The December quarter of FY25 saw major institutional investors reshuffling their portfolios across Adani Group companies, with India's largest domestic institutional investor making strategic adjustments to its holdings.

LIC Portfolio Adjustments

Life Insurance Corporation of India made notable changes to its Adani Group investments during Q3 FY25. The PSU insurer reduced its ownership in Adani Enterprises by 52 basis points to 3.64% and booked profits in Adani Ports, with its stake declining from 7.73% to 6.79% quarter-on-quarter.

Conversely, LIC increased its position in ACC, raising its stake by 56 basis points from 9.95% to 10.51%. The insurer maintained largely unchanged positions in Adani Energy, Adani Green, Adani Total Gas, and Ambuja Cements.

GQG Partners' Strategic Moves

GQG Partners, led by NRI Rajiv Jain and one of the largest foreign institutional backers of the Ahmedabad-based conglomerate, also booked profits during the quarter. The firm significantly reduced its Adani Ports holdings from 3.49% to 2.27% and marginally decreased its Adani Power stake to 1.53%.

Besides these adjustments, GQG maintains positions in Adani Energy, Adani Enterprises, and Adani Green.

Broader Institutional Investment Patterns

Across the Adani Group portfolio, foreign institutional investors reduced holdings in five out of nine companies, excluding Sanghi Industries for which data was not yet available. FII ownership declined in:

• Adani Enterprises
• Adani Ports
• Adani Total Gas
• Ambuja Cements
• NDTV

However, FII holding in ACC increased by 94 basis points to 5.99%, with buying also observed in Adani Energy, Adani Green, and Adani Power.

Mutual funds demonstrated a different strategy, booking profits in ACC and Adani Ports while increasing ownership in six companies: Adani Energy, Adani Enterprises, Adani Green, Adani Power, Adani Total Gas, and Ambuja Cements.

Group Performance and Financial Metrics

The Adani Group's market capitalization grew 10.60% to ₹14.60 lakh crore in calendar year 2025, with Adani Ports, Adani Power, and Adani Energy leading performance with double-digit gains of up to 35%.

The conglomerate achieved record EBITDA of ₹47,375 crore in the first half of FY26, pushing trailing twelve-month EBITDA to ₹92,943 crore, representing an 11.20% year-on-year increase. The group's return on assets stood at 15.10% despite substantial capital work in progress for new assets.

Future Growth Initiatives

Adani Enterprises completed a ₹25,000 crore rights issue last month to strengthen its capital base and support future growth initiatives. Ventura Securities projects consolidated revenue and EBITDA growth at a CAGR of 17.40% and 18.70% respectively, with EBITDA margins expected to widen by 48 basis points to 15.00%.

The group plans to list key businesses including airports and Adani New Industries by FY31, mirroring its successful FY16-20 value-unlocking cycle. Antique recently initiated coverage on Adani Power with a buy rating and target price of ₹187.00, valuing the stock at 15x FY28E EBITDA.

Adani Enterprises has formally notified stock exchanges about its upcoming Board of Directors meeting scheduled for February 3, 2026. The meeting will focus on considering and approving the company's unaudited financial results for both the quarter and nine months ended December 31, 2025.

Board Meeting Details

The announcement was made on January 20, 2025, in compliance with Regulation 29 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The board will review both standalone and consolidated financial results for the third quarter of FY26.

Trading Window Restrictions

In accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015 and the company's Code of Conduct, Adani Enterprises has implemented a trading window closure for dealing in its securities. The restriction period extends from January 1, 2026 until 48 hours after the results are declared and made public on February 3, 2026.

Investor Conference Call

The company will conduct investor and analyst calls on February 3, 2026 to discuss the financial results and provide business outlook insights. The conference call is scheduled for 17:00 hours India Standard Time and will feature key management personnel.

Management Participation

Senior executives participating in the investor call include:

• Mr. Robbie Singh - Chief Financial Officer, Adani Enterprises
• Mr. Vinay Prakash - Director, Adani Enterprises and CEO, Natural Resources
• Mr. Arun Bansal - Chief Executive Officer, Adani Airport Holdings
• Mr. Rajesh Poddar - Chief Financial Officer, Adani Airport Holdings
• Mr. Manan Vakharia - Head of Finance, Adani Enterprises
• Mr. Jitendra Khyalia - Investor Relations, Adani Enterprises

Call Access Information

The conference call will be accessible through multiple channels to accommodate domestic and international participants.

The announcement, signed by Company Secretary & Joint President (Legal) Jatin Jalundhwala, has been uploaded on the company's official website at www.adanienterprises.com for stakeholder reference.