Press Release May 27, 2026 ADANI ENTERPRISES LIMITED Rating Withdrawn

Product	Quantum (Rs. Cr) (SEBI)	Quantum (Rs. Cr) (Other FSR)	Long Term Rating	Short Term Rating	Regulated By
Commercial Paper (CP)	0.00	2000.00	-	Not Applicable | Withdrawn	RBI
Total Outstanding	0.00	0.00	-	-	-
Total Withdrawn	0.00	2000.00	-	-	-

Note:- For activities or ratings of instruments falling under the purview of Financial Sector Regulators other than SEBI, the grievance / dispute redressal mechanisms and investor protection mechanisms provided by SEBI shall not be available.

Rating Rationale

Acuité has withdrawn the short-term rating on the Rs 2,000.00 Cr. commercial paper facilities without assigning rating of Adani Enterprises Limited. The rating is being withdrawn on account of request received from the company and Nil outstanding confirmation received from Issuer and Paying Agent (IPA). The rating withdrawal is in accordance with Acuité's policy on withdrawal of rating as applicable to the respective facility / instrument.

About the Company

Incorporated in 1993, Adani Enterprises Limited (AEL) is the flagship company of the Adani Group, promoted by Mr. Gautam Adani. It is primarily engaged in integrated resource management (IRM) i.e. coal trading and logistic services and mine development operations (MDO). AEL has a diverse interest as an incubator of various businesses through its direct and stepdown subsidiaries. The registered office of the company is in Gujarat.

About the Group

Adani Group has evolved into a diversified portfolio engaged in diversified businesses such as energy and utility (renewables, transmission and distribution, gas discom, IPP, data centre, solar module manufacturing, wind turbines etc.), transport and logistics (roads, ports and airports), material, metal and mining (copper, PVC, cement etc.),among others.

Unsupported Rating

­Not applicable

Analytical Approach

Extent of Consolidation-Not Applicable

Rationale for Consolidation or Parent / Group / Govt. Support

­Not applicable

Key Rating Drivers

Strengths

­Not applicable

Weaknesses

­Not applicable

ESG Factors Relevant for Rating

­­For the commodity trading industry, green supply chain, GHG emissions, energy efficiency, environmental management and waste management are significant environmental factors. The industry is primarily exposed to social issues such as community support and development, employee safety, employment quality, product quality and human rights. Additionally, key material issues such as product responsibility, product safety, responsible procurement and employee development have a significant impact on the social scores for this industry. The relevant corporate governance factors include anti-competitive behaviour, business ethics, management compensation and board independence. Moreover, board diversity and compensation, audit committee effectiveness, financial audit & control and shareholders’ rights are the other key material issues for this industry.  AEL has a moderate track record in ESG performance with improvement observed in governance and social factors over the last 1-2 years. The company's strength lies in board independence, financial audit and control and community services. The group has seen a few controversies in the recent past but nothing of a serious nature has emerged so far.

Rating Sensitivities

Potential triggers (individual or collective) for an upward rating action:

­Not applicable

Potential triggers (individual or collective) for a downward rating action:

­­Not applicable

Liquidity Position

­­Not applicable

Outlook-Not applicable

­

Other Factors affecting Rating

­None

Key Financials

Particulars	Unit	FY 26 (Actual)	FY 25 (Actual)
Operating Income	Rs. Cr.	100468.61	97894.75
PAT	Rs. Cr.	9950.69	8004.99
PAT Margin	(%)	9.90	8.18
Total Debt/Tangible Net Worth	Times	2.14	3.41
PBDIT/Interest	Times	3.87	3.54

Status of non-cooperation with previous CRA (if applicable)

­Not applicable

Any Other Information

­None

Applicable Criteria

• Application Of Financial Ratios And Adjustments: https://www.acuite.in/view-rating-criteria-53.htm • Commercial Paper: https://www.acuite.in/view-rating-criteria-54.htm • Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm • Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm • Trading Entities: https://www.acuite.in/view-rating-criteria-61.htm

Note on complexity levels of the rated instrument

­In order to inform the investors about complexity of instruments, Acuité has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.

