Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Investor Presentation (November 2025)
43 slides from Adani Green Energy's investor presentation, Nov 17, 2025
Slide 1: Exchange filing cover letter: Equity Investor Presentation
Date: November 17, 2025 To BSE Limited The National Stock Exchange of India Limited P J Towers, “Exchange Plaza”, Dalal Street, Bandra – Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 541450 Scrip Code: ADANIGREEN Dear Sir, Sub: Equity Investor Presentation In furtherance t
Slide 2: Adani Green Energy Ltd Investor Presentation Nov 2025
Adani Green Energy Ltd Investor Presentation Nov 2025 AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan AGEL’s Renewable Energy Plant in Khavda, Gujarat
Slide 3: Table of Contents
Table of Contents 1 Adani Portfolio: Overview Executive Summary: 2 India - Renewable Opportunity & AGEL - Company Profile 3 AGEL: Business Strategy 3a Project Development Excellence 3b Operational Excellence 3c Growth with Disciplined Capital Management 4 AGEL: ESG Framework & Commitments Annexures
Slide 4: Adani Portfolio
adani Renewables — ss ,
Slide 5: 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%) (65.89%) (67.64%)3 AEL AGEL APL APSEZ Ports & Logi
Slide 6: 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 7: 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 8: AGEL: Replicating Group's Simple yet Transformational Business Model
AGEL: Replicating Group's Simple yet Transformational Business Model Secure Sites & Connectivity Resource Assessment Construction Readiness Geotechnical studies ~2,50,000 acres of resource rich sites Development for renewable in strategic locations 50+ GW potential & Special studies (AIIL) ~5+ GW of
Slide 9: Executive Summary: India Renewable Opportunity & AGEL Company Profile
02 Executive Summary India: Renewable Growth Opportunity & Adani Green Energy Limited (AGEL): Company Profile AGEL’s Solar plant at Anjar, Gujarat
Slide 10: India: Robust RE growth so far but much more needed to match the demand growth
India: Robust RE growth so far but much more needed to match the demand growth India power demand to grow with Massive power capacity needed to be added Peak demand of 388 GW by FY32 from 250 GW in FY25 Total Installed Power Capacity (GW) 961 Power Demand (TWh) 2,474 1,694 475 1,069 275 FY15 FY17 FY
Slide 11: India: Energy storage needed for integration of RE capacities in the grid
India: Energy storage needed for integration of RE capacities in the grid Demand Curve of Demand Curve of Demand Curve of maximum Demand maximum Demand maximum Demand Policy level interventions has enabled integration of solar Day in FY19 Day in FY22 Day in FY23 thereby shifting the evening peak to
Slide 12: Leading India's Energy Transition
AGEL: Leading India’s Energy Transition India’s largest Renewable Energy Portfolio Key Operating Metrics RE Portfolio spread across Operational H1 FY26 FY25 FY30E 12 resource rich states (as on Sep-25) 20 Bn 28 Bn ► 50 GW ► Units Generation Units Generation 16.7 GW ▲39% YoY ▲28% YoY 25% 25% Solar CU
Slide 13: Deploying renewable energy at unprecedented scale and speed
AGEL: Deploying renewable energy at unprecedent scale and speed Robust RE Capacity Growth to continue Well secured resource rich sites Renewable Energy Capacity in GW CAGR 28% 50.0 CAGR 41% 16.7 Solar, Wind & 2.5 Hybrid Development in FY20A H1 FY26A FY30E Gujarat & Rajasthan Hydro PSP Focused on del
Slide 14: Khavda: World's largest single-location Renewable Energy Project
Khavda: World’s largest single-location Renewable Energy Project Strategically located in Resource rich region of Gujarat A Renewable Energy Marvel in the Making ▪ All projects to be developed on contiguous land in Khavda Significant Scale Renewable Park Efficiencies ▪ Significant scale efficiencies
