Adani Power Limited · NSE:ADANIPOWER
Adani Power — Q4 FY26 Earnings Presentation
36 slides from Adani Power's earnings presentation, Apr 29, 2026
Slide 1: Exchange intimation letter for results presentation
April 29, 2026 BSE Limited National Stock Exchange of India Limited Floor 25, P J Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 533096 Scrip Code: ADANIPOWER Dear Sirs, Sub.: Results Presentation for Post Results Conference Call
Slide 2: Earnings Presentation – Q4 FY26
Adani Power Limited Earnings Presentation – Q4 FY26 | April 2026
Slide 3: Consolidated operating highlights for Q4 and FY26
APL: Consolidated operating highlights for Q4 and FY26 O&M Availability (%) Generation Performance Dispatch Performance Sales Volume Mix (%) (PLF %) (BU) 93% 74% +3.4% Merchant/ Short Term Contracted (PPA) 91% 91% 74% 89% 71% 67% 99.1 95.9 19% 21% 21% 21% +3.2% 79% 81% 79% 79% 26.4 27.2 Q4FY25 Q4FY2
Slide 4: Consolidated financial highlights for Q4 and FY26
APL: Consolidated financial highlights for Q4 and FY26 INR Crores Continuing Revenue Continuing EBITDA Profit After Tax 56,473 55,583 12,971 12,750 21,575 21,285 4,271 14,522 15,059 5,098 5,573 2,599 Q4FY25 Q4FY26 FY25 FY26 Q4FY25 Q4FY26 FY25 FY26 Q4FY25 Q4FY26 FY25 FY26 Stable revenues despite lowe
Slide 5: 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 Power Limited (“APL”) and its subsidiaries , associates, and joint ventures (c
Slide 6: Contents
Contents 1 About Adani Portfolio 2 About Adani Power Limited (APL) 3 APL Quarterly Performance Highlights 4 Debt Profile 5 Progress in Capacity Expansion Projects 6 ESG Practice at APL 7 APL: Investment Case Home outline Hamburger Menu Icon with 5 solid fill
Slide 7: About Adani Portfolio
adani Power About Adani Portfolio
Slide 8: 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 (74.67%) (62.43%) (74.96%) (68.02%) (67.64%)2 AEL AGEL APL APSEZ Ports & Logi
Slide 9: Adani Portfolio: Best-in class growth with national footprint
Adani Portfolio: Best-in class growth with national footprint All figures in INR cr Predictable, high and rising free cash flow National footprint with deep coverage Tax paid EBITDA Finance cost paid 92,943 CAT (FFO) 65,016 (70%) EBITDA 24,870 12,784 AEL (51%) 22,819 APSEZ (25%) Adani’s Core Infra.
Slide 10: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment DEVELOPMENT1 OPERATIONS CONSUMERS 2 New C.E.O. Adani Infra (India) Limited | Cemindia Projects Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Constructi
Slide 11: About Adani Power Limited (APL)
2 About Adani Power Limited (APL)
Slide 12: India's Largest Private Base Load Power Company
Adani Power Limited (“APL”): India’s Largest Private Base Load Power Company India’s largest private sector thermal IPP portfolio Asset Details Key Financial Metrics Operating Metrics Q4 FY26 FY26 Mirzapur Kawai 1,600 MW Mirzapur Thermal Energh (UP) 18,150 MW ₹15,989 Cr ₹57,865 Cr 1,320 MW + 3,200 P
Slide 13: High Quality Present Portfolio Mix
High Quality Present Portfolio Mix: Poised to Meet India’s Base Load Demand Operating Capacity Locked-in Capacity Target Capacity 131,2 18,150 + 13 23,720 = 17 41,870 Assets MW Projects MW Assets MW Asset Type Asset Type Asset Type 60% 40% 100% 83% 17% Organic Inorganic Organic Inorganic Organic Ino
Slide 14: Coal is Critical for India's Base load power needs
1 Coal is Critical for India’s Base load power needs: Strong growth potential as India Catches Up Electricity Consumption per capita across states (kWh) 4x Power Demand in next 2 decades Thermal PPA surge by State Discoms Per capita power Per capita GDP 6,400 BU Coal allocations to State State Popul
Slide 15: APL Quarterly Performance Highlights
3 APL Quarterly Performance Highlights
Slide 16: Business Updates for Q4 FY26
APL: Business Updates for Q4 FY26 1,600 MW • APL awarded PPA of 1,600 MW (gross) capacity for a period of 25 years by Maharashtra DISCOM under Design, Build, (Gross Capacity) Finance, Own, Operate mode, to be supplied from a greenfield 1,600 MW Ultra-supercritical thermal power project New PPAs 600
Slide 17: Growth potential from rising power demand fully realised
APL: Growth potential from rising power demand fully realised O&M Availability PLF Generation (BU) Sales (BU) 91% 93% 91% 89% 102.2 104.9 99.2 74% 74% 95.9 71% 67% 28.1 26.4 29.0 27.2 Q4 FY25 Q4 FY26 FY25 FY26 Q4 FY25 Q4 FY26 FY25 FY26 Power Demand in key States (BU)* 201.8 202.9 151.9 156.6 130.4 1
Slide 18: Resilience of business model reflected in stable revenues and robust profitability
APL: Resilience of business model reflected in stable revenues and robust profitability Particulars (Rs. in Crores) Unit Q4 FY26 Q4 FY25 % Change FY26 FY25 % Change Installed Capacity (MW) MW 18,150 17,550 3.4% 18,150 17,550 3.4% Power Sales Volume (MU) MU 27,202 26,361 3.2% 99,148 95,884 3.4% Conti
