Adani Enterprises Ltd. — Interim / Quarterly Report 2026

Feb 3, 2026

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February 3, 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 / Madam,

Sub: Outcome of Board Meeting held on February 3, 2026 and submission of Unaudited Financial Results (Standalone and Consolidated) for the quarter and nine months ended December 31, 2025 as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

With reference to above, we hereby submit / inform that:

1. The Board of Directors of the Company (“the Board”) at its meeting held on February 3, 2026 (commenced at 1.15 p.m. and concluded at 2: 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 nine months ended December 31, 2025 and the said results has been duly reviewed and recommended by the Audit Committee.

2. The said Unaudited Financial Results prepared in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 together with the Limited Review Report and Security Cover Certificate of the Statutory Auditors, are enclosed herewith as Annexure A. These results are also being uploaded on the Company’s website at www.adanienterprises.com.

3. Statement indicating the utilization of issue proceeds of Non-Convertible Securities and material deviations, if any, under Regulation 52(7) and 52(7A) of the SEBI Listing Regulations is enclosed herewith as Annexure B .

Kindly take the above on your records.

Thanking you,

Yours faithfully, For Adani Enterprises Limited JATINKUMAR Digitally signed by JATINKUMAR RAMESHCHANDRA RAMESHCHANDR JALUNDHWALA Date: 2026.02.03 14:36:49 A JALUNDHWALA +05'30'

Jatin Jalundhwala Company Secretary & Joint President (Legal) Membership No.: F3064

Adani Enterprises Limited “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar Ahmedabad 382 421 Gujarat, India CIN: L51100GJ1993PLC019067

Tel + 91 79 2656 5555 Fax + 91 79 2555 5500 investor.ael@adani.com www.adanienterprises.com

Registered Office : “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421

Annexure - A

(A IND IA

SHAH DHANDHARIA & CO LLP

CHARTERED ACCOUNTANTS

Independent Auditor's Review Report on Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Adani Enterprises Limited

• 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 nine months ended 31[st ] December 2025 ("the Statement") being submitted by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 as amended (the "Listing Regulations").

• 1.

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 3[rd ] February, 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 Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular No CIR/CFD/CMDl/44/2019 issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

1. 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 l l(a) and l l(c) of this Statement, in case of one of the subsidiaries, namely Mumbai International Airport Limited ("MIAL"), the legal proceedings involving investigations initiated by the Ministry of Corporate Affairs and chargesheet filed by the Central Bureau of Investigation are currently on-going in respect of matters involving potential conflict of interest and alleged misuse of funds of MIAL aggregating Rs. 845.76 crores related to works contracts that are currently included in Property, Plant and Equipment at a net book value of Rs. 446.33 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 2025 were also qualified in respect of the. above matter. Further, our review report on the consolidated financial results for the quarter and half year ended 30[th ] September 2025 and on the consolidated financial results for the quarter and nine months ended 31[st ] December, 2024 was also modified in respect of the above matter.

1. Based on our review of the Statement conducted as stated above, except for the possible effects of the matters referred to in paragraph 5 above and based on the consideration of the reports of other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and 52 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

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Shah Dhandharia & Co LLP is registered with limited liability having identification number AAW-6528. 507, Abhijeet -1, Mithakali Six Roads, Navrangpura, Ahmedabad - 380009. (@) www.sdco.in '9 079-4890-1710 ii1j info@sdco.in / gst@sdco.in

CA( IND IA

SHAH DHANDHARIA & CO LLP

CHARTERED ACCOUNTAI\ITS

Independent Auditor's Review Report on Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (as amended) (Co11tinuetf)

1. We did not review the interim financial results of 57 subsidiaries included in the Statement, whose interim financial results reflect total revenues of Rs. 15,063.19 crores and Rs. 42,902.06 crores, total profit after tax of Rs. 4,246.68 crores and Rs. 7,661.65 crores, and total comprehensive Income of Rs. 4,093.91 crores Rs. 7,358.91 crores for the quarter and nine months ended 31st December 2025 respectively, as considered in the unaudited consolidated financial results. The Statement also includes Group's share of profit after tax of Rs. 153 .60 crores and Rs. 115. 7 5 crores for the quarter and nine months ended 31st December 2025 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.

1. The Statement also includes the interim financial results of 152 Subsidiaries which have not been reviewed by their auditors and are certified by the Management, whose interim financial results reflect total revenue of Rs. 518.00 crores and Rs. 2,546.37 crores, total Profit after tax of Rs. 143.26 crores and Rs. 397.64 crores and total comprehensive profit of Rs. 126.47 crores Rs. 399.97 crores for the quarter and nine months ended 31st December 2025 respectively, as considered in the unaudited consolidated financial results. The Statement also includes Group's share of profit after tax of Rs. 43.87 crores and Rs. 180.43 crores for the quarter and nine months ended 31st December 2025 respectively as considered in the Statement in respect of 57 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.

1. Some of these subsidiaries, jointly controlled entities and associates are located outside India whose interim financial results have been prepared in accordance with the accounting principles generally accepted in their respective countries. The Parent's management has converted the interim financial results of such subsidiaries, jointly controlled entities and associates located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Parent's management. Our report on the Statement, in so far as it relates to the amounts included in respect of these subsidiaries, jointly controlled entities and associates located outside India is based on the report of other auditors and the conversion adjustments prepared by the management of the Parent.

10. Attention is drawn to the fact that some of the subsidiary companies, jointly controlled entities and associate companies are incurring continuous losses, have temporary suspended projects and have a negative net current assets position however the accounts of such subsidiary companies, jointly controlled entities and associate companies have been prepared on a going concern basis considering financial support from Parent and other fellow subsidiaries or their immediate parent company.

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Shah Dhandharia & Co LLP is registered with limited liability having identification number AAW-6528. 507, Abhijeet -1, Mithakali Six Roads, Navrangpura, Ahmedabad -380009. @) www.sdco.in '9 079-4890-1710 iilj info@sdco.in / gst@sdco.in

IND IA

SHAH DHANDHARIA & CO LLP

CHARTERED ACCOUNTANTS

Independent Auditor's Review Report on Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (as amended) (Continued)

11. For the matter detailed in Note I I (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 12 of this Statement, the component auditor of one of the subsidiaries, namely Navi Mumbai International Airport Private Limited ("NMIAL") have inserted an Emphasis of Matter paragraph in their report stating that the company has received communication Southeast Region, Hyderabad, Ministry of Corporate Affairs ('MCA'), initiating an investigation in terms of the Section 210(1)(a) and (c) of the Companies Act, 2013 for financial years ended 31st March 2018 to 31st March 2022. NMIAL is in process of preparing and submitting its response to the recent correspondence received from MCA in this regard.

Our conclusion on the Statement is not modified in respect of the above matters enlisted in the Paragraph IO to 11 above

For SHAH DHANDHARIA & CO LLP Chartered Accountants

Place : Ahmedabad Date : 3'd February 2026

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Firm Registration No. I 18707W/WI00724 Sh Part Membership No. 183083 UDIN: 26183083A VNSEC9288

Shah Dhandharia & Co LLP is registered with limited liability having identification number AAW-6528. 507, Abhijeet -1, Mithakali Six Roads, Navrangpura, Ahmedabad -380009. (® www.sdco.in '9 079-4890-1710 i1j info@sdco.in / gst@sdco.in

IND I A

CHARTERED ACCOUNTANTS

SHAH DHANDHARIA & CO LLP

Annexure to Independent Auditor's Review Report on Unaudited Consolidated Financial Results of Adani Enterprises Limited pursuant to Regulation 33 and 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015, as amended:

List of Subsidiaries

Adani Aerospace and Defence Limited Adani Agri Fresh Limited Ahmedabad International Airpmi Limited Adani Airport Holdings Limited Adani Bunkering Limited Adani Cement Industries Limited (upto I[st] August, 2025) Adani Cementation Limited (upto I "August, 2025) Adani Defence Systems and Technologies Limited Adani Green Technology Limited Guwahati International Airport Limited Adani Welspun Exploration Limited Agneya Systems Limited Alpha Design Technologies Private Limited (Consolidated) Azhiyur Vengalam Road Limited Badakumari Karki Road Limited Bailadila Iron Ore Mining Limited Bilaspur Pathrapali Road Private Limited Carroballista Systems Limited CG Natural Resources Private Limited Mundra Solar Limited Adani Water Limited Gare Palma II Collieries Limited Gare Pelma III Collieries Limited Gidhmuri Paturia Collieries Private Limited Jhar Mineral Resources Private Limited Kodad Khammam Road Limited Kurmitar Iron Ore Mining Limited Kutch Copper Limited Mahanadi Mines & Minerals Private Limited Mancherial Repallewada Road Private Limited MH Natural Resources Private Limited MP Natural Resources Private Limited East Coast Aluminium Limited (Formerly known as Mundra Copper Limited) Mundra Petrochem Limited Mundra Solar Energy Limited Mundra Solar PV Limited Mundra Synenergy Limited

Mangaluru International Airport Limited Adani Metro Transport Limited Adani Naval Defence Systems and Technologies Limited Adani Railways Transport Limited Horizon Aero Solutions Limited Adani Resources Limited Adani Road O&M Limited Adani Road Transport Limited Adani Shipping (India) Limited TRY (Kerala) International Airport Limited Rajasthan Collieries Limited PRS Tolls Limited • Adani Aviation Fuel Services Limited (Formerly known as Sabarmati Infrastructure Services Limited) Adani Global Air Cargo Solutions Limited (Formerly known as Raioutana Smart Solutions Limited) Adani Tradecom Limited Surguja Power Limited (Under Strike off) Suryapet Khammam Road Private Limited Talabira (Odisha) Mining Limited Vijayawada Bypass Project Limited Aanya Maritime Inc. Aashna Maritime Inc. Adani Australia Pty Limited Adani Global (Switzerland) LLC (under strike off) Adani Global DMCC Adani North America Inc Adani Global Limited Adani Global Pte Limited Adani Global Royal Holding Pte Limited Adani Infrastructure Pty Limited Adani Minerals Pty Limited Adani Mining Pty Limited Adani Global FZE (formerly known as Adani Global FZCO) Adani Renewable Asset Holdings Pty Limited Adani Renewable Asset Holdings Trust Adani Renewable Asset Pty Limited Adani Renewable Asset Trust Adani Rugby Run Finance Pty Limited

Shah Dhandharia & Co LLP is registered with limited liability havin 507, Abhijeet - 1, Mithakali Six Roads, Navrangpura, Ahmedaba

W-6528. in"' 079-4890-1710 i':'ij info@sdco.in / gst@sdco.in

f , ,,.

