Adani Power Limited · NSE:ADANIPOWER
Adani Power — Q1 FY27 Earnings Presentation
36 slides from Adani Power's earnings presentation, Aug 1, 2026
Slide 1: Revised Results Presentation cover letter to exchanges
August 1, 2026 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.: Revised Results Presentation for Q1 FY27 Ref.: Invest
Slide 2: Adani Power Limited Earnings Presentation Q1 FY27
Adani Power Limited Earnings Presentation – Q1 FY27 | July 2026
Slide 3: APL: Consolidated Dashboard
APL : Consolidated Dashboard June 2026, YTD Operating Highlights O&M Availability (%) Generation Performance (PLF %) Dispatch Performance (BU) Sales Volume Mix (%) 96% 91% 89% 78% Contracted (PPA) Merchant/ Short Term 89% 71% +3.4 % 67% 67% 99.1 15% +17 % 95.9 23% 21% 21% 24.6 28.8 77% 85% 79% 79% Q
Slide 4: 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”) and its subsidiaries , associates, and joint ventures (c
Slide 5: Contents
Contents 1 About Adani Portfolio 2 About Adani Power Limited (APL) 3 APL Quarterly Performance Highlights 4 Debt Profile 5 Progress in Capacity Expansion Projects 6 ESG Practice at APL 7 APL: Investment Case Home outline Hamburger Menu Icon with solid fill 4
Slide 6: About Adani Portfolio
adani Power About Adani Portfolio
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 (74.84%) (62.43%) (74.96%) (66.03%) (67.29%) 3 AEL1 AGEL APL APSEZ Ports & Lo
Slide 8: Adani Portfolio: Best-in class growth with national footprint
Adani Portfolio: Best-in class growth with national footprint Predictable, high and rising free cash flow National footprint with deep coverage EBITDA Tax paid 94,834 Finance cost paid CAT (FFO) 67,995 (72%) EBITDA 24,870 AEL 12,784 APSEZ (51%) 22,259 Adani’s Core Infra. AGEL (23%) Platform – ATGL 3
Slide 9: 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 10: About Adani Power Limited (APL)
2 About Adani Power Limited (APL)
Slide 11: 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 FY27 FY26 Mirzapur Kawai 1,600 MW Mirzapur Thermal Energh (UP) 18,330 MW ₹19,322 Cr ₹57,865 Cr 1,320 MW + 3,200 1
Slide 12: High Quality Present Portfolio Mix: Poised to Meet India's Base Load Demand
APL: High Quality Present Portfolio Mix: Poised to Meet India’s Base Load Demand Operating Capacity Locked-in Capacity Target Capacity 141,2 18,330 + 13 23,720 = 18 42,050(4) Assets MW Projects MW Assets MW Asset Type Asset Type Asset Type 59% 41% 100% 83% 17% Organic Inorganic Organic Inorganic Org
Slide 13: 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 Per capita GDP Energy demand 6,400 BU Coal allocations to Sta
Slide 14: APL Quarterly Performance Highlights
3 APL Quarterly Performance Highlights
Slide 15: Business Updates for Q1 FY27
APL: Business Updates for Q1 FY27 Power assets of Jaiprakash Associates Ltd. (Q1 FY 2026-27) Acquisition value ₹ 4,194 Crore 180 MW power plant in Churk (Uttar Pradesh) 180 MW Churk plant to be revived Inorganic Growth 24% equity stake in Financial interest in profitable conventional power generator
Slide 16: Base Load Power Capacity Expansion to 45 GW by FY 2031-32
APL: Target 2035 and beyond… Base Load Power Capacity Expansion to 45 GW by FY 2031-32 Ongoing capacity expansion of 23.7 GW thermal power plants with estimated capex of ₹ 2 Trillion and targeted completion by FY 2031-32 Further additions of 3 GW generation capacity targeted Entry into International
Slide 17: Growth potential from rising power demand fully realised
APL: Growth potential from rising power demand fully realised O&M Availability PLF Generation (BU) Sales (BU) 102.2 104.9 99.2 96% 91% 95.9 89% 89% 78% 67% 71% 67% 25.7 24.6 31.0 28.8 Q1 FY26 Q1 FY27 FY25 FY26 Q1 FY26 Q1 FY27 FY25 FY26 Power Demand in key States (BU)* 58.5 52.4 46.1 46.0 49.4 41.8 3
Slide 18: Resilience of business model reflected in stable revenues and robust profitability
APL: Resilience of business model reflected in stable revenues and robust profitability Particulars (Rs. in Crores) Unit Q1 FY27 Q1 FY26 % Change FY26 Installed Capacity (MW) MW 18,330 17,550 4.44% 18,150 Power Sales Volume (MU) MU 28,777 24,604 16.96% 99,148 Continuing Operating Revenue INR Cr 17,5
Slide 19: Consistent improvement in EBITDA delivering free cashflow for growth