Slide 19: Consistent improvement in EBITDA delivering free cashflow for growth
APL: Consistent improvement in EBITDA delivering free cashflow for growth Reported Total Revenues (₹ Crore) Reported PAT (₹ Crore) 20,829 60,281 58,906 57,865 12,750 12,971 10,727 43,041 31,686 4,912 27,842 28,150 1,270 -2,275 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Rep
Slide 20: Revenue Bridge
APL: Revenue Bridge INR Crores Growth in Revenues Q4 FY25 to Q4 FY26 122 930 415 13 15,989 15,059 15,059 14,536 14,522 Q4 FY25 Reported One-time income (Q4 Q4 FY25 Continuing Changes in volume Change in Continuing Q4 FY26 Continuing One-time income (Q4 Q4 FY26 Reported Revenue FY25) Revenue and rate
Slide 21: EBITDA Bridge
APL: EBITDA Bridge INR Crores Growth in EBITDA Q4 FY25 to Q4 FY26 415 122 32 93 926 13 6,498 5,111 5,098 5,573 Q4 FY25 Reported One-time income FY25 Continuing Changes in volume Change in Change in fuel cost Change in Q4 FY26 Net One-time Q4 FY26 Reported EBITDA (Q4 FY25) EBITDA and rates Continuing
Slide 22: Debt Profile
adani Power Debt Profile
Slide 23: Consolidated Debt Profile
APL: Consolidated Debt Profile INR Crores Particulars Unit 31st March 2026 31st Mar 2025 31st Mar 2024 Existing entities INR Cr 43,278 27,780 27,875 Under-construction project INR Cr 950 950 Total Senior Secured Loans (after Ind-AS adjustment) INR Cr 44,228 28,730 27,875 Working Capital Loans INR Cr
Slide 24: Capital Structure: Strong Financials Power Self-Funded Growth
Capital Structure: Strong Financials Power Self-Funded Growth with Low Leverage & High Cashflows Key Rating highlights: Rating • APL’s Strong revenue visibility supported by March 2023 March 2025 January 2026 Agency high PPA tie-ups, stable operations, and a Rating Track robust balance sheet. Record
Slide 25: Progress in Capacity Expansion Projects
5 Progress in Capacity Expansion Projects
Slide 26: Locked-in Growth: Secured Project Portfolio of Developed Sites
Locked-in Growth: Secured Project Portfolio of Developed Sites & Critical Equipment Availability Strategic Advantages Fully Locked-in Growth Projects in Advanced Stages of Development Environ- Equipment 60% 63% 100% 100% Project MW Land Ordering mental PPA Clearance Brownfield Near-pithead Land avai
Slide 27: Project Gallery: Showcasing Execution Excellence
Project Gallery: Showcasing Execution Excellence Across Large & Complex Projects Mahan Phase-II Project Raipur Phase-II Project Raigarh Phase-II Project Korba Phase-II Project (2 x 800 MW) (2 x 800 MW) (2 x 800 MW) (2 x 660 MW) BTG Area Front View BTG Area Front View MPH and CCR – Structure Erection
Slide 28: ESG Practice at APL
adani Power ESG Practice at APL
Slide 29: ESG Highlights
APL: ESG Highlights Material Topic Targets Key ESG Initiatives/Achievements UN SDGs Climate Change Adaptation and mitigation • Average Emission intensity - 0.85 tCO2e/MWh. Climate Change • Signed IBBI 2.0 Declaration reaffirming our commitment to IBBI's vision and The Adaptation Biodiversity Plan an
Slide 30: Board of Directors and Management Overview
APL: Board of Directors and Management Overview 100% Chaired Chaired IDs By IDs By NID Board of Directors Statutory Committees 40% Independent Directors - Audit 🗹 Comprised of only Independent Directors - Nomination & Remunerations 🗹 100% of - Stakeholder Relationship 🗹 Statutory Committees -…
Slide 31: APL: Investment Case
adani Power APL: Investment Case
Slide 32: Key Investment Highlights
APL: Key Investment Highlights Key Investment Highlights • Abundant domestic coal availability and scalability Coal is Critical for India’s • Enduring part of the fuel mix based on policy, economic rationale and actual on ground action Base load power needs • Insulates base load generation from glob
Slide 33: Thank You
Thank You STRICTLY CONFIDENTIAL
Slide 34: Annexures
Annexures Operational and Financial Performance STRICTLY CONFIDENTIAL
Slide 35: Historical Financials | Profit and Loss Account
APL: Historical Financials | Profit and Loss Account CAGR Particulars Unit FY22 FY23 FY24 FY25 FY26 (FY22-25) FY26 Insights Operating Metrics Effective Capacity MW 12,450 13,650 15,051 16,545 18,000 10% Plant Availability % 95% 94% 92% 91% 89% PLF % 52% 48% 65% 71% 67% 18,150 MW Operating Capacity P
Slide 36: Historical Financials | Balance Sheet
APL: Historical Financials | Balance Sheet 31st Mar 2022 31st Mar 2023 31st Mar 2024 31st Mar 2025 31st Mar 2026 Particulars Assets Unit FY26 Insights Non-Current Assets Gross Fixed Assets (Incl. CWIP) (-) Accumulated Depreciation INR Cr INR Cr 84,214 (20,670) 88,208 (23,878) 91,634 (27,693) 1,13,21