IND IA

SHAH DHANDHARIA & CO LLP

CHARTERED ACCOUNTAr\lTS

Nanasa Pidgaon Road Limited

Ordefence Systems Limited Panagarh Palsit Road Limited Parsa Kente Collieries Limited PLR Systems Private Limited Prayagraj Water Private Limited Jaipur International Airport Limited Lucknow International Airport Limited Queensland RIPA Holdings Pty Limited Queensland RIP A Holdings Trust Queensland RIP A Pty Limited Queensland RIP A Trust Rahi Shipping Pte Limited Urja Maritime Inc Vanshi Shipping Pte Limited Whyalla Renewable Holdings Pty Limited Bowen Rail Company Pty Limited Bowen Rail Operation Pte Limited Mumbai International Airport Limited Navi Mumbai International Airport Private Limited Bhagalpur Waste Water Limited GVK Airport Developers Limited GVK Airport Holdings Limited Adani Data Networks Limited April Moon Retail Limited Adani New Industries Limited (Formerly known as Mundra Windtech Limited) Astraeus Services IFSC Limited Kutch Copper Tubes Limited (upto 31 [st ] October, 2025) Kagal Satara Road Limited Adani Health Ventures Limited Jhar Mining Infra Limited Puri Natural Resources Limited Sompuri Natural Resources Private Limited Sompuri Infrastructures Private Limited Adani Road STPL Limited Adani Road GRICL Limited Adani Global Vietnam Company Limited Vishvapradhan Commercial Private Limited RRPR Holding Private Limited Alwar Alluvial Resources Limited Pelma Collieries Limited Aelius Resources S.A.

Shah Dhandharia & Co LLP is registered with limited liability hav·, ge, 507, Abhijeet -1, Mithakali Six Roads, Navrangpura, Ahmeda a

Adani Rugby Run Pty Limited

Adani Rugby Run Trust Adani Shipping Pte Limited The Galilee Basin Conservation and Research Fund Galilee Biodiversity Company Pty Limited Galilee Transmission Holding Pty Limited Galilee Transmission Holdings Trust Galilee Transmission Pty Limited PT Adani Global (Consolidated) (Upto 28[th ] November, 2025) PT Adani Global Coal Trading Unnao Prayagraj Road Limited Whyalla Renewable Holdings Trust Whyalla Renewables Pty Limited Whyalla Renewables Trust Adani Solar USA Inc Adani Solar USA LLC Midlands Parent LLC Oakwood Construction Services Inc Seafront Segregated Portfolio PLR Systems (India) Limited Adani Petrochemicals Limited Adani Digital Labs Limited Bangalore Airport & Infrastructure Developers Limited Budaun Hardoi Road Limited Hardoi Unnao Road Limited Kalinga Alumina Limited (Formerly known as Mundra Aluminium Limited) Mumbai Travel Retail Limited Bengal Tech Park Limited AMG Media Networks Limited Kutch Fertilizers Limited Alluvial Heavy Minerals Limited Adani Mining Limited (formerly known as Hirakund Natural Resources Limited) Raigarh Natural Resources Limited Mining Tech Consultancy Services Limited Adani Disruptive Ventures Limited New Delhi Television Limited (Consolidated) Sibia Analytics and Consulting Services Private Limited Armada Defence Systems Limited Stark Enterprises Limited Adani Israel Limited QBML Media Limited (Formerly known as Quintillion Business Media Limited) Le Marche Duty Free SAS

number AAW-6528.

www.sdco.in C, 079-4890-1710 ili'/i info@sdco.in / gst@sdco.in \

IND IA

SHAH DHANDHARIA & CO LLP

CHARTERED ACCOUNTANTS

Atharva Advanced Systems and Technologies Limited Adani Skills & Education Limited Tabemono True Aromas Limited IANS India Private Limited Ospree International FZCO Airports Infrastructure PLC Adani Energy Resources (Shanghai) Co. Limited Cococart Ventures Limited Aviserve Facilities Limited A viground Facilities Limited Adani New Industries One Limited Air Works India (Engineering) Private Limited (Conso) Nagpur Syn-Gas & Chemicals Limited CG Syn-Gas & Chemicals Limited Sultanganj Sabour Road Limited Adani Ropeways Limited Shri Kedarnath Ropeways Limited Adani Airport City Limited MRDP-III Development Limited

Global Airports Operator LLC Adani GCC Limited Celeritas International FZCO Semolina Kitchens limited World Plate Collective Cuisines Limited Indore Gujarat Road Limited Cococart International-FZCO Adani Cybersecurity Services Limited UP Syn-Gas & Chemicals Limited OD Syn Gas & Chemicals Limited PT Energy Resources Smartport City Limited Astraan Defence Limited AGHPort Aviation Services Private Limited Singrauli Syn-Gas & Chemicals Limited Brahmani Barrage Water Limited Munger Sultanganj Road Limited Morsagar Bilaspur Water Limited

List of Jointly Controlled Entities and Associates

Adani Power Resources Limited Comprotech Engineering Private Limited GSPC LNG Limited Noida Data Center Limited Vishakha Industries Private Limited Vishakha Pipes and Moulding Private Limited (formerly Vishakha Industries) AdaniConnex Private Limited AWL Agri Business Limited (formerly known as Adani Wilmar Limited) (Consolidated) (upto 21[st ] November, 2025) Carmichael Rail Development Company Pty Limited Mumbai Aviation Fuel Farm Facility Private Limited DC Development Noida Limited Cleartrip Private Limited Pune Data Center Limited General Aeronautics Private Limited India Inc Limited lnnovant Buildwell Private Limited (formerly Eternus Real Estate Private Limited) King Power Ospree Pte Limited (under strike off) Sirius Digitech Limited Paserlabs India Private Limited Brahmaand AI Limited

Carmichael Rail Network Trust Mundra Solar Technopark Private Limited Adani Global Resources Pte Limited Adani Total LNG Singapore Pte Limited DC Development Hyderabad Limited Carmichael Rail Asset Holdings Trust Carmichael Rail Network Holdings Pty Limited Carmichael Rail Network Pty Limited Mumbai Airport Lounge Services Private Limited Maharashtra Border Check Post Network Limited Unyde Systems Private Limited Pune Data Center Two Limited (Formerly known as Mumbai Data Center Limited) DC Development Noida Two Limited Kowa Green Fuel Pte Limited Support Properties Private Limited A viceda Infra Park Limited Terravista Developers Private Limited Adani Esyasoft Smart Solutions Limited (Consolidated) Coredge.io India Private Limited Kutch Copper Tubes Limited (w.e.f. 1[st ] November, 2025)

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Shah Dhandharia & Co LLP is registered with limited liabilit 507, Abhijeet - 1, Mithakali Six Roads, Navrangpura, Ahme

umber AAW-6528. w.sdco.in C., 079-4890-1710 iii info@sdco.in / gst@sdco.in �

IND IA

SHAH DHANDHARIA& CO LLP

CHARTERED ACCOUNTANTS

Coredge.io Limited Valor Petrochemicals Limited Cleartrip Packages & Tours Private Limited Adani Renewable Energy Three Limited AdaniConnex Hyderabad Two Limited Flight Simulation Technique Center Private Limited Progressive Pipes Private Limited AdaniConneX Hyderabad Three Limited

Praneetha Ecocables Limited Vishakha Plastic Pipes Private Limited Granthik Realtors private Limited Trade Castle Tech Park Private Limited MetTube Copper India Private Limited Giridhari Build Estate Limited Sirius Digitech International Limited

List of Partnership Firms and LLPs

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Adani Commodities LLP Adani - LCC JV
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Shah Dhandharia & Co LLP is registered with limited liability having identification number AAW-6528. 507, Abhijeet - 1, Mithakali Six Roads, Navrangpura, Ahmedabad - 380009. (\w www.sdco.in C., 079-4890-1710 ii1jj info@sdco.in / gst@sdco.in

Adani Enterprises Limited {CIN No: L51100GJ1993PLC019067) Registered Office : "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382 421 adani Phone:[079-26565555; Fax: 079-26565500 ; Email: investor.ael@adani.com ; Website: www.adanienterprises.com ]

