Adani Group: Potential Resolution of U.S. Cases Could Remove Key Overhang; F4Q/FY26 Execution Supports Fundamentals Are Strong

Research evidence excerpt

Adani Group: Potential Resolution of U.S. Cases Could Remove Key Overhang; F4Q/FY26 Execution Supports Fundamentals Are Strong

Infrastructure

EQUITY RESEARCH Industry Report

May 14, 2026

Adani Group: Potential Resolution of U.S. Cases Could

Companies mentioned

Ticker Price Rating Target Remove Key Overhang; F4Q/FY26 Execution Supports

ACEM.IN INR438.40 Overweight INR621.00 Fundamentals Are Strong

ADANI.IN INR213.87 Overweight INR175.00

ADANIENS.ININR1,318.20OverweightINR1,198.00 Takeaways

ADANIGR.ININR1,366.70OverweightINR1,570.00

Bloomberg reported today that U.S. authorities are working toward a ADE IN INR2,498.00OverweightINR2,630.00

ADSEZ.ININR1,737.80OverweightINR1,719.00 potential resolution of the fraud charges against Gautam Adani, with the

DOJ possibly dropping the criminal case as early as this week and the SEC

Research Analysts: moving to settle the parallel civil case, likely with a monetary penalty. If

Manish A. Somaiya finalized, we view this as a meaningful positive catalyst for Adani Group

212-915-1051

Manish.Somaiya@Cantor.com equities because it would remove a major legal/governance overhang,

improve access to international capital markets, and allow investors to

refocus on execution, funding, and growth across the listed platforms.

The news comes after a broadly constructive F4Q/FY26 reporting cycle

across the group. The key message from the results was of continued

infrastructure execution: AESL scaled transmission and smart meters;

AGEL delivered strong capacity growth; APL improved EBITDA conversion

and contracted visibility; APSEZ beat guidance and scaled international/

logistics/marine; AEL continued to shift EBITDA toward core infrastructure;

and Ambuja moved into a utilization/cost-out phase.