Adani Energy Solutions Ltd · NSE:ADANIENSOL
Adani Energy Solutions — Investor Presentation (January 2026)
41 slides from Adani Energy Solutions's investor presentation, January 2026
Slide 1: Adani Energy Solutions Limited Investor Presentation January 2026
Adani Energy Solutions Limited Investor Presentation | January 2026
Slide 2: Contents
Contents 1 Executive Summary 2 Investment Highlights 3 ESG Annexures STRICTLY CONFIDENTIAL
Slide 3: Executive Summary
1 Executive Summary STRICTLY CONFIDENTIAL
Slide 4: India | Colossal Growth Opportunity
India | Colossal Growth Opportunity Key Highlights: Fastest growing economy + large consumer base…. …needs critical infra in transport and logistics Fastest Growing Large Economy Large Consumer Base Under penetration of Air Travel High logistics cost G20 Real GDP CAGRs, 2014 to 2024 (%) Top 10 Count
Slide 5: India | Electricity Sector – Multi-decade Investment Opportunity
India | Electricity Sector – Multi-decade Investment Opportunity Growth in Indian Electricity Sector Adani’s role in powering India India’s Electricity Sector 5% 11% CAGR ✓ Adani Portfolio has market leading position across entire energy value chain (In GW) 1,000 One of the fastest growing electrici
Slide 6: Adani Portfolio: A World Class Infrastructure & Utility Portfolio
Adani Portfolio: A World Class Infrastructure & Utility Portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Other Incubator Materials, Metal Energy & Utility Transport & Logistics Specialty & Mining (73.97%) (62.43%) (74.96%) (68.02%) (67.64%)4 AEL1 AGEL APL APSEZ3 Ports & Lo
Slide 7: AESL: Business Update
AESL: Business Update Segment Our Current Capability And Reach Key Contractual & Regulatory Strength Growth Potential • 29 Transmission assets under fixed tariff framework and 5 Transmission assets under • Concession life → 35 Years • ₹ 1 lakh Cr ($ 11.1 Bn) near term tendering cost-plus (RAB) frame
Slide 8: India's Largest Utility Infrastructure Platform
AESL: India’s Largest Utility Infrastructure Platform Pan India Footprint Key Asset Details Key Financial Metrics Transmission 9M FY26 FY25 Operational Transmission Assets # 32 # 13 $2,306^ Mn $2,858^ Mn Under Construction Transmission Assets Operational Total Income Total Income U/C: 7,959 ckms Dis
Slide 9: Transmission Capex and Smart Meter Installation Turbocharged
AESL: Transmission Capex and Smart Meter Installation Turbocharged in FY25 and 9MFY26 Capex delivery has doubled $ 5.1 Bn New order wins in FY25 Transmission FY24 Capex : ₹ 5,613 Cr ($ 0.7 Bn) FY25 Capex : ₹ 11,444 Cr ($ 1.3 Bn) 2x Growth in capex Industry Tendering : ₹ 161,540 Cr ($ 18.9 Bn) AESL O
Slide 10: AESL: Key Investment Highlights
AESL: Key Investment Highlights Key Investment Highlights 1 Low Risk and Stable • 35 Year concession life of transmission assets with availability-based Tariff structure • 25 Year license for distribution assets with RAB based returns & pass-through O&M costs Regulated Infra business 10 Year contrac
Slide 11: Investment Highlights
2 Investment Highlights STRICTLY CONFIDENTIAL
Slide 12: Stable Regulatory Framework: Driving Lower Risk
1 Stable Regulatory Framework: Driving Lower Risk Anchored with Uniform Infrastructure Business Electricity Act 2003 ROA - Transmission Distribution TBCB - Transmission Section 62 (ROA) Fixed Return Method - Multi Year (5 yr) Tariff Section 63 (TBCB) Tariff Method – Concession Period Basis • Long li
Slide 13: Adani Execution Engine: Project Management & Assurance Group (PMAG)
2 Adani Execution Engine: Project Management & Assurance Group (PMAG) Institutionalised Project Execution Demonstrated on-ground Capex Delivery Adani Infra (India) Limited | ITD Cementation India Ltd. | PSP Projects Ltd. $56 Bn Cumulative capex during by Adani Portfolio FY20 - FY25 Origination Site
Slide 14: Execution: Transmission Execution Excellence – Case Studies 1 & 2
2 Execution: Transmission Execution Excellence – Case Studies 1 & 2 India’s largest 765 kV TBCB Transmission Project → Warora Kurnool Mundra Mohindergarh ± 500kV Bipolar HVDC Project Transmission Line (WKTL) 1,756 ckms 140 ckms/ month 1,980 ckms 2,500 MW Transmission Line Length Average rate of stri
