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 September 28, 2026 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 October 28, 2026 In continuation to our prior intimation dated October 13, 2026, we wish to inform that the Board of Directors of the Company (“the Board”) at its meeting held on October 28, 2026 (commenced at 12:45 p.m. and concluded at 1:30 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, 2026 as reviewed and recommended by the Audit Committee. T he said Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 202 6, 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 s and Security Cover Certificate of the Statutory Auditors along with the Statement of Assets and Liabilities and Cash Flow Statement for the half year ended September 30, 2026, are enclosed herewith as Annexure “A”. T hese results are also being uploaded on the Company’s website at www.adanienterprises.com. K indly take the same on your records. F or Adani Enterprises Limited Jat in Jalundhwala Company Secretary & Joint President (Legal) Membership No. F3064
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(A IND IA SHAH DHANDHARIA& CO LLP----------------- CHAR TE RED ACCOUNTANTS Independent Auditor's Review Report on Quarterly and Half Yearly ended Unaudited Consolidated Financial Results of the Adani Enterprises Limited 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 2026 ("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 28th October, 2026, 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 Pe1formed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants oflndia. 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 12(a) and 12(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 ofMIAL 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. 409.28 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 31 st March 2026 were also qualified in respect of the above matter. Further, our review report on the consolidated financial results for the quarter ended 30th June 2026 and quarter and half year ended 30tl' September, 2025 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 • tement. ~~OHA/?1-4 <:,~ rf ~ F 'o ~ 11 II> W1 Shah Dhandharia & Co LLP is registered with limited liability having iden I n:a number AAW-6528. 507, Abhijeet -1, Mithakali Six Roads, Navrangpura, Ahmedabad - 380009. (!l'i) www.sdco.in C9 079-4890-1710 ilTjj info@sdco.in / gst@sdco.in
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CA IND IA SHAH DHANDHARIA& CO LLP----------------- CHARTE RED ACCOU NTANTS Independent Auditor's Review Report on Quarterly and Half Yearly ended Unaudited Consolidated Financial Results of the Adani Enterprises Limited 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 59 subsidiaries included in the Statement, whose interim financial results reflect total assets of Rs. 1,86,593.83 crores as at 30th September, 2026, total revenues of Rs. 15,096.56 crores and Rs. 29,659.75 crores, total loss after tax of Rs. 1,277.04 crores and Rs. 2,620.69 crores, and total comprehensive loss of Rs. 626.13 crores and Rs. 1,644.29 crores for the quarter and half year ended 30th September 2026 respectively, and net cash inflows of Rs. 691.89 crores for the half year ended 30th September 2026, as considered in the unaudited consolidated financial results. The Statement also includes Group's share of profit after tax of Rs. 205.50 crores and Rs. 317.39 crores for the quarter and half year ended 30th September 2026 respectively, as considered in the Statement in respect of 25 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 142 Subsidiaries which have not been reviewed by their auditors and are certified by the management, whose interim financial results reflect total assets of Rs. I 3,904.09 crores as at 30th September, 2026, total revenue of Rs. 692.51 crores and Rs. 1,278.84 crores, total Profit after tax of Rs. 42.44 crores and loss after tax of Rs. 5.87 crores and total comprehensive income of Rs. 30.78 crores and total comprehensive loss of Rs. 74.79 crores for the quarter and half year ended 30th September 2026 respectively, as considered in the unaudited consolidated financial results. The Statement also includes Group's share of loss after tax of Rs. 13.27 crores and Rs. 14.81 crores for the quarter and half year ended 30th September 2026 as considered in the Statement in respect of 42 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 the subsidiaries, associates and jointly controlled entities are located outside India whose financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Parent's management has converted the financial statemen.ts of such subsidiaries, associates and jointly controlled entities located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. Our opinion in so far as it relates to the balances and affairs of such subsidiaries, associates and jointly controlled entities located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Parent Company. 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 the Parent and other fellow subsidiaries or their immediate holding company. Shah Dhandharia & Co LLP is registered with limited liability having identification number AAW-6528. 507, Abhijeet - 1, Mithakali Six Roads, Navrangpura, Ahmedabad - 380009. it!l) www.sdco.in "'079-4890-1710 i:i info@sdco.in / gst@sdco.in
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(A IND I A SHAH DHANDHARIA & CO LLP----------------- CHARTERED Ac cou NTAN TS Independent Auditor's Review Report on Quarterly and Half Yearly ended Unaudited Consolidated Financial Results of the Adani Enterprises Limited pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (as amended) (Continued) 11. For the matter detailed in Note 12(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 13 of this Statement, the component auditor of one of the subsidiaries, namely Navi Mumbai International Airport 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. NMIAL is regularly submitting the information and documents as sought by the authorities from time-to-time 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 : 28th October 2026 For SHAH DHANDHARIA & CO LLP Chartered Accountants Firm • tration No. 118707W/W100724 Shub Partner Membership No. 183083 UDIN: 26183083KEPLG02642 Shah Dhandharia & Co LLP is registered with limited liability having identification number AAW-6528. 507, Abhijeet -1, Mithakali Six Roads, Navrangpura, Ahmedabad - 380009. i@ www.sdco.in e 079-4890-1710 i1jj info@sdco.in / gst@sdco.in
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CA<: IND IA SHAH DHANDHARIA& CO LLP----------------- CHARTE RED 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 Mangaluru International Airport Limited Adani Agri Fresh Limited Adani Metro Transport Limited Ahmedabad International Airport Limited Adani Naval Defence Systems and Technologies Limited Adani Airport Holdings Limited Adani Railways Transport Limited Adani Bunkering Limited Horizon Aero Solutions Limited Indamer Technics Private Limited Adani Resources Limited Adani Defence Systems and Technologies Limited Adani Road O&M Limited Guwahati International Airport Limited Adani Road Transport Limited Adani Welspun Exploration Limited Adani Shipping (India) Limited Agneya Systems Limited TRY (Kerala) International Airport Limited Alpha Design Technologies Private Limited (Consolidated) Raiasthan Collieries Limited Azhiyur Vengalam Road Limited PRS Tolls Limited Badakumari Karki Road Limited Adani Aviation Fuel Services Limited Bailadila Iron Ore Mining Limited Adani Global Air Cargo Solutions Limited Bilaspur Pathrapali Road Limited Suryapet Khammam Road Limited Carroballista Systems Limited Talabira (Odisha) Mining Limited CG Natural Resources Limited Vijayawada Bypass Project Limited Mundra Solar Limited Aanya Maritime Inc. Adani Water Limited Aashna Maritime Inc. Gare Palma II Collieries Limited Adani Australia Pty Ltd Gare Pelma III Collieries Limited Vanshi Shipping Pte Limited Gidhmuri Paturia Collieries Limited Adani Global DMCC Jhar Mineral Resources Private Limited Adani North America Inc Kodad Khammam Road Limited Adani Global Limited Kurmitar Iron Ore Mining Limited Adani Global Pte Limited Kutch Copper Limited Adani Global Royal Holding Pte Limited Mahanadi Mines & Minerals Limited Adani Infrastructure Pty Limited Mancherial Repallewada Road Limited Adani Minerals Ptv Limited MH Natural Resources Limited Adani Mining Pty Limited MP Natural Resources Limited Adani Global FZE East Coast Aluminium Limited Adani Renewable Asset Holdings Pty Limited (Formerly known as Mundra Copper Limited) Mundra Petrochem Limited Adani Renewable Assets Holdings Trust Mundra Solar Energy Limited Adani Renewable Asset Pty Limited Mundra Solar PV Limited Adani Renewable Asset Trust Mundra Synenergy Limited Adani Rugby Run Finance Pty Ltd Nanasa Pidgaon Road Limited Adani Rugby Run Ptv Limited Ordefence Systems Limited Adani Rugby Run Trust Panagarh Palsit Road Limited Adani Shipping Pte Limited Parsa Kente Collieries Limited The Galilee Basin Conservation and Research Fund PLR Systems Private Limited Galilee Biodiversity Company Pty Limited Prayagraj Water Limited Galilee Transmission Holding Ptv Limited Jaipur International Airport Limited Galilee Transmission Holdings Trust Lucknow International Airport Limited Galilee Transmission Ptv Limited Queensland Ripa Holdings Pty Ltd Skyiwave Private Limited Queensland Ripa Holdings Trust PT Adani Global Coal Trading Queensland Ripa Pty Ltd Unnao Prayagraj Road Limited Queensland Ripa Trust Brahmani Barrage Water Limited Rahi Shipping Pte Limited Munger Sultanganj Road Limited Adani Mining Limited (formerly known as Hirakund Natural - Resources Limited) A ~o ~~a ~r Bisalpur Water Limited 1/..._<::,' 1/" ~ c,\ Shah Dhandharia & Co LLP is registered with limited liability havin ~~ific<tt • ~.l-1umb r- W-6528. 507, Abhijeet -1, Mithakali Six Roads, Navra ngpura, Ahmedabad 0-~; M ~ ~ -', J:: 1.in '9 079-4890-1710 iilii info@sdco.in / gst@sdco.in c/) 724 "b * * q ~ .;>,z '1,.1>'1' eredA cout', --
