Adani Energy Solutions Ltd · NSE:ADANIENSOL
Adani Energy Solutions — Debt Investor Presentation (May 2025)
38 slides from Adani Energy Solutions's debt investor presentation, May 2025
Slide 1: Adani Energy Solutions Limited Credit Update – FY25
Adani Energy Solutions Limited Credit Update – FY25 May 2025
Slide 2: Contents
Contents 01 Adani Portfolio Overview 02a Adani Portfolio: Strong Business Performance 02b Adani Energy Solutions Limited: Diversified Assets 03 Borrowings & Leverage discipline 03a Leverage Risk 03b Liquidity Risk 03c System Risk 03d Concentration Risk 04 Rating Affirmations Appendix A Business Upda
Slide 3: Adani Portfolio Overview
01 Adani Portfolio Overview STRICTLY CONFIDENTIAL
Slide 4: 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%) (60.94%) (74.96%) (65.89%) (67.53%) AEL AGEL APL APSEZ Ports & Logis
Slide 5: 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 89,806 CAT (FFO) 66,527 (74%) EBITDA 24,870 AEL 12,784 APSEZ (51%) Adani’s Core Infra. 18,711 AGEL P
Slide 6: 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 (AIIL) | ITD Cementation Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Const
Slide 7: Adani Portfolio: Broad based ESG commitment and Credentials
Adani Portfolio: Broad based ESG commitment and Credentials 2070 Net Zero Adani Enterprises Tax Transparency Audit ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ TCFD Supporter ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ SBTi/ Net Zero Commitment ✓ ✓ ✓ ✓ ✓ ✓ ✓* ✓* 2040 2070 2050 2050 2070 2070 2050 2050 UNGC Participant ✓ ✓ ✓ ✓ ✓ In Progress ✓ ✓ IBBI ✓ ✓ ✓
Slide 8: Adani Portfolio: Strong Business Performance
02aAdani Portfolio: Strong Business Performance STRICTLY CONFIDENTIAL
Slide 9: Adani Portfolio: Resilience, Strength and Stability
Adani Portfolio: Resilience, Strength and Stability All figures in INR cr Sector EBITDA FY25 FY24 Growth % of Total Q4FY25 Q4FY24 Growth % of Total Utility 43,375 44,504 (2.54%) ▼ 48.30% 10,439 9,638 8.31% ▲ 45.90% AESL included in Utility above 7,747 6,323 22.53% ▲ 8.63% 2,262 1,770 27.83% ▲ 9.95%
Slide 10: AESL: Core Infra Platform is powering free cashflow
AESL: Core Infra Platform is powering free cashflow Y-o-Y FY25 Growth & Revenue-FFO Conversion Revenue includes other income | EBITDA: Earning before Interest Tax Depreciation & Amortization I EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Ga
Slide 11: Adani Energy Solutions Limited: Diversified Assets
02bAdani Energy Solutions Limited: Diversified Assets STRICTLY CONFIDENTIAL
Slide 12: AESL: Well distributed EBITDA contribution and Asset base
AESL: Well distributed EBITDA contribution and Asset base Portfolio AESL EBITDA 10% 3% 1% % of Portfolio Gross Assets % of Entity’s Gross Assets 33% 12% 8,644 89,806 20,471 10% Diversified, geographically varied EBITDA with 14,000 23% 1,179 12,000 23,917 1% minimal to no 27% 10,000 8,000 4,231 7,747
Slide 13: Borrowings & Leverage Risk
03aBorrowings & Leverage Risk STRICTLY CONFIDENTIAL
Slide 14: AESL: Sustainable Financial Growth
AESL: Sustainable Financial Growth All figures in INR cr Short Seller Major Supply chain Russia – Middle East COVID 19 Event & US Economies in disruption Ukraine War Conflict 25,000 Bank Crisis Election Cycle 20,000 16.4% 15,000 EBITDA 11,367 10,000 CAGR 4,532 4,532 8,115 7,747 5,000 3,115 4,140 5,0
