Adani Enterprises Annual Report 2024-25

Message from the Chairman

We have become – more formidable, more unbreakable, stronger and more resilient!

Gautam Adani

We have become – more formidable, more unbreakable, stronger and more resilient! - GAUTAM ADANI

Adani Enterprises Limited

Adani Ports And Special Economic Zone Limited

Adani Energy Solutions Limited

Adani Green Energy Limited

Adani Total Gas Limited

Ambuja Cements

Adani Power Limited

AWL Agri Business Limited

NDTV Limited

Adani Enterprises Limited

One of the

INDIA’S

business incubator

Adani Ports And Special Economic Zone Limited

One of the

INDIA’S

Integrated Transport Utility

Adani Energy Solutions Limited

One of the

INDIA’S

private-sector and transmission and distribution company

Adani Green Energy Limited

One of the

WORLD’S

and fastest growing RE companies

Adani Total Gas Limited

One of the

INDIA’S

city gas distributor

Ambuja Cements

One of the

INDIA’S SECOND

cement manufacturer

Adani Power Limited

One of the

INDIA’S

private-sector thermal power producer

AWL Agri Business Limited

One of the

INDIA’S

edible oil brand and a leading packaged foods player

NDTV Limited

One of the

AMONG INDIA’S MOST

media companies

Empowering every Indian, every step forward.

350 Million Indians^#

Impacted by Adani’s core infra platform

USD 100 billion^#

Investment in green energy transition by 2030

~USD 71 billion

Asset base ensuring resilient critical infrastructure and best-in-class performance across its life cycle

#Consolidated Adani portfolio of companies

₹74,945 crore

Total global tax and other contributions

₹539 crore

towards CSR for FY 2024-25

₹12,05,710 crore

Market capitalisation

Note: Consolidated Adani portfolio of companies in FY 2024-25

FY 2025 (₹ In crore)

APL 58,906

APSEZ 32,383

AESL 24,447^

AEL 1,00,365

AGEL 12,422

ATGL 5,442

Ambuja Cements 37,699

FY 2025 (₹ In crore)

APL 23,917

APSEZ 20,471

AESL 7,746

AEL 17,315

AGEL 10,532

ATGL 1,179

Ambuja Cements8,645

FY 2025 (₹ In crore)

APL 12,750

APSEZ 11,061

AESL 922^#

AEL 8,018^*

AGEL 2,002

ATGL 654

Ambuja Cements5,158

Please Note: Revenue and Adjusted EBITDA includes Other Income

^{^}Includes SCA income of ₹5,064 crore in FY 2024-25

^#AESL PAT is after an exceptional item of ₹1,506 crore due to carve-out of the Dahanu power plant

^* Due to recognition of gain consequent to OFS of stake in AWL Agri Business Limited (formerly known as Adani Wilmar Limited)

PAT - Profit after tax including profit/loss from JV | EBITDA: Earning before Interest, Tax Depreciation & Amortisation | Adjusted EBITDA: PAT + Share of profit from JV & Associates + Current Tax + Deferred Tax + Depreciation & Amortisation + Finance Cost + Unrealised Forex Loss / (Gain) + Exceptional Items

01 / 06

Accelerating India’s Rise with Industry-Best Performance

Performance Highlights FY 2024-25

01 / 06

Accelerating India’s Rise with Industry-Best Performance

Performance Highlights FY 2024-25

₹1,00,365 crore

Income

₹16,722 crore

EBITDA

₹56,470 crore

Net Worth

₹49,306 crore

Net External Debt

₹82.91 crore

Consolidated CSR spend

24%

Renewable energy in electricity mix

Adani Enterprises launched its maiden public issuance of non-convertible debentures (NCDs) for ₹800 crore, which is first public issue by any private corporate in last decade.

Rajesh Adani

Adani Enterprises launched its maiden public issuance of non-convertible debentures (NCDs) for ₹800 crore which is first public issue by any private corporate in last decade. - Managing DirectorRajesh Adani

Incubating strong growth

India’s largest listed business incubator, Adani Enterprises Limited (AEL) is focussed on establishing diverse new businesses vital to the nation’s resilient growth.

