The Adani group reduced aggregate share pledges by ~Rs 60 bn to ~Rs 320 bn in April 2020, the first such instance of meaningful repayment of underlying debt for years. The group can halve aggregate share pledges from peak Rs 400-bn levels with the remaining proceeds from stake-sale transactions. Past history of outperformance and the current healthy balance sheet comfort against a testing FY21E. We cut estimates to bake in the impact of Covid-19 disruption and lower fair value to Rs 410 (from Rs 460). Retain 'buy'. Adani Ports has seen reduction of share pledges worth Rs 58 bn aggregated across ports, transmission and enterprises on repayment of underlying debt. This has driven a meaningful decline in aggregate share pledges closer to Rs 300 bn versus Rs 400 bn that have sustained over the past two years.