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(A IN DIA SHAH DHANDHARIA& CO LLP----------------- CHAR TE RED ACCOUNTANTS D P Jain TOT Toll Roads Private Limited Adani Skills & Education Limited Adani Metals & Minerals FZCO Singrauli Syn-Gas & Chemicals Limited Bowen Rail Company Pty Limited Seafront Segregated Portfolio Bowen Rail Operation Pte Limited PLR Systems (India) Limited Mumbai International Airport Limited Adani Petrochemicals Limited Navi Mumbai International Airport Limited Adani Digital Labs Limited Bhagalpur Waste Water Limited • Bangalore Airport & Infrastructure Developers Limited GVK Airport Developers Limited Budaun Hardoi Road Limited GVK Airport Holdings Limited Hardoi Unnao Road Limited Adani Data Networks Limited Kalinga Alumina Limited (Formerly known as Mundra Aluminium Limited) April Moon Retail Limited Mumbai Travel Retail Limited Adani New Industries Limited (ANIL) Bengal Tech Park Limited Astraeus Services IFSC Limited AMG Media Networks Limited Adani TRY Airport Citv Limited Kutch Fertilizers Limited Kagal Satara Road Limited Alluvial Heavy Minerals Limited Adani Health Ventures Limited AGHPort Aviation Services Limited Jhar Mining Infra Limited Raigarh Natural Resources Limited Flight Simulation Solutions Private Limited (Conso) Mining Tech Consultancy Services Limited CORR Tollways Limited Adani Disruptive Ventures Limited Sompuri Infrastructures Private Limited New Delhi Television Limited (Consolidated) Adani Road STPL Limited Sibia Analytics and Consulting Services Private Limited Adani Road GRICL Limited Armada Defence Systems Limited Adani Global Vietnam Company Limited Stark Enterprises Limited Vishvapradhan Commercial Private Limited Adani Israel Limited RRPR Holding Private Limited QBML Media Limited (Formerly known as Quintillion Business Media Limited) Alwar Alluvial Resources Limited Le Marche Dutv Free SAS Pelma Collieries Limited Global Airports Operator LLC Aelius Resources S.A Adani GCC Limited Atharva Advanced Svstems and Technologies Limited Celeritas International FZCO Tabemono True Aromas Limited Semolina Kitchens limited IANS India Private Limited World Plate Collective Cuisines Limited Ospree International FZCO Indore Gujarat Road Limited Adani Mumbai Airport City Private Limited ( Formerly known as Portus Ventures Private Limited) Cococart International-FZCO (w.e.f. 10th June 2026) Adani Energy Resources (Shanghai) Co. Ltd StratOne Cybersecurity Limited (formerly known as Adani Cybersecuritv Services Limited) Cococart Ventures Limited UP Syn-Gas & Chemicals Limited Aviserve Facilities Limited OD Syn Gas & Chemicals Limited Aviground Facilities Limited PT Energy Resources Adani New Industries One Limited Smartport City Limited Air Works India (Engineering) Private Limited (Conso) Astraan Defence Limited Nagour Syn-Gas & Chemicals Limited Adani Jaipur Airport City Limited CG Syn-Gas & Chemicals Limited Adani Lucknow Airport Citv Limited Sultanganj Sabour Road Limited Adani Mangaluru Airport City Limited Adani Ropeways Limited Adani Navi Mumbai Airport Citv Limited Shri Kedarnath Rooeways Limited Adani Alunedabad Airport City Limited Adani Airport City Limited Adani Guwahati Airport City Limited MRDP-III Development Limited ~ = ~A-"t-\.CL Global IFSC Limited AAHL Global IFSC Limited ~~~ H " w,m~ erger Sub, LLC 'f~~ N ~ I ~ 11~~ 'rlw, ;:: I I/> W1 >724 1:7 * * q ~., .;,I); It?>~ 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 "'079-4890-1710 1/i info@sdco.in / gst@sdco.in
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CA I ND I A SHAH DHANDHARIA& CO LLP----------------- CHART ERED ACCOUNTANTS List of Jointly Controlled Entities and Associates Adani Power Resources Limited Carmichael Rail Network Trust Comprotech Engineering Private Limited Mundra Solar Technopark Private Limited GSPC LNG Limited Adani Global Resources Pte Limited Noida Data Center Limited Adani Total LNG Singapore Pte Limited Navi Mumbai Power Transmission Limited DC Development Hvderabad Limited Vishakha Pipes and Moulding Private Limited (formerly Carmichael Rail Asset Holdings Trust Vishakha Industries) AdaniConnex Private Limited Carmichael Rail Network Holdings Pty Limited MetTube Copper India Private Limited Pune Data Center Two Limited (Formerly known as Mumbai Data Center Limited) Carmichael Rail Development Company Pty Limited Mumbai Airport Lounge Services Private Limited Mumbai Aviation Fuel Farm Facility Private Limited Maharashtra Border Check Post Network Limited DC Development Noida Limited Unyde Systems Private Limited Cleartrip Private Limited Carmichael Rail Network Pty Limited Pune Data Center Limited DC Development Noida Two Limited General Aeronautics Private Limited Kowa Green Fuel Pte Ltd India Inc Limited Sunnort Properties Private Limited Innovant Buildwell Private Limited (formerly Eternus Real Trade Castle Tech Park Private Limited Estate Pvt Ltd) Sree Vishwa Varadhi Private Limited Giridhari Build Estate Limited Sirius Digitech Limited Adani Esyasoft Smart Solutions Limited (Consolidated) Parserlabs India Private Limited Coredge.io India Private Limited Brahmaand AI Limited Kutch Conner Tubes Limited Coredge.io Limited Madhuvanti Build Estate Limited (w.e.f. 1 l'h June 2026) Valor Petrochemicals Limited Vishakha Plastic Pipes Private Limited Cleartrip Packages & Tours Private Limited Granthik Realtors private Limited Adani Renewable Energy Three Limited Terravista Developers Private Limited AdaniConnex Hyderabad Two Limited A viceda Infra Park Limited Chandenvalle Infra Park Limited Monvarex Aluminium Holding RSC Ltd Sirius Digitech International Limited Navi Mumbai Power Distribution Limited List of Partnership Firms and LLPs Adani Commodities LLP Path Highway LLP I Adani - LCC N Shah Dhandharia & Ca LLP is registered with limited liability having identification number AAW-6528. 507, Abhijeet -1, Mithakali Six Roads, Navrangpura, Ahmedabad - 380009. ~ www.sdco.in '-' 079-4890-1710 ii://ij 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 17 18 19 Adani Enterprises Limited (CIN No : L51100GJ 1993PLC019067 ) 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, 2026 Quarter Ended Half Year Ended Particulars 30-09 -2026 30-06-2026 30-09 -2025 30-09-2026 30-09-2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Income Revenue from Operat ions 37,215.62 32,923 .98 21,248.51 70,139.60 43,209 .71 Other Income 807 .49 622 .28 595.56 1.429.77 1,070 .98 Total Income 38,023 .11 33,546 .26 21,844 ,07 71,569 .37 44,280 ,69 Expenses (a) Cost of mater ials consumed 16,858 .10 14,255.06 4,961.56 31 ,113.16 8,354 ,63 (b) Purchases of stock-in-trade 8,685 .55 7,342 .60 6,952 .58 16,028 .15 14,351.17 (c) Changes in inventories of finished goods, work-in-progress e,. stock-in-t rade (1.466.72) (1,860.24) (1,778.39) (3,326.96) (1,898.72) (d) Employee benefits expense 1,098 .04 1,093.57 897.62 2,191.61 1,860 .39 (e) Finance cost - Interest and Other finance cost 2,367.58 2.414.26 1,761.64 4,781.84 3.272.75 - Foreign exchange loss/ (gain) (net) (71.16) 6.67 (50.42) (64.49) (526 05) (f) Depreciation . Amortisation e, Impairment 2,017,60 1,926.00 1,376,55 3,943 .60 2,660.50 (g) Operating and Other expenses 6,532.10 7,073.70 6,908 .58 13,605.80 13,925 .39 Tot al Expenses 36,02 1.09 32,251.62 21,029 .72 68,272.71 42,000 .06 Prof it / (Loss) before exceptional items and tax (1-2) - 2,002 .02 1,294.64 814.35 3,296 .66 2,280 .63 Add / (Less) : Exceptional items (Refe r Note 6 e,. 7) (2,644 .02) 3,583 .28 (2,644 .02) 3,583.28 Prof it / (Loss) before tax (3+4) 2,002 .02 (1,3<i9.38) 4,397.63 652 .64 5,863 .91 Tax expenses (a) Current Tax 606 .71 466 .77 1,059.71 1,073.48 1.718.54 (b) Deferred Tax 340.61 (247 73) (58,64) 92.88 (146,22) Total Tax Expense 947.32 219 .04 1,001.07 1,166 .36 1,572.32 Profit/ (Loss) before share of profit/ (loss) from jointly controlled (1,568.42) (513.72) entities and associates (5-6) 1,054 .70 3,396 .56 4,291.59 Add/ (Less): Share of profit/ (loss) from jointly controlled entities 166.29 106.88 17,87 273,17 99 .32 and associates Profit/ (Loss) after tax (7+8) 1,220 .99 (1,461 .54) 3,414.43 (240 .55) 4,390.91 Other Comprehensive Income / (Loss) (a) Items that wi ll not be reclass ified to profit or loss (8.1 6) 1.14 10,99 (7.02) 9.94 (b) Income tax relating to items that will not be 2.05 (0.29) (2.77) 1.76 (2.50) rec lassified to profit or loss (c) Ite ms that wi ll be reclassified to profit or loss 627.11 (140 .74) 592 .10 486 .37 318.72 (d) Income tax relating to items that will be (52,93) 21.01 (1 .03) (31.92) 14.03 reclassified to profit or loss Total Other Comprehensive Income/ (Loss) 568 .07 (118.88) 599 .29 449 .19 340.19 Total Comprehensive Income/ (Loss) (9+10) 1,789 .06 (1,580.42) 4,013 .72 208 .64 4,731.10 Net Prof it/ (Loss) attributable to : Owners of the Company 1,492 .04 (1,160.23) 3,303 .71 331.81 4,188.94 Non-controlling interests (271.05) (30131) 110,72 (572.36) 201,97 Other Comprehensive Income / (Loss) att ributable to : Owners of the Company 555 ,68 (100 71) 595 .92 454 .97 349 .71 Non-control ling inte rests 12.39 (18.17) 3.37 (5,78) (9.52) Total Comprehensive Income / (Loss) att ributable to : Owners of the Company 2,047.72 (1,260 .94) 3.899 .63 786 .78 4.538 .65 Non-controlling interests (258 ,66) (319.48) 114.09 (578 .14) 192.45 Paid-up Equity Share Capital (Face Value off 1 each) 135,36 130.16 115.42 135.36 115.42 Other Equity (Includi ng Instruments entirely Equity in nature) 97,816.94 55,151.09 Net Worth 103,713.28 61,577.63 Earnings per share in Rupees (Face Value of f 1 each) # (not annualised): (Refer Note 5) Basic 11.05 (8,91) 27.46 2.50 34,58 Diluted 11.05 (8,91) 27.46 2.50 34.58 Additional Disclosu re for Ratios (Refer Note 16) #EPS has been calcu lated on ne t profit less distribu tion on instr uments entire ly equity in nature for the period/ year whether declared or otherwise . (f in Crores) Year Ended 31-03-2026 (Audited) 100.468 ,61 2.474 ,63 102,943 .24 27,778.49 29 .154.92 (2,824.59) 3,658.00 6,936.45 (917 33) 6,135.34 28 ,712.68 98 ,633 .96 4,309 .28 9,215.37 13,524 .65 3,884.44 (53,29) 3,831 .15 9,693 .50 257,18 9,950.68 8.33 (2.10) 831,35 (11.23) 826 .35 10,777.03 9,746.15 204.53 832 .31 (5.96) 10.578.46 198.57 129.24 82,157.96 89,178 .22 78 ,99 76,83
