associates, based on their interim financial results which have not been reviewed by their auditors and are certified by the Management. According to the information and explanation to us by the Management these interim financial results are not material to the group. Our conclusion on the Statement is not modified in respect of the above matters with respect to our reliance on the interim financial information certified by the management. 9. Some of these subsidiaries, jointly controlled entities and associates are located outside India whose interim financial results have been prepared in accordance with the accounting principles generally accepted in their respective countries. The Parent's management has converted the interim financial results of such subsidiaries, jointly controlled entities and associates located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Parent's management. Our report on the Statement, in so far as it relates to the amounts included in respect of these subsidiaries, jointly controlled entities and associates located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Parent. 10. Attention is drawn to the fact that some of the subsidiary companies, jointly controlled entities and associate companies are incurring continuous losses, have temporary suspended projects and have a negative net current assets position however the accounts of such subsidiary companies, jointly controlled entities and associate companies have been prepared on a going concern basis considering financial support from Parent and other fellow subsidiaries or their immediate parent company. Shah Dhandharia & Co LLP is registered with limited liability having identification number MW-6528. 507, Abhijeet - 1, Mithakali Six Roads, Navrangpura, Ahmedabad - 380009. � www.sdco.in 9 079-4890-1710 iii info@sdco.in / gst@sdco.in
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CA IND IA SHAH DHANDHARIA & CO LLP CHARTERED ACCOUNTANTS Independent Auditor's Review Report on Quarterly and Half Yearly ended Unaudited Consolidated Financial Results of the Company pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (as amended) (Continuetf) 11. For the matter detailed in Note 9(b) of this Statement, the auditor of one of the subsidiaries, namely Mumbai International Airport Limited, have also inserted an Emphasis of Matter paragraph in their report stating that there is an ongoing litigation/arbitration proceeding in respect of Monthly Annual Fee for the period from March 2020 to February 2022, which could have a significant impact on the financial results, if the potential exposure were to materialize. Further, For the matter detailed in Note 10 of this Statement, the component auditor of one of the subsidiaries, namely Navi Mumbai International Airport Private Limited ("NMIAL") have inserted an Emphasis of Matter paragraph in their report stating that the company has received communication Southeast Region, Hyderabad, Ministry of Corporate Affairs ('MCA'), initiating an investigation in terms of the Section 210(l)(a) and (c) of the Companies Act, 2013 for financial years ended 31st March 2018 to 31st March 2022. The Company is in process of preparing and submitting its response to the recent correspondence received from MCA in this regard. Our conclusion on the Statement is not modified in respect of the above matters enlisted in the Paragraph 10 to 11 above. Place : Ahmedabad Date : 4th November 2025 For SHAH DHANDHARIA & CO LLP Chartered Accountants Fi��_B,_t;g,istration No. l 18707W/Wl00724 \ ,\ '------- / Partner Membership No. 183083 UDIN: 25183083BMKWEZ4874 Shah Dhandharia & Co LLP is registered with limited liability having identification number AAW-6526. 507, Abhijeet - 1, Mithakali Six Roads, Navrangpura, Ahmedabad - 380009. ®, www.sdco.in 9 079-4890-1710 i\Tii info@s dco.in / gst@sdco.in
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IND IA SHAH DHANDHARIA & CO LLP CHARTERED ACCOUNTANTS Annexure to Independent Auditor's Review Report on Unaudited Consolidated Financial Results of Adani Enterprises Limited pursuant to Regulation 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015, as amended: List of Subsidiaries Adani Aerospace and Defence Limited Adani AgriFresh Limited Ahmedabad International Airport Limited Adani Airport Holdings Limited Adani Bunkering Private Limited Adani Cement Industries Limited (upto 1 stAugust, 2025) Adani Cementation Limited (upto 1 stAugust, 2025) Adani Defence Systems and Technologies Limited Adani Green Technology Limited Guwahati International Airport Limited Adani Welspun Exploration Limited Agneya Systems Limited Alpha Design Technologies Private Limited (Consolidated) Azhiyur Vengalam Road Limited Badakumari Karki Road Limited Bailadila Iron Ore Mining Limited Bilaspur Pathrapali Road Private Limited Carroballista Systems Limited CG Natural Resources Private Limited Mundra Solar Limited Adani Water Limited Gare Palma II Collieries Limited Gare Pelma III Collieries Limited Gidhmuri Paturia Collieries Private Limited Jhar Mineral Resources Private Limited Kodad Khamrnam Road Limited Kurmitar Iron Ore Mining Limited Kutch Copper Limited Mahanadi Mines & Minerals Private Limited Mancherial Repallewada Road Private Limited MH Natural Resources Private Limited MP Natural Resources Private Limited East Coast Aluminium Limited (Formerly known as Mundra Copper Limited) Mundra Petrochem Limited Mundra Solar Energy Limited Mundra Solar PV Limited Mundra Synenergy Limited Nanasa Pidgaon Road Limited j,I. --- ·,,�)MA'.(-r_,;.,-----�-, , ., ..,/ r _, '�-1 ,, - . \b , 11"'2' . - \\ ... ,\ -� '.J) \ 1.r. J; 1,.-, I Ji-• I 7'!,1 "l ,, ·:.�;-... • ...... , - 1�//' , . . _,,,_\r Mangaluru International Airport Limited Adani Metro Transport Limited Adani Naval Defence Systems and Technologies Limited Adani Railways Transport Limited Horizon Aero Solutions Limited Adani Resources Limited Adani Road O&M Limited Adani Road Transport Limited Adani Shipping (India) Limited TRY (Kerala) International Airport Limited Rajasthan Collieries Limited PRS Tolls Limited Adani Aviation Fuel Services Limited (Formerly known as Sabarmati Infrastructure Services Limited) Adani Global Air Cargo Solutions Limited (Formerly known as Rajputana Smart Solutions Limited) Adani Tradecom Limited Surguja Power Limited Suryapet Khammam Road Pvt Limited Talabira (Odisha) Mining Limited Vijayawada Bypass Project Limited Aanya Maritime Inc. Aashna Maritime Inc. Adani Australia Pty Ltd Adani Global (Switzerland) LLC (under strike off) Adani Global DMCC Adani Global FZE Adani Global Limited Adani Global Pte Limited Adani Global Royal Holding Pte Limited Adani Infrastructure Pty Limited Adani Minerals Pty Limited Adani Mining Pty Limited Adani North America Inc Adani Renewable Asset Holdings Pty Limited Adani Renewable Asset Holdings Trust Adani Renewable Asset Pty Limited Adani Renewable Asset Trust Adani Rugby Run Finance Pty Ltd Adani Rugby Run Pty Limited Shah Dhondhorio & Co LLP is registered with limited liability having identifica tion number AAW-6528. 507, Abhijeet - l, Mithokali Six Roads, Navrongpura, Ahmedobad - 380009. � www.sdco.in '9 079-4890-1710 i1iij info@sd co.in / gst@sdco.in
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IND IA SHAH DHANDHARIA & CO LLP CHARTERED ACCOUNTANTS Ordefence Systems Limited Panagarh Palsit Road Limited Parsa Kente Collieries Limited PLR Systems Private Limited Prayagraj Water Private Limited Jaipur International Airport Limited Lucknow International Airport Limited Queensland Ripa Holdings Pty Ltd Queensland Ripa Holdings Trust Queensland Ripa Pty Ltd Queensland Ripa Trust Rahi Shipping Pte Limited Urja Maritime Inc Vanshi Shipping Pte Limited Whyalla Renewable Holdings Pty Ltd Bowen Rail Company Pty Limited Bowen Rail Operation Pte Limited Mumbai International Airport Limited Navi Mumbai International Airport Private Limited Bhagalpur Waste Water Limited GVK Airport Developers Limited GVK Airport Holdings Limited Adani Data Networks Limited Adani New Industries Limited (Formerly known as Mundra Windtech Limited) April Moon Retail Limited Astraeus Services IFSC Limited Kutch Copper Tubes Limited Kagal Satara Road Limited Adani Health Ventures Limited Jhar Mining Infra Limited Puri Natural Resources Limited Sompuri Natural Resources Private Limited Sompuri Infrastructures Private Limited Adani Road STPL Limited Adani Road GRICL Limited Adani Global Vietnam Company Limited Vishvapradhan Commercial Private Limited RRPR Holding Private Limited Alwar Alluvial Resources Limited /7':�0 H-��,..-'...� Pelma Collieries Limited Aelius Resources S.A. <1, () /(;_',1/ �-/ , ':l:_/ I' • - 'I?:. l ·: •.�7o.?� u) A h d d S d T hn 1 \ .. �-"•" i " [ �' t arva A vance ystems an ec o og1es L1m1t ,�,., /,· '<}:-� '._J,.� ... t! ."',cr;r(:.� �: Adani Rugby Run Trust Adani Shipping Pte Limited The Galilee Basin Conservation and Research Fund Galilee Biodiversity Company Pty Limited Galilee Transmission Holding Pty Limited Galilee Transmission Holdings Trust Galilee Transmission Pty Limited PT Adani Global (Consolidated) PT Adani Global Coal Trading Unnao Prayagraj Road Limited Whyalla Renewable Holdings Trust Whyalla Renewables Pty Ltd Whyalla Renewables Trust Adani Solar USA Inc Adani Solar USA LLC Midlands Parent LLC Oakwood Construction Services Inc Seafront Segregated Portfolio PLR Systems (India) Limited Adani Petrochemicals Limited Adani Digital Labs Limited Bangalore Airport & Infrastructure Developers Limited Budaun Hardoi Road Limited Hardoi Unnao Road Limited Kalinga Alumina Limited (Formerly known as Mundra Aluminium Limited) Mumbai Travel Retail Limited Bengal Tech Park Limited AMG Media Networks Limited Kutch Fertilizers Limited Alluvial Heavy Minerals Limited Adani Mining Limited (formerly known as Hirakund Natural Resources Limited) Raigarh Natural Resources Limited Mining Tech Consultancy Services Limited Adani Disruptive Ventures Limited New Delhi Television Limited (Consolidated) Sibia Analytics and Consulting Services Private Limited Armada Defence Systems Limited Stark Enterprises Limited Adani Israel Limited QBML Media Limited (Formerly known as Quintillion Business Media Limited) Le Marche Duty Free SAS Global Airports Operator LLC Shah Dhandharia & Co LLP is registered with limited liability having identification number AAW-6528. 507, Abhijeet - 1, Mithakali Six Roads, Navrangpura, Ahmedabad - 380009. � www.sdco.in '9 079-4890-1710 ill info@sdco.in / gst@sdco.in
