Monitoring Agency Report

29th July 2026 BSE Limited National Stock Exchange of India Limited P J Towers, Exchange plaza, Dalal Street, Bandra-Kurla Complex, Mumbai – 400001. Bandra (E), Mumbai – 400051. Scrip Code: 512599 Scrip Code: ADANIENT Dear Sir / Madam, Sub: Monitoring Agency Report for the quarter ended on 30th June, 2026 Ref: Funds raised through issue of equity shares on Rights basis 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 Monitoring Agency Report for the quarter ended on 30th June, 2026, issued by CARE Ratings Limited, duly reviewed by the Audit Committee of the Company is enclosed herewith. Kindly take the above on your records. Thanking you, Yours faithfully, For Adani Enterprises Limited Jatin Jalundhwala Company Secretary & Joint President (Legal) Membership No.: F3064 Encl: As above Adani Enterprises Limited Tel + 91 79 2656 5555 “Adani Corporate House”, Fax + 91 79 2555 5500 Shantigram, Near Vaishno Devi Circle, investor.ael@adani.com S. G. Highway, Khodiyar www.adanienterprises.com Ahmedabad 382 421 Gujarat, India CIN: L51100GJ1993PLC019067 Registered Office : “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421 Draft Monitoring MoAngei tnocryin Rge pAogret ncy Report No. CARE/ARO/GEN/2026-27/1104 The Board of Directors Adani Enterprises Limited Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad 382421 Gujarat, India July 29, 2026 Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Rights Issue of Adani Enterprises Limited (“the Company”) We write in our capacity of Monitoring Agency for the Rights Issue of 13,85,01,687 equity shares for the amount aggregating to Rs. 24,930.30 crore of the Company and refer to our duties cast under section 173A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended June 30, 2026 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated November 05, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Palak Vyas Associate Director palak.gandhi@careedge.in Report of the Monitoring Agency Name of the issuer: Adani Enterprises Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: No (b) Range of Deviation: NA Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board. Signature: Name and designation of the Authorized Signatory: Palak Vyas Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : Adani Enterprises Limited Name of the promoter : Gautam S. Adani and Rajesh S. Adani Industry/sector to which it belongs : Diversified 2) Issue Details Issue Period : November 25, 2025 to December 11, 2025 Type of issue (public/rights) : Right Issue Type of specified securities : Equity Shares IPO Grading, if any : Not applicable Issue size (in crore) : Rs. 24,930.30# #Rounded off to two decimal places 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for preparation Monitoring Agency Board of Directors of report During Q3FY26, AEL has received The Board of Directors Rs. 12,465.15 crore and utilized noted that there are no Rs. 8,097.56 crore. deviations, and the During Q4FY26, AEL has received funds which have been Rs.12,387.17 crore and utilized utilized till date were Whether all utilization is as per the disclosures in the Offer CA Certificate*, Bank statement, Offer Yes Rs. 14,572.17 crore as per the utilized for the purpose Document? Document object clause. stated in the Offer During Q1FY27, AEL has received document. Rs. 21.94 crore and utilized Rs. 2,204.53 crore as per the object clause. Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer NA NA NA NA Document? Whether the means of finance for the disclosed objects of the No change in means of finance for No Offer Document Nil issue have changed? the objects of the issue Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for preparation Monitoring Agency Board of Directors of report Is there any major deviation observed over the earlier No NA NA NA monitoring agency reports? All government/statutory Whether all Government/statutory approvals related to the Yes Offer Document approvals are in place as verified Nil object(s) have been obtained? from the offer document No such arrangements required Whether all arrangements pertaining to technical NA Not applicable as verified from the offer NA assistance/collaboration are in operation? document Are there any favorable/unfavorable events affecting the CA Certificate*, Bank statement and No such favorable/unfavorable No Nil viability of these object(s)? Management Certificate events No information available that can Is there any other relevant information that may materially CA Certificate*, Bank statement and No affect decision making of Nil affect the decision making of the investors? Management Certificate investors * Chartered accountant certificate from M/s Shah Dhandharia & Co. LLP, vide its CA certificate dated July 27, 2026. #Where material deviation may be defined to mean: a) Deviation in the objects or purposes for which the funds have been raised b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents. 4) Details of objects to be monitored: (i) Cost of objects – Source of information / Comments of [Showing first 8,000 characters — download PDF for full document]