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2025

Sr. No. 1 2 Particulars Income Revenue from Operations Other Income Total Income Expenses (a) Cost of materials consumed (b) Purchases of stock-in-trade (c) Changes in inventories of finished goods, work-in-progress e stock-in-trade (d) Employee benefits expense (e) Finance cost	Sr. No. 1 2 Particulars Income Revenue from Operations Other Income Total Income Expenses (a) Cost of materials consumed (b) Purchases of stock-in-trade (c) Changes in inventories of finished goods, work-in-progress e stock-in-trade (d) Employee benefits expense (e) Finance cost									_(t _in Crores)
			31-12-2025	Quarter Ended 30-09-2025		Nine Months Ended 31-12-2024 31-12-2025 31-12-2024				Year Ended
										31-03-2025
			(Unaudited)	(Unaudited)		(Unaudited) (Unaudited) (Unaudited)				(Audited)
			24,819.59 655.85	21,248.51 595.56 21,844.07		22,848.42 68,029.30 70,928.89 652.12 1,726.83 1.834.55 23,500.54 69,756.13 72,763.44 97,894.75 2.470.33 100,365.08
			25,475.44
			7,596.19 7.462.44 (1,812.13) 894.17	4.961.56 6,952.58 (1,778.39) 897.62		2,568.28 15,950.82 6,120.57 9,067.63 21,813.61 28,835.85 474,34 (3,710.85) 1.518.80 741.48 2.754.56 2,362.15 9,710.55 39,814.18 1,844.54 3,118.90
- Interest and Other finance cost - Foreign exchange loss/ (gain) (net) (f) Depreciation, Amortisation e Impairment (g) Operating and Other expenses Total Expenses			1,758.13 (132.19) 1,371.59 7,037.40	1,761.64 (50.42) 1,376.55 6,908.58		1.406.55 734.77 1,005.65 6,926.28		5,030.88 3,834.05 (658.24) 347.59 4,032.09 2,974.92 20.962.79 21.549.50 5,260.36 717.66 4,211.33 29,154.55
			24,175.60	21,029.72 814.35		22,924.98		66,175.66 67,543.43		93,832.07
3 Profit/ (Loss) before exceptional items and tax (1-2)			1,299.84				575.56 3,580.47 5,220.01			6,533.01
4 Add/ (less) : Exceptional items (Refer Note 4 e 5)			5,632.09	3.583.28				9,215.37		3,945.73
5 Profit/ (Loss) before tax from Continuing Operations (3+4)			6,931.93	4,397.63			575.56	12,795.84 5,220.01		10,478.74
6 Tax expenses (a) Current Tax (b) Deferred Tax Total Tax Expense			1.461.96 (56.85)	1,059.71 (58 64)			479.23 109.21	3,180.50 1.416.54 (203.07) 267.87		2,776.16 192.36
			1,405.11	1,001.07			588.44	2,977.43 1,684.41		2,968.52
7 Profit/ (Loss) before share of profit/ (loss) from jointly controlled entities and associates (5-6)			5,526.82	3,396.56			(12.8B)	9,818.41 3,535.60		7,510.22
8 Add/ (less): Share of profit/ (loss) from jointly controlled entities and associates			199.75	17.87			245,18	299.07 467.45		507.73
9	Profit/ {Loss) after tax from Continuing Operations (7+8)		5,726.57	3,414.43			232.30	10,117.48	4,003.05	8,017.95
10	Profit/ (Loss) before tax from Discontinued Operations (Refer Note 6) (Less) : Tax expenses of Discontinued Operations Profit/{Loss) after tax from Discontinued Operations						(4.89) (1.23)		(17 32) (4.36)	(17.32) (4.36)
				3,414.43			(3.66)		(12.96)	(12. 96)
11	Profit/ (Loss) for the period {9+10)		5,726.57				228.64 10,117.4B		3,990.09	8,004.99
12 Other Comprehensive Income / (Loss) (a) Items that will not be reclassified to profit or loss (b) Income tax relating to items that will not be reclassified to profit or loss (c) Items that will be reclassified to profit or loss (d) Income tax relating to items that will be reclassified to profit or loss Total Other Comprehensive Income/(Loss)			(11.31) 2.85 (52.44) 5.07	10,99 (2,77) 592.10 (1.03)			0.41 (1.37) (O 16) 0,34 965.71 266.28 (8,90) 19.11		(3 36) 0.81 779.24 (32.35) (6.14) 1.61 672.90 (35.09)
			(55.83)	599.29			957.06 284.36		744.34 633.28
13 14 Total Comprehensive Income/(Loss) (11+12) Net Profit/ (Loss) attributable to Owners of the Company Non-controllinginterests			5,670.74	4,013.72		1,185.70 10,401.84			4,734.43 8,638.27
			5,627.02 99.55	3,198.75 215.68		57,83 9,560.18 3,254.08 170.81 557.30 736.01 7,099.00 905.99
15	Other Comprehensive Income/ (Loss) attributable to : Owners of the Company Non-controllinginterests		(58.00) 2.17	595.99 3.30		947.91 291.73 719.48 9.15 (7.37) 24.86 609,15 24.13
16	Total Comprehensive Income / (Loss) attributable to Owners of the Company Non-controllinginterests		5.569.02 101,72	3,794.74 218.98		1,005.74 9,851.91 3,973.56 179.96 549.93 760.87 7,708.15 930.12
17	Paid-up Equity Share Capital (Face Value oft 1 each)		122.34	115.42			115.42	122.34 115.42 115.42
18	Other Equity (Including Instruments entirely Equity in nature)									50,198.55
19	Net Worth		46.78 46.12 46.78 46.12	26.58 26.58 26.58 26.						56,470.45
20	Earnings per share in Rupees (Face Value_oft_1 each) # (not annualised): {Refer Note 3) From Continuing Operations Basic Diluted From Discontinued Operations Basic e Diluted From Continuing&Discontinued Operations Basic Diluted ~~�~~						0.07 0.07 (0.03) 0.04 0.04	79.34 26.39 78.21 26.39 (O 11) 79.34 26.28 78.21 26.28 58.90 58.90 (0.11) 58,79 58.79
21	Additional Disclosure for Ratios(Refer Note 15) f�vn,·v(/,�			.0D1
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Adani Enterprises Limited (CIN No: L51100GJ1993PLC019067)

(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

Notes:

The above consolidated financial results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of Adani Enterprises Limited ("Parent Company") at their respective meetings held on 3rd February, 2026. The statutory auditors of the Parent Company have carried out limited review of the same.

• 2 The above consolidated financial results have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under Section 133 of the Companies Act. 2013 read with the relevant rules issued thereunder.

• 3 During the quarter ended 31st December, 2025. the Parent Company has allotted 13,85,01,687 partly paid-up equity shares of face value oft 1 each to eligible equity shareholders and/or renouncee(s) at an issue price of t 1,800/· per partly paid-up equity share (including premium of t 1.799/- per partly paid-up equity share) aggregating tot 24,930.30 crore, of which t 900/· per partly paid-up equity share has been received on application and the balance amount shall be receivable on two separate calls. Accordingly, the paid-up equity share capital of the Parent Company stands increased from t 115.42 crore tot 122.34 crore.

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.

• 4 During the previous year ended 31st March, 2025, Adani Commodities LLP ("ACLLP") launched Offer For Sale (OFS) and sold 13.51% of paid-up equity share capital of AWL Agri Business Limited (formerly known as Adani Wilmar Limited) ("AWL"). Consequent to OFS, the Group recognized t 3,945.73 crores as exceptional gain (post­ tax gain oft 3.2B6.22 crores) and investment in AWL was classified from jointly controlled entity to associate.

• During the quarter ended 30th September, 2025, ACLLP has sold 10.42% of the paid-up equity share capital of AWL. Consequently, the Group recognized t 2,968.72 crores as exceptional gain (post-tax gain oft 2.455.57 crores) and ACLLP's stake in AWL has reduced from 30.42% to 20.00%.

• During the quarter ended 31st December, 2025, ACLLP has sold 13% of the paid-up equity share capital of AWL to Lenee Pte Limited ("Lenee") under the share purchase agreement entered into by the Parent Company, ACLLP and Lenee. Further. ACLLP also sold the remaining 7% of the paid-up equity share capital of AWL in the market. Consequently, the Group has recognized t 5,632.09 crores as exceptional gain (post-tax gain oft 4,661.11 crore) and AWL ceases to be an associate of the Parent Company.

• 5 The Board of Directors of one of the wholly-owned subsidiaries of the Parent Company, Adani Cementation Limited ("AGL"), at its meeting held on 27th June, 2024. considered and approved Scheme of Amalgamation of AGL with Ambuja Cements Limited ("Ambuja") ('the AGL Scheme').

• During the quarter ended 30th September. 2025, the Hon'ble NCLT has pronounced the order approving the AGL Scheme, which has become effective from 1st August. 2025 and consequently (a) AGL and a step-down subsidiary Adani Cement Industries Limited cease to be subsidiaries of the Parent Company and (b) the Parent Company has received 87,00,000 equity shares of Ambuja towards consideration and recorded exceptional gain oft 614.56 crores.

• 6 During the previous year ended 31st March, 2025, the Parent Company transferred its Power Trading business with effect from 24th December, 2024 and disclosed the same as Discontinued Operations up to the date of transfer. The results of Power Trading business included in the financial results and segment results. disclosed as discontinued operations, are as follows:

disclosed as discontinued operations, are as follows:
	(f in Crores)
Particulars	Quarter Ended Nine Months Ended			Year Ended
	31-12-2025	30-09-2025 31-12-2024 31-12-2025	31-12-2024	31-03-2025
	(Unaudited)	(Unaudited) (Unaudited) (Unaudited)	(Unaudited)	(Audited)
Total Income		2,607.12	11,320.69	11,320.69
Total expenses		2,612.01	11,338.01	11,338.01
Profit(loss) before tax from discontinued operations		(4.89)	(17 32)	(17.32)

• 7 During the nine months ended 31st December, 2025,

• (a) One of the subsidiaries of the Parent Company. Adani Defence Systems and Technologies Limited acquired 85.76% stake in Air Works India (Engineering) Private Limited.

• (b) One of the subsidiaries of the Parent Company, Adani Airport Holdings Limited acquired 99% stake in AGHPort Aviation Services Private Limited.

The Parent Company is in the process of making a final determination of fair values of the identified assets and liabilities as per Ind AS 103. Pending this, the business combination has been accounted on provisional fair valuation basis.

• 8 During the quarter ended 31st December. 2025,

• (a) The Parent Company has divested 50% stake in Kutch Copper Tubes Limited ("KCTL") and has acquired 50% stake in MetTube Copper India Private Limited ("MCIPL"). Consequently, KCTL and MCIPL have become jointly controlled entities of the Parent Company.

• (b) Subsidiaries of the Parent Company, Adani Global Limited and Adani Global Pte Limited executed a securities purchase agreement divesting their entire stake in PT Adani Global. Consequently, PT Adani Global along with its subsidiaries and associate cease to be subsidiaries and associate of the Parent Company.

• (c) One of the subsidiaries of the Parent Company, Horizon Aero Solutions Limited acquired 39% of Flight Simulation Technique Centre Private Limited.

• 9 In November 2024, the Parent Company became aware of an indictment filed by United States Department of Justice (US DOJ) and a civil complaint by Securities and Exchange Commission (US SEC) in the United States District Court for the Eastern District of New York against an executive director of the Parent Company. Since this matter does not pertain to the Parent Company. no impact is considered in the results.

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Adani 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

• 10 During the year ended 31st March, 2023. a short seller report ("SSR") was published making certain allegations against some of Adani Group companies (including the Parent Company). On 3rd January, 2024, the Hon'ble Supreme Court ("SC") disposed of all matters in various petitions including those relating to separate independent investigations relating to the allegation in SSR. During the quarter ended 30th September, 2025, Securities and Exchange Board of India ("SEBI") vide its orders dated 18th September, 2025 concluded two Show Cause Notices ("SCNs") and found no non-compliance with respect to related party transactions requirements under the Listing Agreement and SEBI Listing Regulations for certain transactions with third parties in earlier financial years. All allegations mentioned in the said SCNs and the proceedings were closed with no penalty or further directions.

