Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — Investor Presentation (February 2026)
43 slides from Adani Green Energy's investor presentation, February 2026
Slide 1: Adani Green Energy Ltd Investor Presentation
Adani Green Energy Ltd Investor Presentation February 2026 AGEL’s Renewable Energy Plant in Khavda, Gujarat
Slide 2: Contents
Contents 1 Executive Summary 2 Investment Highlights 3 ESG Annexures STRICTLY CONFIDENTIAL
Slide 3: Executive Summary
1 Executive Summary STRICTLY CONFIDENTIAL
Slide 4: India: Colossal Growth Opportunity
India: Colossal Growth Opportunity Key Highlights: Fastest growing economy + large consumer base…. …needs critical infra in transport and logistics Fastest Growing Large Economy Large Consumer Base Under penetration of Air Travel High logistics cost G20 Real GDP CAGRs, 2014 to 2024 (%) Top 10 Countr
Slide 5: India: Energy Sector – Multi-decade investment opportunity
India: Energy Sector – Multi-decade investment opportunity Growth in Indian Electricity Sector Adani’s role in powering India India’s Electricity Sector 5% 11% CAGR ✓ Adani Portfolio has market leading position across entire energy value chain (In GW) 1,000 One of the fastest growing electricity mar
Slide 6: India: Energy Storage Needed for Integration of RE Capacities in the Grid
India: Energy Storage Needed for Integration of RE Capacities in the Grid Demand Curve of Demand Curve of Demand Curve of maximum Demand maximum Demand maximum Demand Day in FY19 Day in FY22 Day in FY25 Policy level interventions has enabled integration of solar thereby shifting the evening peak to
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 (73.97%) (62.43%) (74.96%) (68.02%) (67.64%)4 AEL1 AGEL APL APSEZ3 Ports & Lo
Slide 8: AGEL: 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 9MFY26 FY25 FY30E 12 resource rich states (as on Dec-25) 28 Bn 28 Bn ► 50 GW ► Units Generation Units Generation 17.2 GW ▲37% YoY ▲28% YoY 24% 25% Solar CUF
Slide 9: AGEL: Outpacing Industry Growth Rates backed by Record Annual Capacity Addition
AGEL: Outpacing Industry Growth Rates backed by Record Annual Capacity Addition Capacity Ramp up at Scale Capacity in GW Amount in INR Cr Annual Capacity Addition ramped up Improving Run Rate EBIDTA Annualized 2.6x ---5.0+ GW-- 14,454 2.2x 12,676 2.8 3.3 3.0 10,462 2.7 7,505 1.9 6,644 Current run ra
Slide 10: AGEL: Key Investment Highlights
AGEL: Key Investment Highlights Key Investment Highlights 1 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 crea
Slide 11: Key Investment Highlights
2 Key Investment Highlights STRICTLY CONFIDENTIAL
Slide 12: Resource: Potential of 55+ GW Renewable Energy
1a Resource: Potential of 55+ GW Renewable Energy AGEL has completed resources tie-up for 55+ GW 2 Large Sites to allow AGEL to reach 50+ GW capacity 5+ 55+ 10+ 10 23 17.2 Khavda: 7.0 GW Operational RE – Khavda RE – Rajasthan PSP Total Capacity potential Dec-25 Sites under development AGEL has resou
Slide 13: Resource: Khavda World's largest Single-Location Renewable Energy Site
1b Resource: 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 eff
Slide 14: Resource: Energy Storage Development; Hydro Pumped Storage Projects
1c Resource: Energy Storage Development ; Hydro Pumped Storage Projects Kicked off 1st Hydro PSP in Andhra Pradesh on Chitravathi river Development Pipeline across 5 states Uttar Pradesh Upper Reservoir Powerhouse Assam Water Conducting System Maharashtra Telangana Existing lower reservoir Key Highl
Slide 15: Execution: Expertise in Developing Mega Scale Renewable Energy Projects