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Sr. No. I (a) (b) (c) (d) (e) (f) (g) (h) (i) Ul (k) (1) II (a) (b) (c) Ill (a) (b) (c) 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 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 CONSOLIDATED BALANCE SHEET AS AT 30TH SEPTEMBER, 2026 (tin Crores) Particulars 30-09-2026 31-03-2026 (Unaudited) (Audited) ASSETS NON-CURRENT ASSETS Property, Plante, Equipment 81,908.71 79,685.94 Right Of Use Assets 19,425 .17 18,688.10 Capital Work-in-Progress 37,634.44 28.815.06 Investment Properties 249 .51 284 .0 5 Goodwill 898 .83 898 .81 Other Inta ng ible Assets 31 ,363.10 15,616.91 Intangible Assets Under Development 4,070.32 22,938.36 Investments accounted using Equity Method 9,429.79 6.705.74 Financial Assets (i) Investments 223.27 215.98 (ii) Loans 5,187.67 5.552.68 (iii) Other Financial Assets 10,692.88 10,514.47 Deferred Tax Assets (net) 676.36 731.97 Income Tax Assets (net) 1.486 03 1,062.76 Other Non-Current Assets 11.597.35 8,916 .31 214,843.43 200,627.14 CURRENT ASSETS Inventories 27,429.29 18,712.98 Financial Assets (i) Investments 4,434 .75 2.506 .65 (ii) Trade Receivables 13.773.33 12,542.61 (iii) Cash e, Cash Equivalents 7.958.09 6,266.67 (iv) Bank Balances other than (iii) above 8,899.02 5.542.75 (v) Loans 1,907.55 1,637.16 (vi) Other Financial Assets 4,323.33 5,248.71 Other Current Assets 11,277.66 8,501.16 80,003 .02 60,95B.69 Assets Classified as held for Sale 11.61 14.52 Total Assets 294,858.06 261,600 .35 EQUITY AND LIABILITIES EQUITY Equity Share Capital 135.36 129.24 Other Equity 97,816.94 82 ,157.96 Equity attributable to owners of the Parent Company 97,952.30 82,287.20 Non Controlling Interests 5,760 .98 6,891.02 Total Equity 103,713 .28 89,178.22 LIABILITIES NON-CURRENT LIABILITIES Financial Liabilities (i) Borrowin gs 83,262 .36 76,166.15 (ii) Lease Liabil ities 18,716.95 18,011.79 (iii) Other Financial Liabilities 6,454 .35 5,907 .37 Provisions 985 .39 727.14 Deferred Tax Liabi lities (net) 3,912.97 3,860 .8 9 Other Non-Current Liabilities 5.418.48 8,836.51 118,750 .50 113,509.85 CURRENT LIABILITIES Financial Liabilities (i) Borrowings 14,031.42 10.536.08 (ii) Lease Liabilities 1,922.21 1,907.79 (iii) Trade Credits e, Acceptances 11,723.46 7,080.06 (iv) Trade Payables - total outstanding dues of micro and small enterprises 437.15 499 .1 1 - total outstanding dues of creditors other than micro and small enterprises 25,359 .80 19,790 .77 (v) Other Financial Liabilities 13.736.79 13,650 .96 Other Current Liabilities 4.564 .83 4,878 .68 Provisions 302 .70 287.38 Income Tax Liabilities (net) 315.92 281.45 72,394.28 58,912.28 Liabilities associated with assets held for sale Total Equity and Liabilities 294,BSB.06 261,600.35
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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; FaK : 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 respect ive meetings held on 28th October, 2026. The statutory auditors of the Parent Company have carried out limited review of the same. 2 The above conso lidated financial results have been prepared in accordance with the Indian Account ing Standards ("Jnd AS") as prescribed under Section 133 of the Companies Act , 2013 read with the relevant rules issued thereu nder. 3 During the quarter ended 30th Septembe r, 2026 . the Parent Company and its subsidiary, Adani Airport Holdings Limited ("AAHL") have entered into a Shareholders ' Agreement with certa in identified investors for issuance of equity shares by AAHL to the said identified investor s for a stake of up to 5.54% in AAHL. The transact ion is subject to customary conditions precedent, includ ing receipt of relevant approvals and conve rsion of certain facilities and securities into equity shares of AAHL. 4 During the quarter ended 30th September , 2026, the Parent Company has completed Qualified Institutional Placement and has allotted 5,20,29 ,136 equity shares of face value of? 1/- each to eligible qualified inst itut ional buyers at the Issue price of? 2,883/- ful ly paid-up per equity share (including a premium off 2,882/ - per equity share) aggregating to? 15,000 crores . 5 During the previous year ended 31st March, 2026, the Parent Company allotted 13,85,01.687 equity shares of face value off 1 each to eligible equity shareholders and/or renouncee(s) at an issue price of f 1,800/- per equity share on partly paid-up basis (including premium of f 1,799/- per equity share) aggregating to f 24.930 .30 crores. There is no deviation in use of proceeds from the objects stated in Letter of Offer dated 12th November , 2025 . Pursuant to Ind AS 33, earnings per share for the previous periods have been restated for the bonus element in respect of the aforesaid rights issue. 6 Pursuant to certain repor ts published in June 2025, the Parent Company had since proactively and voluntarily initiated discussions and engagemen t with the U.S. Office of Foreign Assets Control ("OFAC") concerning th e allegat ions raised in such reports ; and had. through its Counsel. cooperated in OFAC's invest igations and responded to its requests for info rmation . During the quarter ended 30th June, 2026 . the Parent Company has entered into a settlement agreement dated 14th May, 2026 with the OFAC and paid the settlement amount off 2,644.02 crores (i.e. USO 275.00 million). The same was recorded as exceptional item during the quarter ended 30th June, 2026 . 7 During the previous year ended 31st March, 2026: (a) One of the wholly-owned subs idiaries of the Parent Company, Adani Commodities LLP sold its remaining 30.42% of the paid-up equity share capital of AWL Agri Business Limited (formerly known as Adani Wilmar Limited) . Consequently, the Group recognized f 8,600.81 crores (post-tax gain off 7,116.68 crores) as exceptional gain for the year ended 31st March, 2026 (recognized f 2,968 .72 crores (post-tax gain off 2.455 .57 crores) during the quarter and half year ended 30th September , 2025) and AWL ceased to be an associate of the Parent Company w.e.f 21st November , 2025 . (b) During the quarter ended 30th September , 2025, the Hon'ble NCLT has pronounced the order appro ving the scheme of amalgamation of Adani Cementa tion Limited ("ACL"), one of the wholly-owned subsidiaries of the Parent Company with Ambuja Cements Limited ("Amb~ja "), which has become effective from 1st August, 2025 and consequently (a) ACL and a step-down subsidiary Adani Cement Indust ries Limited ceased to be subsidiaries of the Parent Company and (b) the Parent Company received 87,00 ,000 equity shares of Ambuja towards conside ration and recorded exceptio nal gain of? 614.56 crores. 8 During the previous year ended 31st March, 2026, (a) One of the subsidiaries of the Parent Company, Adani Defence Systems and Technologies Limited effectively acquired 99 .98% stake in Air Works India (Engineering) Private Limited. (b) One of the subsidiaries of the Parent Company, Adani Airport Holdings Limited acquired 100% stake in AGHPort Aviation Services Limited and Skyiwave Private Limited . (c) Two of the subsidiari es of the Parent Company, Adani Defence Systems and Technologies Limited and Horizon Aero Solutions Limited ("HASL") effectively acquired 72.8% stake in Flight Simulation Technique Centre Private Limited and HASL also acquired 100% stake in lndamer Technics Private Limited . (d) One of the subsidiaries of the Parent Company, Adani Road Transport Limited acquired 100% stake in D P Jain TOT Toll Roads Private Limited and acquired 49% of Sree Vishwa Varadh i Private Limited . During the quarter, the Parent Company has concluded final determination of fair values of the identified assets and liabilities of these entities as per Ind AS 103, whe rever applicable . 9 During the year ended 31st March, 2025, the Board of Directors of the Parent Company approved composite scheme of arrangement amongst Adani Green Technology Limited ("Amalgamating Company 1") and Adani Emerging Business Private Limited ("Amalgamat ing Company 2") and the Parent Company and Adani Tradecom Limited ("Transferor Company") and Adani New Industries Limited ("Transferee Company") and their respective shareho lders and creditors ("Composite Scheme") pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013. During the previous year ended 31st March, 2026, the Hon'ble National Company Law Tribunal has pronounced the order approving the Composite Scheme, with appointed date as 1st April , 2026 . Accordingly with effect from 1st April, 2026 , a) Amalgamating Company 1 and Amalgamating Company 2 stand amalgamated with the Parent Company b) Transferor Company stands amalgamated with Transferee Company.