In view of the SC order, conclusion of SCNs by SEBI orders and in the absence of any regulatory or adjudication proceeding as at date except relating to show cause notices from the SEBI regarding validity of peer review certificates of statutory auditors with respect to earlier years and wrongful categorisation of shareholding of certain entities, the management of the Parent Company concluded that there is no material non-compliance of applicable laws and regulations and hence there are no material consequences of the allegations against the Group. Accordingly, these financial results do not carry any adjustments in this regard.

• 11 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 includ_ing MIAL and the erstwhile Managing Director, where it was alleged that funds aggregating f 845.76 crores were diverted from MIAL through contracts. that are currently included in Property, Plant and Equipment at a net book value off 446.33 crores.

The management of MIAL has received legal advice that the allegations in the chargesheet are not to be treated as conclusive, final, or binding till it is confirmed by the Court. Considering the legal advice received and status of the proceedings. management of MIAL is of the view that any resultant financial or other implications would be assessed and considered after legal proceedings are concluded. Hence no adjustments have been carried out to the financial results.

(b) During March 2020, the Covid-19 pandemic had caused MIAL to invoke force majeure provision under the Operation, Management and Development Agreement ('OMDA') against the Airports Authority of India ('AAI') due to significant reduction in operations, and had thus claimed relief from AAI towards, inter alia, suspension from discharging its annual fee obligations.

This matter went under arbitration before the Arbitral Tribunal. During the course of arbitration, MIAL did not provide for its annual fees liability for the period from 1st April, 2020 to 30th September, 2022. On 6th January, 2024, the Arbitral Tribunal has pronounced the award dated 21st December, 2023 and declared that MIAL is exempt from making payment of Annual Fees to AAI from 13th March, 2020 to 28th February, 2022. Basis evaluation of arbitration award, MIAL recognized annual fees as an expense for the period of 1st March, 2022 to 30th September. 2022 off 627.37 crores (net of reversals).

In April 2024, AAI has filed a petition under Section 34 of the Arbitration and Conciliation Act, 1996 for setting aside the award challenging certain aspects of the award. The Hon'ble Delhi High Court on 7th March, 2025 pronounced its judgement dismissing the appeal filed by AAI .The AAI has further challenged the said judgement and the matter is pending for hearing. In view of the judgement and basis legal assessment. MIAL's management is of the view that it has a strong case in its favour to claim such relief, which is also supported by its operational and financial data.

(c) During the year ended 31st March, 2024, MIAL received communication in terms of section 210(1) from MCA relating to initiation of investigation of books and papers, primarily pertaining to period from 2017-18 to 2021-22. MIAL has responded to the said communication in accordance with applicable laws and is providing requisite explanations. Considering these facts, no adjustments have been carried out to the financial results.

• 12 During the year ended 31st March. 2024. one of the subsidiaries of the Parent Company, Navi Mumbai International Airport Private Limited ("NMIAL") received communication in terms of section 210(1) from MCA relating to initiation of investigation of books and papers, primarily pertaining to period from 2017-18 to 202122. 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.

• 13 Over past financial years, the custom department has considered a different view for levy of custom duty in respect of quality of coal imported by the Parent Company, for which the Parent Company has received demand notices amounting to f 863.62 crores (31st March, 2025 : f 863.62 crores) at various locations. The Parent Company has deposited f 460.61 crores (31st March, 2025 : { 460.61 crores) as custom duties (including interest) under protest and contested the view taken by authorities as advised by external legal counsel. The Parent Company being the merchant trader generally recovers custom duties from its customers and does not envisage any material financial impact.

• 14 The Government of India has consolidated 29 existing labour legislations into a united framework comprising 4 Labour Codes which were made effective from 21st November, 2025. The corresponding supporting rules under these codes are yet to be notified. The Group has considered the impact on the basis of best information and estimate available and, accordingly, financial implications of the same has been recognised in the current quarter.

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Adani Enterprises Limited (CIN No: LS1100GJ1993PLC019067) 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

15 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 nine months ended on 31st December, 2025:

Particulars Oebt Equity Ratio Total Borrowings/ Total Equity	Quarter Ended Nine Months Ended Year Ended	Quarter Ended Nine Months Ended Year Ended	Quarter Ended Nine Months Ended Year Ended	Quarter Ended Nine Months Ended Year Ended	Quarter Ended Nine Months Ended Year Ended	Quarter Ended Nine Months Ended Year Ended	Quarter Ended Nine Months Ended Year Ended
	31-12-2025 30-09-2025 31-12-2024 31-12-2025 31-12-2024 31-03-2025
	(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
	1.19 1.50			1.35 1.19 1.35 1.35
Debt Service Coverage Ratio Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) / (lnterest+Scheduled Principal Repayments of Non- Current Borrowings excluding Refinanced Debt) Interest Service Coverage Ratio EBITDA / Interest Expense Current Ratio Current Assets/ Current Liabilities	1.84 1.72			0.90 1.85 2.63 2.61
	2.72 2.38			2.84 2.57 3.46 3.41
	1.01 0.97			0.80 1.01 0.80 0.86
Long Term Debt to Working Capital Ratio (Non-Current Borrowings+ Current Maturities of Non-Current Borrowings)/ (Current Assets • Current Liabilities escluding Current Maturities of Non-Current Borrowings)	13.62 30.47			(14.16) 13.62 (14.16) (87.35)
Bad Debts to Account Receivable Ratio Bad Debts/ Average Trade Receivables	0.00 0.00			0.00	0.00 0.00		0.00
Current Liability Ratio Current Liabilities/ Total Liabilities	0.35			0.37	0.35 0.37		0.33
Total Debts to Total Assets Ratio Total Borrowings/ Total Assets	0.38	0.42 2.62		0.37	0.38 0.37		0.38
Debtors Turnover Ratio Revenue from Operations/ Average Trade Receivables	2.87	2.62		3.38	7.08 9.30		11.15
Inventory Turnover Ratio Cost of Goods Sold / Average Inventory	0.82	0.86		1.30 2.34 4.50 6.34
Operating Margin {%) EBITDA excluding Other Income/ Revenue from Operations	14.60%	15.56% 12.06% 15.05%				12.B2% 13.06%
Net Profit Margin (%) Net Profit after Tax and Exceptional item/ Total Income	22.46%	15.63%		0.88%	14.50%	4.75% 7,17%
Outstanding Redeemable Preference Shares (Quantity and Value)	NA	NA 334.90 NA NA 358.45 331.84		A NA		NA NA
Capital Redemption Reserve/Debenture Redemption Reserve � In Crores)	331.84					358.45 422.66
Net Worth� In Crores)	76,030.40 61,577.66 52,969.93 76,030.40					52,969.93 56,470.45
Net Profit after Tax � In Crores)	5,726.57 3,414.43 228.64 10,117.48					3,990.09 8,004.99
Earnings per Share (Face Value oft 1 each) (not annualised) (Refer Note 3)
Basic	46.78 26.58		0.04 79.34			26.28 58.79
Diluted	46.12 26.58		0.04 78.21			26.28 58.79

Note:· F1nanc1al numbers of discontinued aper n h ve been included for calculation of ratios.

�

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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

• 16 (a) The Parent Company had issued Unrated, Unlisted, Secured, Redeemable, Non-Convertible Debentures oft 1,950 crores in various tranches and has maintained security cover exceeding 100% on the principal and interest amount as on 31st Oecember, 2025 by way of pledge of shares of one of its subsidiaries Adani Road Transport Limited. Interest on such debentures was due and paid on 11th July, 2025 and 12th October, 2025.

(b) The Parent Company had issued Rated, Listed, Secured, Redeemable Non-Convertible Debentures oft 800 crores and has maintained security cover exceeding 110% on the principal and interest amount as on 31st December, 2025 by way of a first ranking pari passu charge on certain non-current loans and advances (including interest thereon). Interest on certain series of such debentures was due and paid on 12th June, 2025, 12th September, 2025 and 12th December, 2025. For this issuance, the Parent Company's rating for debentures has been assigned at "CARE AA-" by CARE Ratings Limited and "ICRA AA-" by ICRA Limited.

(c) The Parent Company had issued Rated, Listed, Secured, Redeemable Non-Convertible Debentures oft 1,000 crores and has maintained security cover exceeding 110% on the principal and interest amount as on 31st December. 2025 by way of a first ranking pari passu charge on certain non-current loans and advances (including interest thereon). Interest on certain series of such debentures was due and paid on 17th October, 2025 and 17th January, 2026. For this issuance, the Parent Company's rating for debentures has been assigned at "CARE AA-" by CARE Ratings Limited and "ICRA AA-" by ICRA Limited.

(d) During the quarter ended 31st December, 2025, the Parent Company has allotted 1,00,000 Rated, Listed, Secured, Non-Cumulative, Redeemable Non-Convertible Debentures ("NCO") of face value oft 1,00,000/- each via private placement basis aggregating tot 1,000 crores and has maintained security cover exceeding 110% on the principal and interest amount as on 31st December, 2025 by way of a first ranking pari passu charge on certain non-current loans and advances (including interest thereon). There was no interest and principal due on such NCDs during the quarter ended 31st December, 2025. For this issuance, the Parent Company's rating for debentures has been assigned at "CARE AA-" by CARE Ratings Limited and "ICRA AA-" by ICRA Limited.