Rating History

Date Name of Instruments/Facilities Term Amount (Rs. Cr) Rating/Outlook 01 Jul 2025 Commercial Paper Program Short Term 2000.00 ACUITE A1+ (Reaffirmed) 28 Nov 2024 Commercial Paper Program Short Term 2000.00 ACUITE A1+ (Reaffirmed) 06 Feb 2024 Commercial Paper Program Short Term 2000.00 ACUITE A1+ (Reaffirmed) 10 Feb 2023 Commercial Paper Program Short Term 2000.00 ACUITE A1+ (Reaffirmed) 27 Jan 2023 Commercial Paper Program Short Term 2000.00 ACUITE A1+ (Reaffirmed)

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*Annexure 2 - List of Entities (applicable for Consolidation or Parent / Group / Govt. Support)

­ Sr No  Name of the entity 1 Adani Enterprises Limited 2 Adani Aerospace and Defence Limited 3 Adani Agri Fresh Limited 4 Ahmedabad International Airport Limited 5 Adani Airport Holdings Limited 6 Adani Bunkering Private Limited 7 Adani Cement Industries Limited  (upto 1st August, 2025)  8 Adani Cementation Limited (upto 1st August, 2025)  9 Adani Defence Systems and Technologies Limited 10 Adani Green Technology Limited 11 Guwahati International Airport Limited 12 Adani Welspun Exploration Limited 13 Agneya Systems Limited 14 Alpha Design Technologies Private Limited (Consolidated) 15 Azhiyur Vengalam Road Limited 16 Badakumari Karki Road Limited 17 Bailadila Iron Ore Mining Limited 18 Bilaspur Pathrapali Road Limited 19 Carroballista Systems Limited 20 CG Natural Resources Private Limited 21 Mundra Solar Limited 22 Adani Water Limited 23 Gare Palma II Collieries Limited 24 Gare Pelma III Collieries Limited 25 Gidhmuri Paturia Collieries Private Limited 26 Jhar Mineral Resources Private Limited 27 Kodad Khammam Road Limited 28 Kurmitar Iron Ore Mining Limited 29 Kutch Copper Limited 30 Mahanadi Mines & Minerals Private Limited 31 Mancherial Repallewada Road Limited 32 MH Natural Resources Private Limited 33 MP Natural Resources Private Limited 34 East Coast Aluminium Limited (Formerly known as Mundra Copper Limited) 35 Mundra Petrochem Limited 36 Mundra Solar Energy Limited 37 Mundra Solar PV Limited 38 Mundra Synenergy Limited 39 Nanasa Pidgaon Road Limited 40 Ordefence Systems Limited 41 Panagarh Palsit Road Limited 42 Parsa Kente Collieries Limited 43 PLR Systems Private Limited 44 Prayagraj Water Private Limited 45 Jaipur International Airport Limited 46 Lucknow International Airport Limited 47 Mangaluru International Airport Limited 48 Adani Metro Transport Limited 49 Adani Naval Defence Systems and Technologies Limited 50 Adani Railways Transport Limited 51 Horizon Aero Solutions Limited 52 Adani Resources Limited 53 Adani Road O&M Limited 54 Adani Road Transport Limited 55 Adani Shiooing (India) Limited 56 TRV (Kerala) International Airport Limited 57 Raiasthan Collieries Limited 58 PRS Tolls Limited 59 Adani Aviation Fuel Services Limited (Formerly known as