Slide 15: Growth & cash generation capability de-risked
AGEL: Growth & cash generation capability de-risked Operational Capacity & EBITDA from Power Supply EBITDA from Power Suppply (INR Cr.) 40% CAGR 14,243 15,000 Run-rate Operational Capacity (MW) 33% CAGR 10,934 EBITDA of 10,000 8,818 Rs. 12,676 Cr. 8,086 7,222 10,000 5,410 5,538 5,000 3,470 3,508 5,0
Slide 16: Key Investment Highlights
AGEL: Key Investment Highlights Key Investment Highlights 1 • Secured resource rich sites at strategic locations including Khavda with one of the highest solar irradiation Resource and high wind speed to achieve 50+ GW target Tied up • 5+ GW of PSP sites secured across 5 states 2 Unparalleled struct
Slide 17: Adani Green Energy Limited: Business Strategy
03 Adani Green Energy Limited (AGEL): Business Strategy AGEL’s Dayapar Wind Cluster, Gujarat
Slide 18: 3a. Project Development Excellence
3a. Project Development Excellence
Slide 19: Expertise in Developing Mega Scale Renewable Energy Projects
Expertise in Developing Mega Scale Renewable Energy Projects − Then, the largest single location solar power plant 648 World’s largest MW − Executed within a record time of 8 months single location Solar project Module 330 Wp 3x MMS Fixed Tilt (99%) Tracker (1%) Kamuthi: Tamil Nadu (FY16) − India’s
Slide 20: Energy storage development: Hydro Pumped Storage Projects
AGEL: Energy storage development: Hydro Pumped Storage Projects Kicked off 1st Hydro PSP in Andhra Pradesh on Chitravathi river Development Pipeline across 5 states Uttar Pradesh Upper Reservoir Powerhouse Water Conducting System Maharashtra Telangana Existing lower reservoir Key Highlights Andhra P
Slide 21: 3b. Operational Excellence
adani Renewables 3b. Operational Excellence
Slide 22: Operational Performance Metrics
AGEL: Operational Performance Metrics − Real time monitoring of operating assets across 12 states through Energy Network Operations Center at Ahmedabad − Granular performance insights − Predictive Maintenance optimizing Mean time between failure (MTBF) − Suggests corrective actions in real time redu
Slide 23: 3c. Growth with Disciplined Capital Management
3c. Growth with Disciplined Capital Management
Slide 24: Demonstrated Capital management philosophy
AGEL: Capital management philosophy De-risking of underlying SPVs to generate and release surplus cashflows for AGEL Mgmt. throughout Project lifecycle De-risking integrated in Capital Project Financing Stabilization HoldCo. Financing Post-Stabilization Phase SPV level Phase LCs & short-term funds t
Slide 25: Continuously improving credit profile with deep rating coverage
AGEL: Continuously improving credit profile with deep rating coverage 1% Global Domestic 14% AAA - AA+ Rating Track 1% IG Record BB+ AA – AA- Apr March 47% 6 BB- A Category 2019 2025 ~ 38% BBB+ - Below 99% years Nil rated above “AA-” 86% rated above “AA-” RR EBITDA INR 1,885 cr INR 12,676 cr 10 Year
Slide 26: ESG Framework & Commitments
Adani Green Energy Limited (AGEL): 04 ESG Framework & Commitments AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan (bifacial modules with horizontal single axis trackers)
Slide 27: Assurance backed ESG framework
AGEL: Assurance backed ESG framework Guiding principles India Business & IFC E&S United Nations UN Sustainable Green Bond SBTi Biodiversity Performance Global Compact Development Goals Principles Initiative (IBBI) Standards Guiding Policies principles Disclosure Standards TCFD TNFD GRI Standards CDP
Slide 28: ESG updates
AGEL: ESG updates Focus area Material Topic Targets Key ESG Initiatives/Achievements UN SDGs Climate Change Committed to avoid GHG emissions • 14.23 Mn tons CO2 emissions avoided in H1 FY26 which is equal to 3.09 million cars off Climate Change through development the road of 50 GW RE • 99.7% less o