17 Unaudited Consolidated Segment wise Revenue, Results, Assets and Liabilities:

Sr. No.		(t in Crores)	(t in Crores)	(t in Crores)	(t in Crores)	(t in Crores)	(t in Crores)
	Particulars	Quarter Ended Nine Months Ended 31-12-2025 30-09-2025 31-12-2024 31-12-2025 31-12-2024 Year Ended 31-03-2025
		(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
I) II) Ill)	Segment Revenue
	Integrated Resources Management Mining Services Commercial Mining New Energy Ecosystem Airport Road Others	6,962.47 6,658.37 8,979.61 968.46 1,060.82 836.16 1,644.81 1,711.68 1,819.22 3,124.33 3,155.96 2,816.44 3,842.41 3,206.72 2,908.38 1,319.80 1,663.96 1,886.84 7,442.27 4,506.95 7,076.13			21,500.31 3,182.89 4,464.37 10,263.57 9,765.89 5,151.64 15,531.46 29,093.62 2,502.54 5,556.34 10,317.14 7,309.06 6,909.90 23,909.52 39,263.58 3,736.21 7,031.00 13,965.39 10,015.71 9,694.13 29,721.65
	Gross Revenue from Operations Less: Inter Segment Transfer	25,304,55 21,964.46 26,322.78 484.96 715.95 867.20			69,860.13 1,830.83 85,598,12 3,348.60 113,427.67 4,212.29
	Net Revenue from Operations	24,819,59	21,248.51	25,455,58	68,029,30 82,249.52 109,215.38
	Segment Results Profit/ (Loss) Before Interest and Tax Integrated Resources Management Mining Services Commercial Mining New Energy Ecosystem Airport Road Others Unallocable Income	529.74 331.04 (98.52) 749.89 959.98 64.19 5,365.70 655.85	585.52 633.48 1,599.90 464.50 292.54 1,228.74 (397 85) (419.52) (952.06) 924.88 669.94 2,657.10 451.44 639.64 1,921.73 265.79 278.78 678.62 3,219.01 (29.95) 8,307.62 595.56 652.07 1,726.83 2,228.38 942.64 (448 20) 3,088.26 1,150.25 1,120.97 (51198) 1,834.62 3,061.43 1,453.02 (731.96) 4,082.07 1,434.62 1,265.56 3,424.91 2,470.40
	Total Profit/ (Loss) Before Interest and Tax Less : Finance Costs	8,557,B7 1,625.94	6,108.85 2,716,98 17,168.48 1,711.22 2,146.31 4,372.64 9,404.94 4,202.25 16,460.05 5,998.63
	Total Profit/(Loss) Before Tax	6,931.93	4,397.63	570.67 12,795.84 5,202.69 10,461.42
	Segment Assets Integrated Resources Management Mining Services Commercial Mining New Energy Ecosystem	4,493.35 5,016.63 6,786.45 4,493.35 9,873.75 8,977.36 8,515.66 9,873.75 37,631.89 36,705.98 34,340.97 37,631.89 16,348.52 14,613.35 12,728.54 16,348.52 6,786.45 8,575.66 34,340.97 12,728.54 6,466.45 9,179.87 33,890.50 12,840.43
	Airport Road Others	59,982.29 57,119.58 48,936.79 59,982.29 30,239.93 28,984.48 23,367.63 30,239.93 50,813.62 41,842 63 31,766.71 50,813.62 48,936.79 23,367.63 31,766.71 52,237.25 25,476.27 34,035.75
		209,3B3,35 193,260.01 166,442.75 209,383.35 166,442.75 174,126.52
IV)	Unallocable	31,291.04 28,148.04 24,822.54 31,291.04				24,822.54 24,009.02
	Total Assets	240,674.39 221,408,05 191,265.29 240,674,39				191,265.29 198,135.54
	Segment Liabilities Integrated Resources Management Mining Services Commercial Mining New Energy Ecosystem Airport Road Others Unallocable	9,163.03 10,976.72 2,905.25 3,083.17 30,056.65 28,872.38 6,859.27 7,702.04 47,540.00 44,783.41 21,365.96 20,408.19 47,882.63 39,161.89		17,263.76 9,163.03 2,938.07 2,905.25 23,800.75 30,056.65 7,334.75 6,859.27 37,826.97 41,540.00 15,949.09 21,365.96 26,238.41 47,882.63 17,263.76 2,938.07 23,800.75 7,334.75 37,826.97 15,949.09 26,238.41 13,981.54 2,812.40 25,238.85 7,602.86 41,726.34 18,318.23 27,570.70
		159,772.79 4,871.20	154,987.80 4,842.59	131,351,80 159,772.79 6,943.56 4,871.20 131,351,80 6,943.56			137,250.92 4,414.17
	Total Liabilities	164,643.99	159,830.39	138,295.31 164,643.99 138,295,36			141,665.09

Note:- F1nanc1al numbers of d1scont1 u

. rations have been included for above segment disclosures 1n "Others" segment.

-l:· q;

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Adani Enterprises Limited (CIN No: L51100GJ1993PLC019067) Registered Office : "Adani Corporate House", Shantigram, Near Vaishno Oevi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382 421 Phone : 079•26565555; Fax : 079-26565500 : Email : investor.ael@adani.com; Website : www.adanienterprises.com

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18 Key numbers of unaudited standalone financial results of the Parent Company for the quarter and nine months ended on 31st December, 2025 are as under:

18Key numbers of unaudited standalone financial results of the Parent C	18Key numbers of unaudited standalone financial results of the Parent C	ompany for the quarter and nine months ended on 31st December, 2025 are as under:	ompany for the quarter and nine months ended on 31st December, 2025 are as under:	ompany for the quarter and nine months ended on 31st December, 2025 are as under:	ompany for the quarter and nine months ended on 31st December, 2025 are as under:	ompany for the quarter and nine months ended on 31st December, 2025 are as under:
		(?in Crores)
Sr. No.	Particulars	Quarter Ended 31-12-2025 30-09-2025 31-12-2024		Nine Months Ended 31-12-2025 31-12-2024		Year Ended 31-03-2025
		(Unaudited) (Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
a I II b	Continuing operations Total Income Profit/ (Loss) after tax Total Comprehensive Income	5,951.08 5,609.28 6,295.99 4,234.46 6,289.04 4,239.54	6,586.68 538.25 536.27	17,928 34 11,034.49 11,032.30	21,654.30 28,313.04 1.777.81 6,053.19 1,769.70 6,039.18

The standalone financial results are available at the Parent Company's website www.adanienterprises.com and on the website of the stock exchanges www.bseindia.com and www.nseindia.com.

Date 3rd February, 2026 Place Ahmedabad

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For and on behalf of the Soard of Directors
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IND IA Or

SHAH DHANDHARIA & CO LLP

·CHARTERED ACCOUNTAI\ITS

Independent Auditor's Review Report on Quarterly and Year to date Unaudited Standalone Financial Results of the Company pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Adani Enterprises Limited

1. We have reviewed the accompanying Statement of unaudited standalone financial results of Adani Enterprises Limited ("the Company") for the quarter and nine months ended 31[st ] December 2025 ("the Statement") being submitted by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 as amended (the "Listing Regulations").

1. This Statement, which is the responsibility of the Company's management and approved by the Board of Directors at their meeting held on 3[rd ] February, 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.

2. We conducted our review of the Statement in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

3. 3.

4. Based on our review of the Statement conducted as stated above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and 52 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Place : Ahmedabad Date : 3[rd ] February 2026

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For SHAH DHANDHARIA & CO LLP Chartered Accountants egistration No. l 18707W/Wl00724 Membership No. 183083 UDIN: 26183083HUXHXW6596

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 G 079-4890-1710 i:11 info@sdco.in / gst@sdco.in

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•26S65555; Fax: 079•26565500; Email: investor.ael@adani.com; Website: www.adanienterprises.com ]

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2025

			(?in Crores)	(?in Crores)	(?in Crores)	(?in Crores)	(?in Crores)	(?in Crores)	(?in Crores)	(?in Crores)
Sr. No. Particulars			Quarter Ended Nine Months Ended Year Ended
			31-12·2025 30·09·2025				31-12-2024 31-12-2025		31-12·2024 31·03·2025
			(Unaudited) (Unaudited)				(Unaudited) (Unaudited)		(Unaudited) (Audited)
1 Income Revenue from Operations Other Income Total Income			5,304.07 5,066.43 647.01 542.85				6,156.76 16,246.10 20,544.43 429.92 1,682.24 1,109.87 26,708.97 1,604.07
			5,951.08 5,609.28				6,586.68 17,928.34 21,654.30 28,313.04
2 Expenses (a) Purchases of stock-in-trade (b) Changes in inventories of stock-in-trade (c) Employee benefits expense (d) Finance cost (e) Depreciation and amortisation expense (f) Operating and Other expenses Total Expenses			3,436.20 2,839.60 3,448.55 10,267.10 13,362.55 71.30 250.60 897.31 199.51 1,060.92 223.00 245.88 161.68 778.18 657.08 519.52 469.80 289.84 1,338.96 668.99 46.41 42.71 37.56 130,87 113.87 1,099.59 1.064.27 1,024.10 3,281.89 3,389.73 17,361.55 1,105.36 838.99 1,008.57 154.85 4,809.68
			5,396.02 4,912.86 5,859.04 15,996.51						19,253.14	25,279.00
3 Profit/ (Loss) before exceptional items and tax (1·2)			555.06		696.42 727.64 1,931.83 2,401.16					3,034.04
4 Add/ (Less) : Exceptional item (Refer Note 4 e, 5)			5,870.84		3,728.80 9,599.64					3,870.04
5 Profit/ (Loss) before tax from Continuing Operations (3+4)			6,425.90		4,425.22 727.64 11,531.47 2,401.16					6,904.08
6 Tax expenses (a) Current Tax (b) Deferred Tax Total Tax Expense			150.59 (20.68)		168.82 191.23 493.58 21.94 (1.84) 3.40				632.51 (9.16)	835.29 15.60
			129.91		190.76 189.39			496.98	623.35	850.89
7		Profit/ (Loss) after tax from Continuing Operations (5·6)	6,295.99		4,234.46 538.25			11,034.49	1,777.81	6,053.19
8		Profit/ (Loss) before tax from Discontinued Operations (Refer Note 6) (Less) : Tax expenses of Discontinued Operations Profit/(Loss) after tax from Discontinued Operations		(4 89) (1.23)					(17.32) (4.36)	(17.32) (4.36)
				(3.66)					(12. 96) (12.96)
9		Profit / (Loss) for the period (7+8)	6,295.99		4,234.46 534.59			11,034.49	1,764.85 6,040.23
10		Other Comprehensive Income / (Loss) (a)Items that will not be reclassified to profit or loss (b) Income tax relating to items that will not be reclassified to profit or loss Total Other Comprehensive Income/(Loss)	(9.29) 6.78 2.24 2.34 (1.70) (0.56)					(2.92) 0.73	6.48 (1.63) (1.41) 0.36
			(6.95) 5.08			1.68		(2.19)	4.85 (1.05)
11		Total Comprehensive Income/ (Loss) (9+10)	6,289.04 4,239.54			536.27		11,032.30	1,769.70 6,039.18
12		Paid-upEquityShare Capital(Face Value of � 1 each)	122.34 115.42				115.42	122.34 115.42 115.42
13		Other Equity						26,583.47
14		Net Worth						26,698.89
15	Earnings per share in Rupees (Face Value of? 1 each) (not annualised): (Refer Note 3) From Continuing Operations Basic Diluted From Discontinued Operations Basic e, Diluted From Continuing 8 Discontinued Operations Basic Diluted		52.63 35.62 51.88 35.62 52.63 35.62 51.88 35.62				4.57 4.57 (0.03) 4.54 4.54	92.62 15.09 91.31 15.09 (0.11) 92.62 14.98 91.31 14.98 51.26 51.26 (0.11) 51.15 51.15
16	Additional Disclosure for Ratios(Refer Note 12)

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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 Phone : 079•26565555 ; Fax: 079-26565500 ; Email : investor.ael@adani.com ; Website: www.adanienterprises.com

adani

�

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 3rd February, 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 133 of the Companies Act, 2013 read with the relevant rules issued thereunder.