Sabarmati Infrastructure Services Limited) 60 Adani Global Air Cargo Solutions Limited (Formerly known as Raioutana Smart Solutions Limited) 61 Adani Tradecom Limited 62 Surguja Power Limited (Strike offw.e.f. 20th January 2026) 63 Suryapet Khammam Road Limited 64 Talabira (Odisha) Mining Limited 65 Vijayawada Byoass Proiect Limited 66 Aanya Maritime Inc. 67 Aashna Maritime Inc 68 Adani Australia Pty Ltd 69 Adani Global (Switzerland) LLC (Strike offw.e.f. 15th  October 2025) 70  Adani Global DMCC  71 Adani North America Inc 72 Adani Global Limited 73 Adani Global Pte Limited 74 Adani Global Royal Holding Pte Limited 75 Adani Infrastructure Pty Limited 76 Adani Minerals Pty Limited 77 Adani Mining Pty Limited 78 Adani Global FZE (formerly known as Adani Global FZCO) 79 Adani Renewable Asset Holdings Pty Limited 80 Adani Renewable Assets Holdings Trust 81 Adani Renewable Asset Pty Limited 82 Adani Renewable Asset Trust 83 Adani Rugby Run Finance Pty Ltd 84 Adani Rugby Run Ptv Limited 85 Adani Rugby Run Trust 86 Adani Shinning Pte Limited 87 The Galilee Basin Conservation and Research Fund 88 Galilee Biodiversity Company Pty Limited 89 Galilee Transmission Holding Pty Limited 90 Galilee Transmission Holdings Trust 91 Galilee Transmission Ptv Limited 92 Queensland Ripa Holdings Pty Ltd 93 Queensland Ripa Holdings Trust 94 Queensland Ripa Pty Ltd 95 Queensland Ripa Trust 96 Rahi Shipping Pte Limited 97 Urja Maritime Inc (Strike offw.e.f. 30th November 2026)  98  Vanshi Shinning Pte Limited 99 Whyalla Renewable Holdings Pty Ltd (Strike off w.e.f. 14th  January 2026)  100 Bowen Rail Company Ptv Limited 101 Bowen Rail Operation Pte Limited 102 Mumbai International Airport Limited 103 Navi Mumbai International Airport Private Limited 104 Bhagalpur Waste Water Limited 105 GVK Airport Developers Limited 106 GVK Airport Holdings Limited 107 Adani Data Networks Limited 108 April Moon Retail Limited 109 Adani New Industries Limited (Formerly known as Mundra  Windtech Limited) 110 Astraeus Services IFSC Limited 111 Kutch Copper Tubes Limited (upto 31st October, 2025)  112  Kagal Satara Road Limited 113 Adani Health Ventures Limited 114 Jhar Mining Infra Limited 115 Puri Natural Resources Limited (Strike offw.e.f. 2nd February  2026) 116 Sompuri Natural Resources Private Limited (Strike offw.e.f.  26th March 2026)  117 Sompuri Infrastructures Private Limited 118 Adani Road STPL Limited 119 Adani Road GRICL Limited 120 Adani Global Vietnam Company Limited 121 Vishvapradhan Commercial Private Limited 122 RRPR Holding Private Limited 123 Alwar Alluvial Resources Limited 124 Pelma Collieries Limited 125 Aelius Resources S.A 126 Atharva Advanced Systems and Technologies Limited 127 Sirius Digitech International Limited 128 Tabemono True Aromas Limited 129 IANS India Private Limited 130 Osoree International FZCO 131 