This paper addresses the problem of accurately estimating the mechanical and magnetic state variables as well as the stator and rotor resistances of induction motors using only the stator current measurements and the supplied stator voltages from an appropriate nonlinear parametrization. The involved estimation is carried out by a high gain adaptive observer designed bearing in mind the available fundamental results together with the useful implementation features, namely conception simplicity and computational efficiency. An exponential convergence of the state and parameter estimation errors is established under admissible assumptions, namely the persistent excitation requirement has been particularly reduced thanks to the introduction of unknown parameter characteristic indices. The effectiveness of the adaptive observer is highlighted throughout simulation results involving a typical induction motor.