• 3 During the quarter ended 31st December, 2025, the Company has allotted 13.85,01,687 partly paid-up equity shares of face value of< 1 each to eligible equity shareholders and/or renouncee(s) at an issue price of < 1,800/- per partly paid-up equity share (including premium of< 1,799/- per partly paid-up equity share) aggregating to< 24,930.30 crore, of which < 900/- per partly paid-up equity share has been received on application and the balance amount shall be receivable on two separate calls. Accordingly, the paid-up equity share capital of the Company stands increased from< 115.42 crore to< 122.34 crore.

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.

• 4 During the previous year ended 31st March, 2025, Adani Commodities LLP ("ACLLP") launched Offer For Sale (OFS) and sold 13.51% of paid-up equity share capital of AWL Agri Business Limited (formerly known as Adani Wilmar Limited) ("AWL"). Consequent to OFS, the Company recognized t 3,870.04 crores as exceptional gain and investment in AWL was classified from jointly controlled entity to associate.

• During the quarter ended 30th September, 2025, ACLLP has sold 10.42% of the paid-up equity share capital of AWL. Consequently, the Company has recognized< 3,221.96 crores as exceptional gain and ACLLP's stake in AWL has reduced from 30.42% to 20.00%.

• During the quarter ended 31st December, 2025, ACLLP has sold 13% of the paid-up equity share capital of AWL to Lenee Pte Limited ("Lenee") under the share purchase agreement entered into by the Company, ACLLP and Lenee. Further, ACLLP also sold the remaining 7% of the paid-up equity share capital of AWL in the market. Consequently, the Company has recognized< 5,870.84 crores as exceptional gain and AWL ceases to be an associate of the Company.

• 5 The Board of Directors of one of the wholly-owned subsidiaries of the Company, Adani Cementation Limited ("ACL"), at its meeting held on 27th June, 2024, considered and approved Scheme of Amalgamation of ACL with Ambuja Cements Limited ("Ambuja") ('the ACL Scheme').

• During the quarter ended 30th September, 2025, the Hon'ble NCLT has pronounced the order approving the ACL Scheme, which has become effective from 1st August, 2025 and consequently (a) ACL and a step-down subsidiary Adani Cement Industries Limited cease to be subsidiaries of the Company and (b) the Company has received 87,00,000 equity shares of Ambuja towards consideration and has recorded exceptional gain of< 506.84 crores.

• 6 During the previous year ended 31st March, 2025, the Company transferred its Power Trading business with effect from 24th December, 2024 and disclosed the same as Discontinued Operations up to the date of transfer. The results of Power Trading business included in the financial results and segment results, disclosed as discontinued operations. are as follows:

	(< in Crores)	(< in Crores)	(< in Crores)	(< in Crores)	(< in Crores)	(< in Crores)
Particulars	Quarter Ended			Nine Months Ended		Year Ended
	31-12-2025	30-09-2025 31-12-2024		31-12-2025	31-12-2024	31-03-2025
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
Total Income			2,607.12		11,320.69	11,320.69
Total expenses			2,612.01		11,338.01	11,338.01
Profit(loss) before tax from discontinued operations			(4.89)		(17.32)	(17.32)

• 7 In November 2024, the Company became aware of an indictment filed by United States Department of Justice (US DOJ} and a civil complaint by Securities and Exchange Commission (US SEC} in the United States District Court for the Eastern District of New York against an executive director of the Company. Since this matter does not pertain to the Company, no impact is considered in the results.

• 8 During the year ended 31st March, 2023, a short seller report ("SSR"} was published making certain allegations against some of Adani Group companies (including the Company). On 3rd January, 2024, the Hon'ble Supreme Court ("SC") disposed of all matters in various petitions including those relating to separate independent investigations relating to the allegation in SSR. During the quarter ended 30th September, 2025, Securities and Exchange Board of India ("SEBI"} vide its orders dated 18th September, 2025 concluded two Show Cause Notices ("SCNs") and found no non-compliance with respect to related party transactions requirements under the Listing Agreement and SEBI Listing Regulations for certain transactions with third parties in earlier financial years. All allegations mentioned in the said SCNs and the proceedings were closed with no penalty or further directions.

In view of the SC order, conclusion of SCNs by SE8I orders and in the absence of any regulatory or adjudication proceeding as at date except relating to show cause notices from the SEBI regarding validity of peer review certificates of statutory auditors with respect to earlier years and wrongful categorisation of shareholding of certain entities, the management of the Company concluded that there is no material non-compliance of applicable laws and regulations and hence there are no material consequences of the allegations against the Company. Accordingly, these financial results do not carry any adjustments in this regard.

• 9 Over past financial years, the custom department has considered a different view for levy of custom duty in respect of quality of coal imported by the Company, for which the Company has received demand notices amounting to < 863.62 crores (31st March, 2025 : < 863.62 crores) at various locations. The Company has deposited< 460.61 crores (31st March, 2025 : < 460.61 crores) as custom duties (including interest) under protest and contested the view taken by authorities as advised by external legal counsel. The Company being the merchant trader generally recovers custom duties from its customers and does not envisage any material financial impact.

• 10 The Government of India has consolidated 29 existing labour legislations into a united framework comprising 4 Labour Codes which were made effective from 21st November, 2025. The corresponding supporting rules under these codes are yet to be notified. The Company has considered the impact on the basis of best information and estimate available and accordingly, financial implications of the same has been recognised in the current quarter.

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Adani Enterprises Limited

(CIN No: L51100GJ1993PLC019067}

adani

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

• 11 (a) The Company had issued Unrated, Unlisted, Secured, Redeemable, Non-Convertible Debentures of< 1,950 crores in various tranches and has maintained security cover exceeding 100% on the principal and interest amount as on 31st December, 2025 by way of pledge of shares of one of its subsidiaries Adani Road Transport Limited. Interest on such debentures was due and paid on 11th July, 2025 and 12th October. 2025.

• (b} The Company had issued Rated, Listed, Secured, Redeemable Non-Convertible Debentures of< 800 crores and has maintained security cover exceeding 110% on the principal and interest amount as on 31st December, 2025 by way of a first ranking pari passu charge on certain non-current loans and advances (including interest thereon). Interest on certain series of such debentures was due and paid on 12th June, 2025, 12th September, 2025 and 12th December, 2025. For this issuance, the Company's rating for debentures has been assigned at "CARE AA-" by CARE Ratings Limited and "ICRA AA-" by ICRA Limited.

(c) The Company had issued Rated, Listed, Secured, Redeemable Non-Convertible Debentures of< 1,000 crore and has maintained security cover exceeding 110% on the principal and interest amount as on 31st December, 2025 by way of a first ranking pari passu charge on certain non-current loans and advances (including interest thereon}. Interest on certain series of such debentures was due and paid on 17th October, 2025 and 17th January, 2026. For this issuance, the Company's rating for debentures has been assigned at "CARE AA-" by CARE Ratings Limited and "ICRA AA-" by ICRA Limited.

(d) During the quarter ended 31st December, 2025, the Company has allotted 1,00,000 Rated, Listed, Secured, Non-Cumulative, Redeemable Non-Convertible Debentures ("NCO"} of face value of< 1,00.000/- each via private placement basis aggregating to< 1,000 crore and has maintained security cover exceeding 110% on the principal and interest amount as on 31st December, 2025 by way of a first ranking pari passu charge on certain non-current loans and advances (including interest thereon). There was no interest and principal due on such NCDs during the quarter ended 31st December, 2025. For this issuance, the Company's rating for debentures has been assigned at "CARE AA-" by CARE Ratings Limited and "ICRA AA·" by ICRA Limited.

• 12 Additional information pursuant to Regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended for the quarter and nine months ended on 31st December, 2025:

Particulars Debt Equity Ratio Total Borrowings/ Total Equity Debt Service Coverage Ratio Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) / (lnterest+Scheduled Principal Repayments of Non-Current Borrowings) Interest Service Coverage Ratio EBITDA / Interest Expense		Quarter Ended Nine Months Ended Year Ended	Quarter Ended Nine Months Ended Year Ended	Quarter Ended Nine Months Ended Year Ended	Quarter Ended Nine Months Ended Year Ended	Quarter Ended Nine Months Ended Year Ended	Quarter Ended Nine Months Ended Year Ended	Quarter Ended Nine Months Ended Year Ended	Quarter Ended Nine Months Ended Year Ended	Quarter Ended Nine Months Ended Year Ended	Quarter Ended Nine Months Ended Year Ended
		31-12-2025 30-09-2025 31-12-2024 31-12-2025 31-12-2024 31-03-2025
		(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited)
		0.36 1.34		0.59 2.60 0.50 3.65				0.36 0.50 0.47 2.56 3.54 3.24
		2.27		2.72	3.94			2.69 5.20			4.61
Current Ratio Current Assets/ Current Liabilities		2.31		2.15 1.49				2.31 1.49			1.73 0.93
Long Term Debt to Working Capital Ratio (Non-Current Borrowings + Current Maturities of Non-Current Borrowings)/ (Current Assets • Current Liabilities excluding Current Maturities of Non- Current Borrowings) Bad Debts to Account Receivable Ratio Bad Debts/ Average Trade Receivables		0.63		0.93 0.98				0.63 0.98
								0.00 0.00			0.00
Current Liability Ratio Current Liabilities/ Total Liabilities		0.55		0.48 0.67				0.55		0.67	0.59
Total Debts to Total Assets Ratio Total Borrowings/ Total Assets		0.23		0.31 0.23				0.23		0.23 0.25
Debtors Turnover Ratio Revenue from Operations/ Average Trade Receivables		1.74		2.09 3.05				5.55		9.36 11.37
Inventory Turnover Ratio Cost of Goods Sold/ Average Inventory		2.02		1.63	2.91			5.81		10.40 12.15
Operating Margin(%) EBITDA excluding Other Income/ Revenue from Operations		8.94%		13.15%	7.13%		10.58% 6.52% 6.83%
Net Profit Margin(%) Net Profit after Tax and Exceptional item/ Total Income		105.80% 75.49%			5.81%		61.55% 5.35% 15.24%
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}		50,026.43	31,292.12		22,429.40	50,026.43 22,429.40					26,698.89
Net Profit after Tax ( In Crores}		6,295.99	4,234.46		534.59 11,034.49 1,764.85						6,040.23
Earnings per Share (Face Value of< 1 each} (not annualised} (Refer Note 3}	-
Basic ~~�MI�~~- ~~�. ~~ ~~,on�~~Z.63			35.62 4.54 92.62 14.98 51.15
Diluted ~~//-�~~'~~�"-��-~~ //,'�-,�8			35.62		4.54 91.31 14.98 51.15
- •

