Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — FY26 Earnings Presentation
50 slides from Adani Green Energy's earnings presentation, Apr 24, 2026
Slide 1: Submission of Presentation on Operational & Financial highlights
Date: April 24, 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 & Fina
Slide 2: Adani Green Energy Ltd Earnings Presentation FY26
Adani Green Energy Ltd Earnings Presentation FY26 Consolidated Financial Performance AGEL’s Renewable Energy Plant in Khavda, Gujarat
Slide 3: Financial Performance at a Glance: FY26 (YoY)
AGEL: Financial Performance at a Glance: FY26 (YoY) Consistent Robust Financial Performance Revenue1 EBITDA1 Cash Profit ₹11,602 Cr ₹10,865 Cr ₹5,399 Cr ▲ 22% ▲ 23% ▲ 11% 1. From Power Supply 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 Hamburger Menu Icon with solid fill 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 (74.67%) (62.43%) (74.96%) (68.02%) (67.64%)2 AEL AGEL APL APSEZ Ports & Logi
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 (70%) EBITDA 24,870 12,784 AEL (51%) 22,819 APSEZ (25%) 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: Replicating Group's Simple yet Transformational Business Model
AGEL: Replicating Group's Simple yet Transformational Business Model Secure Sites & Connectivity Resource Assessment Construction Readiness ~2,50,000 acres of resource rich sites Geotechnical studies Development ~5+ GW of PSP sites secured 50+ GW potential & Special studies (AIIL) 10+ GWhr of Front-
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 FY26 FY25 FY30E 12 resource rich states FY26 38 Bn 28 Bn 19.3 GW ► ► 50 GW Units Generation ▲34% YoY Units Generation ▲28% YoY 10% 17% RE 8% ₹11,602 Cr ₹9,4
Slide 12: Deploying renewable energy at unprecedented 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 27% 50.0 CAGR 41% 19.3 Solar, Wind & 2.5 Hybrid, BESS Development in FY20A FY26A FY30E Gujarat & Rajasthan Hydro PSP Focused on
Slide 13: Operational & Financial highlights
03 Adani Green Energy Limited (AGEL): Operational & Financial highlights AGEL’s Dayapar Wind Cluster, Gujarat
Slide 14: Executive Summary – FY26
AGEL: Executive Summary – FY26 Capacity Addition & Operational Performance • Operational capacity increased by 35% YoY to 19.3 GW, with a greenfield capacity addition of 5.1 GW which represents 1.5 times capacity addition growth vs FY25 . It is the highest greenfield annual capacity expansion global
Slide 15: Operational Capacity Addition & Sale of Energy – FY26 YoY
AGEL: Operational Capacity Addition & Sale of Energy – FY26 YoY Operational Capacity (in MW AC) Hybrid ✓ 5,051 MW greenfield capacity added in FY26 19,294 Wind 35% 3,216 14,243 ✓ Operational Capacity increases by 35% to 19,294 MW: Solar 2,563 2,260 1,880 – Operationalized 3,412 MW Solar power plants
Slide 16: Khavda World's largest Single-Location Renewable Energy Site
AGEL: Khavda World’s largest Single-Location Renewable Energy Site 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 efficienci
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 37,567 27,969 8,995 21,878 5,274 6,988 19,222 347 2,213 4,344 154 778 10,791 5,498 1,365 130 20,753 20,483 21,585 4,388 17 75 14,724 4,388 5,406 9,296 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 – FY26 YoY
