Adani Power Limited · NSE:ADANIPOWER
Adani Power — Q1 FY26 Earnings Presentation
37 slides from Adani Power's earnings presentation, Aug 1, 2025
Slide 1: Results Presentation filing letter to exchanges
adani Power August 1, 2025 To, BSE Limited National Stock Exchange of India Limited P J Towers, Exchange Plaza, Dalal Street, Bandra-Kurla Complex, Bandra (E) Mumbai – 400 001. Mumbai – 400 051. Scrip Code: 533096 Scrip Code: ADANIPOWER Dear Sir(s), Sub.: Results Presentation for Post Results Confer
Slide 2: Earnings Presentation – Q1 FY26
Growth adani With Goodness Adani Power Limited Earnings Presentation – Q1 FY26 | August 2025
Slide 3: Consolidated operating highlights for Q1 FY26
APL: Consolidated operating highlights for Q1 FY26 O&M Availability (%) Generation Performance Dispatch Performance Sales Volume Mix (%) (PLF %) (BU) 95% Merchant/ Short Term Contracted (PPA) 91% +1.6% 88% 78% 74% 22% 21% 23% 67% 26.4 24.2 24.6 78% 79% 77% Q1FY25 Q4FY25 Q1FY26 Q1FY25 Q4FY25 Q1FY26 Q
Slide 4: Consolidated financial highlights for Q1 FY26
APL: Consolidated financial highlights for Q1 FY26 INR Crores Continuing Revenue Continuing EBITDA Profit After Tax 15,052 14,522 6,290 14,167 3,913 5,744 5,098 3,305 2,599 Q1FY25 Q4FY25 Q1FY26 Q1FY25 Q4FY25 Q1FY26 Q1FY25 Q4FY25 Q1FY26 Revenue affected by lower merchant tariffs Quarterly Continuing
Slide 5: 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 6: 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 5 solid fill
Slide 7: About Adani Portfolio
adani Power 1 About Adani Portfolio
Slide 8: 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 9: 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 10: 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 11: About Adani Power Limited (APL)
adani Power 2 About Adani Power Limited (APL)
Slide 12: 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 Key Operating Metrics 18,150 MW 12,520 MW 7.5% 13 Assets 8 Projects by FY30 of current coal-fired Kawai Mirzapur grid-connected 1,320 MW + 1,600 1,600 MW Operating Capaci
Slide 13: High Quality Present Portfolio Mix: Poised to Meet India's Base Load Demand
High Quality Present Portfolio Mix: Poised to Meet India’s Base Load Demand Operating Capacity Locked-in Capacity Target Capacity 131,2 18,150 + 8 12,520 = 14 30,670 Assets MW Projects MW Assets MW Asset Type Asset Type Asset Type 60% 40% 100% 76% 24% Organic Inorganic Organic Inorganic Organic Inor
Slide 14: Coal is Critical for India: Unmatched Growth Potential
Coal is Critical for India: Unmatched Growth Potential Driven by Rising Base & Peak Demand Power Demand Growth Projections 500 3,000 450 Vision 2047 Base Load power critical for additional Renewable Capacity 2,474 2,500 400 Energy demand 350 6,400 BU India’s Renewable Energy Target by 2030 500 GW 2,
Slide 15: Inbuilt, Irreplicable Structural Advantages
APL: Inbuilt, Irreplicable Structural Advantages Land and Location Economies of Scale Project Execution 100% land available for locked in 18,150 MW operating capacity in On time & budget execution supported capacity - close to key mining areas, eight key states – largest in private by Adani Infra (I
Slide 16: APL Quarterly Performance Highlights
adani Power 3 APL Quarterly Performance Highlights
Slide 17: Key Highlights for Q1 FY26
APL: Key Highlights for Q1 FY26 ▪ Scheme of Amalgamation Effective: The Scheme of Amalgamation of APJL with APL has been made effective with effect from 1st April 2024 after receipt of approval for the Scheme of Amalgamation from Hon’ble NCLT. ▪ VIPL Acquisition Completed: 600 MW VIPL acquisition co
Slide 18: 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) 95% 88% 26.0 25.7 78% 24.2 24.6 67% Q1 FY25 Q1 FY26 Q1 FY25 Q1 FY26 Power Demand in key States (BU)* 53.3 52.4 42.4 41.8 35.7 34.8 28.9 28.0 25.4 Q1 FY25 23.7 22.9 25.2 19.3 18.8 Q1 FY26 Guj
Slide 19: Resilience of business model reflected in stable revenues and robust profitability
APL: Resilience of business model reflected in stable revenues and robust profitability Snapshot of Profit & Loss Account In INR Crores Particulars Unit Q1 FY26 Q1 FY25 % Change Effective Capacity (MW) MW 17,550 15,250 15.1% Continuing Operating Revenue INR Cr 13,703 14,717 -6.9% Continuing Other In