Airports Infrastructure PLC (Strike offw.e.f. 25th July 2025) 132 Adani Energy Resources (Shanghai) Co. Ltd 133 Cococart Ventures Limited 134 Aviserve Facilities Limited 135 Aviground Facilities Limited 136 Adani New Industries One Limited 137 Air Works India (Engineering) Private Limited (Conso) (w.e.f. 23rd January 2026) 138 Nagpur Syn-Gas & Chemicals Limited 139 PT Adani Global (Consolidated) (Upto 28th November, 2025)   140 PT Adani Global Coal Trading  141 Unnao Prayagraj Road Limited 142 Whyalla Renewable Holdings Trust (Strike offw.e.f. 14th  January 2026) 143  Whyalla Renewables Pty Ltd (Strike off w.e.f. 14th January  2026) 144 Whyalla Renewables Trust (Strike offw.e.f. 14'h January  2026) 145 Adani Solar USA Inc  146 Adani Solar USA LLC 147 Midlands Parent LLC 148 Oakwood Construction Services Inc 149 Seafront Segregated Portfolio  150  PLR Systems (India) Limited 151 Adani Petrochemicals Limited 152 Adani Digital Labs Limited 153 Bangalore Airport & Infrastructure Developers Limited 154 Budaun Hardoi Road Limited 155 Hardoi Unnao Road Limited 156 Kalinga Alumina Limited (Formerly known as Mundra  Aluminium Limited) 157 Mumbai Travel Retail Limited 158 Bengal Tech Park Limited 159 AMG Media Networks Limited 160 Kutch Fertilizers Limited 161 Alluvial Heavy Minerals Limited 162 Adani Mining Limited (formerly known as Hirakund Natural  Resources Limited) 163 Raigarh Natural Resources Limited 164 Mining Tech Consultancy Services Limited 165 Adani Disruptive Ventures Limited 166 New Delhi Television Limited (Consolidated) 167 Sibia Analytics and Consulting Services Private Limited 168 Armada Defence Systems Limited 169 Stark Enterprises Limited 170 Adani Israel Limited 171 QBML Media Limited (Formerly known as Quintillion  Business Media Limited) 172 Le Marche Dutv Free SAS 173 Global Airports Operator LLC 174 Adani GCC Limited 175 Celeritas International FZCO 176 Semolina Kitchens limited   177 World Plate Collective Cuisines Limited 178 Indore Gujarat Road Limited 179 Cococart Intemational-FZCO 180 StratOne Cybersecurity Limited (formerly known as Adani  Cybersecurity Services Limited) 181 UP Svn-Gas & Chemicals Limited 182 OD Syn Gas & Chemicals Limited 183 PT Energy Resources  184 Smartport City Limited 185 Astraan Defence Limited 186 CG  Syn-Gas & Chemicals Limited 187 Sultangani Sabour Road Limited 188 Adani Ropeways Limited 189 Shri Kedarnath Ropeways Limited 190 Adani Airport Citv Limited 191 MRDP-III Development Limited 192 Flight Simulation Solutions Private Limited(Conso) (w.e.f.  23rd January 2026) 193 CORR Tollways Limited 194 Skyiwave Private Limited (w.e.f. 30th March 2026) 195  Adani Power Resources Limited 196 Comprotech Engineering Private Limited 197 GSPC LNG Limited 198 Noida Data Center Limited 199 Vishakha Industries Private Limited ( upto 31st March 2026) 200 Vishakha