Adani Enterprises has submitted the Monitoring Agency Report for the quarter ended June 30, 2026, to the stock exchanges pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 162A(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report, prepared by CARE Ratings Limited and reviewed by the company's Audit Committee, pertains to the utilisation of proceeds from the Rights Issue of 13,85,01,687 equity shares aggregating to Rs. 24,930.30 crore. The issue was open during November 25, 2025 to December 11, 2025.

Rights Issue Overview

The Rights Issue was undertaken to meet specific financial objectives as outlined in the Offer Document. The total issue size and its allocation across stated objects are summarised below:

The Monitoring Agency confirmed that all government and statutory approvals related to the objects of the issue are in place, and there has been no change in the means of finance for the disclosed objects.

Quarter-wise Fund Receipt and Utilisation

The Monitoring Agency report provides a detailed quarter-wise breakdown of funds received and utilised since the issue. The cumulative progress as at the end of Q1FY27 is as follows:

As at the end of Q1FY27, the total amount utilised stood at Rs. 24,874.26 crore against the proposed amount of Rs. 24,930.30 crore, with no unutilised balance remaining. An amount of Rs. 56.04 crore is yet to be received in the monitoring account, of which Rs. 32.80 crore has been received in allotment and call accounts pending corporate actions, and Rs. 23.24 crore remains unpaid.

Object-wise Progress in Q1FY27

The utilisation during Q1FY27 across the three stated objects is detailed below:

Repayment and pre-payment of outstanding borrowings availed by the company and its subsidiary, Adani Airport Holdings Limited, including interest accrued thereon, have been completed as per the timeline stated in the Offer Document. General Corporate Purposes utilisation is ongoing, while issue-related expenses have also been fully deployed.

General Corporate Purpose Utilisation Breakdown

Of the Rs. 751.22 crore utilised towards General Corporate Purposes during Q1FY27, the Monitoring Agency provided the following sub-category details:

The Board of Directors noted that there are no deviations and that the funds utilised to date have been deployed for the purposes stated in the Offer Document.

Monitoring Agency Findings

CARE Ratings Limited confirmed that there is no deviation from the objects of the issue, and the range of deviation is not applicable. The Monitoring Agency also confirmed the absence of any major deviations over earlier monitoring agency reports, no favorable or unfavorable events affecting the viability of the objects, and no information that could materially affect investor decision-making. The details in the report have been verified by M/s Shah Dhandharia & Co. LLP vide its Chartered Accountant certificate dated July 27, 2026. The report was submitted to the exchanges on July 29, 2026, by Company Secretary & Joint President (Legal), Jatin Jalundhwala.

Adani Enterprises reported its highest-ever quarterly EBITDA of ₹5,642 crore for the quarter ended June 30, 2026, driven by robust performance across its infrastructure and incubation platforms. Despite the strong operational top-line growth, the company posted a consolidated net loss of ₹1,160 crore due to an exceptional settlement payment of ₹2,644 crore to the U.S. Office of Foreign Assets Control (OFAC). The Board of Directors approved the unaudited financial results on July 29, 2026, highlighting that excluding the one-time regulatory payout, profit before tax stood at ₹1,295 crore.

The company’s total income rose 50% year-on-year to ₹33,546 crore, reflecting broad-based growth across established and incubating businesses. While the bottom line was impacted by the exceptional item, core operational metrics showed significant improvement. Adani Enterprises Chairman Gautam Adani noted that the commencement of international operations at Navi Mumbai International Airport, toll collections on the Ganga Expressway, and expansion in solar module capacity mark important milestones in the group’s growth journey.

Key Financial Metrics

The following table summarises the key consolidated financial metrics for the quarter:

The divergence between strong top-line growth and the reported net loss underscores the impact of non-operational exceptional items on Adani Enterprises’ financials. Excluding the OFAC settlement, the pre-tax profit remained positive, indicating resilient underlying business performance.

Segment Performance

The Airports segment delivered robust growth, with EBITDA increasing 49% year-on-year to ₹1,633 crore. Aero and non-aero revenues grew by 16% and 53% respectively, driven by the operationalization of Navi Mumbai International Airport (NMIA), which commenced international passenger services on July 15, 2026. The New Energy Ecosystem, however, saw a decline in EBITDA to ₹972 crore from ₹1,212 crore in the prior year, primarily due to higher operating costs linked to increased fuel prices from global volatility.

In the primary industries segment, the Copper business added ₹749 crore to EBITDA as capacity utilization increased to 52%. Integrated Resource Management (IRM) and Mining Services also benefited from improved price realization due to positive global commodity price movements. Meanwhile, the Data Center business signed a new hyperscale order of 400 MW in Vizag, taking cumulative tied-up capacity to over 960 MW.

Capital Market Update

Adani Enterprises completed India’s largest Qualified Institutional Placement (QIP) by a non-financial corporate in July 2026, raising ₹15,000 crore. The issue received bids worth 3.8 times its base size, with participation from a diverse pool of domestic mutual funds and global institutional investors. This capital raise is aimed at supporting the group’s expansion plans and deleveraging efforts, further strengthening its balance sheet amidst aggressive capacity ramp-ups.

Governance and Regulatory Updates

Alongside the financial results, the Board appointed Anju Abrol as an Independent Director for a three-year term, effective July 29, 2026, subject to shareholder approval. Her extensive global banking experience is expected to enhance the company’s governance framework. Statutory auditors Shah Dhandharia & Co LLP issued a modified opinion on the consolidated results due to ongoing legal proceedings involving Mumbai International Airport Limited (MIAL), relating to allegations of fund diversion aggregating ₹845.76 crore. These matters remain pending with no financial adjustments made in the current quarter.