ABOUT ADANI ENTERPRISES LIMITED

Incubating strong growth

India’s largest listed business incubator, Adani Enterprises Limited (AEL) is focussed on establishing diverse new businesses vital to the nation’s resilient growth.

Business Segment Performance Review

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Green Hydrogen

Green Hydrogen Manufacturing Ecosytem :- Adani New Industries Limited (ANIL), a wholly-owned subsidiary of Adani Enterprises Limited, is dedicated to developing large-scale production facilities for Green Hydrogen and its derivatives through an integrated end-to-end ecosystem

Natural Capital
Value Creation Model

Business Model

Natural Capital
Input

~6 lakh GJ of Renewable Energy consumption

99% of waste managed through recycling and reuse
Outputs

71 KWhSolar power capacity installed for rural communities
Outcomes

24% Renewable Energy in total electricity mix

47% reduction in energy intensity
SDG Alignment

Business Segments

Energy and Utilities

Transport and Logistics

Direct to Consumer

Services

Metals

Industrials

Read More
Social & Relationship Capital
Value Creation Model

Business Model

Social & Relationship Capital
Input

₹82.91 crore consolidated CSR contribution

6,326 suppliers in Tier I

34% direct procurement from MSMEs/small producers
Outputs

41 tCO₂e Operational Emission Intensity^#
Outcomes

Adani Foundation has touched lives of 9.1 million people cumulatively in 6,769 villages and urban locations across India
SDG Alignment

Business Segments

Energy and Utilities

Transport and Logistics

Direct to Consumer

Services

Metals

Industrials

Read More
Human Capital
Value Creation Model

Business Model

Human Capital
Input

8,901 employees

9% Female employees

Training & Development
Outputs

56.5 MMT IRM volume

43.3 MMT MDO despatch volume

165 GJ Energy Intensity^#
Outcomes

4,108 new recruits onboarded

12% new hiring of female employees

22% of wages for employment in rural & semi-urban areas
SDG Alignment

Business Segments

Energy and Utilities

Transport and Logistics

Direct to Consumer

Services

Metals

Industrials

Read More
Intellectual Capital
Value Creation Model

Business Model

Intellectual Capital
Input

4 WTG Models

Developed and listed with RLMM
Outputs

2,410.1 L-KmRoad construction
Outcomes

India's largest wind turbine with capacity of 5.2 MW
Business Segments

Energy and Utilities

Transport and Logistics

Direct to Consumer

Services

Metals

Industrials

Read More
Manufactured Capital
Value Creation Model

Business Model

Manufactured capital
Input

ANIL – Green Hydrogen Ecosystem

4 GW Solar cell & module capacity

2 GW Ingot Wafer capacity

2.25 GW WTG capacity
Outputs

164 setsWTG supplied

94.4 millionpassengers served
Outcomes

4,263 GW module sales

3% growth in exports

152% growth in domestic sales
SDG Alignment

Business Segments

Energy and Utilities

Transport and Logistics

Direct to Consumer

Services

Metals

Industrials

Read More
Financial Capital
Value Creation Model

Business Model

Financial capital
Input

₹56,470 crore net worth

₹31,838 crore capex spent

₹90,554 crore assets of incubating businesses (i.e. 46% of total assets)
Outputs

4263 MWModule sales
Outcomes

₹1,00,365 crore total income

₹16,722 crore EBITDA

₹7,112 crore PAT attributable to shareholders
SDG Alignment

Business Segments

Energy and Utilities

Transport and Logistics

Direct to Consumer

Services

Metals

Industrials

Read More

Stakeholder engagement

Nurturing ties, Fostering Sustainability

At Adani Enterprises, we recognise that engaging with stakeholders is crucial to achieving our strategic objectives.

Strategic prioritisation for sustainable success

At AEL, materiality assessment is more than just a strategic tool; it is a reflection of our core values and a testament to our unwavering commitment to sustainable growth.

Managing & mitigating risks effectively

The AEL risk management strategy and framework are crafted to the evolving industry trends, as well as the various existing and emerging risks faced by the Company in the course of its business.

Investing in incubation to emerge stronger

The strategic focus, at Adani Enterprises, is not only defined purely by the needs of today but it is also guided by the need to build a resilient nation empowered for tomorrow’s growth.