APL: Consistent improvement in EBITDA delivering free cashflow for growth Reported Total Revenues (₹ Crore) Reported PAT (₹ Crore) 20,829 60,281 58,906 57,865 12,750 12,971 10,727 43,041 31,686 4,912 4,867 27,842 28,150 19,322 1,270 -2,275 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q1 FY27 FY20 FY21 FY22 FY
Slide 20: Revenue & EBITDA Bridge
APL: Revenue & EBITDA Bridge INR Crores Growth in Revenues Q1 FY26 to Q1 FY27 79 1,386 2,324 1,523 406 17,936 17,936 19,322 14,574 16,492 14,168 Q1 FY26 Reported One-time income Q1 FY26 Continuing Increase in power Increase in power Decrease in Q1 FY27 Continuing One-time income Q1 FY27 Reported Rev
Slide 21: Debt Profile
adani Power Debt Profile
Slide 22: Consolidated Debt Profile
APL: Consolidated Debt Profile INR Crores Particulars Unit 30th June 2026 31st March 2026 31st Mar 2025 31st Mar 2024 Existing entities INR Cr 45,814 43,278 27,780 27,875 Under-construction project INR Cr 950 950 Total Senior Secured Loans (after Ind-AS adjustment) INR Cr 45,814 44,228 28,730 27,875
Slide 23: Capital Structure: Strong Financials Power Self-Funded Growth
Capital Structure: Strong Financials Power Self-Funded Growth with Low Leverage & High Cashflows Key Rating highlights: Rating • APL’s Strong revenue visibility supported March 2023 March 2025 January 2026 Agency by high PPA tie-ups, stable operations, Rating Track and a robust balance sheet. Record
Slide 24: Progress in Capacity Expansion Projects
5 Progress in Capacity Expansion Projects
Slide 25: 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 60% 63% 100% 100% Project MW Land Ordering mental PPA Clearance Brownfield Near-pithead Land av
Slide 26: Locked-in Growth: Growing set of opportunities for private sector participation
4 Locked-in Growth: Growing set of opportunities for private sector participation Significant capacity tied up in long term PPAs Upcoming Long-term PPA Bids for New Capacity Coal Bid Status and Timeline for Capacity Tie-ups (MW) State MW Allocation Invitation 42,050 13,320 MW of new PPAs Uttar Prade
Slide 27: Project Gallery: Showcasing Execution Excellence
Project Gallery: Showcasing Execution Excellence Across Large & Complex Projects Mahan Phase-II Project Raipur Phase-II Project Raigarh Phase-II Project Korba Phase-II Project (2 x 800 MW) (2 x 800 MW) (2 x 800 MW) (2 x 660 MW) Side View of BTG & MPH Area Induced Draft Cooling Tower Erection Work in
Slide 28: ESG Practice at APL
adani Power ESG Practice at APL
Slide 29: APL: ESG Highlights
APL: ESG Highlights Material Topic Targets Key ESG Initiatives/Achievements UN SDGs Climate Change Adaptation and mitigation • Average Emission intensity - 0.86 tCO2e/MWh for FY26. Climate Change • Climate Change Risk Assessment carried out. Adaptation • Greater emphasis on decarbonization aligning
Slide 30: Board of Directors and Management Overview
APL: Board of Directors and Management Overview 100% Chaired By IDs Chaired By NID Board of Directors IDs Statutory Committees 40% Independent Directors - Audit 🗹 Comprised of only Independent Directors - Nomination & Remunerations 🗹 100% of - Stakeholder Relationship 🗹 Statutory Committees -…
Slide 31: APL: Investment Case
adani Power APL: Investment Case
Slide 32: Key Investment Highlights
APL: Key Investment Highlights Key Investment Highlights • 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 ground action Base load power needs • Insulates base load generation from glob
Slide 33: Thank You
Thank You STRICTLY CONFIDENTIAL
Slide 34: Annexures
Annexures Operational and Financial Performance STRICTLY CONFIDENTIAL
Slide 35: Historical Financials | Profit and Loss Account
APL: Historical Financials | Profit and Loss Account CAGR Particulars Unit FY22 FY23 FY24 FY25 FY26 Q1 FY27 (FY22-26) Q1 FY27 Insights Operating Metrics Effective Capacity MW 12,450 13,650 15,051 16,545 18,000 18,150 10% Plant Availability % 95% 94% 92% 91% 89% 96% PLF % 52% 48% 65% 71% 67% 78% 18,3
Slide 36: Historical Financials | Balance Sheet
APL: Historical Financials | Balance Sheet Particulars Unit 31st Mar 2022 31st Mar 2023 31st Mar 2024 31st Mar 2025 31st Mar 2026 Assets Q1 FY27 Insights Non-Current Assets Gross Fixed Assets (Incl. CWIP) (-) Accumulated Depreciation INR Cr INR Cr 84,214 (20,670) 88,208 (23,878) 91,634 (27,693) 1,13