Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — 9M FY26 Earnings Presentation
39 slides from Adani Green Energy's earnings presentation, Jan 23, 2026
Slide 1: Submission of Presentation to BSE and NSE
Date: January 23, 2026 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: Submission of Presentation on Operational & Fi
Slide 2: Adani Green Energy Ltd Earnings Presentation 9M FY26
Adani Green Energy Ltd Earnings Presentation 9M FY26 Consolidated Financials AGEL’s Renewable Energy Plant in Khavda, Gujarat
Slide 3: Financial Performance at a glance: 9M FY26 (YoY)
Financial Performance at a glance: 9M FY26 (YoY) Consistent Robust Financial Performance Revenue EBITDA Cash Profit ₹8,508 Cr ₹7,921 Cr ₹3,906 Cr ▲ 25% ▲ 24% ▲ 7% AGEL’s Renewable Energy Plant in Khavda, Gujarat
Slide 4: Table of Contents
Table of Contents 1 Adani Portfolio 2 AGEL: Company Profile 3 AGEL: Operational & Financial Highlights 4 AGEL: ESG 5 AGEL: Investment Rationale Annexures 3
Slide 5: Adani Portfolio
adani Renewables O1 Adani Portfolio
Slide 6: 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%) (68.02%) (67.64%)4 AEL1 AGEL APL APSEZ3 Ports & Lo
Slide 7: 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 (74%) EBITDA 24,870 12,784 AEL (51%) 22,819 APSEZ (21%) Adani’s Core Infra.
Slide 8: 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 9: 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 10: Adani Green Energy Limited (AGEL): Company Profile
02 Adani Green Energy Limited (AGEL): Company Profile AGEL’s Solar plant at Anjar, Gujarat
Slide 11: 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 9M/ H1 FY26 FY25 FY30E 12 resource rich states (as on Dec-25) 9M FY26 28 Bn 28 Bn ► 50 GW ► Units Generation Units Generation 17.2 GW ▲37% YoY ▲28% YoY 24%
Slide 12: Deploying renewable energy at unprecedent 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 29% 50.0 CAGR 40% 17.2 Solar, Wind & 2.5 Hybrid Development in FY20A 9M FY26A FY30E Gujarat & Rajasthan Hydro PSP Focused on del
Slide 13: Operational & Financial highlights
03 Adani Green Energy Limited (AGEL): Operational & Financial highlights AGEL’s Dayapar Wind Cluster, Gujarat
Slide 14: Executive Summary – 9M FY26
AGEL: Executive Summary – 9M FY26 Capacity Addition & Operational Performance • Operational capacity increased by 48% YoY to 17.2 GW, with an addition of 5.6 GW over the last one year. Greenfield capacity of 3 GW added in 9M FY26 vis-à-vis 0.4 GW in 9M FY25. This represents over 90% of annual capaci
Slide 15: Operational Capacity Addition & Sale of Energy – 9M FY26 YoY
AGEL: Operational Capacity Addition & Sale of Energy – 9M FY26 YoY Operational Capacity (in MW AC) Hybrid ✓ 2,995 MW greenfield capacity added in 9M FY26, which Wind 17,238 represents over 90% of capacity addition in FY25 48% 3,121 ✓ Operational Capacity increases by 48% to 17,238 MW with Solar 11,6
Slide 16: 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 17: Growth in overall electricity generation and PPA commitment v/s actuals
AGEL: Growth in overall electricity generation and PPA commitment v/s actuals Steady growth in generation Generation in Mn units 1 27,969 27,636 21,878 5,274 7,087 19,222 347 2,213 4,344 154 778 4,955 10,791 5,498 1,365 130 20,753 20,483 4,388 17 75 14,724 15,595 5,406 9,296 4,388 FY20 FY21 FY22 FY2
Slide 18: 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 19: Financial Performance – 9M FY26 YoY
AGEL: Financial Performance – 9M FY26 YoY (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 Cash Profit 2 ▲ 25% ▲ 24% ▲7% 8,508 EBIDTA (%) 92.0% 91.5% 6,829 7,921 6,366 3,639 3,906 9M FY25 9M FY26 9M FY25 9M FY26 9M FY25 9M FY26 ▪ Robust growth in revenue and EBITDA pri
Slide 20: ESG Framework & Commitments
Adani Green Energy Limited (AGEL): 04 ESG Framework & Commitments Energy Intelligence ranks AGEL FTSE Russell ranks AGEL Sustainalytics ranks AGEL # 1 Green Utility globally 1st globally 1st in India in their Annual Green Utilities in alternative electricity segment in in RE sector in its ESG assess
Slide 21: Assurance backed ESG framework
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 discl
Slide 22: Substantial Avoidance of CO2 Emissions
Substantial Avoidance of CO2 Emissions CO2 Emissions avoided (mn ton) Key ESG Targets Indicator Target Status 95.4 Ranking in ESG benchmarking of 1st rank globally as per FTSE Russell in alternative Top 10 electric utility sector in the world electricity segment Net water positive status for 100% 10
Slide 23: 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 78 / 100 NA 3 Highest ESG score of 78 in Indian utilities/ power sector NA 1 Score of 66 / 100 NA 1 94
Slide 24: Investment Rationale
05 Investment Rationale AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 25: Key Investment Highlights
Key Investment Highlights ▪ Resource Availability: Strategic sites of 2,50,000 acres for solar and wind plant development and 5+ GW for PSP development backed by comprehensive geotechnical studies, fully prepared evacuation infrastructure, and meticulously crafted design work & resource analysis. De
Slide 26: Annexures
Annexures AGEL: Financial Performance – Q3 FY26 25
Slide 27: Financial Performance – Q3 FY26 YoY
AGEL: Financial Performance – Q3 FY26 YoY (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 Cash Profit 2 ▲ 21% ▲ 23% 18% EBIDTA (%) 91.4% 90.6% 2,420 2,269 1,993 1,848 996 812 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 ▪ Robust growth in revenue and EBITDA primari
Slide 28: Annexures: Receivables Details
Annexures AGEL: Receivables Details 27
Slide 29: Power Sales Receivables Ageing Profile as on 31-Dec-2025
AGEL: Power Sales Receivables Ageing Profile as on 31-Dec-2025 INR Cr Due Customer Not due Total Due 0-60 Days 61-90 Days 91-120 Days 120-180 Days >180 Days Solar Energy Corporation of India Limited 261 7 12 - - - 20 Tamil Nadu Generation and Distribution Corporation 153 - - - - - - NTPC Limited 84
Slide 30: Annexures: Asset Level Details
Annexures AGEL: Asset Level Details 29
Slide 31: 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 32: 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 (Erstwhile PN Clean) 1 Punjab Punjab Solar 20 21 8.7 Mar-21 PSPCL 25 AGE23L (Erstwhile PN Renewable)
Slide 33: 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 34: 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 35: 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 50 69 NA Jun-25 Merchant NA ARE56L 3 Khavda Gujarat Solar 125 160 NA Sep-25 Mer
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) AGEL – Lahori Madhya Pradesh Madhya Pradesh Wind 12 12 5.92 Mar-16 MPPMCL 25 AWEGPL Gujarat Gujarat Wind 30
Slide 37: 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 390 May-22 2.69 SECI 25 Wind: 100 Wind: 100 Solar: 300 S
Slide 38: 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 39: Thank You
adani Renewables Thank You