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IND IA SHAH DHANDHARIA & CO LLP CHARTERED ACCOUNTANTS Sirius Digitech International Limited Tabemono True Aromas Limited JANS India Private Limited Ospree International FZCO Airports Infrastructure PLC Adani Energy Resources (Shanghai) Co. Ltd Cococart Ventures Limited Aviserve Facilities Limited Aviground Facilities Limited Adani New Industries One Limited Air Works India (Engineering) Private Limited (Conso) Nagpur SyncGas & Chemicals Limited CG Syn-Gas & Chemicals Limited List of Jointly Controlled Entities and Associates Adani Power Resources Limited Comprotech Engineering Private Limited GSPC LNG Limited Noida Data Center Limited Vishakha Industries Private Limited Vishakha Pipes and Moulding Private Limited AdaniConnex Private Limited AWL Agri Business Limited (formerly known as Adani Wilmar Limited) (Consolidated) Carmichael Rail Development Company Pty Limited Mumbai Aviation Fuel Farm Facility Private Limited DC Development Noida Limited Cleartrip Private Limited Pune Data Center Limited General Aeronautics Private Limited India Inc Limited Innovant Buildwell Private Limited (formerly Eternus Real Estate Pvt Ltd) King Power Ospree Pte Limited (under strike off) Sirius Digitech Limited Parserlabs India Private Limited Brahmaand AI Limited Coredge.io Limited Valor Petrochemicals Limited Cleartrip Packages & Tours Private Limited Adani Renewable Energy Three Limited ;...,-_,nu . ,:?-' Adani GCC Limited Celeritas International FZCO Semolina Kitchens limited World Plate Collective Cuisines Limited Indore Gujarat Road Limited Cococart International-FZCO Adani Cybersecurity Services Limited UP Syn-Gas & Chemicals Limited OD Syn Gas & Chemicals Limited PT Energy Resources Smartport City Limited Astraan Defence Limited Carmichael Rail Network Trust Mundra Solar Technopark Private Limited Adani Global Resources Pte Limited Adani Total LNG Singapore Pte Limited DC Development Hyderabad Limited Carmichael Rail Asset Holdings Trust Carmichael Rail Network Holdings Pty Limited Carmichael Rail Network Pty Limited Mumbai Airport Lounge Services Private Limited Maharashtra Border Check Post Network Limited Unyde Systems Private Limited Pune Data Center Two Limited (Formerly known as Mumbai Data Center Limited) DC Development Noida Two Limited Kowa Green Fuel Pte Ltd Support Properties Private Limited Aviceda Infra Park Limited Terravista Developers Private Limited Esyasoft Smart Solutions Limited (Consolidated) Coredge.io India Private Limited Smartport City Limited Praneetha Ecocables Limited Vishakha Plastic Pipes Private Limited Granthik Realtors private Limited ··� ti • ·I List of Partnership Firms and LLPs . . �· • I' Adani Commodities LLP ·,·"I j·1.;·,o- / 1 ·.;, ,, ,. � l,d�i - LCC JV * ,'.·; . I .. c' Shah Dhandharia & Co LLP is registered with limited liability having identification number AAW-6528. 507, Abhijeet - 1, Mithakali Six Roads, Navrangpura, Ahmedabad - 380009. � www.sdco.in 9 079-4890-1710 i:i info@sdco.in / gst@sdco.in
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Sr. No. 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Adani Enterprises Limited (CIN No: L51100GJ1993PLC019067) Registered Office : "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382 421 adani Phone: 079-26565555 ; Fax : 079-26565500 : Email : investor.ael@adani.com; Website: www.adanienterprises.com STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2025 Income Revenue from Operations Other Income Total Income Expenses Particulars (a) Cost of materials consumed (b) Purchases of stock-in-trade (c) Changes in inventories of finished goods. work-in-progress e, stock-in-trade (d) Employee benefits expense (e) Finance cost - Interest and Other finance cost - Foreign exchange loss/ (gain) (net) (f) Depreciation. Amortisation e, Impairment (g) Operating and Other expenses Total Expenses Profit/ (Loss) before exceptional items and tax (1-2) Add/ (Less): Exceptional items (Refer Note 3 e, 4) Profit/ (Loss) before tax from Continuing Operations (3+4) Tax expenses (a) Current Tax (b) Deferred Tax Total Tax Expense Profit/ (Loss) before share of profit/ (loss) from jointly controlled entities and associates (5-6) Add/ (Less): Share of profit/ (loss) from jointly controlled entities and associates Profit / (Loss) after tax from Continuing Operations (7+8) Profit/ (Loss) before tax from Discontinued Operations (Refer Note 5) (Less) : Tax expenses of Discontinued Operations Profit / (Loss) after tax from Discontinued Operations Profit/ (Loss) for the period (9+1 O) Other Comprehensive Income / (Loss) (a) Items that will not be reclassified to profit or loss (b) Income tax relating to items that will not be reclassified to profit or loss (c) Items that will be reclassified to profit or loss (d) Income tax relating to items that will be reclassified to profit or loss Total Other Comprehensive Income/ (Loss) Total Comprehensive Income/ (Loss) (11+12) Net Profit/ (Loss) attributable to Owners of the Company Non-controlling interests Other Comprehensive Income/ (Loss) attributable to Owners of the Company Non-controlling interests Total Comprehensive Income/ (Loss) attributable to Owners of the Company Non-controlling interests Paid-up Equity Share Capital (Face Value of<' 1 each) Other Equity (Including Instruments entirely Equity in nature) Net Worth Earnings per share in Rupees (Face Value of<' 1 each) # (not annualised): From Continuing Operations Basic e, Diluted From Discontinued Operations Basic e, Diluted From Continuing & Discontinued Operations Basic e, Diluted Quarter Ended 30-09-2025 30-06-2025 30-09-2024 (Unaudited) 21,248.51 595.56 21,844.07 4,961.56 6,952.58 (1,778.39) 897.62 1,761.64 (50.42) 1,376.55 6,908.58 21,029.72 814.35 3,583.28 4,397.63 1,059.71 (58.64) 1,001.07 3,396.56 17.87 3,414.43 3,414.43 10.99 (2.77) 592,10 (1.03) 599.29 4,013.72 3,198.75 215.68 595.99 3.30 3,794.74 218.98 115.42 27.38 27.38 (Unaudited) 21,961.20 475.42 22,436.62 3.393.07 7,398.59 (120 33) 962.77 1,511.11 (475.63) 1,283.95 7,016.81 20,970.34 1,466.28 1,466.28 658.83 (87.58) 571.25 895.03 81.45 976.48 976.48 (1 05) 0.27 (273.38) 15.06 (259.10) 717.38 734.41 242.07 (246.26) (12.84) 488.15 �29.23 115.42 6.02 6.02 (Unaudited) 22,608.07 588.11 23,196.18 1.792.32 9,668.58 (548.35) 742.28 1,250.02 (340.19) 1,035.19 7,187.44 20,787.29 2,408.89 2,408.89 471.77 40.60 512.37 1,896.52 98.21 1,994.73 (7.40) (1.86) (5.54) 1,989.19 (3.17) 0.82 (33.16) (17.53) (53.04) 1,936.15 1,741.75 247.44 (63.45) 10.41 1,678.30 257,85 114,00 14.87 (0.05) 14.82 (<' in Crores) Half Year Ended Year Ended 30-09-2025 30-09-2024 31-03-2025 (Unaudited) 43,209.71 1,070.98 44,280.69 8.354.63 14,351.17 (1.898 72) 1,860.39 3,272.75 (526.05) 2,660.50 13,925.39 42,000.06 2,280.63 3,583.28 5,863.91 1.718.54 (146.22) 1,572.32 4,291.59 99.32 4,390.91 4,390.91 9.94 (2.50) 318.72 14.03 340,19 4,731.10 3,933.16 457.75 349.73 (9.54) 4,282.89 448.21 115.42 53,940.91 61,577.66 33.40 33.40 (Unaudited) (Audited) 48,080.47 97,894.75 1,182.43 2.470.33 49,262.90 100,365.08 3,552.29 19,768.22 1,044.46 1.620.67 2,427.50 (387.18) 1,969.27 14,623.22 44,618.45 4,644.45 4,644.45 937.31 158.66 1,095.97 3,548.48 222.27 3,770.75 (12.43) (3.13) (9.30) 3,761.45 (3.77) 0.97 (186.47) (23.45) (212.72) 3,548.73 3,196.25 565.20 (228.43) 15.71 2,967.82 580.91 114.00 41,781.71 47,608.05 27.20 (0,08) 27.12 9.710.55 39,814.18 1,844.54 3,118.90 5,260.36 717.66 4,211.33 29,154.55 93,832.07 6,533.01 3,945.73 10,478.74 2,776.16 192.36 2,968.52 7,510.22 507.73 8,017.95 (17.32) (4.36) (12.96) 8,004.99 (6.14) 1.61 672.90 (35.09) 633.28 8,638.27 7,099.00 905.99 609.15 24.13 7,708.15 930.12 115.42 50,198.55 56,470.45 60.67 (0.12) 60.55 21 Additional Disclosure for Ratios (Refer Note 12) --=- - #EPS has been calculated on net profit less distribution on instrument 0 i� �! zjn cf ature for the period/ year wh �o�m.Jai(?r��therw1se. if:j(,.:, 'b I Lu r I\� "1u 71 :/r,J/ :=' \ � JI l\(/) W100 ':>, / � O �'y 'c:\ . • I /y * () -
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Sr. No. I (a) (b) (c) (d) (e) (f) (g) (h) (i) U) (k) (I) II (a) (b) (c) Ill (a) (b) (c) (d) I (a) (b) (c) (d) II (a) (b) (c) (d) Ill Adani Enterprises Limited (CIN No: L51100GJ1993PLC019067) Registered Office : "Adani Corporate House", Shantigram, Near Vaishno Oevi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382 421 adani Phone : 079-26565555 ; Fax : 079-26565500 ; Email : investor.ael@adani.com ; Website: www.adanienterprises.com UNAUDITED CONSOLIDATED BALANCE SHEET AS AT 30TH SEPTEMBER, 2025 Particulars ASSETS NON-CURRENT ASSETS Property, Plant 8- Equipment Right Of Use Assets Capital Work-in-Progress Investment Properties Goodwill Other Intangible Assets Intangible Assets Under Development Investments accounted using Equity Method Financial Assets (i) Investments (ii) Loans (iii) Other Financial Assets Deferred Tax Assets (net) Income Tax Assets (net) Other Non-Current Assets CURRENT ASSETS Inventories Financial Assets (i) Investments (ii) Trade Receivables (iii) Cash 8- Cash Equivalents (iv) Bank Balances other than (iii) above (v) Loans (vi) Other Financial Assets Other Current Assets Assets Classified as held for Sale Total Assets EQUITY AND LIABILITIES EQUITY Equity Share Capital Instruments entirely Equity in nature Other Equity Equity attributable to owners of the Parent Company Non Controlling Interests Total Equity LIABILITIES NON-CURRENT LIABILITIES Financial Liabilities (i) Borcowings (ii) Lease Liabilities (iii) Other Financial Liabilities Provisions Deferred Tax Liabilities (net) Other Non-Current Liabilities CURRENT LIABILITIES Financial Liabilities (i) Borrowings (ii) Lease Liabilities (iii) Trade Payables - total outstanding dues of micro and small enterprises - total outstanding dues of creditors other than micro and small enterprises (iv) Other Financial Liabilities Other Current Liabilities Provisions Income Tax Liabilities (net) Liabilities associated with assets held for sale Total Equity and Liabilities ?q1 � 0 r-,_ "' . (t in Crores) 30-09-2025 31-03-2025 (Unaudited) (Audited) 52,584.12 52,255.98 16.406.29 14,899.24 41,328.57 31,856.60 261.07 222.60 1,253.68 1,086.05 8,861.49 8,796.27 22,658.41 19,659.21 6.770.95 7,397.07 217,06 233.95 4,678.43 3,903.40 9,687.57 8,819.17 1,028.82 292.66 531.08 786.55 8,103.65 7,182.32 174,371.19 157,391.07 13,330.97 10,287.39 3,040.32 2,255.59 7,712.56 9,616.47 4,412.41 3,105.78 4.615.87 3,856.68 1,790.19 1.416.01 4,484.36 3.602.38 7,634.53 6,585.59 47,021.21 40,725.89 15.65 18.58 221,408.05 198,135.54 115.42 115.42 2,624.00 2,624.00 51,316.91 47,574.55 54,056.33 50,313.97 7.521.33 6,156.48 61,577.66 56,470.45 77,495.57 64,601.26 15,829.72 14,230.26 5,417.82 5,140.29 526.61 488.58 3,446.43 3,362.35 8,478.18 6.459.20 111,194.33 94,281.94 14,569.35 11,635.15 1.570.29 1,352.50 225.81 270.64 17,774.36 20.597.04 9,979.59 8,776.56 3,737.54 4,336.11 240.60 220.16 538.52 194.99 48,636.06 47,383.15 221,408.05 198,135.54