Note:- Financial numbers of discon�fll.V' - aper ptions l'i�ye been • o d for calc'I lat, i1 of ratios. � 111[� ] !3 '[11<2] 7W[�] / 0:::: )· I i - � .- ) �� Il * W10 �24 • "J , � * 0 � � ,· 0/y :?>'t

Adani Enterprises Limited

(CIN No: L51100GJ1993PLC019067) Registered Office : "Adani Corporate House", Shantigram, Near Vaishno Oevi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382 421

adani

Phone: 079•26565555; Fax: 079-26565500; Email: investor.ael@adani.com; Website: www.adanienterprises.com

13 The Company publishes standalone financial results along with the consolidated financial results, hence the Company has disclosed the segment information in its consolidated financial results in accordance with Ind AS 108 "Operating Segments".

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----- Start of picture text -----

For and on behalf of the Board of Directors
----- End of picture text -----

Date 3rd February, 2026 Place Ahmedabad

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INDIA CA'

SHAH DHANDHARIA & CO LLP CHARTERED ACCOUNTANTS

Auditor's Certificate on Security Cover in respect of Listed Secured Redeemable Non-Convertible Debentures

To The Board of Directors, Adani Enterprises Limited, Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S.G. Highway, Khodiyar, Ahmedabad-382421

This certificate is issued in accordance with the email request received dated 3[rd ] February 2026 and the terms of engagement agreed upon.

The Revised format of Security Cover as at 31[st ] December, 2025 (the "Statement") of Adani Enterprises Limited, (the "Company" or "the Issuer") having its registered office at Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421, Gujarat, containing the details of security cover for listed debt securities as per Regulation 54 read with 56(l)(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 27[th ] August, 2024, 30[tl] [1 ] June, 2025 and 3[rd ] October,2025 raised funds by issue of 8000000 Secured, Rated, Listed, Redeemable, Non-convertible debentures (NCD), detailed in Annexure II, of Rs. 1,000/­ each, aggregating to INR 800.00 Crores, 10000000 Secured, Rated, Listed, Redeemable, Non-convertible debentures (NCD), detailed in Annexure II, of Rs. 1,000/- each, aggregating to INR 1,000.00 Crores and 10000000 Secured, Rated, Listed, Redeemable, Non-convertible debentures (NCD), detailed in Annexure II, of Rs. 1,000/- each, aggregating to INR 1,000.00 Crores respectively and in relation thereto the issuer has executed debenture trust deeds (the "Debenture Trust Deed") as per the details mentioned in Annexure II

Pursuant to the terms of the Debenture Trust Deed, the Issuer is required to provide security by way of the first ranking pari passu charge on Non Current Loans and Advances given for Rs. 1,000 Crores, Rs. 1,300 Crores and Rs. 1200 Crores respectively and interest thereon.

Further, pursuant to the terms of the Debenture Trust Deed entered on 11 tl, September, 2024 and 16[th ] July, 2025, 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 7[th ] October, 2025, the issuer shall not breach the total net external debt to EBIDTA ratio of 5x on consolidated basis.

The financial information as on 31[st ] December, 2025 has been extracted from the unaudited books of accounts for the period ended 31[st ] December, 2025 and other relevant records of the Issuer.

Management's Responsibility for the Statement

The preparation of the Statement and information contained therein is the responsibility of the Management of the Company including the preparation and maintenance of all accounting and other records supporting its contents. This responsibiiity includes design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances.

The Management is also responsible for ensuring that the Company complies with the requirements of the SEBI (Listing Obligations and Disclosure Requirement) Regulation, 2015, as amended ("the Regulations") and that it provides complete and accurate information as required therein.

The Management is also responsible for furnishing the standalone financial information including financial covenants contained in the said form which is annexed to this certificate (Hereinafter referred to as "financial information") and to ensure the adherence to th =�=..:: over as per SEBI Circular SEBI/HO/MIRSD/MIRSD_CRADT/CIR/P/2022/67 dated

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Page 1 of3

Shah Dhandharia & Co LLP is registered with limited liability having identification number AAW-6528. 507, Abhijeet -1, Mithakali Six Roads, Navrangpura, Ahmedabad -380009.@ www.sdco.in"' 079-4890-1710 irj info@sdco.in / gst@sdco.in

IND I A Ole

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 31[st ] December, 2025 and report whether the "financial information" required to be furnished in the Statement is in accordance with the unaudited financial results and underlying books and other records of the Company as at 31[st ] December, 2025.

The financial results relating to the books and records referred to in paragraph above, have been reviewed by us pursuant to the requirements of Companies Act, 2013, on which we have issued an unmodified conclusion vide our report dated 3[rd ] February, 2026. Our review of these financial results has been conducted in accordance with the Standards on Auditing referred to in section 143(10) of the Companies Act, 2013 and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India.

We conducted our examination of the "financial information" required to be furnished in the Statement in accordance with the Guidance Note on Reports or Certificates for Special Purposes issued by the Institute of Chartered Accountants of India. The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants 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:

1. Obtained the details of Non-Convertible Debt securities issued by the company which are outstanding as on 3[1] December, 2025

2. Obtained the Debenture Trusteeship Deed from the management to determine the assets offered as security and the financial covenants for the purpose of these Debt securities

3. Obtained the Statement of Security cover prepared by the management and compared it with the revised format prescribed under the SEBI Circular SEBI/HO/MIRSD/MIRSD_CRADT/CIR/P/2022/67 dated May 19, 2022 and SEBI/HO/DDHS-PoD3/P/CIR/2024/46 dated May 16, 2024.

4. Obtained the calculation of financial covenants prepared by the management

5. Compared the amounts of the Statement and annexure with the corresponding unaudited financial information derived by the management from its accounting records, management information systems and other financial and secretarial records for the period indicated and found such amounts to be in agreement

6. Recomputed the mathematical accuracy of the amounts, totals and ratios of the Statement and annexure and found them to be in agreement with the unaudited standalone financial information, books, records and information provided to us for verification

Conclusion

Based on the procedures performed by us and according to the information and explanations given to us, nothing has come to our attention that causes us to believe that the accompanying Statement and the financial information contained therein, has not disclosed the information required to be disclosed in terms of the Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

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Page 2 of 3

Shah Dhandharia & mited liability having identification number AAW-6528. 507, Abhijeet -1, Mithakali Six Roads, Navrangpura, Ahmedabad - 380009. iffl) www.sdco.in 0 079-4890-1710 iirj info@sdco.in / gst@sdco.in

IND I A

SHAH DHANDHARIA & CO LLP CHARTERED ACCOUNTANTS

Auditor's Certificate on Security Cover in respect of Listed Secured Redeemable Non-Convertible Debentures (Continued ... )

Restriction on Use

Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance with the Regulations. Our obligations in respect of this certificate 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 : 03/02/2026

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For SHAH DHANDHARIA & CO LLP Chartered Accountants

Firm Registration No. 118707W / WI 00724

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Partner Membership No. 183083 UDIN -26183083 IAMVBY6183

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 C9 079-4890-1710 ii:"jj info@sdco.in / gst@sdco.in

Annexure I

Statement of Security Cover

														Rs. in Crores	Rs. in Crores	Rs. in Crores	Rs. in Crores	Rs. in Crores
Column A Columns		Column C	ColumnD Column E			Column F ColumnG ColumnH			Column I ColumnJ				ColumnK	~~I~~ Columnl Column M Column N~~I~~ ColumnO
Descrptlon of asset Pariculars for which this cerificate relate		Exclusive Charge	Exclusive Part.Paasu Charge Charge			Par.Passu Charge			Elimination on (amount In negative) debt amount considered more than once (due to exclusive plus parl passu charge) Total (C to H)					Related to only those Items covered by this cerificate
		Debt for which this Othe cerificate Securd bing Issued											Market Value for Asseta charged on Exclusive basis	Carrying Carrying/ book value/book value for value for par exclusive passu charge charge assets assets where where market maret value value Is not Market Value for ls not Total Value = asceralnablePart passu charge ascerainable K+L+M+N or applicable Assets or applicable (For E.g. Bank (For E.g. Balance, Bank DSRA market Balance, value Is not DSRA market applicable) value is not applicable)
		Book Value Book Va		lue	Yes/No Book Value Book Value									Relating to Colu		mn F
ASSETS
Property, Plant & -NA- Eauipment		.		-	No 520.67 371.05							891.72	-	-			.
Capital Work-in-Progress	-NA			-	No 337.47 596.05						.	933.52		.
RightofUse Assets	-NA-	.			No ~~-~~ 230.26						.	230.26				.
Goodwill	-NA				No
Intangible Assets	-NA				No .		449.55 513.1		9			962.74
Intangible Assets under Develoomenl	-NA	.			No 160.3				6			160.36	.
Investments -NA-				20.04	No 482.75 24,244.6				6			24,747.46
First ranking pari Loans - Non Current passu charge on the loans and advances				Yes 3,564.90 9,368.8					7			12,933.77			3,564.9	0		3,564.90
Inventories -NA				No 1,427.37 278.5					2			1705.90
Trade Receivables -NA		~~-~~		No ~~.~~ 2,934.37 627.4					3		.	3,561.80			.			~~-~~
Cash and Cash -NA- Eauivalents				No 4,481.12 27.1					5		.	4,508.27			-
Bank Balances other than Cash and Cash -NA- EQuivalents Others -NA- Total		.		No 648.40 421.1					5			1,069.55
		.		Yes 174.79 20.04 3,739.69 15,671.67 10,025.91 26,953.38 46,864.61					1			25,872.37			174.7	9	174.79
												77,577.71			3,739.69 3,739.69