01 / 04

Stakeholder engagement

Nurturing ties, Fostering Sustainability

At Adani Enterprises, we recognise that engaging with stakeholders is crucial to achieving our strategic objectives.

Double materiality

Strategic prioritisation for sustainable success

At AEL, materiality assessment is more than just a strategic tool; it is a reflection of our core values and a testament to our unwavering commitment to sustainable growth.

Risk and opportunities

Managing & mitigating risks effectively

The AEL risk management strategy and framework are crafted to the evolving industry trends, as well as the various existing and emerging risks faced by the Company in the course of its business.

Strategy

Investing in incubation to emerge stronger

The strategic focus, at Adani Enterprises, is not only defined purely by the needs of today but it is also guided by the need to build a resilient nation empowered for tomorrow’s growth.

Environment, social and governance

Striving towards ESG excellence

Promoting environmental stewardship

Crafting pathways to a sustainable future

Climate action

Charting the path to net-zero

Biodiversity management

Nurturing biodiversity, nurturing our business

Our people

Caring for our people: A commitment to inclusive growth and wellbeing

Occupational health and safety

Promoting a culture of care

Customer relations

Strengthening customer relationships

Corporate social responsibility

Building strong ties with the communities

Responsible supply chain

Embedding sustainable sourcing practices

Corporate governance

Strong governance: Fostering trust and long-term value

01/10

2024-25 Integrated Annual Report

Strength with Resilience

Message from the Chairman

We have become – more formidable, more unbreakable, stronger and more resilient!

Gautam Adani

We have become – more formidable, more unbreakable, stronger and more resilient! - GAUTAM ADANI

EMPOWERING THE NATION, SUSTAINING THE PLANET

Adani Enterprises Limited

Adani Ports And Special Economic Zone Limited

Adani Energy Solutions Limited

Adani Green Energy Limited

Adani Total Gas Limited

Ambuja Cements

Adani Power Limited

AWL Agri Business Limited

NDTV Limited

INDIA’S

INDIA’S

INDIA’S

WORLD’S

INDIA’S

INDIA’S SECOND

INDIA’S

INDIA’S

AMONG INDIA’S MOST

Empowering every Indian, every step forward.

Empowering every Indian, every step forward.

350 Million Indians#

USD 100 billion#

~USD 71 billion

₹74,945 crore

₹539 crore

₹12,05,710 crore

Consolidated FY 2024-25 Revenue ₹2,71,664 crore

FY 2025 (₹ In crore)

APL 58,906

APSEZ 32,383

AESL 24,447^

AEL 1,00,365

AGEL 12,422

ATGL 5,442

Ambuja Cements 37,699

Consolidated FY 2024-25 Adjusted EBITDA ₹89,806 crore

FY 2025 (₹ In crore)

APL 23,917

APSEZ 20,471

AESL 7,746

AEL 17,315

AGEL 10,532

ATGL 1,179

Ambuja Cements8,645

Consolidated FY 2024-25 PAT ₹40,565 crore

FY 2025 (₹ In crore)

APL 12,750

APSEZ 11,061

AESL 922#

AEL 8,018*

AGEL 2,002

ATGL 654

Ambuja Cements5,158

Accelerating India’s Rise with Industry-Best Performance

Performance Highlights FY 2024-25

Accelerating India’s Rise with Industry-Best Performance

Performance Highlights FY 2024-25

Performance Highlights FY 2024-25

₹1,00,365 crore

₹16,722 crore

₹56,470 crore

₹49,306 crore

₹82.91 crore

24%

Message from the Managing Director

Adani Enterprises launched its maiden public issuance of non-convertible debentures (NCDs) for ₹800 crore, which is first public issue by any private corporate in last decade.

Rajesh Adani

Adani Enterprises launched its maiden public issuance of non-convertible debentures (NCDs) for ₹800 crore which is first public issue by any private corporate in last decade. - Managing DirectorRajesh Adani

ABOUT ADANI ENTERPRISES LIMITED

Incubating strong growth

India’s largest listed business incubator, Adani Enterprises Limited (AEL) is focussed on establishing diverse new businesses vital to the nation’s resilient growth.

ABOUT ADANI ENTERPRISES LIMITED

Incubating strong growth

350 Million Indians^#

USD 100 billion^#

AESL 922^#

AEL 8,018^*