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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 The Composite Scheme has been accounted in accordance with Ind AS 703. Accordingly, the comparative figures have been restated to give effect to the Composite Scheme from the beginning of the previous year i.e. 1st April. 2025. During the quarter ended 30th June, 2026, the Parent Company has allotted 90.11,048 equity shares of< 1 each fully paid-up to eligible shareholder of Amalgamating Company 2 towards consideration as per the Composite Scheme. 10 During the year ended 31st March, 2025, 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 ("EDNY") against an execut ive director of the Parent Company . Pursuant to its order dated 10th August, 2026, EDNY dismissed the indictment filed by US DOJ and dropped all the charges against the director with prejudice . On the same date . EDNY has also entered into a final judgement in the civil complaint filed by US SEC and disposed of the civil complaint . Such final judgement required the director to pay certain civil monetary penalty and the same has been paid. 11 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 Janua ry, 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. Securities and Exchange Board of India ("SEBI") vide its orders dated 18th September, 2025 concluded two Show Cause Notices ("SCNs") and found no instances of non-compliance with respect to related party transactions requirements under the Listing Agreement and SE81 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. Further, vide its settlement orders dated 22nd September, 2026 and 28th September, 2026, SE81 has disposed of remaining SCNs relating to validity of peer review certificates of statutory auditors with respect to earlier years and wrongful categorisation of shareholding of certain entities. 12 In the case of one of the subsidiaries of the Parent Company, Mumbai 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< 409.28 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 had recognized annual fees as an expense for the period of 1st March. 2022 to 30th September, 2022. In April 2024, AAI has filed a petition under Section 34 of the Arbitration and Conciliation Act, 7996 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. 13 During the year ended 31st March , 2024, one of the subsidiaries of the Parent Company, Navi Mumbai International Airport 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. 14 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, 2026 : < 863.62 crores) at various locations. The Parent Company has deposited< 460.61 crores (31st March, 2026 : < 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 Enterprises Limited (CIN No : L51100GJ1993PLC0 19067) Registered Office : "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S, G. Highway, Khodiyar, Ahmedabad • 382 421 adani Phone : 079-26565 555 : Fax : 079 -26 565500 ; Email : investor.ael@adani.com ; Website : www.adanienterprises.com 15 Statement of Unaudited Consolidated Cash Flows for the period ended 30th Septe mber, 2026 (f in Crores) Particulars 30-09-2026 30-09 -2025 (Unaudited) (Unaudited\ A. CASH FLOW FROM OPERATING ACTIVITIES Profit Before Tax 652.64 5,863 .91 Adjustment s for : Depreciation , Amortisation 8 Impairment 3,943 .60 2,660.50 Exceptional items (Gain on sale of non -current investments) (3,583.28) Dividend Inco me fro m Investments (1.74) Net Gain on Sale of Current/ Non Current Investments (129.96) (95.80) Government Incentives (5.97) (9.15) Loss/ (Profit) on sale of Property , Plant and Equipments 8 Investment Proper ties (net) (O 33) (2.96) Bad Debts. Loans 8 Advances writte n off (including Provision thereof) 40.48 65 .25 Liabilities no longer required written back (7.13) (25.82) Unrealised Exchange Rate Difference (net) and other adjustments (203.70) 237.00 Finance Costs 4,717.35 2,746.70 Interest Income (969.16) (608 41) Operating Profi t before Work ing Capital Changes 8,036 .0B 7,247.94 Adjustments for : (Increase)/ Decrease in Trade Receivables 8 Other Financial Assets (322.36) 1,375.46 (Increase)/ Decrease in Inventories (8,716.31) (2,999 .24) (Increase)/ Decrease in Other Current 8 Non-Current Assets (2,789.84) (1,088.97) Increase/ (Decrease) in Other Current 8 Non-Current Liabilities (100.56) (700 60) Increase/ (Decrease) in Trade Payables, Trade Credits 8 Acceptances, Other Financial 11,705.44 (1,857.95) Liabilities 8 Provisions Cash generated from/ (used in) Operations 7,812 .45 1,976 .64 Direct Taxes Paid (net) (1,494.21) (1,348.18) Net Cash generated from/ (us ed in) Operating Activities (A) 6,318 .24 628 .46 B. CASH FLOW FROM INVESTING ACTIVITIES Capital Expenditure on Property, Plant 8 Equipments , Intangible Assets and Investment (17,117.71) (13,080.40) Properties (after adjus tment of increase/ decrease of Capital Work-i n-Progress, Capita l Advances, Capita l Creditors and Intangib le assets under development) Investment in Jointly Controlled Entities 8 Associates (2,400.24) (375.00) Acquisition of Subsidi aries (0.01) (282.03) Payment for non cur rent invest ment (7.00) (3.94) Proceeds from sale of Property , Plant and Equipments 35.07 17.10 Non Current Loans given (65.59) (691.91) Non Current Loans received back 102.43 83 .50 Current Loans (given)/ received back (net) (270 39) (406.11) Withdrawa l / (Investments) in Other Bank Deposits (net) (3,356.27) (759.19) Sale/ (Purchase) of Current Invest ments (net) (1,798.14) (1,166.88) Dividend from Investments 1.74 Interest Received 780.17 451.54 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) (24 ,095.94) (12,750 .34) C. CASH FLOW FROM FINANCING ACTIVITIES Proceeds from issuance of Share Capital at Premium (net of issue expenses) 14,958.88 Proceeds from Non Current Borrowings 19,976.95 20,074.43 Repayment of Non Current Borrowings (12,218.81) (9,036 .24) Proceeds fro m / (Repayment of) Current Borrowings (net) 2.493 .24 4,485 .55 Transaction with Non Contro lling Interests (367.11) 897.14 Finance Cost Paid (3,934.2 1) (2,422.02) Payment of Lease Liabilit ies (1,698.23) (791.19) Dividend Paid (169.18) (150.04) Net Cash generat ed from / (used in) Financing Activiti es (C) 19,041 .53 13,057.63 O. OTHERS Exchange Difference arising on conve rsion taken to Foreign Currency Translation Reserve 427.59 370 .87 Net Cash Flow from Others (D) 427 .59 370 .B7 Net Increase/ Decrease in Cash and Cash Equivalents (A+B+C+D) 1,691 .42 1,306.62 Cash 8 Cash equivalents at the beginning of the period 6,266.67 3,105.79 Cash and cash equivalents at the end of the period 7,958 .09 4,412.41
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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, Ahmedabad - 382 421 Phone : 079 -26565555 ; Fax : 079-26565500 ; Email : investor.ael@adani.com ; Website : www.adanienterprises.com 16 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. 2026: Quarter Ended Half Year Ended Year Ended Part iculars 30-09-2026 30-06-2026 30-09-2025 30-09-2026 30-09-2025 31-03-2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Debt Equity Ratio 0.94 1.12 1.50 0.94 1.50 0.97 Total Borrowings / Tota l Equity Debt Service Coverage Ratio Earnings Befor e Interest. Tax. Deprec iat ion and Amortisation 2.36 2.03 1.72 2.19 1.79 1.87 (EBITDA) / (lnterest+Schedu le d Principal Repayments of Non- Current Borrowings exc ludi ng Refinanced Debt) Interest Service Coverage Ratio 3.04 2.59 2.38 2.81 2.49 2.58 EBITDA / Interest Expense Current Ratio 1,11 0.98 0.97 1.11 0.97 1.03 Current Assets/ Current Liab il ities Long Term Debt to Working Capital Ratio {Non-Current Borrowings+ Current Maturities of Non-Current 7.85 63.95 30.47 7,85 30.47 17.56 Borrowings) I (Current Assets - Current Liabilities excluding Current Matur ities of Non-Current Borrowings) Bad Debts to Account Receivable Ratio 0 .00 0 .00 Bad Debts/ Average Trad e Rece ivables 0 .00 0.00 0.00 0 .00 Current Liability Ratio 0.38 0.34 0.30 0.38 0,30 0.34 Current Liabilities/ Total Liabilities Total Debts to Total Assets Ratio 0.33 0.37 Total Borrowings/ Total Assets 0.42 0.33 0.42 0.33 Debtors Turnover Ratio 2.76 2.56 Revenue from Operations / Ave rage Trade Receivables 2.62 5.33 4.99 9.07 Inventory Turnover Ratio 1.04 1.05 0 .86 1.90 1.76 3.73 Cost of Goods Sold / Average Inventory Operating Margin (%) 14.80% 15.25% 15.56% 15.01% 15.31% 13.90% EBITDA excluding Other Income/ Revenue from Operations Net Profit Margin (%) 3.21% (4,36)% 15.63% (0,34)% 9.92% 9.66% Net Profit after Tax and Exceptional items/ Total Income Outstanding Redeemable Preference Shares (Quantity and Value) NA NA NA NA NA NA Capital Redemption Reserve/Debenture Redemption Reserve 655.56 560,23 334 .90 655.56 334 .90 565.55 ~ In Crores) Net Worth ~ In Crores) 103.713.28 87.459 .82 61.577.63 103,713.28 61,577.63 89 ,1 78.22 Net Profit after Ta><~ In Crores) 1,220.99 (1,461.54) 3,414.43 (240.55) 4,390.91 9,950.68 Earnings per Share (Face Value of'( 1 each) (not annualised) (Refer Note 5) Basic 11.05 (8,91) 27.46 2.50 34.58 78,99 Diluted 11.05 (8,91) 27.46 2.50 34.58 76.83