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adani Notes: Adani Enterprises Limited (CIN No: L51100GJ1993PLC019067) Registered Office : "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382 421 Phone: 079-2656S555 ; Fax: 079-26565500 ; Email : investor.ael@adani.com ; Website: www.adanienterprises.com The above consolidated financial results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of Adani Enterprises Limited ("Parent Company") at their respective meetings held on 4th November, 2025. The statutory auditors of the Parent Company have carried out limited review of the same. 2 The above consolidated financial results have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under Section 133 of the Companies Act. 2013 read with the relevant rules issued thereunder. 3 During the previous year and quarter ended 31st March, 2025. Adani Commodities LLP ("ACLLP") launched Offer For Sale (OFS) and sold 13.51% of paid-up equity share capital of AWL Agri Business Limited (formerly known as Adani Wilmar Limited) ("AWL"). Consequent to OFS, the Group recognized � 3,945.73 crores as exceptional gain (post-tax gain of� 3,286.22 crores) and investment in AWL was classified from jointly controlled entity to associate. During the quarter ended 30th September, 2025: (a) the Parent Company, ACLLP and Lenee Pte Limited ("Lenee") have entered into a share purchase agreement. wherein Lenee has agreed to purchase minimum 11.00% (up to maximum of 20.00%) of paid-up equity share capital of AWL, as would be determined by Lenee at its absolute discretion. This transaction is subject to customary and regulatory approvals. (b) ACLLP has sold 13.54.82,400 equity shares. representing 10.42% of the paid-up equity share capital of AWL. Consequently, the Group has recognized'{ 2,968.72 crores as exceptional gain (post-tax gain of'{ 2.455.57 crores) and ACLLP's stake in AWL has reduced from 30.42% to 20.DO%. 4 The Board of Directors of one of the wholly-owned subsidiaries of the Parent Company, Adani Cementation Limited ("ACL"), at its meeting held on 27th June, 2024, considered and approved Scheme of Amalgamation for amalgamation of ACL with Ambuja Cements Limited ("Ambuja") ('the ACL Scheme'). During the quarter ended 30th September, 2025, the Hon'ble NCLT has pronounced the order approving the ACL Scheme, which has become effective from 1st August, 2025 and consequently (a) ACL and a step-down subsidiary Adani Cement Industries Limited cease to be subsidiaries of the Parent Company and (b) the Parent Company has received 87,00,000 equity shares of Ambuja towards consideration and has recorded exceptional gain of'{ 614.56 crores. 5 During the previous year ended 31st March, 2025, the Parent Company transferred its Power Trading business with effect from 24th December, 2024 and disclosed the same as Discontinued Operations up to the date of transfer. The results of Power Trading business included in the financial results and segment results. disclosed as discontinued operations. are as follows: ('{ in Crores) Quarter Ended Half Year Ended Year Ended Particulars 30-09-2025 30-06-2025 30-09-2024 30-09-2025 30-09-2024 31-03-2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Total Income 3.741.98 8,713.57 11,320.69 Total expenses 3,749.38 8,726.00 11,338.01 Profit/(loss) before tax from discontinued operations (7.40) (12.43) (17.32) 6 During the previous year ended 31st March, 2025, one of the subsidiaries of the Parent Company, Adani Airport Holdings Limited acquired 50.02% stake in Semolina Kitchens Private Limited. 99% stake in Aviserve Facilities Private Limited and 99% stake in Aviground Facilities Private Limited. Further one of the subsidiaries of the Parent Company. April Moon Retail Private Limited acquired 74% stake in Cococart Ventures Private Limited. The Parent Company has concluded final determination of fair values of the identified assets and liabilities of these entities as per Ind AS 103 during the quarter. During the quarter ended 30th September, 2025, one of the subsidiaries of the Parent Company, Adani Defence Systems and Technologies Limited acquired 85.13% stake in Air Works India (Engineering) Private Limited. The Parent Company is in the process of making a final determination of fair values of the identified assets and liabilities as per Ind AS 103. Pending this. the business combination has been accounted on provisional fair valuation basis. 7 In November 2024, the Parent Company became aware of an indictment filed by United States Department of Justice (US DOJ) and a civil complaint by Securities and Exchange Commission (US SEC) in the United States District Court for the Eastern District of New York against an executive director of the Parent Company. Since this matter does not pertain to the Parent Company, no impact is considered in the results.
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adani Adani Enterprises Limited (CIN No: L51100GJ1993PLC019067) Registered Office: "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382 421 Phone : 079-26565555 ; Fax : 079-26565500 ; Email : investor.ael@adani.com ; Website: www.adanienterprises.com 8 During the year ended 31st March, 2023, a short seller report ("SSR") was published making certain allegations against some of Adani Group companies (including the Parent Company). On 3rd January, 2024, the Hon'ble Supreme Court ("SC") disposed of all matters in various petitions including those relating to separate independent investigations relating to the allegation in SSR. During the current quarter, Securities and Exchange Board of India ("SEBI") vide its orders dated 18th September 2025 concluded two Show Cause Notices ("SCNs") and found no non-compliance with respect to related party transactions requirements under the Listing Agreement and SEBI Listing Regulations for certain transactions with third parties in earlier financial years. All allegations mentioned in the said SCNs and the proceedings were closed with no penalty or further directions. In view of the SC order, conclusion of SCNs by SEBI orders and in the absence of any regulatory or adjudication proceeding as at date except relating to show cause notices from the SEBI regarding validity of peer review certificates of statutory auditors with respect to earlier years and wrongful categorisation of shareholding of certain entities, the management of the Parent Company concluded that there is no material non-compliance of applicable laws and regulations and hence there are no material consequences of the allegations against the Group. Accordingly, these financial results do not carry any adjustments in this regard. 9 In the case of one of the subsidiaries of the Parent Company, Mum_bai International Airport Limited (MIAL): (a) Certain investigations and enquiries were initiated by the Central Bureau of Investigation ("CBI"), the Enforcement Directorate and the Ministry of Corporate Affairs against MIAL, its holding company GVK Airport Holdings Limited and the erstwhile promoter directors of MIAL for the period prior to 27th June, 2020. MIAL is co-operating with these agencies to conclude the investigations and related proceedings. During the year ended 31st March, 2023, based on the submissions of the CBI, the case was transferred to the jurisdictional magistrate court ("the Court") and subsequently, the CBI filed a chargesheet with the Court in Mumbai against accused including MIAL and the erstwhile Managing Director, where it was alleged that funds aggregating� 845.76 crores were diverted from MIAL through contracts, that are currently included in Property, Plant and Equipment at a net book value of� 459.42 crores. The management of MIAL has received legal advice that the allegations in the chargesheet are not to be treated as conclusive, final, or binding till it is confirmed by the Court. Considering the legal advice received and status of the proceedings, management of MIAL is of the view that any resultant financial or other implications would be assessed and considered after legal proceedings are concluded. Hence no adjustments have been carried out to the financial results. (b) During March 2020, the Covid-19 pandemic had caused MIAL to invoke force majeure provision under the Operation, Management and Development Agreement ('OMDA') against the Airports Authority of India ('AAI') due to significant reduction in operations, and had thus claimed relief from AAI towards, inter alia, suspension from discharging its annual fee obligations. This matter went under arbitration before the Arbitral Tribunal. During the course of arbitration, MIAL did not provide for its annual fees liability for the period from 1st April, 2020 to 30th September, 2022. On 6th January, 2024, the Arbitral Tribunal has pronounced the award dated 21st December, 2023 and declared that MIAL is exempt from making payment of Annual Fees to AAI from 13th March, 2020 to 28th February, 2022. Basis evaluation of arbitration award, MIAL recognized annual fees as an expense for the period of 1st March, 2022 to 30th September, 2022 of� 627.37 crores (net of reversals). In April 2024, AAI has filed a petition under Section 34 of the Arbitration and Conciliation Act, 1996 for setting aside the award challenging certain aspects of the award. The Hon'ble Delhi High Court on 7th March, 2025 pronounced its judgement dismissing the appeal filed by AAI .The AAI has further challenged the said judgement and the matter is pending for hearing. In view of the judgement and basis legal assessment, MIAL's management is of the view that it has a strong case in its favour to claim such relief, which is also supported by its operational and financial data. (c) During the year ended 31st March, 2024, MIAL received communication in terms of section 210(1) from MCA relating to initiation of investigation of books and papers, primarily pertaining to period from 2017-18 to 2021-22. MIAL has responded to the said communication in accordance with applicable laws and is providing requisite explanations. Considering these facts, no adjustments have been carried out to the financial results. 10 During the year ended 31st March, 2024, one of the subsidiaries of the Parent Company, Navi Mumbai International Airport Private Limited ("NMIAL") received communication in terms of section 210(1) from MCA relating to initiation of investigation of books and papers, primarily pertaining to period from 2017-18 to 2021- 22. NMIAL has responded to the said communication in accordance with applicable laws and is providing requisite explanations. Considering these facts, no adjustments have been carried out to the financial results.