Slide 15: Execution: Mumbai Distribution Business - Acquisition and Turnaround - Case Study 3
2 Execution: Mumbai Distribution Business - Acquisition and Turnaround - Case Study 3 ✓ Uptick in regulated capex ($ Mn) RAB ($ Mn) – Low capex pre-acquisition on account of liquidity constraints Post-acquisition 185 191 1,017 1,116 Projection – Investment in capex resulting in asset hardening → sup
Slide 16: Operations: Digitally Enabled Operations Delivering High System Availability
3 Operations: Digitally Enabled Operations Delivering High System Availability • Real time monitoring of operating assets across 14 states through Energy Network Operations Center (ENOC) at Ahmedabad • Leveraging ENOC capabilities with real-time alerts, 24x7 EHV station operations, weather forecast
Slide 17: Operations: Key Digital Initiatives
3 Operations: Key Digital Initiatives LiDAR & Satellite Based Route Survey & Metal Price Intelligence Asset Health Index & Alarm Analytics Optimization Virtual Agents Energy Network Empirical Price Other IT Systems (Prompts Operations Index Forecast MDM, GIS Engineering) Centre (ENOC) Real time data
Slide 18: Locked in Growth: Transmission & Smart Meters
4 Locked in Growth: Transmission & Smart Meters Transmission Network (in ckms) Smart meters installed (in Mn) 1,200 27,901 Upcoming Untapped 2,400 890 Bidding 14.5 24.6 market 3,003 pipeline of opportunity 19,224 1,184 of $11.1 Bn to be 7.9x 103 Million 7.0 vs FY25 tendered in (6.1 Mn the next insta
Slide 19: Addressable Market: Huge Untapped Growth Across All Line of Businesses
5 Addressable Market: Huge Untapped Growth Across All Line of Businesses Market Positioning and Sectoral Developments are Favorable for AESL Transmission Distribution Smart Metering Cooling Solutions and C&I • Untapped market of 103 million smart Cooling Solutions • DISCOM privatization picking up p
Slide 20: Capital Structure: Prudent Capital Management Through Business Life Cycle
6 Capital Structure: Prudent Capital Management Through Business Life Cycle AESL is the only private sector transmission and distribution company in India with International IG Rating – Long life contracted assets with sovereign counterparties in a stable regulatory regime (Transmission: 35-year con
Slide 21: Capital Structure: Internal Accruals Exceeds Debt Maturities
6 Capital Structure: Internal Accruals Exceeds Debt Maturities All figures in $ Mn FFO for FY25 906 10 years of debt refinancing/maturity profile FFO + Cash Balances – 1,591 605 (273) (27) 997 EBITDA Finance Tax Paid FFO 673 686 Cost 837 1,591 370 57% 241 571 548 FFO – 605 118 161 149 86 285 84 86 3
Slide 22: Capital Structure: Continuously Improving Credit Profile with Deep Rating Coverage
6 Capital Structure: Continuously Improving Credit Profile with Deep Rating Coverage 3% 1% 1% 10% Global Domestic IG AAA - AA+ Rating Track 41% 39% April April April BB+ AA – AA- Record 2019 58% 2023 58% 2025 6 89% BB- A Category BBB+ - Below years 97% rated above “AA-” 99% rated above “AA-” 99% rat
Slide 23: ESG
3 ESG STRICTLY CONFIDENTIAL
Slide 24: AESL: Assurance Backed ESG Framework
AESL: Assurance Backed ESG Framework Guiding principles IFC E&S United Nations UN Sustainable Integrated Reporting SLB Performance Global Compact Development Goals framework Principles Guiding Standards Policies principles Disclosure Standards TCFD TNFD GRI Standards CDP disclosure BRSR GHG Protocol
Slide 25: AESL: ESG Ratings, Awards and Recognition
AESL: ESG Ratings, Awards and Recognition Strong ESG Ratings ESG Ratings AESL’s Rating DJSI-S&P Global Corporate S&P CSA score as of December 2025: 81*/100 vs 73/100 (Nov 2024), and significantly better than average Global Electric Utility Sustainability Assessment score of 41/100 and ESG Risk Ratin
Slide 26: AESL: ESG Commitments & Targets
AESL: ESG Commitments & Targets ESG Commitments − To maintain our position in the top 10 percentile ESG ratings within global electric utilities (S&P CSA) − To purchase RE power at AEML 60% by FY27 (committed under SLB framework) & 70% RE sources by FY30 − To reduce Emission intensity (tCO2e/ EBITA)
Slide 27: AESL: Board of Directors and Management Overview