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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 17 The Parent Company had issued Rated, Listed, Secured, Redeemable Non-Convertible Debent ures of~ 3,800 crores in vari ous tranches and has mainta ined secur ity cover exceeding 110% on the principal and inte rest amount as on 30th September, 2026 by way of a first ranking pari passu charge on certain non-current loans and advances (including interest thereon). Interest and principal repayment on certain series of such debentures was due and paid on 12th April, 2026, 17th April , 2026, 12th June, 2026, 13th July, 2026 , 17th July, 2026, 12th September, 2026 and 30th September, 2026. For this issuan ce, the Parent Company 's rating for debentu res has been assigned at "CARE AA" by CARE Ratings Limited and "ICRA AA-" by ICRA Limited . 18 Unaudited Consolidated Segment wise Revenue, Results, Assets and Liabilities : (~ in Crores) Sr. Quarter Ended Half Year Ended Year Ended No. Particulars 30-09-2026 30-06-2026 30-09-2025 30-09-2026 30-09-2025 31·03-2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) I) Segment Revenue Int egrated Resources Manag ement 7,096 .99 7,325.98 6,658 .37 14.422.97 14,537.84 28 ,362.46 Mining Services 985 .22 1,154.83 1,060.82 2,140 .05 2,214.43 4.445 .86 Commercial Mining 2.489.46 1,795.15 1,711.68 4,284 .61 2,819.56 5,642 .30 New Energy Ecosystem 3,571.78 3,903 .32 3,155.96 7,475.10 7,139.24 15,399 .00 Airport 3,698.41 3,670.94 3,206 .72 7,369 .35 5,923.48 13,215.43 Road 430. 07 769.64 1,663 96 1,199 .71 3,831.84 6,347 .18 Copper 14,772.36 10.710.48 1,358 .64 25.482 .84 1,895 .21 15,284 .34 Other s 4,286 .98 4,022.76 3,148 .31 8,309 .74 6,193.98 14,289 .60 Gross Revenue from Operations 37,331.27 33,353 .10 21,964.46 70,684.37 44,555.58 102,986 .17 Less : Inter Segment Transfe r 115.65 429 .12 715.95 544 .77 1,345 .87 2,517.56 Net Revenue from Operations 37,215.62 32,923 .98 21,248 .51 70,139.60 43,209 ,71 100,468 .61 II) Segment Results Profit/ (Loss) Before Interest and Tax Integrated Resources Management 542 ,00 827.45 585 .52 1,369.45 1,070.16 2,205.49 Mining Services 331.02 355.94 464 .50 686 ,96 897 .69 1,709 .53 Commercial Mining 0.49 (21.31) (397 ,85) (20 .82) (853.54) (2,079.97) New Energy Ecosystem 779.37 743,29 924,88 1,522.66 1,907.21 3,609 .00 Airport 509 .59 519.45 451.44 1,029.04 961.75 2,770 .30 Road 161.88 113.13 265 .79 275,01 614.44 679.45 Copper 1,038 .11 498 .91 (277.65) 1,537.02 (564 .68) (402 .70) Others 128.49 (2,587.59) 3,496 .66 (2,459 .10) 3.506 60 8.578 .04 Unallocable Income 807.49 622 .28 595 .56 1,429.77 1,070.98 2.474 .63 Total Profit/ (Loss) Before Interest and Tax 4,298 .44 1,071.55 6,108 .85 5,369 .99 8,610.61 19,543 .77 Less : Finance Costs 2,296.42 2.420 .93 1,711.22 4,717.35 2,746 .70 6,019 .12 Total Profit I (Loss) Before Tax 2,002 .02 (1,349.38) 4,397 .63 652 .64 5,863,91 13,524 .65 Ill) Segment Assets Integrated Resources Ma nagement 6,393 .20 4,553 .75 5,016.63 6,393 .20 5,016 .63 4,667.4 9 Mining Services 12,998 .56 11.742,73 8,977.36 12,998.56 8,977.36 11 ,098 .29 Commercial Mining 42,137.78 40,998.34 36,705.98 42,137.78 36,705.98 39,818 .72 New Energy Ecosystem 21,701.03 20,650.73 14,613.35 21,701.03 14,613.35 17,639.09 Airport 68,613 .64 67,117.58 57,119.58 68,613 .64 57,119.58 66,004.49 Road 29,369 .52 30 ,659.96 28,984.48 29 ,369.52 28,984.48 32,919 .13 Copper 33,845.46 25,291 .69 16,759.57 33,845.46 16,759.57 24,746 .96 Others 37,284.53 35.512.10 25,083.06 37,284.53 25,083.06 32,379 34 252,343 .72 236,526.88 193,260.01 252,343.72 193,260 .01 229,273,51 Unallo cable 42,514.34 30,495 .91 28 ,148 .0 4 42.514 .34 28,148 .04 32,326 .84 Total Assets 294,858 .06 267,022.79 221,408.05 294,858 .06 221,408 .05 261 ,600.35 IV) Segment Liabilities Integ rated Resources Managemen t 6,429 .0 8 6,033 .82 10,976 .72 6,429 .08 10,976 .72 7.726.69 Min ing Services 3,986 .15 3,906 .79 3,083 .1 7 3,986 .15 3,083 .17 3,933.19 Commerc ial Mining 35,818 .91 34,262 .32 28 ,872 .38 35,818 .91 28,872 .38 32,953.32 New Energy Ecosystem 10,334 .29 8,853.23 7,702.04 10,334 .29 7,702.04 7,524.27 Airport 51,471.76 49,310.91 44,783.41 51,471.76 44,783.41 46 ,563.04 Road 19,400.50 20.785 .73 20.408 19 19,400 .50 20,408.19 23,411.02 Copper 32,631.69 22,666.40 12.583.21 32,631.69 12,583.21 20,733 .97 Others 26,041.47 28,921.47 26.578 .71 26,041.47 26,578.71 24,590 .85 186,113 .85 174,740 .67 154,987 .83 186,113.85 154,987.83 167,436.35 Unallocable 5,030 .93 4,822 .30 4,842.59 5,030 .93 4,842.59 4,985 .78 Total Liabilities 191,144 .78 179,562.97 159,830 .42 191,144 .78 159,830.42 172,422 .13
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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 19 Key numbers of unaudited standalone financial resu lts of the Parent Company for the quarter and half year ended 30th September, 2026 are as under: Sr. Quarter Ended Half Year Ended No. Particulars 30-09-2026 30-06-2026 30-09-2025 30-09-2026 30-09-2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) I Total Income 7,130.41 6,823.40 5,610.21 13,9 53.81 11,98 1.04 II Profit/ (Loss) after tax 1.224.45 (890 34) 4,235.39 334.11 4.729 .25 Ill Total Comprehensive Income 1,222.70 (891.06) 4,240.47 331.64 4,734.02 (~ in Crores) Year Ended 31-03-2026 (Audited) 25,666.28 11,370.06 11,368 .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 28th October. 2026 Place Ahmedabad For and on behalf of the Board of Directors Gautam S. Adani Chairman
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CA IN DIA SHAH DHANDHARIA& CO LLP----------------- cHARTERED ACCOUNTANTS Independent Auditor's Review Report on Quarterly and Half Yearly ended Unaudited Standalone Financial Results of the Adani Enterprises Limited 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 2026 ("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 28th October, 2026, 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 of Interim Financial Information Pe1formed 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 te1ms 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. Place : Ahmedabad Date : 28th October 2026 For SHAH DHANDHARIA & CO LLP Chartered Accountants istration No. l 18707W/Wl00724 s,_.,_.., ..... Partner Membership No. 183083 UDIN: 26 l 83083PTJACW8357 Shah Dhandharia & Co LLP is registered with limited liability having identification number AAW-6528. 507, Abhijeet -1, Mithakali Six Roads, Navrangpura, Ahmedabad - 380009 . iffl) www.sdco.in '-' 079-4890-1710 ii1i infa@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 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 : lnvestor.ael@adani.com ; Website: www.adanienterprlses .com STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2026 Quarter Ended Half Year Ended Particulars 30-09-2026 30-06-2026 30-09-2025 30-09-2026 30-09-2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Income Revenue from Operations 5,967.57 5,953.89 5,066.43 11,921.46 10,943.95 Other Income 1,162.84 869 .51 543 .78 2,032.35 1,037.09 Total Income 7,130 .41 6,823.40 5,610 .21 13,953 .81 11,981.04 Expenses (a) Purchases of stock-in-trade 4,058 .55 3,134.80 2,839 .60 7,193.35 6,832 .79 (b) Changes in inventories of stock-in-trade (358.40) 198.27 250 .60 (160.13) 128.22 (c) Employee benefits expense 303 .03 340.30 245.88 643.33 555.18 (d) Finance cost 266.23 294.41 469.80 560 .64 830.57 (e) Depreciation and amortisation expense 50.19 48.46 42.71 98.65 84.46 (f) Operating and Other expenses 1,214.71 1,353.04 1,064.27 2.567.75 2,182.30 Total Expenses 5,534 .31 5,369.28 4,912.86 10,903.59 10,613 .52 Profit/ (Loss) before exceptional items and tax (1·2) 1,596.10 1,454 .12 697.35 3,050.22 1,367.52 Add / (Less) : Exceptio nal items (Refer Note 6 e.. 7) (2,644.02) 3,728.80 (2,644.02) 3,728.80 Profit/ (Loss) before tax (3+4) 1,596 .10 (1,189 .90) 4,426 .15 406 .20 5,096.32 Tax expenses (a) Current Tax 64.78 168.82 64.78 342.99 (b) Deferred Tax 306.87 (299.56) 21.94 7.31 24 .08 Total Tax Expense 371.65 (299.56) 190.76 72.09 367.07 Profit/ (Loss) after tax (5-6) 1,224.45 (890.34) 4,235.39 334.11 4,729.25 Other Comprehensive Income / (Loss) (a) Items that will not be reclassified to profit or loss (2.34) (0.96) 6.78 (3.30) 6.37 (b) Income tax relating to items that will not be 0.59 0.24 (1.70) 0.83 (1.60) reclassified to profit or loss Total Other Comprehensive Income / (Loss) (1 .75) (0.72) 5.08 (2.47) 4.77 Total Comprehensive Income / (Loss) (7+8) 1,222.70 (891.06) 4,240.47 331,64 4,734 .02 Paid-up Equity Share Capital (Face Value of ? 1 each) 135.36 130.16 115.42 135.36 115.42 Other Equity 78,164.02 31,574.49 Net Worth 78,299 .38 31,689.91 Earnings per share in Rupees (Face Value of? 1 each) (not annualised): (Refer Note 5) Basic 9.07 (6.84) 35.63 2.52 39.78 Diluted 9.07 (6.84) 35.63 2.52 39.78 Additional Disclosure for Ratios (Refer Note 13) (? in Crores) Year Ended 31-03-2026 (Audited) 23,061.36 2,604.92 25,666 .2B 15,035.44 (168 .75) 1,009.75 1,758.66 188.30 5,290.51 23,113.91 2,552.37 9,599.64 12,152.01 693 .84 88 .11 781.95 11,370.06 (2.51) 0.63 (1 ,88) 11,368 .18 129.24 63,048 .80 63,178 .04 93.20 90.64
