Adani Energy Solutions Ltd · NSE:ADANIENSOL
Adani Energy Solutions — Q2 FY26 Earnings Presentation
26 slides from Adani Energy Solutions's earnings presentation, October 2025
Slide 1: Adani Energy Solutions Limited
Adani Energy Solutions Limited Q2FY26 Provisional Operational Update | October 2025
Slide 2: Contents
Contents 1 Adani Portfolio 2 Q2FY26 Executive Summary 3 Q2FY26 Operational Highlights 4 1HFY26 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%) (61.91%) (74.96%) (65.89%) (67.53%) AEL AGEL1 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 Rs 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 Pl
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 | ITD Cementation India Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Constr
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 26,705 ckm(1) Distribution
Slide 8: Q2FY26 – Executive Summary
2 Q2FY26 – Executive Summary STRICTLY CONFIDENTIAL
Slide 9: AESL: Executive Summary – Performance in Q2FY26
AESL: Executive Summary – Performance in Q2FY26 • Added 190 ckm during Q2FY26, with total transmission network at 26,705 ckm Business Updates: • System availability remains robust at 99.63% with a minor YoY decline due to unscheduled outage in WKTL line – The Mumbai utility has repurchased US$ 44.66
Slide 10: Q2FY26 Operational Performance (YoY)
3 Q2FY26 Operational Performance (YoY) STRICTLY CONFIDENTIAL
Slide 11: AESL: 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 12: 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 13: 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 improvin
Slide 14: AEML and MUL: Volume and Consumer Mix Q2FY26 (YoY)
AEML and MUL: Volume and Consumer Mix Q2FY26 (YoY) AEML – Total Units Sold (MUs) MUL – Total Units Sold (MUs) 364 2,609 2,650 234 Total units sold (MUs) Total units sold (MUs) Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 AEML - Consumer-wise volume mix % AEML - Consumer-wise revenue mix % 51% 48% 47% 49% 42% 38%
Slide 15: 1HFY26 Operational Performance (YoY)
4 1HFY26 Operational Performance (YoY) STRICTLY CONFIDENTIAL
Slide 16: AESL: 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 17: 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 18: 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 improvin
Slide 19: AEML and MUL: Volume and Consumer Mix 1HFY26 (YoY)
AEML and MUL: Volume and Consumer Mix 1HFY26 (YoY) AEML – Total Units Sold (MUs) MUL – Total Units Sold (MUs) 5,571 5,589 635 460 Total units sold (MUs) Total units sold (MUs) 1HFY25 1HFY26 1HFY25 1HFY26 AEML - Consumer-wise volume mix % AEML - Consumer-wise revenue mix % 51% 51% 51% 48% 41% 38% 37%
Slide 20: Annexure
5 Annexure STRICTLY CONFIDENTIAL
Slide 21: AESL: Q2FY26 (YoY) – Line availability across asset groups
AESL: Q2FY26 (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 99.66% 99.70% 98.60% 99.11% 99.97% 99.78% 99.92% 99.90% Q2 FY
Slide 22: AESL: Operational Asset Portfolio as of September 2025
AESL: Operational 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 6,630 RO
Slide 23: AESL: 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 24: AESL: 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 25: 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 26: Thank You
Thank You STRICTLY CONFIDENTIAL
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