Adani Energy Solutions Ltd · NSE:ADANIENSOL
Adani Energy Solutions — Q2 FY2026 Earnings Presentation
42 slides from Adani Energy Solutions's earnings presentation, October 2025
Slide 1: Adani Energy Solutions Limited
Adani Energy Solutions Limited Q2 and 1H FY26 Results Presentation | October 2025
Slide 2: Contents
Contents 1 Executive Summary 2 1HFY26 Financial Highlights (YoY) 3 Capex Profile 4 Q2FY26 Financial Highlights (YoY) 5 1HFY26 Operational Highlights (YoY) 6 Q2FY26 Operational Highlights (YoY) 7 Annexure – ESG Framework and Updates Annexure – Rating and Operational and Under 8 construction Asset Por
Slide 3: Executive Summary
1 Executive Summary 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: Executive Summary – 1HFY26 and Q2FY26
AESL: Executive Summary – 1HFY26 and Q2FY26 Key Highlights for 1HFY26 and Q2FY26 Key Operating Metrics Key Financial Metrics Financial Performance: Transmission – Q2FY26 Q2FY26 1HFY26 – Operational revenue of Rs 9,138 Cr in 1HFY26 was up 4% and grew 8% to Rs 4,539 Cr in Q2FY26, led by recently opera
Slide 8: 1HFY26 Financial Highlights (YoY)
2 1HFY26 Financial Highlights (YoY) STRICTLY CONFIDENTIAL
Slide 9: Consolidated Financial Highlights – 1HFY26 YoY
AESL: Consolidated Financial Highlights – 1HFY26 YoY (In Rs Cr) Total Income Operational Revenue Operational EBITDA 13,793(1) 9,138 3,463 3,277 8,768 11,850(1) 1HFY25 1HFY26 1HFY25 1HFY26 1HFY25 1HFY26 Total EBITDA Adjusted PAT Cash Profit 4,144 1,096 3,653 2,212 1,934^# 774* 1HFY25 1HFY26 1HFY25 1H
Slide 10: Segment–wise Financial Highlights – 1HFY26 YoY
AESL: Segment–wise Financial Highlights – 1HFY26 YoY Operational Revenue Operational EBITDA (In Rs Cr) 6,386 6,478 2,285 2,171 1,057 994 2,372 2,474 294 253 14 11 Transmission Distribution Smart Metering Transmission Distribution Smart Metering 1HFY25 1HFY26 1HFY25 1HFY26 EBIT 1,973 1,643 656 564 12
Slide 11: Segment wise revenue bridge – 1HFY26 YoY
AESL: Segment wise revenue bridge – 1HFY26 YoY (In Rs Cr) Transmission Distribution Trading Smart Metering Others Consolidated Particulars / Segments 1HFY26 1HFY25 1HFY26 1HFY25 1HFY26 1HFY25 1HFY26 1HFY25 1HFY26 1HFY25 1HFY26 1HFY25 Operating Revenue 2,474 2,372 6,478 6,386 - - 185^ 10^ - - 9,137 8
Slide 12: Segment wise EBITDA bridge – 1HFY26 YoY
AESL: Segment wise EBITDA bridge – 1HFY26 YoY (In Rs Cr) Transmission Distribution Trading Smart Metering Others Consolidated Particulars / Segments 1HFY26 1HFY25 1HFY26 1HFY25 1HFY26 1HFY25 1HFY26 1HFY25 1HFY26 1HFY25 1HFY26 1HFY25 Operating EBITDA 2,285 2,171 994 1,057 29 2 134^ 7^ 21 40 3,463 3,2
Slide 13: Capex Profile
3 Capex Profile STRICTLY CONFIDENTIAL
Slide 14: Capex Profile: Significant Ramp-up in Capital Expenditure and Smart Meter Installation
Capex Profile: Significant Ramp-up in the Capital Expenditure and Smart Meter Installation Turbocharged (In Rs Cr) Capex: Q2 and 1HFY26 vs Q2 and 1HFY25 5,976 • Capex in 1HFY26 increased by 1.4x to Rs 5,976 Cr with Overall Capex steady capex performance across all three segments 4,400 1,927 3,752 51
Slide 15: Q2FY26 Financial Highlights (YoY)
4 Q2FY26 Financial Highlights (YoY) STRICTLY CONFIDENTIAL
Slide 16: Consolidated Financial Highlights – Q2FY26 YoY
AESL: Consolidated Financial Highlights – Q2FY26 YoY Operational EBITDA (In Rs Cr) Total Income Operational Revenue 6,767(1) 1,825 4,539 1,666 6,360(1) 4,217 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Total EBITDA Adjusted PAT Cash Profit 2,126 557 1,891 1,167 459* 1,026^ Q2FY25 Q2FY26 Q2FY25 Q2FY26
Slide 17: Segment–wise Financial Highlights – Q2FY26 YoY