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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) 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 UNAUDITED STANDALONE BALANCE SHEET AS AT 30TH SEPTEMBER, 2026 (? in Crores) Particulars 30-09-2026 31-03-2026 (Unaudited) (Audited) ASSETS NON-CURRENT ASSETS Property, Plante, Equipment 851.00 880.76 Right Of Use Assets 289.21 301.46 Capital Work-in-Progress 940 .12 631.54 Investment Properties 17.41 17.49 Intangible Assets 1,296.14 1,252.95 Intangible Assets Under Development 519.36 451.22 Financial Assets (i) Investments 32,525.92 28,170.82 (ii) Loans 21,519.75 16,755.41 (iii) Other Financial Assets 662.41 609.38 Income Tax Assets (net) 256.42 37.64 Other Non-Current Assets 1,994.91 1,162.53 60,B72.65 50,271.20 CURRENT ASSETS Inventories 2,227.25 2,065.93 Financial Assets (i) Investments 1,942.94 502.00 (ii) Trade Receivables 3,000.98 4,111.36 (iii) Cash e, Cash Equivalents 2,155.23 2,512.12 (iv) Bank Balances other than (iii) above 1,952.12 1,056.61 (v) Loans 20,044.83 20,293.78 (vi) Other Financial Assets 1,959.41 501.98 Other Current Assets 1,310.21 1,312.99 34,592.97 32,356 .77 Total Assets 95,465.62 B2,627.97 EQUITY AND LIABILITIES EQUITY Equity Share Capital 135.36 129.24 Other Equity 7B,164.02 63,048.80 Total Equity 7B,299 .38 63,178.04 LIABILITIES NON-CURRENT LIABILITIES Financial Liabilities (i) Borrowings 5,217.50 6,979.77 (ii) Lease Liabilities 151.42 158.81 (iii) Other Financial Liabilities 183.24 74.80 Provisions 144.68 105.80 Deferred Tax Liabilities (net) 262.11 255.64 5,958.95 7,574.82 CURRENT LIABILITIES Financial Liabilities (i) Borrowings 3,912.67 3,840.49 (ii) Lease Liabilities 30.63 29.07 (iii) Trade Credits e, Acceptances 1,246.07 1,963.79 (iv) Trade Payables - total outstanding dues of micro and small enterprises 10.10 42.52 - total outstanding dues of creditors other than micro and small enterprises 4,129.13 4,436.26 (v) Other Financial Liabilities 1,481.45 1,181.85 Other Current Liabilities 301.58 292.80 Provisions 95.66 88.33 11,207.29 11,875 .11 Total Equity and Liabilities 95,465.62 B2,627 .97
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adani Notes: Adani Enterprises Limited (CIN No: L51100GJ1993PLC019067) Registered Office : "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, 5. 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 29th October, 2026. 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 733 of the Companies Act, 2013 read with the relevant rules issued thereunder. 3 During the quarter ended 30th September, 2026 , the Company and its subsidiary, Adani Airport Holdings Limited ("AAHL") have entered into a Shareholders ' Agreement with certain identified investors for issuance of equity shares by AAHL to the said identified investors for a stake of up to 5.54% in AAHL. The transaction is subject to customary conditions precedent, including receipt of relevant approvals and conversion of certain facilities and securities into equity shares of AAHL. 4 During the quarter ended 30th September, 2026 , the Company has completed Qualified Institutional Placement and has allotted 5,20,29,136 equity shares of face value of, 7/- each to eligible qualified institutional buyers at the Issue price of, 2,983/- fully paid-up per equity share (including a premium of, 2,882/· per equity share) aggregating to, 15,000 crores. 5 During the previous year ended 31st March, 2026, the Company allotted 13,85,01,687 equity shares of face value of, 1 each to eligible equity shareholders and/or renouncee(s) at an issue price of, 7.800/· per equity share on partly paid-up basis (including premium of , 1.799/- per equity share) aggregating to , 24,930.30 crores . There is no deviation in use of proceeds from the objects stated in Letter of Offer dated 12th November, 2025. Pursuant to Ind AS 33, earnings per share for the previous periods have been restated for the bonus element in respect of the aforesaid rights issue. 6 Pursuant to certain reports published in June 2025 , the Company had since proacti vely and voluntarily initiated discussions and engagement with the U.S. Office of Foreign Assets Control ("OFAC") concerning the allegations raised in such reports ; and had. through its Counsel, cooperated in OFAC's investigations and responded to its requests for information . During the quarter ended 30th June, 2026, the Company has entered into a settlement agreement dated 14th May, 2026 with the OFAC and paid the settlement amount of, 2,644.02 crores (i.e. USO 275.00 million) . The same was recorded as exceptional item during the quarter ended 30th June, 2026 . 7 During the previous year ended 31st March , 2026 : (a) One of the wholly -owned subsidiaries of the Company, Adani Commodities LLP sold its remaining 30.42% of the paid-up equity share capital of AWL Agri Business Limited (formerly known as Adani Wilmar Limited). Consequently, the Company recognized , 9,092 .80 crores as exceptiona l gain for the year ended 31st March, 2026 (recog nized, 3,221.96 crores during the quarter and half year ended 30th September , 2025) and AWL ceased to be an associate of the Company w.e.f 21st November , 2025 . b) During the quarter ended 30th September , 2025. the Hon'ble NCLT has pronounced the order approving the scheme of amalgamation of Adani Cementation Limited ('ACL"), one of the who lly-owned subsidiaries of the Company with Ambuja Cements Limited ("Ambuja "). which has become effective from 1st August, 2025 and consequently (a) ACL and a step-down subsidia ry Adani Cement Industries Limited ceased to be subsidiaries of the Company and (b) the Company received 87,00,000 equity shares of Ambuja towards consideration and recorded exceptional gain of, 506 .84 crores. 8 During the year ended 31st March, 2025, the Board of Directors of the Company approved composite scheme of arrangement amongst Adani Green Technology Limited ("Amalgamating Company 1") and Adani Emerging Business Private Limited ("Amalgamating Company 2") and the Company and Adani Tradecom Limited ("Transferor Company") and Adani New Indu stries Limited ("Transferee Company") and their respective shareholders and creditors ("Composite Scheme ') pursuant to Sections 230 to 232 and other applicable provisions of the Companies Act, 2013. During the previous year ended 31st March, 2026, the Hon'ble National Company Law Tribunal has pronounced the order approving the Composite Scheme, with appointed date as 1st April, 2026. Accordingly with effect from 1st April, 2026. a) Amalgamating Company 1 and Amalgamating Company 2 stand amalgamated with the Company b) Transferor Company stands amalgamated with Transferee Company. The Composite Scheme has been accounted in accordance wi th Ind AS 103. Accordingly, the comparative figures have been restated to give effect to the Composite Scheme from the beginning of the previous year i.e. 1st April, 2025 . During the quarter ended 30th June, 2026 , the Company has allotted 90,11,048 equity shares of , 1 each fully paid-up to eligible shareholder of Amalgamating Company 2 towards consideration as per the Composite Scheme. 9 During the year ended 31st March , 2025 , the Company became aware of an indictme nt 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 ("EDNY') against an executive director of the Company. Pursuant to its order dated 10th August , 2026, EDNY dismissed the indictment filed by US DOJ and dropped all the charges against the director with prejudice . On the same date, EDNY has also entered into a final judgement in the civil complaint filed by US SEC and disposed of the civil complaint. Such final judgement required the director to pay certain civil monetary penalty and the same has been paid. 10 During the year ended 31st March, 2023. a short seller report ("SSR") was published making certain allegations against some of Adani Group companies (inc luding 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 investigat ions relating to the allegation in SSR. Securities and Exchange Board of India ("SEBI") vide its orders dated 18th September, 2025 concluded two Show Cause Notices ("SCNs") and found no instances of non-compliance with respect to related party transactions requiremen ts under the Listing Agreement and SEBI Listing Regulations for certa in transactions with third parties in earlier financial years. All allegat ions mentioned in the said SCNs and the proceedings were closed with no penalty or further directions . Further , vide its settlement orders dated 22nd September , 2026 and 28th September, 2026, SEBI has disposed of remaining SCNs relating to validity of peer review certificates of statutory auditors with respect to earlier years and wrongful categorisation of shareholdi ng of certain entities .
