Adani Energy Solutions Ltd · NSE:ADANIENSOL
Adani Energy Solutions — Q3 FY26 Earnings Presentation
26 slides from Adani Energy Solutions's earnings presentation, January 2026
Slide 1: Adani Energy Solutions Limited
Adani Energy Solutions Limited Q3FY26 Provisional Operational Update | January 2026
Slide 2: Contents
Contents 1 Adani Portfolio 2 Q3FY26 Executive Summary 3 Q3FY26 Operational Highlights 4 9MFY26 Operational Highlights 5 Annexure: • Line Availability – ATSOL and USPP Obligor groups • Operational and Under-construction Asset Portfolio STRICTLY CONFIDENTIAL
Slide 3: Adani Portfolio
1 Adani Portfolio 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%) (62.43%) (74.96%) (65.89%) (67.64%)3 AEL AGEL APL APSEZ Ports & Logi
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 | Cemindia Projects Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Constructi
Slide 7: AESL: A platform well-positioned to leverage growth opportunities in energy domain
AESL: A platform well-positioned to leverage growth opportunities in energy domain RAB expansion through Execution Prowess Strategic Presence Asset Hardening in Discoms Transmission Network of Transmission - Presence in 14 states 8% CAGR growth in RAB in Mumbai Development 27,901 ckm(1) Distribution
Slide 8: Q3FY26 – Executive Summary
2 Q3FY26 – Executive Summary STRICTLY CONFIDENTIAL
Slide 9: AESL: Executive Summary – Performance in Q3FY26
AESL: Executive Summary – Performance in Q3FY26 Business Updates: • During Q3FY26, AESL won KPS III (Khavda South Olpad) HVDC project taking the total order Transmission book to Rs 77,787 crores and expanding the transmission network to 27,901 ckm – AESL’s CSA score from S&P Global has improved to 8
Slide 10: Q3FY26 Operational Performance (YoY)
3 Q3FY26 Operational Performance (YoY) STRICTLY CONFIDENTIAL
Slide 11: AESL: Transmission Utility – Key Operating Metrics Q3FY26 (YoY)
AESL: Transmission Utility – Key Operating Metrics Q3FY26 (YoY) Transmission Network Length(2)(3) (ckm) Power Transformation Capacity(2) (MVA) 27,901 1,18,175(4) 25,778 84,186 New order win boosted the Transformation capacity transmission network, reflecting expanded with new project strong bidding
Slide 12: AEML: Distribution Utility – Key Operating Metrics Q3FY26 (YoY)
AEML: Distribution Utility – Key Operating Metrics Q3FY26 (YoY) Supply Reliability (ASAI) (%) SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) SAIFI SAIDI CAIDI SAIFI SAIDI CAIDI 99.998% 99.998% 26.30 27.20 Maintained supply Improved system reliability reliability at 99.99% with strong SAIDI, SAIFI pa
Slide 13: AEML: Distribution Utility – Key Operating Metrics Q3FY26 (YoY)
AEML: Distribution Utility – Key Operating Metrics Q3FY26 (YoY) Consumer Base (million) Distribution Loss (%) E-payment (% of total collection) 4.66% 3.26 85.65% 4.03%* 3.17 83.58% E-payment share The consumer base in Distribution loss increased due to digital the Mumbai circle consistently improvin
Slide 14: AEML and MUL: Volume and Consumer Mix Q3FY26 (YoY)
AEML and MUL: Volume and Consumer Mix Q3FY26 (YoY) AEML – Total Units Sold (MUs) MUL – Total Units Sold (MUs) 371 2,574 2,487 236 Total units sold (MUs) Total units sold (MUs) Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 AEML - Consumer-wise volume mix % AEML - Consumer-wise revenue mix % 50% 48% 49% 46% 42% 38%
Slide 15: 9MFY26 Operational Performance (YoY)
4 9MFY26 Operational Performance (YoY) STRICTLY CONFIDENTIAL
Slide 16: AESL: Transmission Utility – Key Operating Metrics 9MFY26 (YoY)
AESL: Transmission Utility – Key Operating Metrics 9MFY26 (YoY) Transmission Network Length(2)(3) (ckm) Power Transformation Capacity(2) (MVA) 27,901 1,18,175(4) 25,778 84,186 New order win boosted the Transformation capacity transmission network, reflecting expanded with new project strong bidding
Slide 17: AEML: Distribution Utility – Key Operating Metrics 9MFY26 (YoY)
AEML: Distribution Utility – Key Operating Metrics 9MFY26 (YoY) Supply Reliability (ASAI) (%) SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) SAIFI SAIDI CAIDI SAIFI SAIDI CAIDI 99.996% 99.998% 33.01 30.36 Maintained supply Improved system reliability 16.82 with strong SAIDI, SAIFI reliability at 99.
Slide 18: AEML: Distribution Utility – Key Operating Metrics 9MFY26 (YoY)
AEML: Distribution Utility – Key Operating Metrics 9MFY26 (YoY) Consumer Base (million) Distribution Loss (%) E-payment (% of total collection) 3.26 85.55% 4.91% 3.17 4.22%* 83.38% E-payment share The consumer base in Distribution loss increased due to digital the Mumbai circle consistently improvin
Slide 19: AEML and MUL: Volume and Consumer Mix 9MFY26 (YoY)
AEML and MUL: Volume and Consumer Mix 9MFY26 (YoY) AEML – Total Units Sold (MUs) MUL – Total Units Sold (MUs) 8,145 8,076 1,006 696 Total units sold (MUs) Total units sold (MUs) 9MFY25 9MFY26 9MFY25 9MFY26 AEML - Consumer-wise volume mix % AEML - Consumer-wise revenue mix % 51% 50% 50% 47% 41% 38% 3
Slide 20: Annexure
5 Annexure STRICTLY CONFIDENTIAL
Slide 21: AESL: Q3FY26 (YoY) – Line availability across asset groups
AESL: Q3FY26 (YoY) – Line availability across asset groups Average Availability Across Operational Assets %(1) Focus on Maximizing Average Availability % Line Availability - ATSOL Obligor Assets Average Availability – ATSOL Obligor Assets 99.49% 99.78% 99.33% 99.82% 99.97% 99.52% 99.86% 98.40% Q3 FY
Slide 22: AESL: 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 23: AESL: 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 (Rs Crores) 1 Adani Electricity Mumbai Infra Limited (AEMIL – HVDC)#
Slide 24: AESL: 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) (Rs Cr) (months) Type Award Sept & Oct’22 1 Brihanmumbai Electric Supply & Transport Undertaking (BEST) Mumbai (BEST Circ
Slide 25: Thank You
Thank You STRICTLY CONFIDENTIAL
Slide 26: 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
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