2 Execution: Expertise in Developing Mega Scale Renewable Energy Projects − Then, the largest single location solar power plant 648 World’s largest MW − Executed within a record time of 8 months single location Solar project Module 330 Wp 3x MMS Fixed Tilt (99%) Tracker (1%) Kamuthi: Tamil Nadu (FY1
Slide 16: Procurement: Operational Synergies Accruing from Portfolio Companies
3a Procurement : Operational Synergies Accruing from Portfolio Companies Adani Portfolio Ecosystem EPC & PMC O&M Human Resource ▪ Supply chain reliability with backward AIMSL GCC AIIL1 Centre of Centre of Centre of integration of solar and wind Excellence Excellence Excellence manufacturing at the p
Slide 17: Procurement: Deep Vendor Ecosystem
3b Procurement: Deep Vendor Ecosystem Adani Vendor Ecosystem ▪ Finalizing technology based on latest technology available in market with higher Key Strategy with Vendor Relationship efficiency, lower degradation to make sure lowest LCOE. Vendor Development Supply Assurance • Development of new manuf
Slide 18: Operations: Operational Performance Metrics
4a Operations: 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
Slide 19: Operations: Digital Twins: Harnessing Technology to Maximize Performance
4b Operations: Digital Twins: Harnessing Technology to Maximize Performance Transforming O&M Practices Solar Power Plants: Areas of O&M efficiency gains Conventional Transformed ─ Manual ─ Automated Prevent & Accurate Detect loss due ─ Top-down ─ Bottom-up detect module / module to soiling diode fai
Slide 20: Operations: Best in Class O&M Practices
4c Operations: Best in Class O&M Practices – Cluster based governance model: Personnel spread across Central office → Cluster teams → Site personnel – Enables smooth governance allowing efficient utilization of manpower and spares across multiple project sites 1 Centralized monitoring & Diagnostics
Slide 21: Capital Management: Prudent Capital Management through Business Life Cycle
5a Capital Management: Prudent Capital Management through Business Life Cycle De-risking of underlying SPVs to generate and release surplus cashflows for AGEL Debt Life Cycle Management to ensure the Capital availability at all stages of the project Debt Construction Phase: Construction Phase Operat
Slide 22: Capital Management: Internal Accruals Exceeds Debt Maturities
5b Capital Management : Internal Accruals Exceeds Debt Maturities FFO for TTM Sep’25 10 years of debt refinancing/maturity profile1 All figures in INR cr 11,272 FFO + Cash – 15,873 5,947 (5,061) (264) 11,444 11,404 8,073 6,061 6,381 EBITDA Finance Tax Paid FFO 3,036 FFO – 5,947 Cost 3,109 4,889 5,38
Slide 23: AGEL: Continuously Improving Credit Profile with Deep Rating Coverage
5c AGEL: Continuously Improving Credit Profile with Deep Rating Coverage 1% 9% 2% 0% 18% Global Domestic 31% IG AAA - AA+ Rating Track 38% Record April April Dec. BB+ AA – AA- 2019 2023 2025 6.75 BB- A Category BBB+ - Below 58% 44% 99% years Nil rated above “AA-” 63% rated above “AA-” 82% rated abov
Slide 24: ESG
3 ESG STRICTLY CONFIDENTIAL
Slide 25: AGEL: Assurance Backed ESG Framework
AGEL: Assurance Backed ESG Framework Guiding principles India Business & IFC E&S United Nations UN Sustainable Green Bond SBTi Biodiversity Performance Global Compact Development Goals Principles Guiding Initiative (IBBI) Standards Policies principles Disclosure Standards TCFD TNFD GRI Standards CDP
Slide 26: AGEL: ESG Updates
AGEL: ESG Updates Focus area Material Topic Targets Key ESG Initiatives/Achievements UN SDGs Committed to avoid GHG emissions Climate Change Climate Change through development of 50 GW RE • 19.6 Mn tons CO2 emissions avoided in 9MFY26 equivalent to 4.3 million cars off the road project by 2030 • 99.