AESL: Board of Directors and Management Overview 100% Chaired Chaired IDs by by Board of Directors IDs NID Statutory Committees Independent Directors 40% - Audit 🗹 Comprised of only - Nomination & 🗹 Independent Directors Remuneration - Stakeholder Relationship 🗹 100% of Statutory Committees -…
Slide 28: Thank You
Thank You STRICTLY CONFIDENTIAL
Slide 29: Annexures
Annexures STRICTLY CONFIDENTIAL
Slide 30: Historical Financials | Profit and Loss Account
AESL: Historical Financials | Profit and Loss Account CAGR Particulars Unit FY22 FY23 FY24 FY25 (FY22-25) 9MFY26 FY25 Insights Operating Metrics Transmission Lines Ckms 18,795 19,779 20,509 26,696 12% 27,901 Units Sold (AEML + MUL) Profit and Loss Statement Mn Units 7,972 9,050 10,574 11,506 13% 9,0
Slide 31: Historical Financials | Balance Sheet
AESL: Historical Financials | Balance Sheet Particulars Unit FY22 FY23 FY24 FY25 1HFY26 Assets FY25 Insights Non-Current Assets Gross Fixed Assets (Incl. CWIP) USD Mn 5,517 5,717 6,210 6,571 6,571 (1,342) [-] Accumulated Depreciation Net Fixed Assets (Incl. CWIP) USD Mn USD Mn (857) 4,661 (985) 4,73
Slide 32: Operational Performance
AESL: Operational Performance Transmission Lines1 Transformation Capacity1 System Availability (in circuit kilometers) (in Mega Volt-Amperes) (in %) 27,901 26,696 99.9% 1,18,175(2) 99.8% 99.7% 99.7% 99.6% 99.7% 99.7% Transmission 20,509 18,795 19,779 90,236 17,276 14,740 57,011 46,001 40,001 30,905
Slide 33: AESL: Financial Performance
AESL: Financial Performance Operational Revenue Operational EBITDA (in $ Mn) (in $ Mn) 1,988 764 1,705 1,537^ 651 683 598^ 1,480 558 576 615 1,358 1,343 538 1,203 485 413 433 510 379 359 424 395 442 380 350 392 329 1,430 1,066 1,047 1,220 167 999 823 919 209 226 223 256 241 254 59 52 FY20 FY21 FY22
Slide 34: AESL: Operational Excellence
AESL: Operational Excellence Availability-based payments translates operational excellence into maximum visibility on revenue visibility Benchmark ATSOL Obligor Group USPP 99.97% 99.3% 99.8% 99.8% 99.9% 99.9% 99.9% 99.8% 99.7% 99.7% 99.8% 99.9% 99.9% 99.9% 99.9% 99.9% 99.95% 100.0% 98.6% 98.7% 99% 9
Slide 35: Diversified Asset Base across Key Business Segments
AESL: Diversified Asset Base across Key Business Segments Transmission Distribution Smart Meters Section 63 Section 62 10 Contracts AEML, Mumbai MUL, Mundra (Fixed tariff11) (RAB based Assets) (24.6 Mn Meters) 40 Assets 7 Assets License Area → 400 sq km License Area → 85 sq km Contract Value ₹ 295 B
Slide 36: Asset Portfolio: Presence Across the Country
Asset Portfolio: Presence Across the Country 16 27,901 1,18,175(1) States Ckt km MVA MUL (8 5 sq km) (distinct states Transmission Transmission MUL (85 sq km) including smart metering business) Line Capacity No Operational Ckt Kms 26 KTL 9 1 MEGPTCL 1,217 27 KVTL 74 2 ATIL (3 lines) 3,834 28 KBTL 21
Slide 37: Operational Asset Portfolio as of December 2025
AESL: Operational Asset Portfolio as of December 2025 Transmission Transformation Contract Sr No. Projects Name Transmission Line (Asset Details) Line Length Capacity (MVA) Type (ckm) 1 Adani Transmission India Limited (ATIL) Mundra – Dehgam, Mundra – Mohindergarh and Tiroda – Warora 3,834 6,630 ROA
Slide 38: Transmission Under-construction Asset Portfolio as of December 2025
AESL: Transmission Under-construction Asset Portfolio as of December 2025 Transmission Line Transformation Contract Levelized Tariff / Sr No. Projects Name Transmission Line (Asset Details) Length (ckm) Capacity (MVA) Type Billing ($ Mn) 1 Adani Electricity Mumbai Infra Limited (AEMIL – HVDC)# HVDC
Slide 39: Smart Metering Under-construction Portfolio as of December 2025
AESL: Smart Metering Under-construction Portfolio as of December 2025 Smart Meters Revenue Potential Contract Period Contract Month of Sr No. Projects Name Coverage Area Qty (Mn) ($ Mn) (months) Type Award Sept & Oct’22 1 Brihanmumbai Electric Supply & Transport Undertaking (BEST) Mumbai (BEST Circl
Slide 40: Disclaimer
Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Adani Energy Solutions Limited (“AESL”),the future outlook and growth prospects, and
Slide 41: Thank You
Thank You STRICTLY CONFIDENTIAL
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