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Annexure I Statement of Security Cover

		Annexure I Statement of Security Cover	Annexure I Statement of Security Cover	Annexure I Statement of Security Cover	Annexure I Statement of Security Cover
						Rs.in Crores
Column A	Column B	Column C	ColumnD Column E Column F ColumnG Column H Column I ColumnJ			Column K I ColumnL I ColumnM I Column N Column O
Pariculars	Description of asse for which this cerificate relate	Exclusive Charge t Debt for which this cerificate being Issued	Exclusive Par-Passu Charge Charge Debt for Other which this Securd Debtcerificate bing Issued Book Value YesNo Pari-Passu Charge Assets shared by pari passu debt holder (Includes debt for which this cerificate Is Issued& other debt wlth pari- passu charge) Book Value Pari-Passu Elimination on Charge (amount In negativet Other Assets Assets not ofered asdebt amount on which there Security considered Is pari-passu more than charge once(due to (excluding exclusive plus Items covered parl passu In column Fl charge) Book Value Total (C to H)			Related to only those Items covered by this cerificate
						Market Value for Assets charged on Exclusive basis	Carring Carring/ book value/book value for value for pari exclusive passu charge charge assets assets where where maret market value value Is not Market Value for ls not ascerainablePari passu chargeascerainable or applicable Assets or applicable (For E.g. Bank (For E.g. Balance, Bank DSRA maret Balance, value Is not DSRA market applicable I value Is not applicable)	Total Value = K+L+M+N
		Book Value	Book Value YesNo	Book Value Book Value			Relating to Column F
LIABILITIES Debt securities to which this cerificate oerains Other debt sharing pari- passu charge with above debt Other Debt5 Subordinated debt' Borrowings Bank2 Debt Securities3 Others Trade payables Lease Liabilities Provisions Others Total Cover on Book Value Cover on Market Value		Yes No 2,018.09 No No No - No No No - No No No No 2,018.09 2,885.70' not to be filled 2,885.70 1.Jtlmes - - - 10,470.33 1,418.53 449.84 - 861.00 1,763.86 5,008.26 - 169.69 178.53 2,327.42 3,182.40 19,465.08 2,885.70 2,018.09 10,470.33 1,868.37 861.00 6,772.12 169.69 178.53 2,327.42 27,551.27				As the Columns K, L, Mand N prtains to Book ValueMaret Value of Assets, the amounts of Uabi/ites are not shown here 1.Jtlms

The company confirms the Security Cover Requirement based on Market Value of the Assets offered as security

We have examined the compliances made by the listed entity in respect of the covenants/ terms of the issue of the listed debt securities (NCD'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

3 Includes Commercial Papers 41 Includes Ind AS adjustment for effective interest amounting to Rs. 32.46 crores and Interest accrued amounting to Rs. 85. 70 crores for Debt Securities covered under this certificate

5 Includes Unrated, Unlisted, Secured, Redeemable, Non-Convertible Debentures of Rs. 1950 crores with Ind AS adjustments for effective inl�_j�Q.._Rs. 9.04 crores and interest accrued amounting to Rs. 68.09 crores

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Annexure II

List of Secured, Rated, Listed, Redeemable Non-convertible debentures

Rs. in Crores

ISIN	Deemed Date of allotment	Type of Charge	Amount Amount Outstanding (without the impact of Raised lndASl	Amount Amount Outstanding (without the impact of Raised lndASl	Accrued Interest	Asset Cover Required	Security given
IN E423A07351	12-Sep-24	Pari Passu	36.41 36.41		1.02		First ranking pari passu charge on the Non-Current loans and advances
INE423A07369	12-Sep-24	Pari Passu	8.63 8.63
INE423A07310	12-Sep-24	Pari Passu	44.19 44.19		0.23
INE423A07328 12-Sep-24		Pari Passu	474.33	474.33	13.92
INE423A07377 12-Seo-24		Pari Passu	23.19	23.19	2.98
INE423A07336 12-Seo-24		PariPassu	50.36	50.36	0.26
INE423A07344 12-Seo-24		Pari Passu	128.85	128.85	3.88
IN E423A07385 12-Sep-24		Pari Passu	34.04	34.04	4.50
Total			800.00	800.00	27.86	110%
Rs. in Crores
ISIN	Deemed Type of Date of allotment Charge		Amount Amount Outstanding (without the impact of Raised lndAS)		Accrued Asset Cover Security given Interest Required
IN E423A07 450	17-Jul-25 Pari Passu		81.49 81.49		3.36 0.79 2.23 First ranking pari 17.50 110% passu charge on the 1.30 Non-Current loans 1.40 and advances 9.60 1.41
IN E423A07401	17-Jul-25 Pari Passu		19.20 19.20
INE423A07427	17-Jul-25 Pari Passu		120.84 120.84
INE423A07435	17-Jul-25	PariPassu	415.51 415.51
INE423A07419	17-Jul-25	Pari Passu	30.98	30.98	1.30
INE423A07443	17-Jul-25	Pari Passu	74.88	74.88	1.40
INE423A07393	17-Jul-25	PariPassu	224.24	224.24	9.60
INE423A07468	17-Jul-25	PariPassu	32.86	32.86	1.41
Total			1000.00	1000.00	37.59	110%

								Rs. in Crores
ISIN	Deemed Date allotment	of	Type of Charge	Amount Raised	Amount Outstanding (without the impact of lndAS)	Accrued Interest	Asset Cover Required	Security given
								First ranking pari
INE423A07476	08-Oct-25		Pari Passu	1000.00	1000.00	20.26	110%	passu charge on the Non-Current loans
								and advances

Annexure Ill to the Statement

Reference of Non-Convertible Debentures:

Prospectus dated 27th August 2024 for INR 800 Crore Non-Convertible Debentures having ISIN No.

INE423A07351	INE423A07369	INE423A07310	INE423A07328
INE423A07377	INE423A07336	INE423A07344	INE423A07385

Prospectus dated 30th June 2025 for INR 1,000 Crore Non-Convertible Debentures having ISIN No.

INE423A07450	INE423A07401	INE423A07427	INE423A07435
INE423A07419	INE423A07443	INE423A07393	INE423A07468

As per "Issue structure" of the above Prospectus and the Debenture Trust Deed

A. Financial Covenants:

Debt-equity ratio should be equal to or less than 5x on a standalone basis

B. Definition of Financial Covenants:

The Debt-equity ratio shall be determined as per the SEBI Regulations on quarterly basis

C. Calculation of Financial Covenants:

Pariculars	INR in Crores
Total Borrowinqs (A)	17,908.20
Total Equity (B)	50,026.43
Debt-Equity Ratio (A/B)	0.36 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:

As per Debenture Trust Deed dated 7th October 2025, the above mentioned financial covenant shall be tested on a Half year basis from the deemed date of allotment, i.e. from 31st March 2026 onwards.

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Annexure B

Statement of utilization of issue proceeds of non-convertible securities and material deviations, if any, under Regulation 52(7) and 52(7A) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

A. Statement of Utilisation of issue proceeds:

Name of the issuer	ISIN	Mode of Fund Raising (Public issues/ Private placement)	Type of instrument	Date of raising funds	Amount Raised	Funds utilized	Any deviation (Yes/ No)	If 8 is Yes, then specify the purpose of for which the funds were utilized	Remarks, if any
1	2	3	4	5	6	7	8	9	10
Adani Enterprises Limited	INE423A07476	Private Placement	Rated, Listed, Secured, Taxable, Non- Cumulative, Redeemable, Non – Convertible Debentures	08th October 2025	INR 1000 crore	INR 1000 crore	No	Not Applicable	-

B. Statement of deviation/variation in use of issue proceeds

Name of listed entity	Adani Enterprises Limited
Mode of Fund Raising	Private Placement
Type of instrument	Rated, Listed, Secured, Taxable, Non-Cumulative, Redeemable, Non – Convertible Debentures
Date of Raising Funds	08thOctober, 2025
Amount Raised	INR 1000 crore
Report filed for Quarter ended	31stDecember, 2025
Is there a Deviation / Variation in use of funds raised	No
Whether any approval is required to vary the objects of the issue stated in the prospectus/ offer document?	Not Applicable
if yes, details of the approval so required?
Date of approval
Explanation for the Deviation / Variation
Comments of the Audit Committee after review	No Comments
Comments of the auditors, if any	No Comments

Adani Enterprises Limited “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar Ahmedabad 382 421 Gujarat, India CIN: L51100GJ1993PLC019067

Tel + 91 79 2656 5555 Fax + 91 79 2555 5500 investor.ael@adani.com www.adanienterprises.com

Registered Office : “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421

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Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table	Objects for which funds have been raised and where there has been a deviation, in the following table
Original Object	Modified Object, if any	Original Allocation (Rs. In Crores)	Modified Allocation (Rs. In Crores)	Funds Utilised (Rs. In Crores)	Amount of Deviation / Variation for the quarter according to applicable objects	Remarks, if any
Not Applicable

Deviation or variation could mean:

a) Deviation in the objects or purposes for which the funds have been raised or

b) Deviation in the amount of funds actually utilized as against what was originally disclosed

Thanking you, For, Adani Enterprises Limited

JATINKUMAR Digitally signed by JATINKUMAR RAMESHCHANDRA RAMESHCHANDRA JALUNDHWALA JALUNDHWALA Date: 2026.02.03 14:37:06 +05'30' Jatin Jalundhwala Company Secretary & Joint President (Legal) Membership No.: F3064

Adani Enterprises Limited “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar Ahmedabad 382 421 Gujarat, India CIN: L51100GJ1993PLC019067

Tel + 91 79 2656 5555 Fax + 91 79 2555 5500 investor.ael@adani.com www.adanienterprises.com

Registered Office : “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421