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Adani Enterprises Limited (CIN No: L51100GJ1993PLC019067) Registered Office : "Adani Corporate House", Shantigram, Near Vaishno Oevi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382 421 adani Phone: 079-26565555; Fax: 079-26565500; Email : investor.ael@adani.com; Website: www.adanienterprises.com 11 Statement of Unaudited Consolidated Cash Flows for the period ended 30th September, 2025 (? in Crores) Particulars 30-09-2025 30-09-2024 (Unaudited) (Unaudited) A. CASH FLOW FROM OPERATING ACTIVITIES Profit Before Tax From Continuing Operations 5,863.91 4,644.45 From Discontinued Operations (12.43) Adjustments for : Depreciation. Amortisation 8- Impairment 2,660.50 1,969.27 Exceptional items {3,583.28) Net Gain on Sale of Current/ Non Current Investments (95.80) (48.30) Government Incentives (9.15) (17.50) (Profit)/ Loss on Sale of Property, Plant 8- Equipments (net) (2.96) (157.14) Bad Debts, Loans 8, Advances written off (including Provision thereof) 65.25 54.64 Liabilities no longer required written back (25.82) (11.98) Unrealised Exchange Rate Difference (net) and other adjustments 237.00 (198.73) Finance Costs 2,746.70 2,040.32 Interest Income (608.41) (600.71) Operating Profit before Working Capital Changes 7,247.94 7,661.89 Adjustments for (Increase)/ Decrease in Trade Receivables 8- Other Financial Assets 1,375.46 (938.05) (Increase)/ Decrease in Inventories (2,999.24) (7,404.37) (Increase)/ Decrease in Other Current 8- Non-Current Assets (1,088.97) (1,749.68) Increase/ (Decrease) in Other Current 8, Non-Current Liabilities (700.60) 1,680.03 Increase/ (Decrease) in Trade Payables, Other Financial Liabilities 8- Provisions (1,857.95) 1,565.18 Cash generated from / (used in) Operations 1,976.64 6,815.00 Direct Taxes Paid (net) (1,348.18) (936.77) Net Cash generated from/ (used in) Operating Activities (A) 628.46 5,878.23 B. CASH FLOW FROM INVESTING ACTIVITIES Capital Expenditure on Property, Plant 8- Equipments, Intangible Assets and Investment (13,080.40) (15,031.70) Properties (after adjustment of increase/ decrease of Capital Work-in-Progress, Capital Advances, Capital Creditors and Intangible assets under development) Investment in Jointly Controlled Entities 8, Associates (375.00) (813.02) Acquisition of Subsidiary (282.03) Payment for non current investment (3.94) (3 13) Proceeds from Sale/ Disposal of Property, Plant 8- Equipments 17.10 319.60 Non Current Loans given (697,91) (3,522.91) Non Current Loans received back 83.50 22.73 Current Loans (given)/ received back (net) (406.11) 27.47 Withdrawal/ (Investments) in Other Bank Deposits (net) (759.19) 1,358.85 Sale/ (Purchase) of Current Investments (net) (1,166.88) (541.95) Interest Received 457.54 482.95 Proceeds from Sale of Non Current Investments 3,698.23 Taxes paid on Sale of Non Current Investments (235.25) Net Cash generated from/ (used in) Investing Activities (B) (12,750.34) (17,701.11) C. CASH FLOW FROM FINANCING ACTIVITIES Proceeds from Non Current Borrowings 20,074.43 13,742.05 Repayment of Non Current Borrowings (9,036.24) (848.87) Proceeds from/ (Repayment of) Current Borrowings (net) 4,485.55 841.07 Transaction with Non Controlling Interests 897.14 21.23 Finance Cost Paid (2.422.02) (1,695.54) Payment of Lease Liabilities (791.19) (801 61) Dividend Paid (750.04) (148 20) Net Cash generated from/ (used in) Financing Activities (C) 13,057.63 11,110.13 D. OTHERS Exchange Difference arising on conversion taken to Foreign Currency Translation Reserve 370.87 (277.41) Net Cash Flow from Others (D) 370.87 (277.41) Net Increase / Decrease in Cash and Cash Equivalents (A+B+C+D) 1,306.62 (990.16) Cash 8, Cash equivalents at the beginning of the period Continued Operations 3,105.79 2,306.55 Discontinued Operations, classified as held for sale 48.12 Cash e. Cash equivalents pertaining to discontinued operations, classified as held for sale (119.49) Cash and cash equivalents at the end of the period 4,412.41 1,245.02
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adani Adani Enterprises Limited (CIN No: L51100GJ1993PLC019067) Registered Office_: "Adani Corporate House", Shantigram, Near Vaishno Oevi Circle, S. G. Highway, Khodiyar, Ahme dabad - 382 421 Phone: 079-26565555 ; Fax: 079-26565500 ; Email: investor.ael@adani.com ; Website: www.adanienterprises.com 12 Additional information pursuant to Regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations. 2015. as amended for the quarter and half year ended 30th September, 2025: Quarter Ended Half Year Ended Year Ended Particulars 30-09-2025 30-06-2025 30-09-2024 30-09-2025 30-09-2024 31-03-2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Debt Equity Ratio 1.50 1.52 1.34 1.50 1.34 1.35 Total Borrowings/ Total Equity Debt Service Coverage Ratio Earnings Before Interest. Tax, Depreciation and Amortisation 1.72 1.84 1.38 1.79 2.86 2.61 (EBITDA) / (lnterest+Scheduled Principal Repayments of Non- Current Borrowings excluding Refinanced Debt) Interest Service Coverage Ratio 2.38 2.61 3,72 2.49 3.82 3.41 EBITDA / Interest Expense Current Ratio 0,97 0,96 Current Assets/ Current Liabilities 0.69 0.97 0,69 0.86 Long Term Debt to Working Capital Ratio (Non-Current Borrowings+ Current Maturities of Non-Current Borrowings) 30.47 37.06 (5.61) 30.47 (5.61) (87,35) / (Current Assets - Current Liabilities excluding Current Maturities of Non- Current Borrowings) Bad Debts to Account Receivable Ratio Bad Debts/ Average Trade Receivables 0.00 0.00 0.00 0.00 0.00 0.00 Current Liability Ratio 0.30 0.30 0.39 0.30 0.39 0.33 Current Liabilities/ Total Liabilities Total Debts to Total Assets Ratio 0.42 0.41 Total Borrowings/ Total Assets 0.35 0.42 0.35 0,38 Debtors Turnover Ratio Revenue from Operations/ Average Trade Receivables 2.62 2.42 3.23 4.99 6.56 11,15 Inventory Turnover Ratio 0,86 1.03 1.43 1.76 3.25 6.34 Cost of Goods Sold/ Average Inventory Operating Margin (¾) 15.56% 15.07% 14.29% 15.31% 13,16% 13.06% EBITDA excluding Other Income/ Revenue from Operations Net Profit Margin (¾) 15.63% 4.35% 7.38% 9.92% 6.48% 7.17% Net Profit after Tax/ Total Income Outstanding Redeemable Preference Shares (Quantity and Value) NA NA NA NA NA NA Capital Redemption Reserve/Debenture Redemption Reserve 334,90 338.08 30.00 334.90 30.00 422.66 (J In Crores) Net Worth (J In Crores) 61,577.66 57,054.32 47,608.05 61.577.66 47,608.05 56.470.45 Net Profit after Tax (J In Crores) 3,414.43 976.48 1,989.19 4,390.91 3.761.45 8,004,99 Earnings per Share (Face Value of'/' 1 each) (not annualised) (Basic 27.38 6.02 14.82 33.40 27.12 60.55 8 Diluted) Note:- Financial numbers of d1scont1nued operations have been included for calculation of ratios. 13 Over past financial years, the custom department has considered a different view for levy of custom duty in respect of quality of coal imported by the Parent Company, for which the Parent Company has received demand notices amounting to'/' 863.62 crores (31st March, 2025 : '/' 863.62 crores) at various locations. The Parent Company has deposited '/' 460.61 crores (31st March, 2025 : '/' 460.61 crores) as custom duties (including interest) under protest and contested the view taken by authorities as advised by external legal counsel. The Parent Company being the merchant trader generally recovers custom duties from its customers and does not envisage any material financial impact.
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adani Adani Enterprises Limited (CIN No: L51100GJ1993PLC019067) Registered Office: "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382 421 Phone: 079-26565555 ; Fax : 079-26565500 ; Email : investor.ael@adani.com ; Website : www.adanienterprises.com 14 (a) The Parent Company had issued Unrated, Unlisted, Secured, Redeemable, Non-Convertible Debentures of, 1,950 crores in various tranches and has maintained security cover exceeding 100% on the principal and interest amount as on 30th September, 2025 by way of pledge of shares of one of its subsidiaries Adani Road Transport Limited. Interest on such debentures was due and paid on 11th July, 2025 and 12th October, 2025. (b) The Parent Company had issued Rated, Listed, Secured, Redeemable Non-Convertible Debentures of, 800 crores and has maintained security cover exceeding 110% on the principal and interest amount as on 30th September, 2025 by way of a first ranking pari passu charge on certain non-current loans and advances (including interest thereon). Interest on certain series of such debentures was due and paid on 12th June, 2025 and 12th September, 2025. For this issuance, the Parent Company's rating for debentures has been assigned at "CARE AA-" by CARE Ratings Limited and "ICRA AA-" by ICRA Limited. (c) During the quarter ended 30th September 2025, the Parent Company has allotted 1,00,00,000 Secured, Rated, Listed, Redeemable Non-Convertible Debentures of face value of, 1,000/- each via public issuance aggregating to , 1,000 crore and has maintained security cover exceeding 110% on the principal and interest amount as on 30th September, 2025 by way of a first ranking pari passu charge on certain non-current loans and advances (including interest thereon). Interest on certain series of such debentures was due and paid on 17th October, 2025. For this issuance, the Parent Company's rating for debentures has been assigned at "CARE AA-" by CARE Ratings Limited and "ICRA AA-" by ICRA Limited. 15 Unaudited Consolidated Segment wise Revenue, Results, Assets and Liabilities: (, in Crores) Sr. Quarter Ended Half Year Ended Year Ended Particulars 30-09-2025 30-06-2025 30-09-2024 30-09-2025 30-09-2024 31-03-2025 No. (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) I) Segment Revenue Integrated Resources Management 6,658.37 7,879.47 9,320.21 14,537.84 20,114.01 39,263.58 Mining Services 1,060.82 1,153.61 805.25 2,214.43 1,665.44 3,736.21 Commercial Mining 1,711.68 1,107.88 2,097.57 2,819.56 3,737.12 7,031.00 New Energy Ecosystem 3,155.96 3,983.28 3,043.87 7,139.24 7,500.70 13,965.39 Airport 3,206.72 2,716.76 2,246.58 5,923.48 4,400.68 10,015.71 Road 1,663.96 2,167.88 2,471.14 3,831.84 5,023.06 9,694.13 Others 4,506.95 3,582.24 7,916.46 8,089.19 16,832.76 29,721.65 Gross Revenue from Operations 21,964.46 22,591.12 27,901.08 44,555.58 59,273.77 113,427.67 Less: Inter Segment Transfer 715.95 629.92 1,551.08 1.345,87 2.479,84 4,212.29 Net Revenue from Operations 21,248.51 21,961.20 26,350.00 43,209.71 56,793.93 109,215.38 II) Segment Results Profit/ (Loss) Before Interest and Tax Integrated Resources Management 585.52 484.64 710.93 1.070,16 1,594.90 3,061.43 Mining Services 464.50 433,19 348.78 897.69 650.10 1,453.02 Commercial Mining (397 85) (455 69) 72.17 (853.54) (28.68) (731.96) New Energy Ecosystem 924.88 982.33 940.88 1,907.21 2,418.32 4,082.07 Airport 451.44 510.31 240.72 961.75 510.61 1,434.62 Road 265.79 348.65 605.01 614.44 842.19 1,265.56 Others 3,219.01 (27709) (187.47) 2,941.92 (482.02) 3.424.91 Unallocable Income 595.56 475.42 588.16 1,070.98 1,182.54 2.470.40 Total Profit/ (Loss) Before Interest and Tax 6,108.85 2,501.76 3,319.18 8,610.61 6,687.96 16,460.05 Less : Finance Costs 1,711.22 1,035.48 917.69 2,746.70 2,055.94 5,998.63 Total Profit/ (Loss) Before Tax 4,397.63 1,466.28 2,401.49 5,863.91 4,632.02 10,461.42 Ill) Segment Assets Integrated Resources Management 5,016.63 4,938.29 6,913.97 5,016.63 6,913.97 6.466.45 Mining Services 8.977.36 9.479.93 6,991.72 8,977.36 6,991.72 9,179.87 Commercial Mining 36,705.98 35,324.89 36,357.60 36,705.98 36,357.60 33,890.50 New Energy Ecosystem 14,613.35 13,232.95 11,951.81 14,613.35 11,951.81 12,840.43 Airport 57,119.58 54,036.75 46,605.09 57,119.58 46,605.09 52,237.25 Road 28,984.48 27,554.73 21,593.96 28,984.48 21,593.96 25,476.27 Others 41,842.63 36,586.76 27,297.93 41,842.63 27,297.93 34,035.75 193,260.01 181,154.30 157,712.08 193,260.01 157,712.08 174,126.52 Unallocable 28.148.04 29.316.59 24,055.50 28,148.04 24,055.50 24,009.02 Total Assets 221,408.05 210,470.89 181,767.58 221,408.05 181,767.58 198,135.54 IV) Segment Liabilities Integrated Resources Management 10,976.72 11,581.40 19,001.18 10,976.72 19.001.18 13,981.54 Mining Services 3,083.17 2,702.19 2,468.03 3,083.17 2,468.03 2,812.40 Commercial Mining 28,872.38 26�94.75 24,304.55 28,872.38 24.304.55 25,238.85 New Energy Ecosystem 7,702.04 7,240.11 7,486.56 7,702.04 7,486.56 7,602.86 Airport 44,783.41 45,127.08 36,834.01 44,783.41 36,834.01 41,726.34 Road 20.408.19 20,274.24 14,580.55 20.408,19 14,580.55 18,318.23 Others 39,161.89 35,102.17 23,001.72 39,161.89 23,001.72 27,570.70 154,987.80 148,921.94 127,676.60 154,987.80 127,676.60 137,250.92 Unallocable 4,842.59 4,494.63 6,482.95 4,842.59 6.482.95 4,414.17 Total Liabilities 159,830.39 153,416.57 134,159.55 159,830.39 134,159.55 141,665.09 Note:- F1nanc1al numbers of dIscontInued operations have been included for above segment disclosures In "Others" segment.