Slide 15: AESL: High growth profile & Credit Discipline
7.50 7.00 AESL: High growth profile & Credit Discipline 6.50 6.00 6.11x 5.50 5.00 Threshold 5.0x 4.50 4.55x 4.60x 4.45x 4.00 4.30x 4.24x Guided 3.5x to 4.5x 3.50 3.88x 3.00 2.50 Benchmark 2.5x to 3.5x Net Debt / EBITDA 2.00 1.50 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Avg Maturity (yrs)1 7.22 5.62 7.23 2
Slide 16: Liquidity Risk
03bLiquidity Risk STRICTLY CONFIDENTIAL
Slide 17: AESL: Derisking Balance Sheet
AESL: Derisking Balance Sheet Particulars UOM FY19A FY20A FY21A FY22A FY23A FY24A1 FY25A EBITDA INR Cr 3,115 4,532 5,066 5,493 6,101 6,323 7,747 Gross Assets INR Cr 27,695 30,898 37,328 41,878 46,937 51,784 56,206 Gross Debt INR Cr 20,101 22,151 24,583 27,491 31,937 33,680 38,508 Net Debt INR Cr 19,
Slide 18: AESL: Maintaining RoA at rapidly increasing Asset base
AESL: Maintaining RoA at rapidly increasing Asset base All figures in INR cr 70,000 Gross Assets RoA 56,206 20.00% 60,000 51,783 50,000 15.18% 46,937 14.35% 41,878 15.00% 40,000 37,328 30,897 30,000 27,695 10.00% 20,000 5.00% 10,000 - -% FY19 FY20 FY21 FY22 FY23 FY24 FY25 Particulars FY19A FY20A FY2
Slide 19: System Risk
03cSystem Risk STRICTLY CONFIDENTIAL
Slide 20: Adani Portfolio: Eliminating system risk
Adani Portfolio: Eliminating system risk Long Term Net Long Avg. Maturity Leverage Net Debt / RR FFO Cash Balance Listed Entity Debt Term Debt Net LTD/FFO of LTD Ratio EBITDA INR cr. INR cr. INR cr. INR cr. (Years) ATGL 1.05x 872 521 1,716 1,195 1.37x 2.97 0.0x – 2.5x APL 1.39x 20,506 7,311 28,784 2
Slide 21: AESL: No maturity outside of cash & FFO envelop
AESL: No maturity outside of cash & FFO envelop page All figures in INR cr FFO for FY25 10 years of debt refinancing/maturity profile 7,747 5,179 FFO + Cash Balances – 13,610 (2,339) (229) 8,968 EBITDA Finance Tax Paid FFO 6,051 6,171 Cost 7,522 13,610 3,324 61% 2,163 5,138 4,924 FFO – 5,179 1,061 1
Slide 22: Concentration Risk
03dConcentration Risk STRICTLY CONFIDENTIAL
Slide 23: AESL: Concentration risk management
AESL: Concentration risk management Debt mix profile of AESL as on 31st March 2025 All figures in INR cr Global Capital Domestic Capital Domestic Banking Global Banking Others Markets Markets Debt Mix 28% 16% 53% 3% 0% Avg Maturity (yrs) 10.59 2.35 5.37 8.43 - 20,373 Long Term Debt 36,526 , 95% 9,14
Slide 24: Rating Affirmations
04 Rating Affirmations STRICTLY CONFIDENTIAL
Slide 25: AESL: Continuously improving credit profile with deep rating coverage
AESL: Continuously improving credit profile with deep rating coverage 3% 1% 10%1% Global Domestic IG AAA - AA+ Rating Track 41% 39% April April April BB+ AA – AA- Record 2019 58% 2023 58% 2025 6 BB- A Category BBB+ - Below 89% years 97% rated above “AA-” 99% rated above “AA-” 99% rated above “AA-” R
Slide 26: Business Credit Update
A APPENDIX Business Credit Update
Slide 27: AESL: FY25 Highlights
AESL: FY25 Highlights Business Updates Consumer centricity: • Achieved robust system availability of 99.7% at portfolio level in FY25. • Distribution loss in the Mumbai utility is consistently improving and stands at 4.77% and Maintained supply reliability (ASAI) of more than 99.9%. • During FY25, a