Slide 29: Board of Directors and Management overview
AGEL: Board of Directors and Management overview 100% Chaired Chaired IDs by by NID Board of Directors IDs Statutory Committees Independent Directors Nominee Director 40% - Audit 🗹 Comprised of only - Nomination & Remunerations 🗹 Independent Directors - Stakeholder Relationship 🗹 100% of…
Slide 30: Best-in-class ESG Ratings
AGEL: Best-in-class ESG Ratings RE Sector Ranking 1 Rating Agency Rating/Score Global India Score of 4.7 / 5 1 1 Score of 79.79 / 100 Topmost 1 Prime Band (A-) ESG Risk Rating of 11.8 7 1 Score of 74 / 100 NA 2 Highest ESG score of 74 in Indian utilities/ power sector 2 NA 1 Score of 66 / 100 3 NA 1
Slide 31: Annexures: Operational Performance
Annexures AGEL: Operational Performance
Slide 32: Operational Performance
AGEL: Operational Performance Operational Capacity (MW AC – PPA capacity) CUF % (AC) Solar Wind Hybrid Total Capacity Solar Wind Hybrid 16,680 40.7% 39.5% 39.1% 37.8% 14,243 35.5% 2,945 30.8% 10,934 2,260 2,142 24.5% 29.4% 26.7% 26.8% 25.2% 27.2% 1,880 23.8% 24.7% 24.8% 24.8% 22.6% 22.5% 8,086 2,140
Slide 33: Financial Performance
AGEL: Financial Performance Revenue from Power Supply EBITDA from Power Supply 1 9,495 8,818 7,735 7,222 5,809 6,088 5,538 5,651 3,783 3,530 2,065 2,419 1,859 2,207 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 EBITDA from Power Supply (%) Cash Profit 2 92% 92% 92% 92% 92
Slide 34: Annexures: Asset Level Details
Annexures AGEL: Asset Level Details
Slide 35: Asset Level Details: Operational
AGEL: Asset Level Details: Operational INR Cr Contracted Project Name / Capacity COD/Operatio Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) nalized Name Term (AC) AGETNL Tamil Nadu Solar 216 260 7.01 Mar-16 TANGEDCO 25 RSPL Tamil Nadu Solar 72 86 7.01 Feb-16 TANGEDCO 25 1
Slide 36: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Project Name / Capacity COD/Operatio Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) nalized Name Term (AC) AGE23L (Earstwhile PN Clean) 1 Punjab Punjab Solar 20 21 8.7 Mar-21 PSPCL 25 AGE23L (Earstwhile PN Renewable
Slide 37: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Project Name / Capacity COD/Operatio Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) nalized Name Term (AC) ASEAPSPL Ananthpuram, AP Andhra Pradesh Solar 250 375 2.73 Mar-20 NTPC 25 ASEKANPL Pavgada, KN Karnataka Sol
Slide 38: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Project Name / Capacity COD/Operation Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) alized Name Term (AC) AGE25AL Khavda Gujarat Solar 25 34 2.42 Feb-25 SECI 25 AGE25AL Khavda Gujarat Solar 12 17 2.42 Feb-25 SECI 2
Slide 39: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Project Name / Capacity COD/Operati Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) onalized Name Term (AC) ARE45L2 Khavda Gujarat Solar NA Jun-25 Merchant NA 50 69 ARE56L3 Khavda Gujarat Solar NA Sep-25 Merchant NA
Slide 40: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Project Name / Capacity COD/Operatio Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) nalized Name Term (AC) AGEL – Lahori Madhya Pradesh Madhya Pradesh Wind 12 12 5.92 Mar-16 MPPMCL 25 AWEGPL Gujarat Gujarat Wind 30
Slide 41: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Planned Planned COD/Operatio Counterparty PPA SPV Project Location Type Capacity Capacity Capacity Tariff nalized Name Term (AC) (AC) (DC) Solar: 360 Solar: 540 AHEJ1L Rajasthan Hybrid May-22 2.69 SECI 25 390 Wind: 100 Wind: 100 Solar: 300 S
Slide 42: 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 Green Energy Limited (“AGEL”),the future outlook and growth prospects, and fut
Slide 43: Thank You
Thank You H1 FY26 Earnings FY25 Annual Report Presentation
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