AESL: Segment–wise Financial Highlights – Q2FY26 YoY Operational Revenue Operational EBITDA (In Rs Cr) 3,014 3,118 1,216 1,099 1,197 1,305 523 492 155 182 8 6 Transmission Distribution Smart Metering Transmission Distribution Smart Metering Q2FY25 Q2FY26 Q2FY25 Q2FY26 EBIT 1,046 837 332 261 72 3 Tra
Slide 18: Segment wise Revenue bridge – Q2FY26 YoY
AESL: Segment wise Revenue bridge – Q2FY26 YoY (In Rs Cr) Transmission Distribution Trading Smart Metering Others Consolidated Particulars / Segments Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Operating Revenue 1,305 1,197 3,118 3,014 - - 117^ 7^ - - 4,540 4,
Slide 19: Segment wise EBITDA bridge – Q2FY26 YoY
AESL: Segment wise EBITDA bridge – Q2FY26 YoY (In Rs Cr) Transmission Distribution Trading Smart Metering Others Consolidated Particulars / Segments Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Operating EBITDA 1,216 1,099 492 523 12 0 90^ 5^ 12 40 1,825 1,666
Slide 20: 1HFY26 Operational Performance (YoY)
5 1HFY26 Operational Performance (YoY) STRICTLY CONFIDENTIAL
Slide 21: Transmission Utility – Key Operating Metrics 1HFY26 (YoY)
AESL: Transmission Utility – Key Operating Metrics 1HFY26 (YoY) Transmission Network Length(2)(3) (ckm) Power Transformation Capacity(2) (MVA) 26,705 97,236 23,269 70,686 New order wins boosted the Transformation capacity transmission network, reflecting continues to expand with new strong bidding c
Slide 22: AEML: Distribution Utility – Key Operating Metrics 1HFY26 (YoY)
AEML: Distribution Utility – Key Operating Metrics 1HFY26 (YoY) Supply Reliability (ASAI) (%) SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) SAIFI SAIDI CAIDI SAIFI SAIDI CAIDI 99.995% 99.998% 34.85 31.82 Maintained supply Improved system reliability reliability at 99.99% with strong SAIDI, SAIFI, 1
Slide 23: AEML: Distribution Utility – Key Operating Metrics 1HFY26 (YoY)
AEML: Distribution Utility – Key Operating Metrics 1HFY26 (YoY) Consumer Base (million) Distribution Loss (%) E-payment (% of total collection) 3.25 5.02% 85.50% 3.17 4.30% 83.27% E-payment share The consumer base in Distribution loss increased due to digital the Mumbai circle consistently improving
Slide 24: Q2FY26 Operational Highlights (YoY)
6 Q2FY26 Operational Highlights (YoY) STRICTLY CONFIDENTIAL
Slide 25: Transmission Utility – Key Operating Metrics Q2FY26 (YoY)
AESL: Transmission Utility – Key Operating Metrics Q2FY26 (YoY) Transmission Network Length(2)(3) (ckm) Power Transformation Capacity(2) (MVA) 26,705 97,236 23,269 70,686 New order wins boosted the Transformation capacity transmission network, reflecting continues to expand with new strong bidding c
Slide 26: AEML: Distribution Utility – Key Operating Metrics Q2FY26 (YoY)
AEML: Distribution Utility – Key Operating Metrics Q2FY26 (YoY) Supply Reliability (ASAI) (%) SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) SAIFI SAIDI CAIDI SAIFI SAIDI CAIDI 99.999% 99.999% 35.77 31.95 Maintained supply Improved system reliability reliability at 99.99% with strong SAIDI, SAIFI, a
Slide 27: AEML: Distribution Utility – Key Operating Metrics Q2FY26 (YoY)
AEML: Distribution Utility – Key Operating Metrics Q2FY26 (YoY) Consumer Base (million) Distribution Loss (%) E-payment (% of total collection) 3.25 85.33% 4.85% 3.17 4.36% 83.27% E-payment share The consumer base in Distribution loss increased due to digital the Mumbai circle consistently improving
Slide 28: Annexure - ESG Framework and Updates
7 Annexure - ESG Framework and Updates STRICTLY CONFIDENTIAL
Slide 29: ESG Framework
AESL: ESG Framework United Nations GHG Protocol SBTi Global Compact Guiding Guiding Principles and Integrated Reporting Policies TCFD CDP principles framework Disclosure Standards UN Sustainable TNFD GRI Standards Development Goals Policy Structure Focus Areas • Environment & Energy as part of IMS p