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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 11 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, 2026 : , 863 .62 crores) at various locations. The Company has deposited, 460 .61 crores (31st March. 2026:, 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. 12 The Company had issued Rated, Listed, Secured , Redeemable Non-Convertible Debentures of, 3,800 crores in various tranches and has maintained security cover exceed ing 110% on the principal and interest amount as on 30th September , 2026 by way of a first ranking pari passu charge on certain non-current loans and advances (including interest thereon) . Interest and principal repayment on certain series of such debentures was due and paid on 12th April, 2026, 17th April, 2026, 12th June, 2026 , 13th July, 2026, 17th July , 2026, 12th September , 2026 and 30th September, 2026 . For this issuance , the Company's rating for debenture s has been assigned at "CARE AA" by CARE Ratings Limited and "ICRA AA·" by ICRA Limited. 13 Additional information pursuant to Regulation 52(4) of Securities and Exchange Soard of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended for the quarter and half year ended 30th September 2026 : Quarter Ended Half Year Ended Year Ended Particulars 30-09-2026 30·06-2026 30-09-2025 30-09-2026 30-09-2025 31·03-2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) Debt Equity Ratio 0.12 0.21 0.58 0.12 0.58 0.17 Total Borrowings/ Total Equity Debt Service Coverage Ratio Earnings Before Interest , Tax. Depreciation and Amortisation (E81TDA) 7.02 5.98 2.60 6.48 2.78 2.61 / (lnterest+Scheduled Principal Repayments of Non-Current Borrowings) Interest Service Coverage Ratio 7.97 6.71 2.73 7.30 2.93 2.75 EBITDA / Interest Expense Current Ratio 3.09 2.54 2.21 3.09 2.21 2.72 Current Assets/ Current Liabilities Long Term Debt to Working Capital Ratio (Non-Current Borrowings + Current Maturit ies of Non-Current Borrowings) / 0.25 0.53 0.89 0 .25 0.89 0.34 (Current Assets - Current Liabilities excluding Current Maturities of Non- Current Borrowings) Bad Debts to Account Receivable Ratio 0.00 0.00 Bad Debts / Average Trade Receivables Current liability Ratio 0.65 0.54 0.48 0 .65 0.48 0.61 Current Liabilities/ Total Liabilities Total Debts to Total Assets Ratio 0.10 0.16 0.31 0.10 0.31 0.13 Total Borrowings/ Total Assets Debtors Turnover Ratio 1.95 1.65 2.09 3.35 4.52 7.20 Revenue from Operations/ Average Trade Receivables Inventory Turnover Ratio 1.81 1.69 1.63 3.28 3.79 7.50 Cost of Goods Sold / Average Inventory Operating Margin {%) 12.56% 15.58% 13.15% 14.07% 11.38% 8.21% EBITDA excluding Other Income / Revenue from Operations Net Profit Margin {%) 17.17% (13.05)% 75.49% 2.39% 39.47% 44.30% Net Profit after Tax and Exceptional items/ 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) 78,299 .38 62,149 .02 31,689 .91 78,299 .38 31,689 .91 63,178.04 Net Profit after Tax ~ In Crores) 1,224.45 (890.34) 4,235.39 334.11 4,729.25 11,370.06 Earnings per Share (Face Value of, 1 each) (not annualised) (Refer Note 5) Basic 9.07 (6.84) 35.63 2.52 39.78 93.20 Diluted 9.07 (6.84) 35.63 2.52 39.78 90 .64
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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 14 Statement of Unaudited Standalone Cash Flows for the period ended 30th September, 2026 (? in Crores) Particulars 30-09-2026 30-09-2025 (Unaudited) (Unaudited) A. CASH FLOW FROM OPERATING ACTIVITIES Profit Before Tax 406.20 5,096.32 Adjustment for: Depreciation and amortisation 98,65 84.46 Dividend Income from Investments (167.87) Unrealised Exchange Rate Difference (net) 14.34 (64,81) Exceptional items (Gain on sale of non-current investments) (3,728.80) Net Gain on Sale of Current Investments (10,60) Loss/ (Profit) on sale of Property, Plant and Equipments (net) (0,32) (9.28) Bad Debts, Loans e, Advances written off (including Provision thereof) 0.95 16.12 Liabilities no longer required written back (1,76) Finance Costs 560.64 819,43 Interest Income (1,776.91) (1,006.05) Fair value changes on current investment (net) (61.42) 13.24 Operating Profit before Working Capital changes (927,50) 1,210.03 Adjustment for: (Increase)/ Decrease in Trade Receivables e, Other Financials Assets 1,011.55 (466 59) (Increase)/ Decrease in Inventories (161.32) 121.83 (Increase)/ Decrease in Other Current e, Non-Current Assets 3.99 (298.19) Increase/ (Decrease) in Other Current e, Non-Current Liabilities 8.78 (26.01) Increase/ (Decrease) in Trade Payables, Trade Credits e, Acceptances, Other Financial (756.98) (1,922.12) Liabilities e, Provisions Cash generated from I (used in) Operations (B21,4B) (1,381.05) Direct Taxes paid (net) (283.56) (334,37) Net Cash generated from / (used in) Operating Activities (A) (1,105.04) (1,715.42) B, CASH FLOW FROM INVESTING ACTIVITIES Capital Expenditure on Property, Plante, Equipments, Intangible Assets and Investment (1,288.15) (78511) 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 0.59 10.93 Non Current Loans given (1,270.47) (87.88) Non Current Loans received back 350.24 81.50 Current Loans (given)/ received back (net) (2,681.17) (3,102.17) Sale/ Redemption of Non-current Investments 42.00 0.05 Purchase of Non-current Investments (5,359 .60) (2,010.32) Sale/ (Purchase) of Current Investments (net) (1,379.52) (340.84) Withdrawal/ (Investments) in Limited Liability Partnerships (net) 50.19 3,406.72 Withdrawal/ (Investments) in Other Bank Deposits (net) (885.61) (25.42) Dividend from Investments 167.87 Interest Received 265.74 178.45 Net Cash generated from / (used in) Investing Activities (B) (11,987.89) (2,674.09) C. CASH FLOW FROM FINANCING ACTIVITIES Proceeds from issuance of Share Capital at Premium (net of issue expenses) 14,958.88 Proceeds from I (Repayment of) Current Borrowings (net) (505.57) (232.26) Proceeds from Non Current Borrowings 4,363.30 5,905.00 Repayment of Non Current Borrowings (5,533.48) (573.44) Finance Cost Paid (363.71) (409.72) Payment of Lease liabilities (1420) (2107) Dividend Paid (169,18) (150,04) Net Cash generated from / (used in) Financing Activities (C) 12,736 .04 4,518.47 Net Increase/ (Decrease) in Cash e. Cash Equivalents (A+B+C) (356,89) 128.96 Cash e, Cash equivalents at the beginning of the period 2,512.12 237.42 Cash e. Cash Equivalents as at the end of the period 2,155.23 366.38
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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 15 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 708 "Operating Segments" . For and on behalf of the Board of Directors Date 28th October, 2026 Place Ahmedabad Chairman
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CAc I ND I A SHAH DHANDHARIA&CO LLP C HARTERED ACCOUI\ ITAN T S 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 28th October 2026 and the terms of engagement agreed upon. The Revised format of Security Cover as at 30th September , 2026 (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, 30th June, 2025, 3rd October,2025 and 29th December, 2025 raised funds by issue of 8000000 Secured , Rated, Listed, Redeemable , Non-con vertible debentures (NCO), detailed in Annexure II, of Rs. 1,000/- each, aggregating to INR 800.00 Crores, 10000000 Secured , Rated, Listed, Redeemable, Non-convertible debentures (NCO), detailed in Annexure II, of Rs. 1,000/- each, aggregating to INR 1,000.00 Crores, 10000000 Secured, Rated, Listed, Redeemable , Non-convertible debentures (NCO), detailed in Annexure II, of Rs. 1,000/- each, aggregating to INR 1,000.00 Crores and 10000000 Secured, Rated, Listed, Redeemable , Non-convertible debentures (NCO), 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. 4,992.37 Crores and interest thereon. Further , pursuant to the terms of the Debenture Trust Deed entered on 11 th September , 2024, 16th July 2025 and 12th January 2026, 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. Pursuant to the terms of the Debenture Trust Deed entered on 7th October, 2025, the issuer shall not breach the total net external debt to EBITDA ratio of 5x on consolidated basis. The financial information as on 30th September, 2026 has been extracted from the unaudited books of accounts for the period ended 30th September, 2026 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 appropri ate 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 financial information including fmancial 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/DDHS-PoD3 /P/CIR/ f.;tE::.filll!~ 16, 2024. • Page I of3 Shah Dhandharia & Co LLP is registered wit limi liability having identification number AAW-6528. 507, Abhijeet -1, Mithakali Six Roads, Navrangpura, Ahmedabad - 380009.@ www.sdco.in '9 079-4890-1710 '1'jj info@sdco.in / gst@sdco.in
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CA· IND IA SHAH DHANDHARIA & CO LLP CHARTERED ACCOUNTANTS Auditor's Certificate on Security Cover in respect of Listed Secured Redeemable Non-Convertible Debentures (Continued ... ) 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, 2026 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, 2026. The standalone financial statement 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 28th October, 2026. Our review of standalone financial results have 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. The consolidated 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 modified conclusion vide our report dated 28th October, 2026. Our review of consolidated financial results have 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 of India. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, 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, 2026. 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 Page 2 of3 Shah Dhandharia & Co LLP is registered with limited liability hoving identification number AAW-6528. 507, Abhijeet - 1, Mithakali Six Roads, Navrangpura, Ahmedabad - 380009. iffli www.sdco.in '9 079-4890-1710 ilij info@sdco.in / gst@sdco.in