AGEL: Financial Performance – FY26 YoY (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 Cash Profit 2 ▲ 22% ▲ 23% ▲11% 11,602 EBIDTA (%) 91.7% 91.2% 9,495 10,865 8,818 5,399 4,871 FY25 FY26 FY25 FY26 FY25 FY26 ▪ Robust growth in revenue and EBITDA primarily driven by c
Slide 20: Debt Evolution from Mar-25 to Mar-26
AGEL: Debt Evolution from Mar-25 to Mar-26 Gross Debt 1 (INR Cr) Net Debt Evolution (INR Cr) 100,164 2,436 640 91,252 8,912 2,952 22,748 (1,843) (109) (34) 73,339 8,877 64,462 91,252 64,462 Mar-25 Mar-26 FY 25 Debt Decrease/ Change in Forex* Scheduled Upsizing Other FY 26 2 3 Drawn (Increase) LC MTM
Slide 21: De-risking & optimization of finance cost through prudent debt management
AGEL: De-risking & optimization of finance cost through prudent debt management Long Term vs Short Term Split (INR Cr) – Mar’26 Gross Debt Mix 1 & Average Interest Cost 120% 11.1% Long Term Debt Short Term Debt 8.9% 9% 100% 8.0% 22% 1% 7% 80% 1% 18% 3.0% 60% 28% 0% -2.0% Includes Short 40% 90,331, 9
Slide 22: ESG Framework & Commitments
Adani Green Energy Limited (AGEL): 04 ESG Framework & Commitments Energy Intelligence ranks AGEL FTSE Russell ranks AGEL ISS ESG ranks AGEL CareEdge rated AGEL # 1st Green Utility Globally 1st Globally Topmost Globally CareEdge – ESG 1+ with Highest ESG Score across industries in RE sector in its ES
Slide 23: Assurance backed ESG framework
AGEL: Assurance backed ESG framework Guiding principles India Business & IFC E&S United Nations UN SDGs and Green Bond SBTi Biodiversity Performance Global Compact UNGP Principles Initiative (IBBI) Standards Guiding Policies principles Disclosure Standards IFRS S2 TNFD GRI Standards CDP disclosure B
Slide 24: Substantial Avoidance of CO2 Emissions
AGEL: Substantial Avoidance of CO2 Emissions CO2 Emissions avoided (mn ton) Key ESG Targets Indicator Target Status 95.4 Ranking in ESG benchmarking of electric utility Ranked among the top 10 in ESG Top 10 sector in the world benchmarking by 7 ESG rating agencies Net water positive status for 100%
Slide 25: ESG Ratings, Awards & Recognitions
AGEL: ESG Ratings, Awards & Recognitions RE Sector Ranking 1 Rating Agency Rating/Score Awards and Recognition Global India Score of 4.7 / 5 1 1 • #1 in Energy Intelligence Global Top 100 Green Global Ranking Utilities (Climate Push) Score of 80.64 / 100 Topmost 1 • Reuters Global Energy Transition
Slide 26: Investment Rationale
05 Investment Rationale AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 27: Key Investment Highlights
AGEL: Key Investment Highlights Key Investment Highlights • Secured resource rich sites at strategic locations including Khavda with one of the highest solar irradiation Resource and high wind speed to achieve 50+ GW target Tied up 5+ GW of PSP sites secured across 5 states • All these things create
Slide 28: Annexure - A: Financial Performance – Q4 FY26
Annexure - A Financial Performance – Q4 FY26 STRICTLY CONFIDENTIAL
Slide 29: Financial Performance – Q4 FY26 YoY
