Adani Power Limited · NSE:ADANIPOWER
Adani Power — Investor Presentation (September 2025)
36 slides from Adani Power's investor presentation, Sep 5, 2025
Slide 1: Cover letter to BSE and NSE
September 5, 2025 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.: Investor presentation of Adani Power Limited for S
Slide 2: Adani Power Limited Investor Presentation September 2025
Adani Power Limited Investor Presentation | September 2025
Slide 3: Contents
Contents 1 Executive Summary 2 Key Investment Highlights 3 ESG Annexures Home outline Hamburger Menu Icon with 2 solid fill
Slide 4: Executive Summary
1 Executive Summary STRICTLY CONFIDENTIAL
Slide 5: 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, 2013 to 2023 (%) Top 10 Count
Slide 6: 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 7: 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%) (61.91%) (74.96%) (65.89%) (67.53%) AEL AGEL1 APL APSEZ Ports & Logi
Slide 8: Adani Power Limited: 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 Q1 FY26 FY25 Mirzapur Kawai 1,600 MW Mirzapur Thermal Energh (UP) 18,150 MW ₹14,574 Cr ₹58,906 Cr 1,320 MW + 3,200 P
Slide 9: APL: Key Investment Highlights
APL: Key Investment Highlights Inbuilt, Irreplicable Structural Advantages drive APL as the Best Power Generation Play in India 1 • 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 groun
Slide 10: Key Investment Highlights
2 Key Investment Highlights STRICTLY CONFIDENTIAL
Slide 11: 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 State Population (Mn) Per capita GDP consumption Energy deman
Slide 12: Diversified Asset Portfolio: 10,840 MW of Modern and Efficient Organic Capacity
2 Diversified Asset Portfolio: 10,840 MW of Modern and Efficient Organic Capacity Rapid Capacity Expansion via Organic & Inorganic Growth 10,840 MW of Capably Executed Organic Generation Capacity Mundra Tiroda Kawai Godda Gujarat Maharashtra Rajasthan Jharkhand 7,270 MW 18,150(1) MW 10,840 MW 4,620
Slide 13: Diversified Asset Portfolio: Proven Capabilities in Acquisition, Integration, and Turnaround
2 Diversified Asset Portfolio : Proven Capabilities in Acquisition, Integration, and Turnaround of Assets 7,270 MW of Inorganic Generation Capacity 4,370 MW of Rapidly Turned Around Inorganic Generation Capacity 2,900 MW of Recent Inorganic Capacity Additions Udupi Raipur Raigarh Mahan Korba Mutiara
Slide 14: Turnaround Case Studies of Acquired Stressed Assets
2 Diversified Asset Portfolio: Turnaround Case Studies of Acquired Stressed Assets Mahan Energen Ltd. Raipur plant Raigarh plant 1,200 MW ₹549 Cr 1,370 MW ₹210 Cr 600 MW ₹(-) 97 Cr Acquired in EBITDA Acquired in EBITDA Acquired in EBITDA March ‘22 FY ‘22 Aug ‘19 FY ‘20 Jul ‘19 FY ‘20 ₹1,893 Cr ₹2,43
Slide 15: Operational Excellence: Operational Performance Metrics
3 Operational Excellence: Operational Performance Metrics − Real time monitoring of operating assets across 8 states through Energy Network Operations Center at Ahmedabad − Predictive Maintenance optimizing Mean time between failure (MTBF) − Fuel tracker for monitoring Coal supply chain, Coal Source
Slide 16: Competitive and Profitable Assets in Long-term and Short-term Markets
3 Operational Excellence: Competitive and Profitable Assets in Long-term and Short-term Markets Long-term PPAs: Priority in despatch with profitable contracts Strong and sustained pickup in Merchant and Bilateral markets Merit Order Position during June 2025 Merchant and Bilateral market volumes and
Slide 17: Fuel Management & Logistics – Key Competitive Advantages
3 Operational Excellence: Fuel Management & Logistics – Key Competitive Advantages Fuel management is key to revenue stability Plant and Mine Locations Only IPP in India with in-house, mine-to-plant logistics 01 capability Entry in commercial mining with 14 MTPA capacity Handling approx. 74 MTPA coa
Slide 18: Locked-in Growth: Secured Project Portfolio of Developed Sites
4 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 69% 62% 92% 100% Project MW Land Ordering mental PPA Clearance Brownfield Near-pithead Land ava
Slide 19: Growing set of opportunities for private sector participation