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adani Adani Enterprises Limited (CIN No: L51100GJ1993PLC019067) Registered Office.: "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382 421 Phone : 079-26565555 ; Fax : 079-26565500 ; Email : investor.ael@adani.com : Website: www.adanienterprises.com 16 Key numbers of unaudited standalone financial results of the Parent Company for the quarter and half year ended 30th September, 2025 are as under: Sr. Quarter Ended Half Year Ended No, Particulars 30-09-2025 30-06-2025 30-09-2024 30-09-2025 30-09-2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) a Continuing operations I Total Income 5,609.28 6,367.98 6,945.73 11,977.26 15,067.61 II Profit/ (Loss) after tax 4,234.46 504,04 633.53 4,738.50 1,239.55 b Total Comprehensive Income 4,239.54 503.73 631.67 4,743.27 1,233.43 (� in Crores) Year Ended 31-03-2025 (Audited) 28.313.04 6,053.19 6,039.18 The standalone financial results are available at the Parent Company's website www.adanienterprises.com and on the website of the stock exchanges www.bseindia.com and www.nseindia.com. Date 4th November, 2025 Place Ahmedabad For and on behalf of the Board of Directors
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CA IND IA SHAH DHANDHARIA & CO LLP CHARTERED ACCOUNTANTS Independent Auditor's Review Report on Quarterly and Half Yearly ended Unaudited Standalone Financial Results of the Company pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Adani Enterprises Limited 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Adani Enterprises Limited ("the Company") for the quarter and half year ended 30th September 2025 ("the Statement") being submitted by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 as amended (the "Listing Regulations"). 2. This Statement, which is the responsibility of the Company's management and approved by the Board of Directors at their meeting held on 4th November, 2025, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standards 34 "Interim Financial Reporting" (Ind AS 34), prescribed under section 133 of the Companies Act, 2013 as amended (the "Act"), read with the relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 and 52 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, "Review oflnterim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review of the Statement conducted as stated above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and 52 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For SHAH DHANDHARIA & CO LLP Chartered Accountants Firm Registration No. 118707W/W100724 (_ Place: Ahmedabad Date : 4 th November 2025 Partner Membership No. 183083 UDIN: 25183083BMKWEY1905 Shah Dhandharia & Co LLP is registered with limited liability having identification number AAW-6528. 507, Abhijeet - 1, Mithakali Six Roads, Navrangpura, Ahmedabad - 380009. ffli www.sdco.in 8 079-4890-1710 Ii info@sdco.in / gst@sdco.in
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Sr. No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Adani Enterprises Limited (CIN No: L51100GJ1993PLC019067) Registered Office.: "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382 421 adani Phone: 079-26565555 ; Fax: 079-26565500 ; Email : investor.ael@adani.com ; Website: www.adanienterprises.com STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2025 Quarter Ended Half Year Ended Particulars 30-09-2025 30-06-2025 30-09-2024 30-09-2025 30-09-2024 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Income Revenue from Operations 5,066.43 5,875.60 6,586.92 10,942.03 14,387.67 Other Income 542.85 492.38 358,81 1,035.23 679.94 Total Income 5,609.28 6,367.98 6,945.73 11,977.26 15,067.61 Expenses (a) Purchases of stock-in-trade 2,839.60 3,991.30 4,538.66 6,830.90 9,914.01 (b) Changes in inventories of stock-in-trade 250.60 (122.38) (29 69) 128.22 163,61 (c) Employee benefits expense 245,88 309,30 182.81 555.18 495.40 (d) Finance cost 469.80 349.63 206.44 819.43 379.16 (e) Depreciation and amortisation expense 42,71 41,75 38,73 84.46 76,30 (f) Operating and Other expenses 1,064.27 1,118.03 1,156.62 2,182.30 2,365.62 Total Expenses 4,912.86 5,687.63 6,093.57 10,600.49 13,394.10 Profit/ (Loss) before exceptional items and tax (1-2) 696.42 680.35 852.16 1,376.77 1,673.51 Add/ (Less) : Exceptional item (Refer Note 3 e, 4) 3,728.80 3,728.80 Profit/ (Loss) before tax from Continuing Operations (3+4) 4,425.22 680.35 852.16 5,105.57 1,673.51 Tax expenses (a) Current Tax 168,82 174,17 223,75 342,99 441.28 (b) Deferred Tax 21.94 2.14 (5.12) 24.08 (7.32) Total Tax Expense 190.76 176.31 218.63 367.07 433.96 Profit/ (Loss) after tax from Continuing Operations (5-6) 4,234.46 504.04 633.53 4,738.50 1,239.55 Profit/ (Loss) before tax from Discontinued Operations (Refer Note 5) (7.40) (12.43) (Less) : Tax expenses of Discontinued Operations (1.86) (3.13) Profit/ (Loss) after tax from Discontinued Operations (5.54) (9.30) Profit/ (Loss) for the period (7+8) 4,234.46 504.04 627.99 4,738.50 1,230.25 Other Comprehensive Income / (Loss) (a) Items that will not be reclassified to profit or loss 6.78 (0.41) 4.92 6.37 4.25 (b) Income tax relating to items that will not be (1.70) 0.10 (1 24) (1,60) (1.07) reclassified to profit or loss Total Other Comprehensive Income/ (Loss) 5.08 (0.31) 3.68 4.77 3.18 Total Comprehensive Income/ (Loss) (9+10) 4,239.54 503.73 631.67 4,743.27 1,233.43 Paid-up Equity Share Capital (Face Value of r 1 each) 115.42 115.42 114,00 115.42 114,00 Other Equity 31,176.70 17,610.77 Net Worth 31,292.12 17,724.77 Earnings per share in Rupees (Face Value of r 1 each) (not annualised): From Continuing Operations Basic e, Diluted 36,69 4.37 5.56 41,06 10,87 From Discontinued Operations Basic e, Diluted (0,05) (0.08) From Continuing e Discontinued Operations Basic e, Diluted 36,69 4.37 5.51 41.06 10.79 Additional Disclosure for Ratios (Refer Note 1 O) (r in Crores) Year Ended 31-03-2025 (Audited) 26,708.97 1,604.07 28,313.04 17,361.55 1,105.36 838.99 1,008.57 154,85 4,809.68 25,279.00 3,034.04 3,870.04 6,904.08 835.29 15,60 850.89 6,053.19 (17.32) (4 36) (12.96) 6,040.23 (1.41) 0.36 (1.05) 6,039.18 115.42 26,583.47 26,698.89 52.80 (0,12) 52.68
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Sr. No. I (a) (b) (c) (d) (e) (f) (g) (h) (i) II (a) (b) (c) (a) (b) I (a) (b) (c) II (a) (b) (c) (d) Adani Enterprises Limited (CIN No: L51100GJ1993PLC019067) Registered Office : "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, 5. G. Highway, Khodiyar, Ahmedabad - 382 421 adani Phone : 079-26565555; Fax : 079-26565500 ; Email : investor.ael@adani.com ; Website : www.adanienterprises.com UNAUDITED STANDALONE BALANCE SHEET AS AT 30TH SEPTEMBER, 2025 {� in Crores) Particulars 30-09-2025 31-03-2025 (Unaudited) (Audited) ASSETS NON-CURRENT ASSETS Property, Plante, Equipment 829.19 848.89 Right Of Use Assets 237.61 209.43 Capital Work-in-Progress 577.07 372.62 Investment Properties 17.57 17.65 Intangible Assets 972.14 890.33 Intangible Assets Under Oevelopment 141.95 218.09 Financial Assets (i) Investments 21.200.50 18,838.24 (ii) Loans 4,446.12 3.408.39 (iii) Other Financial Assets 727.82 648.83 Income Tax Assets (net) 16.69 40.72 Other Non-Current Assets 1,399.88 866.58 30,566.54 26,359.77 CURRENT ASSETS Inventories 1,775.11 1,896.94 Financial Assets (i) Investments 845.03 (ii) Trade Receivables 2.548.31 2,291.71 (iii) Cash e, Cash Equivalents 366.23 237.37 (iv) Bank Balances other than (iii) above 956.48 941.05 (v) Loans 19.405.17 17,347.52 (vi) Other Financial Assets 1,354.12 315.54 Other Current Assets 1,228.47 948.23 28,478 .92 23,978.36 Total Assets 59,045.46 50,338.13 EQUITY AND LIABILITIES EQUITY Equity Share Capital 115.42 115.42 Other Equity 31,176.70 26,583.47 Total Equity 31,292.12 26,698.89 LIABILITIES NON-CURRENT LIABILITIES Financial Liabilities (i) Borrowings 14,125.51 9.462.19 (ii) Lease Liabilities 146.68 116.11 (iii) Other Financial Liabilities 11.42 2.30 Provisions 53.52 53.53 Deferred Tax Liabilities (net) 193.84 168.16 14,530.97 9,802.29 CURRENT LIABILITIES Financial Liabilities (i) Borrowings 4,199.74 3,218.34 (ii) Lease Liabilities 27.80 32.49 (iii) Trade Payables - total outstanding dues of micro and small enterprises 14.86 4.50 - total outstanding dues of creditors other than micro and small enterprises 7,290.99 9,349.73 (iv) Other Financial Liabilities 1,295.06 801.80 Other Current Liabilities 273.98 299.99 Provisions 82.00 76.76 Income Tax Liabilities (net) . 37.94 53.34 13,222.36 13,836.95 Total Equity and Liabilities 59,045.46 50,338.13
