The CareEdge ESG rating evaluation process for the Adani Group's listed portfolio concluded. All the eight Adani Portfolio of companies, spanning energy, infrastructure, cement and logistics, has been placed in the 'Leadership' category within its respective sector, with scores ranging from 80.0 to 87.3 and each ahead of its industry median.

The achievement was formally recognised at a felicitation ceremony where Dr Arun Sharma, Group Head, Sustainability & Climate Change, Adani Group, delivered the keynote address, reaffirming the Group's commitment to sustainable and responsible growth: "In today’s complex geopolitical landscape, securing our energy future is an absolute prerequisite for growth. This security could be achieved only by swift transition to clean, reliable, affordable and accessible energy, supported by sustainable and resilient infrastructure. The Adani portfolio companies lead this energy transition; a leadership underpinned by strong governance practices and a profound commitment to shared growth that ensures our progress uplifts communities and partners alike. This recognition by the CARE Edge ESG team is a proud feather in our cap, reinforcing the pledge of our portfolio companies to responsibly drive the nation's energy transition journey forward."

Saikat Roy, CEO of CareEdge ESG, commended the participating companies for setting strong sector benchmarks and ESG mementoes were presented to representatives of each company by Alap Mehta, Director, CareEdge Ratings.

The Official Verdict: All Eight Portfolio Companies in Leadership

Cleaner Operations

Environmental performance is where the group’s shared discipline shows through most clearly. AEL, the group's flagship enterprise business, scored 78.4 on environmental management, supported by full disclosure of its emissions across Scope 1, 2 and 3 and a decarbonisation roadmap that draws on green hydrogen, carbon capture and long-term transition planning. Its Mumbai Airport business has achieved advanced carbon accreditation (ACA Level 4+), while its waste recovery rate stands at approximately 99.8%.

APSEZ has an even stronger environmental score of 79.5, driven by a steady shift from diesel-run machinery to electric alternatives such as electric shunters and battery-powered cranes, alongside twelve ports now certified for sending no waste to landfill.

Adani Power, operating in the more carbon-intensive thermal generation space, nonetheless scored 75.6 on the environment pillar, well above its sector's median of 50.2. This is underpinned by supercritical and ultra-supercritical technology across more than 60% of its installed capacity, India's first seawater-based Flue Gas Desulphurisation unit at its Mundra plant and a fly ash utilisation rate that reached a full 100% this year. The company has also committed to planting 7.85 million trees by 2030 through the World Economic Forum's 1t.org Platform, with over 5.74 lakh saplings already in the ground.

In the hard-to-abate cement sector, Ambuja Cements and ACC are pioneering circular economy and decarbonisation efforts. Crucially, they stand out as the only two cement companies in India and among a select few globally to have their Net-Zero and near-term targets validated by the Science Based Targets initiative (SBTi), committing to Net Zero by 2050. ACC co-processed 0.55 million tonnes of waste-derived resources in its kilns this year, alongside Ambuja’s extensive resource circularity practices setting a robust industry benchmark.

Both cement majors are also rapidly scaling their green energy transitions. Ambuja achieved an 8.54% renewable energy share in FY25, aiming for an aggressive 60% green power share by FY28, while ACC increased its green energy usage to 18% of total consumption (with 8.68% renewable energy share). On resource conservation, they deliver exceptional impact: Ambuja is an industry-leading 12x water positive and 11x plastic negative, with ACC reaching 1.04x water positivity and zero liquid discharge across facilities. Adding to the Group's wider afforestation goals, ACC has planted over 5.1 million trees cumulatively till FY25, while Ambuja has planted 7.1 million trees as of H1 FY26, remaining firmly on track for its 2030 targets.

Adani Green Energy, as the group's dedicated renewable energy platform, scored a sector-leading 94.0 on the environment pillar. It builds its entire business model around clean power, using bifacial and n-type solar modules, single-axis trackers and higher-capacity 5.2 MW wind turbines to draw more energy from the same footprint. It cleans its solar panels using robotic dry-cleaning systems saving 546 million litres of water annually, and runs its operations on a water-positive basis. It has developed site-specific plans to protect sensitive species such as the Great Indian Bustard. Its climate strategy is assessed through scenario analysis aligned with TCFD and TNFD guidelines, and its biodiversity assessments follow the Equator Principles and IFC Performance Standard 6, giving it one of the most advanced nature-risk frameworks in the sector.

Adani Total Gas, the group's city gas distribution business, scored 70.2 on carbon and emissions management and a leadership-level 95.0 on biodiversity, both comfortably ahead of their respective industry medians. The company has committed to Net Zero Scope 1 and Scope 2 emissions by 2045 and has already cut its emissions intensity by 41% from its FY22 baseline. The company has moved 100% of its cascade transportation fleet onto CNG in place of diesel. As a signatory to the India Business and Biodiversity Initiative, ATGL follows an avoid-reduce-restore approach, routing pipelines away from wildlife habitats.