Slide 27: AGEL: Board of Directors and Management Overview
AGEL: Board of Directors and Management Overview 100% Chaired Chaired IDs by by NID Board of Directors IDs Statutory Committees Independent Directors Nominee Director 40% - Audit 🗹 Comprised of only - Nomination & 🗹 Independent Directors Remunerations - Stakeholder Relationship 🗹 100% of…
Slide 28: Annexures - A: Operational and Financial Performance
Annexures - A Operational and Financial Performance STRICTLY CONFIDENTIAL
Slide 29: AGEL: Operational Performance
AGEL: Operational Performance Operational Capacity (MW AC – PPA capacity) CUF % (AC) Solar Wind Hybrid Solar Wind Hybrid 17,238 40.7% 39.5% 14,243 3,121 35.5% 34.8% 30.8% 2,140 2,176 29.4% 29.2% 10,934 26.8% 27.2% 2,000 23.8% 24.7% 25.2% 24.5% 24.8% 23.7% 2,140 22.5% 8,086 1,401 5,410 2,140 3,470 97
Slide 30: AGEL: Financial Performance
AGEL: Financial Performance Revenue from Power Supply EBITDA from Power Supply 1 In INR Crores In INR Crores 9,495 8,508 8,818 7,921 7,735 7,222 5,809 5,538 3,783 3,530 2,419 2,207 FY21 FY22 FY23 FY24 FY25 9MFY26 FY21 FY22 FY23 FY24 FY25 9MFY26 EBITDA from Power Supply (%) Cash Profit 2 In INR Crore
Slide 31: AGEL: Historical Financials | Profit and Loss Account
AGEL: Historical Financials | Profit and Loss Account Particulars Unit FY22 FY23 FY24 FY25 9MFY26 9MFY26 Insights Revenue from Power Supply INR Cr 3,783 5,825 7,735 9,495 8,508 Other Revenue from Operations INR Cr 64 219 297 278 438 Other Income INR Cr 415 841 1,240 1,199 66 17.2 GW Total Income INR
Slide 32: AGEL: Historical Financials | Balance Sheet
AGEL: Historical Financials | Balance Sheet Particulars Unit FY22 FY23 FY24 FY25 H1FY26 H1 FY26 Insights Assets Non-Current Assets Gross Fixed Assets (Incl. CWIP & ROU) INR Cr 52,004 58,384 75,465 103,623 1,15,984 [-] Accumulated Depreciation Net Fixed Assets (Incl. CWIP) INR Cr INR Cr -3,654 48,350
Slide 33: Annexures - B: Asset Level Details
Annexures - B Asset Level Details STRICTLY CONFIDENTIAL
Slide 34: Asset Level Details: Operational
Asset Level Details: Operational Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff COD/Operationalized (AC) (DC) 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 Solar 72 86 7.01 Mar-1
Slide 35: Asset Level Details: Operational (contd.)
Asset Level Details: Operational (contd.) Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff COD/Operationalized (AC) (DC) 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-21 PSPCL 25 Renewab
Slide 36: Asset Level Details: Operational (contd.)
Asset Level Details: Operational (contd.) Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff COD/Operationalized (AC) (DC) 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 Rajasthan Solar 300
Slide 37: Asset Level Details: Operational (contd.)
Asset Level Details: Operational (contd.) Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff COD/Operationalized (AC) (DC) 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 125 171 2.42 Feb-25 S
Slide 38: Asset Level Details: Operational (contd.)
Asset Level Details: Operational (contd.) Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff COD/Operationalized (AC) (DC) 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 Solar 50 69 NA Apr-25 M
Slide 39: Asset Level Details: Operational (contd.)
Asset Level Details: Operational (contd.) Contracted Capacity Capacity Counterparty PPA SPV Project Location Type Tariff COD/Operationalized (AC) (DC) 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 88 120 2.42 Sep-25 S
Slide 40: Asset Level Details: Operational (contd.)
Asset Level Details: Operational (contd.) Contracted Capacity SPV Project Location Type Capacity (DC) Tariff COD/ Capitalization Counterparty Name PPA Term (AC) 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 Gujarat Wind 18 18 3.46
Slide 41: Asset Level Details: Operational (contd.)
Asset Level Details: Operational (contd.) Contracted Capacity Planned Capacity Planned Capacity SPV Project Location Type Tariff Counterparty Name PPA Term (AC) (AC) (DC) Solar: 360 Solar: 540 AHEJOL Rajasthan Hybrid 390 2.69 SECI 25 Wind: 100 Wind: 100 AHEJTL 2 Solar: 600 Solar: 840 Rajasthan Hybri
Slide 42: 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 43: Thank You
Thank You STRICTLY CONFIDENTIAL
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