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~ IND I A SHAH DHANDHARIA & CO LLP C HARTERED ACCOUf\lTANTS Auditor's Certificate on Security Cover in respect of Listed Secured Redeemable Non-Convertible Debentures (Continued ... ) 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. 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 ce1iificate 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 : 28/10/2026 For SHAH DHANDHARIA & CO LLP Chartered Accountants Firm Registration No. l 18707W/ Wl00724 Partner Membership o. 183083 UDIN - 26 l 83083JFTULJ l 034 Page 3 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 0 079-4890-1710 iili info@sdco.in / gst@sdco.in
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Column A ColumnB ColumnC ColumnD ColumnE Columnf Exclusive Exclusive Pari.Passu Pari-Passu Charge Charge Charge Charge Assets shared by pari passu debt holder Debi for Debt for (Includes Description of asset which this Other which this deblfor Particulars for which this certificate Secured Debi certificate which this certificate relate being Issued being Issued certificate Is Issued & other debt wlthpari- passu charge) Book Value Book Value Yes/No Book Value ASSETS Property, Plant & -NA- - No Eouioment 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 Investment s -NA- No First ranking pari Loans - Non Current passu charge on the Yes 4,992 .37 loans and advances Inventories -NA- No Trade Receivables -NA- No Cash and Cash -NA- - No Eauivafents Bank Balances other than Cash and Cash -NA- - No Eauivalents Others -NA- Yes 136.63 Total 5,131.20 Annexure I Statement of Security Cover ColumnG ColumnH Column I Pari-Passu Elimlnatlon on Charge (amount In negative) Other Asaets debt amount Assets not offered as on which there Security considered Is pari-passu more than charge once(dueto (excluding exclusive plus items covered pari passu In column F) charge) Book Value 496.92 354 .06 562 .66 357 .27 - 269 .21 - - - 761.77 514.37 88.59 430 .76 1,942.94 32,543.33 16,527.36 2,226.46 0.79 2,792.45 206 .54 2,133.69 21.54 - 1,546 .39 405 .74 21,25 1.24 4,636 .13 - 33,843.31 56,491.15 ColumnJ Total (C to H) 651 .00 940 .12 269.21 1,296 .14 519.36 34,486.27 21,519 .75 2,227 .25 3,000 .96 2,155.23 1,952 .12 26,228 .19 95,465 .62 Rs in Crores ColumnK Columnl ColumnM ColumnN I ColumnO Related to only those Items covered by this certificate Carrying/ book Carrying value for value/book exclusive value for pari charge assets passu charge assets where Market Value where market market value for Assets value is not Market Value for ls not Total Value = charged on ascertainable Pari passu charge ascertainable K+L+M+N Exclusive or applicable Assets or applicable basis (for E.g. Bank (For E.g. Bank Balance, DSRA market Balance, DSRAmarket value is not value is not applicable) applicable) Relating to Column F 4,992 .37 4,992.37 136.63 136.63 5,131.20 5,131 .20
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Column A ColumnB ColumnC ColumnD ColumnE Exclusive Exclusive Part-Passu Charge Charge Charge Oebtfor Debt for Description of asset which this Other which this Particulars for which this certificate Secured Debt certificate certificate relate being lasued being issued Book Value Book Value Yes/No LIABILITIES Debt securities to which Yes this certificate oertains Other debt sharing pari- passu charge with above No debt Other Debt No Subordinated debt1 No Borrowings No Bank2 No Debt Securities3 No Others No Trade Credits & Acceotances Trade payables No Lease Liabilities No Provisions - No Others - No Total Cover on Book Value Cover on Market Value ColumnF Part.Passu Charge Assets shared by part passu debt holder (Includes debt for which this certificate Is Issued& other debt wlthpari- passu charge) Book Value 3,853.44 ' not ta be filled 3,853.44 1:33tlmas Annexure I Statement of Security Cover Column G Column H Column I Part-Paasu Elimination on Charge (amount In negative) Other Assets debt amount on which there Assets not offered as considered Security Is parl-passu more than charge once (due to (excluding exclusive plus Items covered parl passu In column F) charge) Book Value - - 3,958.03 1,100.25 19.00 - 332.00 - 1,246.07 - 4,139.23 - 182.05 - 240.34 2,095.82 2,346.33 10,966.47 The company confirms the Security Cover Requirement based on Market Value of the Assets offered as security Rs in Crores ColumnJ ColumnK Column L ColumnM I Column N I ColumnO Related to only those items covered by this certificate Carrying/ book Carrying value for value/book exclusive value for parl charge assets passu charge Market Value where market assets where market value for Assets value is not Market Value for charged on ascertainable ls not Total Value = Total (C to H) Pari passu charge ascertainable K+L+M+N Exclusive or applicable Assets basis (For E.g. Bank or applicable Balance, (For E.g. Bank DSRA market - Balance, value Is not 0SRA market applicable) value Is not applicable) Relating to Column F 3,853.44 3,958.03 1,119.25 As the Columns K, L, Mand N pettains to Book Value/Market Value at Assets, the 332.00 amounts of Uabilities are not shown here 1,246.07 4,139.23 182.05 240.34 2,095.82 17,166.24 1.33times We have examined the compliances made by the listed entity in respect of the covenants/ terms of the issue of the listed debt securities (NC D's) and certify that the such covenants/ 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 ~ Includes Commercial Papers 4 Includes Ind AS adjustment for effective interest amounting to Rs. 34.08 crores and Interest accrued amounting to Rs. 98.48 crores for Debt Securities covered under this certificate
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Annexure II List of Secured, Rated, Listed, Redeemable Non-convertible debentures Rs. in Crores Deemed Type of Amount Amount Outstanding Accrued Asset Cover ISIN Date of Charge Raised (without the impact of Interest Required Security given allotment lndAS) INE423A07351 12-Sep-24 Pari Passu 36.41 - - INE423A07369 12-Sep-24 Pari Passu 8.63 - - INE423A07310 12-Sep-24 Pari Passu 44.19 44.19 0.21 First ranking pari INE423A07328 12-Sep-24 Pari Passu 474.33 474.33 2.38 110% passu charge on the INE423A07377 12-Sep-24 Pari Passu 23.19 23.19 4.83 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 7.29 Total 800.00 754.96 15.63 110% Rs. in Crores Deemed Type of Amount Amount Outstanding Accrued Asset Cover ISIN Date of (without the impact of Security given allotment Charge Raised lndAS) Interest Required INE423A07450 17-Jul-25 Pari Passu 81.49 81.49 1.52 INE423A07401 17-Jul-25 Pari Passu 19.20 19.20 2.11 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 3.48 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 3.75 Total 1000.00 1000.00 26.75 110% (Page 1 of 2)
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Annexure II List of Secured, Rated, Listed, Redeemable Non-convertible debentures Rs. in Crores Deemed Type of Amount Amount Outstanding Accrued Asset Cover ISIN Date of (without the impact of Security given allotment Charge Raised lndAS) Interest Required First ranking pari INE423A07476 08-Oct-25 Pari Passu 1000.00 1000.00 0.24 110% passu charge on the Non-Current loans and advances Rs. in Crores Deemed Type of Amount Amount Outstanding Accrued Asset Cover ISIN Date of (without the impact of Security given allotment Charge Raised lndAS) Interest Required INE423A07484 12-Jan-26 Pari Passu 157.46 157.46 9.72 INE423A07500 12-Jan-26 Pari Passu 19.92 19.92 1.23 INE423A07534 12-Jan-26 Pari Passu 396.36 396.36 24.89 First ranking pari INE423A07559 12-Jan-26 Pari Passu 29.12 29.12 1.83 110% passu charge on the INE423A07492 12-Jan-26 Pari Passu 108.73 108.73 2.05 Non-Current loans INE423A07526 12-Jan-26 Pari Passu 204.15 204.15 13.04 and advances INE423A07542 12-Jan-26 Pari Passu 33.30 33.30 2.13 INE423A07518 12-Jan-26 Pari Passu 50.96 50.96 0.97 Total 1000.00 1000.00 55.86 110% (Page 2 of 2)
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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. IN E423A07 450 INE423A07401 INE423A07427 INE423A07435 INE423A07419 INE423A07443 INE423A07393 INE423A07468 Prospectus dated 29th December 2025 for INR 1,000 Crore Non-Convertible Debentures having ISIN No. INE423A07484 INE423A07500 INE423A07534 INE423A07559 INE423A07492 INE423A07526 INE423A07542 INE423A07518 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 8. 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 Borrowings (A) 9,130.17 Total Equity (B) 78,299.38 Debt-Equity Ratio (A/8) 0.12 X
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Annexure IV to the Statement Reference of Non-Convertible Debentures: Key Information Document ("KID") dated 3rd October 2025 for INR 1,000 Crore Non-Convertible Debentures having ISIN No. INE423A07476 As per "Financial Covenant" clause of Debenture Trust Deed dated 7th October 2025 A. Financial Covenants: Total Net External Debt divided by EBIDTA shall not exceed 5x on a consolidated basis B. Definition of Financial Covenants: "EBITDA" means the earnings before interest, taxes, depreciation, amortization of the Issuer for the trailing 12 (twelve) month period calculated at the end of each Half Year basis the half yearly audited/limited review consolidated financial statements of the Issuer. "Total Net External Debt" means the aggregate amount of all outstanding borrowings, excluding any borrowing extended by related parties, and further as reduced by cash and bank balances as reported in half yearly audited/limited review consolidated financial statements. Provided that, the outstanding borrowings referred to above shall additionally include any liability in respect of any guarantee or other similar financial obligation by whatever name called, provided by the Issuer to any Person (additionally, to avoid double counting, such additional liability provided on behalf of its subsidiaries, joint ventures and associates shall be excluded to the extent it has already been included in the consolidated financial statements). C. Calculation of Financial Covenants: Particulars INR in Crores EBIDTA 20,733.52 (Trailing twelve months) (A) Total BorrowinQs 97,293.78 Less : Borrowings extended by related parties (8,203.29' Less : Cash and bank balances (16,857.11) Add : Other Financial Oblir:iation 736.75 Net External Debt (B) 72,970.13 Net External Debt to EBIDTA (A/8) 3.52 X