Investing in People Across the Group

Each company channels its social investment differently, shaped by the workforce and communities closest to its operations, but common threads run through all eight companies. Workplace safety systems built around ISO 45001 certification appear across AEL, APSEZ, APL, AGEL, ATGL, ACC and Ambuja Cements, often paired with digital monitoring tools, near-miss reporting systems and dedicated safety leadership programmes such as APL's Project Chetna 2.0 and ACC/Ambuja's Saksham training initiative.

On community development, the scale of investment is substantial across the group. APSEZ's community initiatives touched more than 8.6 lakh direct beneficiaries through education, health and livelihood work, backed by its full corporate social responsibility spend of INR 117 crore. APL's CSR portfolio reached over 1.23 million beneficiaries, including Mobile Healthcare Units that delivered more than 2.5 lakh treatments and an Aarogya Card providing medical insurance to rural communities. In the cement division, Ambuja and ACC committed substantial CSR funds: Ambuja's ₹50.27 crore investment touched 3.48 million cumulative beneficiaries, while ACC spent 102.48% of its statutory CSR requirement (INR 42 crore) to impact over 2.1 million lives through initiatives like drone and robotics labs, rural KPOs, and youth skilling via SEDI. Additionally, both companies empower the local economy by sourcing locally; ACC sources 96.62% and Ambuja sources over 96% of input materials from within India. ATGL, meanwhile, reported zero recorded workforce fatalities during the year, alongside a leadership score of 93.4 on human rights and 95.1 on value chain management, with 100% of its significant value chain partners assessed for environmental impact.

Grievance redressal is another area of consistent strength, with all companies resolving effectively all employee, community, or value-chain complaints received during the year (with 100% resolution rates across AEL, APSEZ, APL, AGEL, ATGL, ACC and Ambuja). It is a symbol of functioning, well-used feedback systems rather than merely well-written policies.

Human capital development also features prominently. APSEZ trains 94% of its permanent employees in skill upgradation through its Adani Krishnapatnam Skill Development Centre (ASDC) and leadership programmes such as the Adani Accelerated Leadership Programme (AALP). Preparing their workforces for digitised and green manufacturing, ACC recorded 99.76% employee coverage in skill upgradation, and Ambuja provided skill upgradation training across its workforce. ATGL trained 94.9% of its employees on skill upgradation during the year, while APL's employee wellbeing framework delivered a full 100% return-to-work and retention rate for staff returning from parental leave. AGEL builds its workforce capability through structured training (averaging 94 hours per employee) and clear leadership pipelines guided by the SA8000 social accountability standard.

Human rights protections follow a similar pattern of consistency. ATGL holds a leadership score of 93.4 in this theme, supported by a dedicated policy, a Prevention of Sexual Harassment (POSH) framework and training that reached 91.2% of employees on human rights and 100% of employees on POSH guidelines, with zero related complaints reported during the year. Comparable human rights guidelines, covering child labour, forced labour and freedom of association, extend across APSEZ's permanent, contractual and temporary workforce, while AEL's human rights training coverage and grievance mechanisms earned a leadership-level score of 84.2.

Governance: The Group's Strongest Pillar

The one element that unites every company in the group is the strength of formal governance. AEL posted a governance score of 87.2, APSEZ 88.2, ACC 89.5, ATGL 90.9, and AGEL a leadership-level 96.1 specifically in business ethics, with 100% of employees trained on its whistleblower policy, Code of Conduct and anti-bribery framework during the year. ATGL's governance is similarly robust, with a board functioning score of 90.5, well above its industry median.

Across all eight portfolio companies, board-approved Codes of Conduct, whistleblower protection mechanisms and anti-bribery and anti-corruption policies are standard, extended down each company's supply chain through dedicated Supplier Codes of Conduct. Enterprise risk management frameworks aligned with the globally recognised COSO model appear consistently, supported by structured risk governance running from site-level managers up to board-level committees.

Board-level ESG oversight is embedded across the group through dedicated ESG or sustainability committees receiving regular updates and supported by independent third-party review of policies. ATGL links climate and sustainability performance metrics directly to leadership incentives, aligning management compensation with the company's own ESG ratings and climate transition plan, while its materiality assessment process, revisited every three years and reviewed annually, is approved directly by the Board of Directors.

Disclosure quality is another area where the group performs consistently well. Demonstrating this commitment, all the portfolio companies have pioneered the launch of Digital BRSR platforms for FY25, allowing stakeholders to interactively audit and track non-financial ESG parameters. Highlighting strict fiscal transparency, Ambuja contributed INR 16,648 crore toward the national exchequer. AGEL's reporting and filing practices earned a leadership score of 95.7, with no restatements or delays across the past two fiscal years. APSEZ's audit committee exceeded its regulatory minimum by holding five meetings during the year against a requirement of four, while maintaining transparent disclosure of AGM proceedings, attendance and minutes. Across the group, this pattern, meeting or exceeding regulatory requirements rather than treating them as a ceiling reflects a shared institutional practice.

Going forward, in the recently concluded Care Edge ESG Surveillance Audit for FY 26, all portfolio companies demonstrated sustained operational excellence and successfully retained their 'Leadership' category status.These ratings affirm that sustainable practices, rigorously measured, remain central to the Adani Group’s long-term value creation.