Pipes and Moulding Private Limited (formerly  Vishakha Industries) 201 AdaniConnex Private Limited 202 AWL Agri Business Limited (formerly known as Adani  Wilmar Limited) ) (Consolidated) (upto 21st November 2025)   203 Carmichael Rail Development Company Ptv Limited 204 Mumbai Aviation Fuel Farm Facility Private Limited 205 DC Development Noida Limited 206 Cleartrip Private Limited 207 Pune Data Center Limited 208 General Aeronautics Private Limited 209 India Inc Limited 210 Innovant Buildwell Private Limited (formerly Eternus Real  Estate Pvt Ltd) 211 King Power Ospree Pte Limited (Strike off w.e.f. 12th July  2025) 212 Sirius Digitech Limited 213 Paserlabs India Private Limited 214 Brahmaand AI Limited 215 Coredge.io Limited 216 Valor Petrochemicals Limited 217 Cleartrip Packages & Tours Private Limited 218 Adani Renewable Energy Three Limited 219 AdaniConnex Hyderabad Two Limited 220 Flight Simulation Technique Center Private Limited (upto  22nd January 2026) 221 Progressive Pipes Private Limited (upto 31st March 2026)  222 Navi Mumbai Power Transmission Limited 223  Adani Commodities LLP 224 AGHPort Aviation Services Private Limited (w.e.f. 9th  December 2025) 225 Singrauli Syn-Gas & Chemicals Limited 226 Brahmani Barrage Water Limited 227 Munger Sultanganj Road Limited 228 Morsagar Bilaspur Water Limited 229 Adani Skills & Education Limited 230 Indamer Technics Private Limited (w.e.f. 13th February 2026) 231  DP Jain TOT Toll Roads Private Limited (w.e.f. 10th  February 2026) 232  Adani Metals & Minerals FZCO 233 Carmichael Rail Network Trust 234 Mundra Solar Technopark Private Limited 235 Adani Global Resources Pte Limited 236 Adani Total LNG Singapore Pte Limited 237 DC Development Hyderabad Limited 238 Carmichael Rail Asset Holdings Trust 239 Carmichael Rail Network Holdings Pty Limited 240 Pune Data Center Two Limited (Formerly known as Mumbai  Data Center Limited) 241 Mumbai Airport Lounge Services Private Limited 242 Maharashtra Border Check Post Network Limited 243 Unvde Systems Private Limited 244 Carmichael Rail Network Pty Limited 245 DC Development Noida Two Limited 246 Kowa Green Fuel Pte Ltd 247 Support Properties Private Limited 248 Trade Castle Tech Park Private Limited (w.e.f. 2nd December  2025) 249  Giridhari Build Estate Limited (w.e.f. 31st December 2025) 250 Adani Esyasoft Smart Solutions Limited(Consolidated)  251  Coredge.io India Private Limited 252 Kutch Copper Tubes Limited (w.e.f. 1st November 2025) 253 Praneetha Ecocables Limited (upto 2nd March 2026)   254 Vishakha Plastic Pipes Private Limited 255 Granthik Realtors private Limited 256 Terravista Developers Private Limited 257 Aviceda Infra Park Limited 258 MetTube Copper India Private Limited(w.e.f. I st November  2025) 259 Sree Vishwa Varadhi Private Limited (w.e.f. 17th February  2026) 260 Adani-LCC JV