Slide 28: AESL: Credit Updates
AESL: Credit Updates International Ratings 10 Years LTD Maturity Profile as on March 31, 2025 (INR Cr) Entity Rating Cash Balances1 : INR 8,431 cr AESL USPP BBB- (Fitch) / Baa3 (Moody's) RR EBITDA2: INR 11,367 cr Adani Electricity Mumbai Ltd BBB- (Fitch) / Baa3 (Moody’s) / BBB- (S&P) 8,968 ATSOL – O
Slide 29: AESL: FY25 Highlights
AESL: FY25 Highlights Growth with Responsibility Net Debt/ EBITDA FY25 FY24 EBITDA (INR Cr) 7,747 6,323 6.11x EBITDA (USD bn) 4.60x 0.91 0.76 4.30x 4.24x 4.45x 4.55x 3.88x CAT (FFO) (INR Cr) 5,179 3,824 CAT (FFO) (USD bn) 0.61 0.46 FY19 FY20 FY21 FY22 FY23 FY24 FY25 • The transmission under-construc
Slide 30: Ownership Structure
B APPENDIX Ownership Structure STRICTLY CONFIDENTIAL
Slide 31: Adani Portfolio: Shareholding Summary
Adani Portfolio: Shareholding Summary Total Total Total Promoter Total Public Listed Entity Others Onshore Offshore Holding Holding AEL 58.29% 15.68% 73.97% - 26.03% APSEZ 42.65% 23.24% 65.89% - 34.11% APL 47.20% 27.76% 74.96% - 25.04% AGEL 51.02% 9.92% 60.94% - 39.06% AESL 58.21% 11.73% 69.94% - 30
Slide 32: Adani Portfolio: UBO (Onshore)
Adani Portfolio: UBO (Onshore) Trustees Gautam S. Adani Rajesh S. Adani Vinod S Adani 100% S. B. Adani Family Trust (SBAFT) 15.59% 83.97% 100% Adani Properties Private Ltd. (APPL) & Adani Rail Infra Private Ltd. Individual Promoters 1 Total its wholly owned Subsidiaries (ARIPL) AEL 0.00% 58.29% - 58
Slide 33: Adani Portfolio: UBO (Offshore)
Adani Portfolio: UBO (Offshore) Trust (Beneficiary Owner: VSA & RVA) Amulya Resources Holding Ltd through Holding Company (BVI) Adani Global Investment DMCC (UAE) Acropolis Trade & Investment through Total Subsidiaries & Financial Companies (Mauritius) AEL 1.66% 14.02% 15.68% APSEZ 6.31% 16.93% 23.2
Slide 34: Synergy
C APPENDIX Synergy STRICTLY CONFIDENTIAL
Slide 35: Operational Synergies accruing to each business in Portfolio
Operational Synergies accruing to each business in Portfolio Adani Portfolio Ecosystem EPC & PMC O&M Human Resource AIMSL GCC AIIL1 Centre of Centre of Centre of Excellence Excellence Excellence Supply of Power Synergy benefits between entities providing assurance on Supply chain and off Mining Ener
Slide 36: Thank You
Thank You V20- credit metrices threshold change after Robbie sir’s comment
Slide 37: ESG Credentials Legend Scale
ESG Credentials Legend Scale Risk Assessment Negligible Low Medium High Severe SUSTAINALYTICS (Lower the better) 0-10 10-20 20-30 30-40 40+ ESG Assessment Leadership Strong Adequate Below Avg. Weak (Higher the better) 71-100 61-70 51-60 41-50 0-40 ESG Assessment Highest Lowest (Higher the better) 10
Slide 38: AESL: Stable Weighted average Cost of debt capital
AESL: Stable Weighted average Cost of debt capital AESL: 10.93% 9.20% 1.20 8.74% 8.52% 9.08% 14.00% 7.45% 7.67% 1.00 12.00% Finance cost paid 10.00% 8.00% 0.80 0.60 / Avg Gross Debt1 6.00% 4.00% 0.40 0.20 2.00% 0.00% 0.00 83.41 85.48 75.67 75.79 82.17 90.00 Forex Rate 14.00% 69.16 73.11 Fx Risk 80.0
Adani Energy Solutions — Debt Investor Presentation (May 2025) on 6ix