4 Locked-in Growth: Growing set of opportunities for private sector participation Upcoming Long-term PPA Bids for New Capacity Coal Bid State MW Allocation Invitation Uttarakhand Uttar Pradesh 4,000 MW Issued 1,320 MW Rajasthan 3,200 MW Issued Rajasthan 3,200 MW Uttar Pradesh 4,000 MW Assam 3,200 MW
Slide 20: Adani Execution Engine: Project Management & Assurance Group (PMAG)
4 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. ₹451,000 Cr Cumulative capex by Adani Portfolio during FY20 - FY25 Origination
Slide 21: Execution Risk Mitigation – What We Are Doing Differently
4 Adani Execution Engine: Execution Risk Mitigation – What We Are Doing Differently Execution Assurance Fuel Assurance Finance Assurance Brownfield development model: Availability Risk: High visibility of cash flows: • Ready availability of land, water, project power, • Linkages earmarked by DISCOM
Slide 22: Long term revenue visibility and margin stability
5 Massive Addressable Market: Long term revenue visibility and margin stability Secure Business Model with 80%+ Capacity Tied-up in Long Term Contracts Strategically-located open capacities provide merchant market upside Existing capacity tie-ups Secure revenue stream Attractive tariffs under new PP
Slide 23: Strong Cashflow Generation Enables Fully Funded Growth Over the Next 7 years
6 Capital Structure: Strong Cashflow Generation Enables Fully Funded Growth Over the Next 7 years FFO for Mar’25 Debt Maturity Profile Ability to fund ₹ 123k crores capex over next 7 years 23,917 FFO + Cash Balances – 27,817 30,000 All figures in ₹ Cr 20,506 14,000 • FY25 Fund flow from (3,403) (8)
Slide 24: Strong Financials Power Self-Funded Growth with Low Leverage
6 Capital Structure: Strong Financials Power Self-Funded Growth with Low Leverage & High Cashflows Key Rating highlights: Rating March 2023 March 2025 June 2025 • Significant cash inflow of long due Agency regulatory receivables due to favorable Rating Track resolution of regulatory issues Record -
Slide 25: ESG
3 ESG STRICTLY CONFIDENTIAL
Slide 26: APL: 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 27: APL: Board of Directors and Management Overview
APL: Board of Directors and Management Overview 100% IDs Chaired By IDs Chaired By NID Board of Directors Independent Directors Statutory Committees 40% - Audit 🗹 Comprised of only Independent Directors - Nomination & Remunerations 🗹 100% of - Stakeholder Relationship 🗹 Statutory Committees -…
Slide 28: Thank You
Thank You STRICTLY CONFIDENTIAL
Slide 29: Annexures
Annexures STRICTLY CONFIDENTIAL
Slide 30: APL: Historical Financials | Profit and Loss Account
APL: Historical Financials | Profit and Loss Account CAGR Particulars Unit FY22 FY23 FY24 FY25 (FY22-25) Q1FY26 FY25 Insights Operating Metrics Effective Capacity MW 12,450 13,650 15,051 16,545 10% 17,550 Plant Availability % 95% 94% 92% 91% 88% PLF % 52% 48% 65% 71% 67% 17,550 MW PPA Realisation ₹/
Slide 31: APL: Historical Financials | Balance Sheet
APL: Historical Financials | Balance Sheet Particulars Unit FY22 FY23 FY24 FY25 FY25 Insights Assets Non-Current Assets Gross Fixed Assets (Incl. CWIP) INR Cr 84,214 88,208 91,634 1,13,215 (-) Accumulated Depreciation INR Cr (20,670) (23,878) (27,693) (31,813) Net Fixed Assets (Incl. CWIP) INR Cr 63
Slide 32: Coal is Key to Long-Term Reliability and Affordability of Base Load Supply
Coal is Critical for India : Coal is Key to Long-Term Reliability and Affordability of Base Load Supply Coal provides India’s Base load power Coal & Gas - Supply Mix India Coal & Gas - Domestic Reserves (Installed Capacity In GW) Coal Consumption Gas Consumption (MT) (In MMSCM) 25 Gas 1,270 71,314 C
Slide 33: 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 34: Project Gallery: On-ground Progress across Locked-in Assets Portfolio
Project Gallery: On-ground Progress across Locked-in Assets Portfolio Mahan Phase-II Project (2 x 800 MW) Raipur Phase-II Project (2 x 800 MW) Raigarh Phase-II Project (2 x 800 MW) BTG Area Front View Unit #3 - Boiler Unit #3 - Turbine Generator Deck Unit #4 High Pressure Heater Unit #3 Electrostati
Slide 35: 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”),the future outlook and growth prospects, and future deve
Slide 36: Thank You
Thank You STRICTLY CONFIDENTIAL