Contacts

Mohit Jain Chief Analytical Officer - Rating Operations Divya Bagmar Analyst - Rating Operations	Contact details exclusively for investors and lenders Mob: +91 8591310146 Email ID: analyticalsupport@acuite.in

List of instruments and names of regulators of the instruments

As required by SEBI Circular (SEBI/HO/DDHS/DDHS-PoD-2/I/4685/2026) dated February 10, 2026, a list of activities or instruments falling under the purview of various Financial Sector Regulators (FSRs), along with the names of respective FSRs, is being disclosed below: A. Rating Activity:   Sr. No. Instrument / activity Name Regulator of the instrument 1 Listed/Proposed to be listed Bonds/Debentures/Preference Shares (all securities) SEBI 2 Unlisted/Proposed to be unlisted Bonds/Debentures/ Preference share (all securities) MCA 3 Listed PTCs / Securitisation Notes (originated by entities regulated by RBI)1 SEBI 4 Listed PTCs / Securitisation Notes (originated by entities not regulated by RBI)1 SEBI 5 Unlisted PTCs / Securitisation Notes (originated by entities regulated by RBI)1 RBI 6 Listed Commercial Paper and NCDs with original maturity less than 1 year RBI 7 Unlisted Commercial Paper and NCDs with original maturity less than 1 year RBI 8 Loan Facilities (Fund/Non-Fund Based) from Bank / NBFCs/ NHB/ FIs 2 RBI 9 External Commercial Borrowings and other similar borrowings RBI 10 Certificates of Deposit RBI 11 Fixed Deposits raised by NBFCs, Banks, HFCs, FIs RBI 12 Fixed Deposits raised by corporates other than NBFCs, Banks, HFCs, FIs MCA 13 Inter Corporate Deposits/Loans extended by Corporates MCA 14 Borrowing programme 3 - 15 Issuer Ratings 4 - 16 Credit Ratings for Capital Protection Oriented Schemes (by Mutal Funds and AIFs) SEBI 17 Credit quality ratings (CQRs) for Mutual Fund Schemes and Schemes of AIFs SEBI 18 Listed Security Receipts SEBI 19 Unlisted Security Receipts RBI 20 Independent Credit Evaluation (ICE) RBI 21 Expected Loss Ratings (For Loan Facilities [Fund/Non-Fund based] from Banks/NBFCs/NHB/FIs) RBI 22 Expected Loss Ratings (Listed / Proposed to be listed Bonds / Debentures / Preference Shares (all securities)) SEBI 23 Expected Loss Ratings (Unlisted / Proposed to be unlisted Bonds/ Debentures / Preference Shares (all securities)) MCA 24 Unlisted PTCs / Securitisation Notes (originated by entities not regulated by RBI) 1 Investor-side Regulator such as IRDAI, PFRDA 5   1 Includes securitisation transactions involving assignee payout, acquirer's payout. 2 Includes bank facilities such as liquidity facility, second loss facility that are part of securitisation transactions. 3 The rated instrument may involve issuance of different instruments such as debt securities (listed or otherwise), bank loans, commercial paper (listed or otherwise), etc. The regulator of the instrument may accordingly be SEBI, RBI or MCA and can only be determined upon issuance. In Press Release(s) subsequent to issuance(s), Acuite shall separately capture the rated quantum details along with names of respective regulators. 4 There is no instrument being rated and hence, Regulator of the Instrument is not applicable. The rating scale and definitions are being followed as stipulated in SEBI Master Circular for CRAs. 5 These ratings were assigned during regulatory regime prior to the introduction of SEBI CRA Circular dated Feb 10, 2026 and accordingly, investor side regulators have been included.   B. Other activities:   Sr. No. Activity Name Regulator of the activity 1 Monitoring Agency SEBI 2 Research activities, incidental to rating, such as research for Economy, Industries and Companies 6 Not applicable 6 permitted by SEBI vide SEBI Master Circular for CRAs. Disclosure on instruments / activities and names of regulators: A list of products/activities or ratings of instruments falling under the purview of various financial sector regulators (FSRs) along with the names of respective FSRs has also been duly disclosed by Acuite on its website. A link to the same has been provided below for ready reference: https://acuite.in/Activities-and-Regulators.html   About Acuité Ratings & Research­ Acuité is a full-service Credit Rating Agency registered with the Securities & Exchange Board of India (SEBI). The company received RBI Accreditation as an External Credit Assessment Institution (ECAI) for Bank Loan Ratings under BASEL-II norms in the year 2012. Acuité has assigned ratings to various securities, debt instruments and bank facilities of entities spread across the country and across a wide cross section of industries. It has its Registered and Head Office in Kanjurmarg, Mumbai. Disclaimer: An Acuité rating does not constitute an audit of the rated entity and should not be treated as a recommendation or opinion that is intended to substitute for a financial adviser's or investor's independent assessment of whether to buy, sell or hold any security. Ratings assigned by Acuité are based on the data and information provided by the issuer and obtained from other reliable sources. Although reasonable care has been taken to ensure that the data and information is true, Acuité, in particular, makes no representation or warranty, expressed or implied with respect to the adequacy, accuracy or completeness of the information relied upon. Acuité is not responsible for any errors or omissions and especially states that it has no financial liability whatsoever for any direct, indirect or consequential loss of any kind, arising from the use of its ratings. Ratings assigned by Acuité are subject to a process of surveillance which may lead to a revision in ratings as and when the circumstances so warrant. Please visit our website (www.acuite.in) for the latest information on any instrument rated by Acuité. Please visit https://www.acuite.in/faqs.htm to refer FAQs on Credit Rating. Note: None of the Directors on the Board of Acuité Ratings & Research Limited are members of any rating committee and therefore do not participate in discussions regarding the rating of any entity.