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adani Notes: Adani Enterprises Limited (CIN No : L51100GJ1993PLC019067) Registered Office : "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382 421 Phone : 079-26565555 ; Fax : 079-26565500 ; Email : investor.ael@adani.com ; Website: www.adanienterprises.com The above standalone financial results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of Adani Enterprises Limited ("Company") at their respective meetings held on 4th November, 2025. The statutory auditors of the Company have carried out limited review of the same. 2 The above standalone financial results have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder. 3 During the previous year and quarter ended 31st March, 2025, Adani Commodities LLP ("ACLLP") launched Offer For Sale (OFS) and sold 13.51% of paid-up equity share capital of AWL Agri Business Limited (formerly known as Adani Wilmar Limited) ("AWL"). Consequent to OFS, the Company recognized � 3,870.04 crores as exceptional gain and investment in AWL was classified from jointly controlled entity to associate. During the quarter ended 30th September, 2025: (a) the Company, ACLLP and Lenee Pte Limited ("Lenee") have entered into a share purchase agreement, wherein Lenee has agreed to purchase minimum 11.00% (up to maximum of 20.00%) of paid-up equity share capital of AWL, as would be determined by Lenee at its absolute discretion. This transaction is subject to customary and regulatory approvals. (b) ACLLP has sold 73,54,82.400 equity shares, representing 10.42% of the paid-up equity share capital of AWL. Consequently, the Company has recognized t 3,221.96 crores as exceptional gain and ACLLP's stake in AWL has reduced from 30.42% to 20.00%. 4 The Board of Directors of one of the wholly-owned subsidiaries of the Company, Adani Cementation Limited ("ACL"), at its meeting held on 27th June, 2024, considered and approved Scheme of Amalgamation for amalgamation of ACL with Ambuja Cements Limited ("Ambuja") ('the ACL Scheme'). During the quarter ended 30th September, 2025, the Hon'ble NCLT has pronounced the order approving the ACL Scheme, which has become effective from 1st August, 2025 and consequently (a) ACL and a step-down subsidiary Adani Cement Industries Limited cease to be subsidiaries of the Company and (b) the Company has received 87,00,000 equity shares of Ambuja towards consideration and has recorded exceptional gain of< 506.84 crores. 5 During the previous year ended 31st March, 2025, the Company transferred its Power Trading business with effect from 24th December, 2024 and disclosed the same as Discontinued Operations up to the date of transfer. The results of Power Trading business included in the financial results and segment results, disclosed as discontinued operations, are as follows: (< in Crores) Quarter Ended Half Year Ended Year Ended Particulars 30-09-2025 30-06-2025 30-09-2024 30-09-2025 30-09-2024 31-03-2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Total Income 3,741.98 8,713.57 11,320.69 Total expenses 3,749.38 8,726.00 11,338.01 Profit/(loss) before tax from discontinued operations (7.40) (12.43) (17.32) 6 In November 2024, the Company became aware of an indictment filed by United States Department of Justice (US DOJ) and a civil complaint by Securities and Exchange Commission (US SEC) in the United States District Court for the Eastern District of New York against an executive director of the Company. Since this matter does not pertain to the Company, no impact is considered in the results. 7 During the year ended 31st March, 2023, a short seller report ("SSR") was published making certain allegations against some of Adani Group companies (including the Company). On 3rd January, 2024, the Hon'ble Supreme Court ("SC") disposed of all matters in various petitions including those relating to separate independent investigations relating to the allegation in SSR. During the current quarter, Securities and Exchange Board of India ("SEBI") vide its orders dated 18th September 2025 concluded two Show Cause Notices ("SCNs") and found no non-compliance with respect to related party transactions requirements under the Listing Agreement and SEBI Listing Regulations for certain transactions with third parties in earlier financial years. All allegations mentioned in the said SCNs and the proceedings were closed with no penalty or further directions. In view of the SC order, conclusion of SCNs by SEBI orders and in the absence of any regulatory or adjudication proceeding as at date except relating to show cause notices from the SEBI regarding validity of peer review certificates of statutory auditors with respect to earlier years and wrongful categorisation of shareholding of certain entities, the management of the Company concluded that there is no material non-compliance of applicable laws and regulations and hence there are no material consequences of the allegations against the Group. Accordingly, these financial results do not carry any adjustments in this regard. 8 Over past financial years, the custom department has considered a different view for levy of custom duty in respect of quality of coal imported by the Company, for which the Company has received demand notices amounting to < 863.62 crores (31st March, 2025 : < 863.62 crores) at various locations. The Company has deposited t 460.61 crores (31st March, 2025 : < 460.61 crores) as custom duties (including interest) under protest and contested the view taken by authorities as advised by external legal counsel. The Company being the merchant trader generally recovers custom duties from its customers and does not envisage any material financial impact.
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adani Adani Enterprises Limited (CIN No: L51100GJ1993PLC019067) Registered Office : "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382 421 Phone: 079-26565555; Fax: 079-26565500 ; Email: investor.ael@adani.com : Website: www.adanienterprises.com 9 (a) The Company had issued Unrated, Unlisted, Secured, Redeemable, Non-Convertible Debentures of< 1,950 crores in various tranches and has maintained security cover exceeding 100% on the principal and interest amount as on 30th September, 2025 by way of pledge of shares of one of its subsidiaries Adani Road Transport Limited. Interest on such debentures was due and paid on 11th July, 2025 and 12th October, 2025. (b) The Company had issued Rated, Listed, Secured, Redeemable Non-Convertible Debentures of< 800 crores and has maintained security cover exceeding 170% on the principal and interest amount as on 30th September, 2025 by way of a first ranking pari passu charge on certain non-current loans and advances (including interest thereon). Interest on certain series of such debentures was due and paid on 12th June, 2025 and 12th September, 2025. For this issuance, the Company's rating for debentures has been assigned at "CARE AA-" by CARE Ratings Limited and "ICRA AA·" by ICRA Limited. (c) During the quarter ended 30th September 2025, the Company has allotted 1,00,00,000 Secured, Rated, Listed, Redeemable Non-Convertible Debentures of face value of< 1,000/- each via public issuance aggregating to< 1,000 crore and has maintained security cover exceeding 110% on the principal and interest amount as on 30th September, 2025 by way of a first ranking pari passu charge on certain non-current loans and advances (including interest thereon). Interest on certain series of such debentures was due and paid on 17th October, 2025. For this issuance, the Company's rating for debentures has been assigned at "CARE AA·" by CARE Ratings Limited and "ICRA AA-" by ICRA Limited. 10 Additional information pursuant to Regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended for the quarter and half year ended 30th September 2025: Quarter Ended Half Year Ended Year Ended Particulars 30-09-2025 30-06-2025 30-09-2024 30-09-2025 30-09-2024 31-03-2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Debt Equity Ratio 0.59 0.63 0.54 0.59 0.54 0.47 Total Borrowings/ Total Equity Debt Service Coverage Ratio Earnings Before Interest. Tax. Depreciation and Amortisation (EBITDA) 2.60 3.10 4.92 2.81 3.97 3.24 / (lnterest+Scheduled Principal Repayments of Non-Current Borrowings) Interest Service Coverage Ratio 2.72 3.31 5.80 2.97 6.17 4.61 EBITDA / Interest Expense Current Ratio 2.15 1.86 Current Assets/ Current Liabilities 1.15 2.15 1.15 1.73 Long Term Debt to Working Capital Ratio (Non-Current Borrowings+ Current Maturities of Non-Current Borrowings)/ 0.93 1.07 2.11 0.93 2.11 0.93 (Current Assets - Current Liabilities excluding Current Maturities of Non- Current Borrowings) Bad Debts to Account Receivable Ratio 0.00 0.00 0.00 0.00 0.00 Bad Debts/ Average Trade Receivables Current Liability Ratio 0.48 0.51 0.75 0.48 0.75 0.59 Current Liabilities/ Total Liabilities Total Debts to Total Assets Ratio 0.31 0.31 Total Borrowings/ Total Assets 0.22 0.31 0.22 0.25 Debtors Turnover Ratio 2.09 2.56 Revenue from Operations/ Average Trade Receivables 2.92 4.52 6.11 11.37 Inventory Turnover Ratio 1.63 1.97 2.92 3.79 6.43 12.15 Cost of Goods Sold / Average Inventory Operating Margin (%) 13.15% 9.86% 7.15% 11.38% 6.29% 6.83% EBITDA excluding Other Income/ Revenue from Operations Net Profit Margin (%) 75.49% 7.92% 5.88% 39.56% 5.17% 15.24% Net Profit after Tax/ Total Income Outstanding Redeemable Preference Shares (Quantity and Value) NA NA NA NA NA NA Capital Redemption Reserve/Debenture Redemption Reserve NA NA NA NA NA NA Net Worth (< In Crores) 31,292.12 27,052.58 17,724.77 31,292.12 17,724.77 26.698.89 Net Profit after Tax (< In Crores) 4,234.46 504.04 627.99 4,738.50 1,230.25 6,040.23 Earnings per Share (Face Value of< 1 each) (not annualised) (Basic 8- 36.69 4.37 5.51 41.06 10.79 52.68 Diluted) Note:- F1nanc1al numbers of discontinued operations have been included for calculation of ratios.