AGEL: Financial Performance – Q4 FY26 YoY (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 Cash Profit 2 ▲ 16% ▲ 20% ▲ 21% 3,094 EBIDTA (%) 91.0% 90.5% 2,666 2,944 1,494 2,453 1,231 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 ▪ Robust growth in revenue and EBITDA p
Slide 30: Annexure - B: Receivables Details
Annexure - B Receivables Details STRICTLY CONFIDENTIAL
Slide 31: Power Sales Receivables Ageing Profile as on 31-March-2026
AGEL: Power Sales Receivables Ageing Profile as on 31-March-2026 INR Cr Due Counterparty Not due 0-60 Days 61-90 Days 91-120 Days 120-180 Days >180 Days Total Due Solar Energy Corporation of India Limited 374 - - 1 17 - 18 Tamilnadu Generation and Distribution Corporation 188 - - - - - - Uttar Prade
Slide 32: Annexure - C: RG1 & RG2 Operational and Financial Highlights – FY26
Annexure - C RG1 & RG2 Operational and Financial Highlights – FY26 STRICTLY CONFIDENTIAL
Slide 33: RG1 & RG2: Financial Performance – FY26
AGEL: RG1 & RG2: Financial Performance – FY26 RG1 Portfolio (930 MW) Key Financials (Rs. Cr) Power Generation receivables Ageing (Rs. Cr) Particulars Not Due* Due as on 31-Mar-26 Particulars (Rs. Cr.) FY25 FY26 Revenue from Power supply 1,000 911 91-120 121-180 0-60 days 61-90 days >180 days Total D
Slide 34: 930 MW RG1 Portfolio Performance
AGEL: 930 MW RG1 Portfolio Performance Consistent and predictable sale of energy backed by high plant and grid availability Generation in Mn units Plant and Grid Availability (%) CUF (%) 100% 99.8% 30% 22.7% 1,881 1,908 1,892 1,895 1,913 1,900 1,852 95% 99.4% 20% 90% 85% 10% 80% 75% 0% FY20 FY21 FY2
Slide 35: 570 MW RG2 Portfolio Performance
AGEL: 570 MW RG2 Portfolio Performance Consistent and predictable sale of energy backed by high plant and grid availability Generation in Mn units Plant and Grid Availability (%) CUF (%) 100% 99.4% 30% 1,328 1,313 1,320 1,328 1,299 1,259 99.7% 1,114 95% 25.2% 20% 90% 85% 10% 80% 75% 0% FY20 FY21 FY2
Slide 36: Annexure - D: RG1 & RG2 Covenants vs Actual
Annexure - D RG1 & RG2 Covenants vs Actual STRICTLY CONFIDENTIAL
Slide 37: RG1 Financial Covenants
AGEL: RG1 Financial Covenants Net Debt/EBITDA FFO/Net Debt 4,500 7.00 4,113 4,134 4,084 4,062 4,163 4,134 3,933 Leverage Metrics 3,757 3,870 3,765 4,000 3,594 3,609 6.00 3,500 20.70% 4.97x 5.00 18.89% 3,000 17.23% 14.97% 4.46x 13.90% 4.00 13.32% 2,500 4.17x 4.28x 12.35% 4.03x 3.98x 11.82% 3.82x 3.77
Slide 38: RG2 Financial Covenants
AGEL: RG2 Financial Covenants Net Debt/EBITDA FFO/Net Debt 2,500 7.00 2,289 2,242 2,217 2,207 2,204 Leverage Metrics 2,144 2,079 1,970 1,983 1,955 6.00 1873 1,853 2,000 20.60% 20.23% 5.17x 5.00 19.13% 18.39% 19.01% 16.45% 16.26% 16.15% 14.51% 14.38% 1,500 4.00 13.27% 12.44% 3.95x 3.56x 3.69x 3.62x 3
Slide 39: Annexure - E: Asset Level Details
Annexure - E Asset Level Details STRICTLY CONFIDENTIAL
Slide 40: Asset Level Details: Solar - Operational
Asset Level Details: Solar - Operational Contracted Capacity Capacity Tariff Counterparty PPA SPV Project Location Type COD/Operationalized (AC) (DC) (INR/ kWh) Name Term Tamil Nadu Solar 216 260 7.01 Mar-16 TANGEDCO 25 Tamil Nadu Solar 72 86 7.01 Feb-16 TANGEDCO 25 AGE23L (Earstwhile Tamil Nadu Sol
Slide 41: Asset Level Details: Solar - Operational (contd.)