Slide 30: Key Environmental Indicators and Milestones
AESL: Key Environmental Indicators and Milestones Key Performance Indicators Current Status Baseline Short to Medium-term Targets Energy Mix & Emission Intensity RE share in the overall power mix at AEML reached to 43.35% in - RE share in power procurement 3% FY19 60% by FY27 70% by FY30 1HFY26 AEML
Slide 31: Social Philosophy and Focus Areas
AESL: Social Philosophy and Focus Areas Our social Initiatives are mapped to UNSDG 2030 • Physical infrastructure and e-learning platform in rural areas Access to Education • Educational Kits (2,830 students benefited) & School Uniforms to Tiroda, Dahanu and Anganwadi children (5,780 students benefi
Slide 32: Key Social Indicators and Milestones
AESL: Key Social Indicators and Milestones Material Actual Target Material Themes Key Performance Indicators Baseline Categories (1HFY26) (FY26) Zero Number of fatalities 1 Zero (FY 20-21) Work related injury 0.33 LTFIR per million man-hours worked 0.28 Zero (FY 20-21) Health & Safety Average hours
Slide 33: Governance Philosophy and Focus Areas
AESL: Governance Philosophy and Focus Areas Policies Committees Assurance • Environment Policy covered in BR Policy • Water Policy • Corporate Responsibility Committee • Bio-diversity Policy • Risk Management Committee Corporate • Due –diligence for CoC, HR, ESG etc Responsibility Governance Committ
Slide 34: Key Governance Indicators and Milestones
AESL: Key Governance Indicators and Milestones Material Categories Material Themes Key Performance Indicators Baseline Actions Taken and Goals Board Gender Balance the board composition in terms of men 16.6% - women directors • 28.5% of women directors in board Board Gender Diversity Diversity and w
Slide 35: Enhanced Safety Culture
AESL: Enhanced Safety Culture Safety Initiatives During Q2FY26 Safety Performance in Q2FY26 • Safety training: 81,669 man-hours of safety training and awareness during Q2FY26 Transmission Distribution (AEML) • Positive Safety Culture: Safety Parameters Q2FY26 Q2FY25 Q2FY26 Q2FY25 o Recorded 10.73 mi
Slide 36: Annexure – Ratings and Operational and Under-construction Asset Portfolio
8 Annexure – Ratings and Operational and Under-construction Asset Portfolio STRICTLY CONFIDENTIAL
Slide 37: AESL and AEML Credit Ratings
AESL and AEML Credit Ratings International – ATSOL Obligor Group (Transmission business) (Reg S/ 144A) AESL and AEML Ratings - Domestic Rating Agency Facility Rating/Outlook Rating Agency Facility Rating/Outlook Fitch Dollar Bond BBB-/Negative AESL India Ratings/CRISIL/ICRA AA+, AA+, A1+/Stable Mood
Slide 38: Operational T&D Asset Portfolio as of September 2025
AESL: Operational T&D Asset Portfolio as of September 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 6,63
Slide 39: Transmission Under-construction Asset Portfolio as of September 2025
AESL: Transmission Under-construction Asset Portfolio as of September 2025 Transmission Line Transformation Contract Project Cost(1) Sr No. Projects Name Transmission Line (Asset Details) COD(2) Length (ckm) Capacity (MVA) Type (Rs Cr) 1 North Karanpura Transco Limited (NKTL) North Karanpura 304 1,0
Slide 40: Smart Metering Under-construction Portfolio as of September 2025
AESL: Smart Metering Under-construction Portfolio as of September 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 Cir
Slide 41: 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
Slide 42: Thank You
Thank You STRICTLY CONFIDENTIAL
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