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Adani Enterprises Limited (CIN No: L51100GJ1993PLC019067} Registered Office: "Adani Corporate House", Shantigram, Near Vaishno Oevi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382 421 adani Phone: 079-26565555 ; Fax: 079-26565500 ; Email: investor.ael@adani.com ; Website: www.adanienterprises.com 11 Statement of Unaudited Standalone Cash Flows for the period ended 30th September, 2025 (� in Crores) Particulars 30-09-2025 30-09-2024 (Unaudited) (Unaudited) A. CASH FLOW FROM OPERATING ACTIVITIES Profit Before Tax From Continuing Operations 5,105.57 1,673.51 From Discontinued Operations (12.43) Adjustment for: Depreciation and amortisation 84.46 76.30 Unrealised Exchange Rate Difference (net) (64.81) 10.08 Exceptional items (3,728 80) Net Gain on Sale of Current Investments (10.60) (1.64) Loss/ (Profit) on sale of Property, Plant and Equipments (net) (9.28) 0.13 Bad Debts, Loans & Advances written off (including Provision thereof) 16.12 1.66 Liabilities no longer required written back (6.02) Finance Costs 819.43 379.16 Interest Income (1,006.05) (670.62) Loss on disposal of Non Current Investments (including impairment impact) 13.24 (1.00) Operating Profit before Working Capital changes 1,219.28 1,449.13 Adjustment for: (Increase)/ Decrease in Trade Receivables 8- Other Financials Assets (469.76) 964.25 (Increase)/ Decrease in Inventories 121.83 169.30 (Increase)/ Decrease in Other Current 8- Non-Current Assets (298.19) (206.57) Increase/ (Decrease) in Other Current 8- Non-Current Liabilities (26.01) 170.33 Increase/ (Decrease) in Trade Payables, Other Financial Liabilities 8- Provisions (1,917.16) (2,903.86) Cash generated from / (used in) Operations (1,370.01) (357.42} Direct Taxes paid (net) (334.37) (424.26) Net Cash generated from / (used in) Operating Activities (A) (1,704.38) (781.68} B. CASH FLOW FROM INVESTING ACTIVITIES Capital Expenditure on Property, Plant 8- Equipments, Intangible Assets and Investment (785 11) (590.85) Properties (after adjustment of increase/ decrease of Capital Work-in-Progress, Capital Advances, Capital Creditors and Intangible assets under development) Proceeds from Sale/ Disposal of Property, Plant and Equipments 10.93 0.40 Non Current Loans given (87.88) (102.00) Non Current Loans received back 81.50 Current Loans (given)/ received back (net) (3,102.17) 784.22 Sale/ Redemption of Non-current Investments 0.05 0.05 Purchase of Non-current Investments (2,547.07) (2,648.90) Sale/ (Purchase) of Current Investments (net) (340.84) 1.64 Withdrawal/ (Investments) in Limited Liability Partnerships (net) 3,406.72 Withdrawal/ (Investments) in Other Bank Deposits (net) (25.42) (357.66) Interest Received 178.45 134.10 Net Cash generated from / (used in) Investing Activities (B) (3,210.84} (2,779.00} C. CASH FLOW FROM FINANCING ACTIVITIES Proceeds/ (Repayment) from Current Borrowings (net) (232.26) 1.256.27 Proceeds from Non Current Borrowings 5,905.00 2,966.00 Repayment of Non Current Borrowings (47.83) (399.73) Finance Cost Paid (409.72) (322.18) Payment of Lease Liabilities (21.07) (15.46) Dividend Paid (150.04) (148.20) Net Cash generated from / (used in) Financing Activities (C} 5,044.08 3,336.70 Net Increase/ (Decrease) in Cash 8- Cash Equivalents (A+B+C) 128.86 (223,98} Cash 8- Cash equivalents at the beginning of the period . Continued Operations 237.37 445.93 Discontinued Operations, classified as held for sale 48.12 Cash 8- Cash equivalents pertaining to discontinued operations, classified as held for sale (119.49) Cash 8- Cash Equivalents as at the end of the period 366.23 150.58
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adani Adani Enterprises Limited (CIN No: L51100GJ1993PLC019067) Registered Office : "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382 421 Phone: 079-26565555; Fax: 079•26565500 ; Email : investor.ael@adani.com ; Website: www.adanienterprises.com 12 The Company publishes standalone financial results along with the consolidated financial results, hence the Company has disclosed the segment information in its consolidated financial results in accordance with Ind AS 108 "Operating Segments". Date 4th November, 2025 Place Ahmedabad Gautam S. Adani Chairman
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IND IA SHAH DHANDHARIA & CO LLP CHARTERED ACCOUNTANTS Auditor's Certificate on Security Cover in respect of Listed Secured Redeemable Non-Convertible Debentures To The Board of Directors, Adani Enterprises Limited, Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S.G. Highway, Khodiyar, Ahmedabad-382421 This certificate is issued in accordance with the email request received dated 04th November 2025 and the terms of engagement agreed upon. The Revised format of Security Cover as at 30th September, 2025 (the "Statement") of Adani Enterprises Limited, (the "Company" or "the Issuer") having its registered office at Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421, Gujarat, containing the details of security cover for listed debt securities as per Regulation 54 read with 56(1)(d) of the SEBI (Listing Obligations and Disclosure Requirement) Regulation, 2015, has been prepared by the management of the Company in accordance with SEBI Circular dated May 19, 2022 and May 16, 2024 as amended from time to time. The Issuer has, vide board resolution dated 27th August, 2024 and 30th June, 2025, raised funds by issue of 8000000 Secured, Rated, Listed, Redeemable, Non-convertible debentures (NCD), detailed in Annexure II, of Rs. 1,000/- each, aggregating to INR 800.00 Crores and 10000000 Secured, Rated, Listed, Redeemable, Non-convertible debentures (NCD), detailed in Annexure II, of Rs. 1,000/- each, aggregating to INR 1,000.00 Crores respectively and in relation thereto the issuer has executed debenture trust deeds (the "Debenture Trust Deed") as per the details mentioned in Annexure II Pursuant to the terms of the Debenture Trust Deed, the Issuer is required to provide security by way of the first ranking pari passu charge on Non Current Loans and Advances given for Rs. 1,000 Crores and Rs. 1,300 Crores respectively and interest thereon. Further, pursuant to the terms of the Debenture Trust Deed, as a Financial Covenant, the issuer shall not breach the debt-equity ratio of 5x on a standalone basis. The Debt-Equity ratio shall be determined as per the SEBI regulations. The financial information as on 30th September, 2025 has been extracted from the unaudited books of accounts for the period ended 30th September, 2025 and other relevant records of the Issuer. Management's Responsibility for the Statement The preparation of the Statement and information contained therein is the responsibility of the Management of the Company including the preparation and maintenance of all accounting and other records supporting its contents. This responsibility includes design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances. The Management is also responsible for ensuring that the Company complies with the requirements of the SEBI (Listing Obligations and Disclosure Requirement) Regulation, 2015, as amended ("the Regulations") and that it provides complete and accurate information as required therein. The Management is also responsible for furnishing the standalone financial information including financial covenants contained in the said form which is annexed to this certificate (Hereinafter referred to as "financial information") and to ensure the adherence to the format of Security Cover as per SEBI Circular SEBI/HO/MIRSD/MIRSD _ CRADT/CIR/P/2022/67 dated May 19, 2022 and SEBI/HO/D DHS-PoD3/P/CIR/2024/46 dated May 16, 2024. Auditor's Responsibility Pursuant to the requirements of the Rules, it is our responsibility to provide a limited assurance in the form of a conclusion based on our examination of the "financial information" required to be furnished in the Statement and the books and records of the Company as at 30th September, 2025 and report whether the "financial information" required to be furnished in the Statement is in accordance with the unaudited financial results and underlying books and other records of the Company as at 30th September, 2025. Page 1 of3 �--- Shah Dhandharia & Co LLP Is registered with limited liability having identification number AAW-6528. /; � 507, Abhijeet - 1, Mithakali Six Roads, Navrangpura, Ahmedabad - 380009. (@ www.sdco.in 8 079-4890-1710 iiriii info@sdc' )I
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IND IA SHAH DHANDHARIA & CO LLP CHARTERED ACCOUNTANTS Auditor's Certificate on Security Cover in respect of Listed Secured Redeemable Non-Convertible Debentures (Continued ... ) The financial results relating to the books and records referred to in paragraph above, have been reviewed by us pursuant to the requirements of Companies Act, 2013, on which we have issued an unmodified conclusion vide our report dated 04th November, 2025. Our review of these financial results has been conducted in accordance with the Standards on Auditing referred to in section 143(10) of the Companies Act, 2013 and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. We conducted our examination of the "financial information" required to be furnished in the Statement in accordance with the Guidance Note on Reports or Certificates for Special Purposes issued by the Institute of Chartered Accountants of India. The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants ofindia. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) I, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements. We performed the following procedures on this certification and have included our finding hereunder: I. Obtained the details of Non-Convertible Debt securities issued by the company which are outstanding as on 30th September, 2025 2. Obtained the Debenture Trusteeship Deed from the management to determine the assets offered as security and the financial covenants for the purpose of these Debt securities 3. Obtained the Statement of Security cover prepared by the management and compared it with the revised format prescribed under the SEBI Circular SEBI/HO/MIRSD/MIRSD_CRADT/CIR/P/2022/67 dated May 19, 2022 and SEBI/HO/DDHS PoD3/P/CIR/2024/46 dated May 16, 2024. 4. Obtained the calculation of financial covenants prepared by the management 5. Compared the amounts of the Statement and annexure with the corresponding unaudited financial information derived by the management from its accounting records, management information systems and other financial and secretarial records for the period indicated and found such amounts to be in agreement 6. Recomputed the mathematical accuracy of the amounts, totals and ratios of the Statement and annexure and found them to be in agreement with the unaudited standalone financial information, books, records and information provided to us for verification Conclusion Based on the procedures performed by us and according to the information and explanations given to us, nothing has come to our attention that causes us to believe that the accompanying Statement and the financial information contained therein, has not disclosed the information required to be disclosed in terms of the Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Page 2 of3 Shah Dhandharia & Co LLP is registered with limited liability having identification number AAW-6528. 507, Abhijeet -1, Mithakali Six Roads, Navrongpura, Ahmedabad - 380009.@ www.sdco.in 8 079-4890-1710 Iii info@sdco.in / gst@sdco.in
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0c IND IA SHAH DHANDHARIA & CO LLP CHARTERED ACCOUNTANTS Auditor's Certificate on Security Cover in respect of Listed Secured Redeemable Non-Convertible Debentures (Continued ... ) Restriction on Use Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Regulations. Our obligations in respect of this cetiificate are entirely separate from, and our responsibility and liability are in no way changed by any other role we may have (or may have had) as auditors of the Company or otherwise. Nothing in this certificate, nor anything said or done in the course of or in connection with the services that are the subject of this certificate, will extend any duty of care we may have in our capacity as auditors of the Company. This certificate is addressed and provided to the Board of Directors of the Company solely for submission along with the Statement of Security Cover to the Stock Exchange(s) and Debenture Trustees pursuant to the Regulations, and should not be used by any other person or for any other purpose. We do not accept or assume any liability or duty of care for any other purpose or to any other person to whom this certificate is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Place: Ahmedabad Date : 04/11/2025 For SHAH DHANDHARIA & CO LLP Chartered Accountants Firm Registration No. 118707W/ W100724 Partner Membership No. 183083 UDIN -25183083BMKWEX1567 Page 3 of3 Shah Dhandharia & Co LLP is registered with limited liability having identification number AAW-6528. 507, Abhijeet - 1, Mithakali Six Roods, Navrangpura, Ahmedabad - 380009. � www.sdco.in 8 079-4890-1710 iii info@sdco.in I gst@sdco.in