Asset Level Details: Solar - Operational (contd.) Contracted Capacity Capacity Tariff Counterparty PPA SPV Project Location Type COD/Operationalized (AC) (DC) (INR/ kWh) Name Term AGE23L (Earstwhile PN Punjab Solar 20 21 8.7 Mar-21 PSPCL 25 Clean) 1 AGE23L (Earstwhile PN Punjab Solar 10 11 8.65 Feb-
Slide 42: Asset Level Details: Solar - Operational (contd.)
Asset Level Details: Solar - Operational (contd.) Contracted Capacity Capacity Tariff Counterparty PPA SPV Project Location Type COD/Operationalized (AC) (DC) (INR/ kWh) Name Term ASEKANPL Karnataka Solar 200 300 2.82 19-Dec SECI 25 ASEAPSPL Andhra Pradesh Solar 350 455 4.63 Jul-17 NTPC 25 ASERJOPL
Slide 43: Asset Level Details: Solar - Operational (contd.)
Asset Level Details: Solar - Operational (contd.) Contracted Capacity Capacity Tariff Counterparty PPA SPV Project Location Type COD/Operationalized (AC) (DC) (INR/ kWh) Name Term AGE25AL Gujarat Solar 25 34 2.42 Feb-25 SECI 25 AGE25AL Gujarat Solar 12 17 2.42 Feb-25 SECI 25 AGE25AL Gujarat Solar 12
Slide 44: Asset Level Details: Solar - Operational (contd.)
Asset Level Details: Solar - Operational (contd.) Contracted Capacity Capacity Tariff Counterparty PPA SPV Project Location Type COD/Operationalized (AC) (DC) (INR/ kWh) Name Term ARE56L3 Gujarat Solar 50 69 NA Apr-25 Merchant NA ARE56L3 Gujarat Solar 100 137 2.42 Apr-25 SECI 25 ARE45L2 Gujarat Sola
Slide 45: Asset Level Details: Solar - Operational (contd.)
Asset Level Details: Solar - Operational (contd.) Contracted Capacity Capacity Tariff Counterparty PPA SPV Project Location Type COD/Operationalized (AC) (DC) (INR/ kWh) Name Term ARE56L3 Gujarat Solar 13 17 2.42 Sep-25 SECI 25 ARE56L3 Gujarat Solar 88 120 2.42 Sep-25 SECI 25 ARE56L3 Gujarat Solar 8
Slide 46: Asset Level Details: Solar - Operational (contd.)
Asset Level Details: Solar - Operational (contd.) Contracted Capacity Capacity Tariff Counterparty PPA SPV Project Location Type COD/Operationalized (AC) (DC) (INR/ kWh) Name Term AGE26AL Gujarat Solar 50 68 2.54 Mar-26 SECI 25 ASEB1L Baiya Solar 251 341 2.55 Mar-26 NHPC 25 AGE25CL Gujarat Solar 50
Slide 47: Asset Level Details: Wind - Operational (contd.)
Asset Level Details: Wind - Operational (contd.) Contracted Capacity Tariff SPV Project Location Type Capacity (DC) COD/ Capitalization Counterparty Name PPA Term (AC) (INR/ kWh) AGEL – Lahori Madhya Pradesh Wind 12 12 5.92 Mar-16 MPPMCL 25 AWEGPL Gujarat Wind 30 30 4.19 Mar-17 GUVNL 25 AWEGPL Gujar
Slide 48: Asset Level Details: Hybrid - Operational (contd.)
Asset Level Details: Hybrid - Operational (contd.) Contracted Capacity Planned Capacity Planned Capacity Tariff SPV Project Location Type Counterparty Name PPA Term (AC) (AC) (DC) (INR/ kWh) Solar: 360 Solar: 540 AHEJOL Rajasthan Hybrid 390 2.69 SECI 25 Wind: 100 Wind: 100 AHEJTL 2 Solar: 600 Solar:
Slide 49: 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 50: Thank You
adani Renewables Thank You