Slide 20: 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 +16% CAGR 60,281 58,906 12,750 10,727 43,041 31,686 4,912 27,842 28,150 3,305 1,270 14,574 -2,275 FY20 FY21 FY22 FY23 FY24 FY25 Q1FY26 FY20 FY21 FY22 FY23 FY24 FY
Slide 21: Revenue & EBITDA Bridge
APL: Revenue & EBITDA Bridge Growth in Revenues Q1 FY25 to Q1 FY26 INR Crores 422 406 884 15,474 15,052 14,574 14,167 Q1 FY25 Reported One-time income (Q1 Q1 FY25 Continuing Change in volumes Q1 FY26 Continuing One-time income (Q1 Q1 FY26 Reported Revenue FY25) Revenue and tariffs Revenue FY26) Reve
Slide 22: Debt Profile
adani Power 4 Debt Profile
Slide 23: Consolidated Debt Profile
APL: Consolidated Debt Profile INR Crores Particulars Unit Q1 FY26 FY25 FY24 Existing entities INR Cr 34,350 27,780 27,875 Under-construction project INR Cr 950 950 Total Senior Secured Loans (after Ind-AS adjustment) INR Cr 35,300 28,730 27,875 Working Capital Loans INR Cr 8,820 9,087 6,397 Inter-C
Slide 24: Self Funded Growth – Conservative Leverage supports high cashflow generation
APL: Self Funded Growth – Conservative Leverage supports high cashflow generation Key Rating highlights: Rating March 2023 March 2025 June 2025 • Significant cash inflow of long due Agency regulatory receivables due to favorable Rating Track resolution of regulatory issues Record - AA/Stable AA/Stab
Slide 25: Progress in Capacity Expansion Projects
adani Power 5 Progress in Capacity Expansion Projects
Slide 26: Locked-in Growth: Secured Project Portfolio of Developed Sites & Critical Equipment
Locked-in Growth: Secured Project Portfolio of Developed Sites & Critical Equipment Availability Strategic Advantages Locked-in Organic Growth projects in advanced stages of development Environ- Equipment 86% 87% 100% 100% Project MW Land Ordering mental PPA Clearance Brownfield Near-pithead Land av
Slide 27: Project Gallery: Showcasing Execution Excellence
Project Gallery: Showcasing Execution Excellence Across Large & Complex Projects Mahan Phase-II Project (2 x 800 MW) Raipur Phase-II Project (2 x 800 MW) Raigarh Phase-II Project (2 x 800 MW) BTG Area Front View Unit #3 - Boiler Unit #3 - Turbine Generator Deck Unit #4 High Pressure Heater Unit #3 E
Slide 28: ESG Practice at APL
adani Power 6 ESG Practice at APL
Slide 29: ESG Highlights
APL: ESG Highlights Material Topic Targets Key ESG Initiatives/Achievements UN SDGs Climate Change Adaptation and mitigation • Average Emission intensity - 0.85 tCO2e/MWh. Climate Change • Signed IBBI 2.0 Declaration reaffirming our commitment to IBBI's vision and The Adaptation Biodiversity Plan an
Slide 30: Board of Directors and Management Overview
APL: Board of Directors and Management Overview 100% IDs Chaired By IDs Chaired By NID Board of Directors Independent Directors Statutory Committees 40% - Audit 🗹 Comprised of only Independent Directors - Nomination & Remunerations 🗹 100% of - Stakeholder Relationship 🗹 Statutory Committees -…
Slide 31: APL: Investment Case
adani Power 7 APL: Investment Case
Slide 32: Key Investment Highlights
APL: Key Investment Highlights Key Investment Highlights Coal is Critical for India’s • Abundant domestic fuel availability and scalability, • Enduring part of the fuel mix based on policy, economic rationale and actual on ground action. Base load power needs Strong government support to achieve new
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 Particulars Unit FY22 FY23 FY24 FY25 Q1 FY26 FY25 Insights Revenue from Operations INR Cr 27,711 38,773 50,351 56,203 14,109 Other Income INR Cr 3,975 4,267 9,930 2,703 465 Total Income INR Cr 31,686 43,041 60,281 58,906 14,574 17,550 MW Fuel Cost
Slide 36: Historical Financials | Balance Sheet
APL: Historical Financials | Balance Sheet Particulars Unit FY22 FY23 FY24 FY25 FY25 Insights Assets Non-Current Assets Gross Fixed Assets (Incl. CWIP) INR Cr 73,945 75,308 91,634 1,13,215 [-] Accumulated Depreciation INR Cr (20,653) (23,841) (27,540) (31,604) Net Fixed Assets (Incl. CWIP) INR Cr 53
Slide 37: Historical Financials | Robust Cashflow Generation
APL: Historical Financials | Robust Cashflow Generation Particulars Unit FY25 FY24 INR Crores • Strong and growing cash flow generation from operations on back of stable operating Profit after tax INR Cr 12,750 20,829 profitability Non-cash items (incl. deferred tax) INR Cr 7,393 3,600 • Cash flows