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Column A ColumnB Column C ColumnD Column E Column F Exclusive Exclusive Parl-Passu Parl-Passu Charge Charge Charge Charge Assets shared by parl passu debt holder Description of Debt for Debt for (Includes Particulars asset for which this which this Other which this debt for certificate relate certificate Secured Debt certificate which this being Issued being Issued certlflcate Is Issued& other debt with part- passu charge) Book Value Book Value Yes/No Book Value ASSETS Property, Plant & -NA- No Equioment Capital Work-in-Progress -NA- No Right-of-Use Assets -NA- No Goodwill -NA- No Intangible Assets -NA- No Intangible Assets under -NA- No Develooment Investments -NA- - 20.04 No First ranking pari Loans - Non Current passu charge on the - Yes 2,364.90 loans and advances Inventories -NA- - No - Trade Receivables -NA- No Cash and Cash -NA- No Equivalents Bank Balances other than Cash and Cash -NA- - No - Equivalents Others -NA- - Yes 90.71 Total 20.04 2,455.60 Annexure I Statement of Security Cover ColumnG ColumnH Column I Parl-Passu Elimlnatlon on Charge (amount in negative) Other Assets debt amount Assets not offered as on which there Security considered Is parl.passu more than charge once(due to (excluding exclusive plus Items covered part passu In column F) charge) Book Value ' 468.38 360.81 169.36 407.71 237.61 456.04 516.10 141.95 845.03 21,198.02 2,081.22 1 391.24 383.87 2,261.45 286.86 365.26 0.97 548.96 407.52 15,495.22 8,546.23 22,000.94 34,568.87 ColumnJ ColumnK Market Value Total (C to H) for Assets charged on Exclusive basis II 829.19 577.07 237.61 972.14 141.95 22,063.10 4,446.12 1 775.11 2,548.31 366.23 956.48 24,132.16 59,045.46 Rs in Crores I Columnl ColumnM I ColumnN I ColumnO Related to only those Items covered by this certlflcate Carrying/ book Carrying value/ book value for value for part exclusive charge assets passu charge assets where where market market value value ls not Market Value for ls not Total Value� ascertainable Part passu ascertainable K+L+M+N or applicable charge Assets or applicable (For E.g. Bank Balance, (For E.g. Bank DSRA market Balance, value Is not DSRA market value is not applicable) applicable) Relating to Column F - - - - 2,364.90 2,364.90 - - 90.71 90.71 2,455.60 2,455.60
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Column A ColumnB ColumnC ColumnD ColumnE Exclusive Exclusive Part-Passu Charge Charge Charge Descrtptlon of Debt for Debt for Particulars asset for which this which this Other which this certificate relate certificate Secured Debt certificate being Issued being Issued Book Value Book Value Yes/No LIABILITIES Debt securities to which Yes this certificate pertains Other debt sharing pari- passu charge with above No debt Other Debt5 2,036.85 No Subordinated debt1 No Borrowings " No Bank' " " No Debt Securities' No Others No Trade payables " No Lease Liabilities " " No Provisions No Others No Total 2,036.85 Cover on Book Value Cover on Market Value Column F Part-Passu Charge Assets shared by part passu debt holder (Includes debt for which this certificate Is Issued & other debt with part- passu charge) Book Value 1,829.45 ' not to be filled 1,829.45 1.341imes Annexure I Statement of Security Cover ColumnG Column H Column I Part-Passu Ellmlnallon on Charge (amount In negative) Other Assets Assets not offered as debt amount on which there Security considered Is part-passu more than charge once (due to (excluding exclusive plus items covered part passu In column F) charge) Book Value 12,205.25 1,302.45 266.51 842.50 " " 1,100.28 6,205.57 " 174.48 " 135.52 1,654.48 2,402.73 21,484.31 The company confirms the Security Cover Requirement based on Market Value of the Assets offered as security Rs in Crores ColumnJ ColumnK Columnl I ColumnM I Column N I ColumnO Related to only those items covered by this certificate Carrying/ book Carrying value/book value for value for part exclusive passu charge charge assets assets where Market Value where market market value Total (C to H) for Assets value ls not Market Value for is not Total Value= charged on ascertainable Part passu ascertainable K+L+M+N Exclusive or appllcable charge Assets or appllcable basis (For E.g. Bank (For E.g. Bank Balance, Balance, DSRAmarket DSRAmarket value Is not value Is not applicable) applicable) Relating to Column F 1,829.45 2,036.85 12,205.25 1,568.96 As the Columns K. L. Ma nd N pertains to Book Value/Market Value of Assets, the amounts of Uabilities am not shown hem 842.50 7,305.85 174.48 135.52 1,654.47 27,753.33 1.3411mes We have examined the compliances made by the listed entity in respect of the covenants I terms of the issue of the listed debt securities (NCD's) and certify that the such covenants J terms of the issue have been complied by the listed entity except as stated below: NIL - refer annexure to the statement 1 Includes Unsecured lntercorporate Borrowings 2 Includes borrowings from Banks, Fis and REC 3 Includes Commercial Papers 4 Includes Ind AS adjustment for effective interest amounting to Rs. 28.60 crores and Interest accrued amounting to Rs. 29.45 crores for Debt Securities covered under this certificate 5 Includes Unrated, Unlisted, Secured, Redeemable, Non-Convertible Debentures of Rs. 1950 crores with Ind AS adjustments for effective interest amounting to Rs. 12.86 crores and interest accrued amounting to Rs. 86.85 crores
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Annexure II List of Secured, Rated, Listed, Redeemable Non-convertible debentures (NCD) Rs. in Crores Deemed Amount ISIN Date of Type of Amount Outstanding Accrued Asset Cover Security given allotment Charge Raised (without the Interest Required impact of lndAS) INE423A07351 12-Sep-24 Pari Passu 36.41 36.41 0.18 INE423A07369 12-Sep-24 Pari Passu 8.63 8.63 0.84 INE423A07310 12-Sep-24 Pari Passu 44.19 44.19 0.21 First ranking pari INE423A07328 12-Seo-24 Pari Passu 474.33 474.33 2.38 110% passu charge on the IN E423A07377 12-Sep-24 Pari Passu 23.19 23.19 2.37 Non-Current loans INE423A07336 12-Sep-24 Pari Passu 50.36 50.36 0.25 and advances INE423A07344 12-Sep-24 Pari Passu 128.85 128.85 0.66 INE423A07385 12-Sep-24 Pari Passu 34.04 34.04 3.56 Total 800.00 800.00 10.46 110% Rs. in Crores Deemed Amount ISIN Date of Type of Amount Outstanding Accrued Asset Cover Security given allotment Charge Raised (without the Interest Required impact of lndAS) INE423A07450 17-Jul-25 Pari Passu 81.49 81.49 1.52 INE423A07401 17-Jul-25 Pari Passu 19.20 19.20 0.36 INE423A07427 17-Jul-25 Pari Passu 120.84 120.84 2.23 First ranking pari INE423A07435 17-Jul-25 Pari Passu 415.51 415.51 7.92 110% passu charge on the INE423A07419 17-Jul-25 Pari Passu 30.98 30.98 0.59 Non-Current loans INE423A07443 17-Jul-25 Pari Passu 74.88 74.88 1.40 and advances INE423A07393 17-Jul-25 Pari Passu 224.24 224.24 4.34 INE423A07468 17-Jul-25 Pari Passu 32.86 32.86 0.64 Total 1000.00 1000.00 18.99 110%
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Annexure Ill to the Statement Reference of Non-Convertible Debentures: Prospectus dated 27th August 2024 for INR 800 Crore Non-Convertible Debentures having ISIN No. INE423A07351 INE423A07369 INE423A07310 INE423A07328 INE423A07377 INE423A07336 INE423A07344 INE423A07385 Prospectus dated 30th June 2025 for INR 1,000 Crore Non-Convertible Debentures having ISIN No. INE423A07450 INE423A07401 INE423A07427 INE423A07435 INE423A07419 INE423A07443 INE423A07393 INE423A07468 As per "Issue structure" of the above Prospectus and the Debenture Trust Deed A. Financial Covenants: Debt-equity ratio should be equal to or less than 5x on a standalone basis B. Definition of Financial Covenants: The Debt-equity ratio shall be determined as per the SEBI Regulations on quarterly basis C. Calculation of Financial Covenants: Particulars INR in Crores Total Borrowinqs (A) 18,325.25 Total Equity (B) 31,292.12 Debt-EQuitv Ratio (A/B) 0.59 X
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Adani Enterprises Limited “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar Ahmedabad 382 421 Gujarat, India Tel + 91 79 2656 5555 Fax + 91 79 2555 5500 investor.ael@adani.com www.adanienterprises.com CIN: L51100GJ1993PLC019067 Registered Office : “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421 Annexure B Statement of utilization of issue proceeds of non-convertible securities and material deviations, if any, under Regulation 52(7) and 52(7A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 A. Statement of Utilisation of issue proceeds: Name of the issuer ISIN Mode of Fund Raising (Public issues/ Private placement) Type of instrument Date of raising funds Amount Raised Funds utilized Any deviation (Yes/ No) If 8 is Yes, then specify the purpose of for which the funds were utilized Remarks, if any 1 2 3 4 5 6 7 8 9 10 Adani Enterprises Limited INE423A07450 INE423A07401 INE423A07427 INE423A07435 INE423A07419 INE423A07443 INE423A07393 INE423A07468 Public Issue Secured, Rated, Listed, Redeemable, Non – Convertible Debentures 17th July 2025 1000 crore 1000 crore No Not Applicable Nil B. Statement of deviation/variation in use of issue proceeds Name of listed entity Adani Enterprises Limited Mode of Fund Raising Public Issues / Rights Issues / Preferential Issue / QIP / Others Type of instrument Secured, Rated, Listed, Redeemable, Non – Convertible Debentures Date of Raising Funds 17th July, 2025 Amount Raised INR 1000 crore Report filed for Quarter ended 30th September, 2025 Is there a Deviation / Variation in use of funds raised No Whether any approval is required to vary the objects of the issue stated in the prospectus/ offer document? Not Applicable if yes, details of the approval so required? Not Applicable Date of approval Not Applicable Explanation for the Deviation / Variation Not Applicable Comments of the Audit Committee after review No Comments Comments of the auditors, if any No Comments
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Adani Enterprises Limited “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar Ahmedabad 382 421 Gujarat, India Tel + 91 79 2656 5555 Fax + 91 79 2555 5500 investor.ael@adani.com www.adanienterprises.com CIN: L51100GJ1993PLC019067 Registered Office : “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421 Objects for which funds have been raised and where there has been a deviation, in the following table Original Object Modified Object, if any Original Allocation (Rs. In Crores) Modified Allocation (Rs. In Crores) Funds Utilised (Rs. In Crores) Amount of Deviation / Variation for the quarter according to applicable objects Remarks, if any Not Applicable Deviation or variation could mean: a) Deviation in the objects or purposes for which the funds have been raised or b) Deviation in the amount of funds actually utilized as against what was originally disclosed or c) Change in terms of a contract referred to in the fund raising document i.e. prospectus, letter of offer, etc Thanking you, For, Adani Enterprises Limited Jatin Jalundhwala Company Secretary & Joint President (Legal) Membership No.: F3064
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Adani Enterprises Limited “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar Ahmedabad 382 421 Gujarat, India Tel + 91 79 2656 5555 Fax + 91 79 2555 5500 investor.ael@adani.com www.adanienterprises.com CIN: L51100GJ1993PLC019067 Registered Office : “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421 Annexure C Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Sr. No. Particulars Details I. Type of securities proposed to be issued (viz. equity shares, convertibles, etc.) Partly paid-up equity shares of the Company II. Type of issuance (further public offering, rights issue, depository receipts (ADR/GDR), qualified institutions placement, preferential allotment etc.) Rights issue to the eligible equity shareholders of the Company, as on the record date III. Total number of securities proposed to be issued or the total amount for which the securities will be issued (approximately) Not exceeding ₹ 25,000.00 crore IV. In case of preferential issue the listed entity shall disclose the following additional details to the stock exchange(s): Not Applicable V. In case of bonus issue the listed entity shall disclose the following additional details to the stock exchange(s): Not Applicable VI. In case of issuance of depository receipts (ADR/GDR) or FCCB the listed entity shall disclose following additional details to the stock exchange(s): Not Applicable VII. In case of issuance of debt securities or other non -convertible securities the listed entity shall disclose following additional details to the stock exchange(s): Not Applicable VIII. Any cancellation or termination of proposal for issuance of securities including reasons thereof: Not Applicable