Adani Power Limited · NSE:ADANIPOWER
Adani Power — Q3 FY26 Earnings Presentation
37 slides from Adani Power's earnings presentation, Jan 29, 2026
Slide 1: Cover letter to stock exchanges: results presentation
January 29, 2026 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 Conference Call
Slide 2: Adani Power Limited Earnings Presentation Q3 FY26
Adani Power Limited Earnings Presentation – Q3 FY26 | January 2026
Slide 3: Consolidated operating highlights for Q3 and 9M FY26
APL: Consolidated operating highlights for Q3 and 9M FY26 O&M Availability (%) Generation Performance Dispatch Performance Sales Volume Mix (%) (PLF %) (BU) +3.4% Merchant/ Short Term Contracted (PPA) 88% 91% 88% 88% 69% 64% 63% 63% 71.8 20% 18% 69.5 22% 22% +1.0% 80% 82% 78% 78% 23.3 23.6 Q3FY25 Q3
Slide 4: Consolidated financial highlights for Q3 and 9M FY26
APL: Consolidated financial highlights for Q3 and 9M FY26 INR Crores Continuing Revenue Continuing EBITDA Profit After Tax 41,951 16,478 40,524 15,713 10,150 8,700 13,434 12,717 4,786 4,636 2,940 2,488 Q3FY25 Q3FY26 9MFY25 9MFY26 Q3FY25 Q3FY26 9MFY25 9MFY26 Q3FY25 Q3FY26 9MFY25 9MFY26 Lower power se
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 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%) (62.43%) (74.96%) (68.02%) (67.64%)4 AEL1 AGEL APL APSEZ3 Ports & Lo
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 92,943 CAT (FFO) 65,016 (74%) EBITDA 24,870 12,784 AEL (51%) 22,819 APSEZ (21%) Adani’s Core Infra.
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 | Cemindia Projects Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Constructi
Slide 11: About Adani Power Limited (APL)
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 Asset Details Key Financial Metrics Operating Metrics 9M FY26 FY25 Mirzapur Kawai 1,600 MW Mirzapur Thermal Energh (UP) 18,150 MW ₹41,876 Cr ₹58,906 Cr 1,320 MW + 3,200 P
Slide 13: High Quality Present Portfolio Mix
High Quality Present Portfolio Mix: Poised to Meet India’s Base Load Demand Operating Capacity Locked-in Capacity Target Capacity 131,2 18,150 + 13 23,720 = 17 41,870 Assets MW Projects MW Assets MW Asset Type Asset Type Asset Type 60% 40% 100% 83% 17% Organic Inorganic Organic Inorganic Organic Ino
Slide 14: Coal is Critical for India's Base load power needs
1 Coal is Critical for India’s Base load power needs: Strong growth potential as India Catches Up Electricity Consumption per capita across states (kWh) 4x Power Demand in next 2 decades Thermal PPA surge by State Discoms Per capita power State Population (Mn) Per capita GDP (USD) consumption Energy
Slide 15: APL Quarterly Performance Highlights
3 APL Quarterly Performance Highlights
Slide 16: Business Updates for Q3 FY26
APL: Business Updates for Q3 FY26 • Awarded single 3,200 MW PPA of 25 Years with Assam Power Distribution Company Limited (APDCL) 3,200 MW (Gross Capacity) • To be supplied from a new 4x800 MW greenfield Ultra-Supercritical Thermal Power Project at Chapar in Dubri district, New Assam PPAs 370 MW • S
Slide 17: 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) 88% 88% 91% 88% 74.1 75.9 71.8 69.5 69% 64% 63% 63% 24.7 23.3 25.1 23.6 Q3 FY25 Q3 FY26 9M FY25 9M FY26 Q3 FY25 Q3 FY26 9M FY25 9M FY26 Power Demand in key States (BU)* 147.9 149.3 113.7 118
Slide 18: Resilience of business model reflected in stable revenues and robust profitability
APL: Resilience of business model reflected in stable revenues and robust profitability Particulars (Rs. in Crores) Unit Q3 FY26 Q3 FY25 % Change 9M FY26 9M FY25 % Change Installed Capacity (MW) MW 18,150 17,550 3.4% 18,150 17,550 3.4% Power Sales Volume (MU) MU 23,556 23,332 1.0% 71,832 69,486 3.4%
Slide 19: 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 41,876 8,700 31,686 4,912 27,842 28,150 1,270 -2,275 FY20 FY21 FY22 FY23 FY24 FY25 9MFY26 FY20 FY21 FY22 FY23 FY24 FY
Slide 20: Revenue Bridge
APL: Revenue Bridge INR Crores Growth in Revenues Q3 FY25 to Q3 FY26 1,400 717 278 14,833 13,434 12,717 12,995 Q3 FY25 Reported One-time income (Q3 Q3 FY25 Continuing Change in volumes and Q3 FY26 Continuing One-time income (Q3 Q3 FY26 Reported Revenue FY25) Revenue rates Revenue FY26) Revenue Growt
Slide 21: EBITDA Bridge
APL: EBITDA Bridge INR Crores Growth in EBITDA Q3 FY25 to Q3 FY26 1,400 165 133 145 6,185 717 733 4,786 4,636 4,781 Q3 FY25 One-time income Q3 FY25 Change in Change in fuel Change in other One-time Prior Q3 FY26 Net One-time Q3 FY26 Reported EBITDA (Q3 FY25) Continuing volumes and rates cost operati
Slide 22: Debt Profile
adani Power Debt Profile
Slide 23: Consolidated Debt Profile
APL: Consolidated Debt Profile INR Crores Particulars Unit 31st Dec 2025 31st Mar 2025 31st Mar 2024 Existing entities INR Cr 35,867 27,780 27,875 Under-construction project INR Cr 950 950 Total Senior Secured Loans (after Ind-AS adjustment) INR Cr 36,817 28,730 27,875 Working Capital Loans INR Cr 8
Slide 24: Capital Structure: Strong Financials Power Self-Funded Growth
Capital Structure: Strong Financials Power Self-Funded Growth with Low Leverage & High Cashflows Key Rating highlights: Rating • APL’s Strong revenue visibility supported by March 2023 March 2025 January 2026 Agency high PPA tie-ups, stable operations, and a Rating Track robust balance sheet. Record
Slide 25: Progress in Capacity Expansion Projects
5 Progress in Capacity Expansion Projects
Slide 26: Locked-in Growth: Secured Project Portfolio of Developed Sites
Locked-in Growth: Secured Project Portfolio of Developed Sites & Critical Equipment Availability Strategic Advantages Fully Locked-in Growth Projects in Advanced Stages of Development Environ- Equipment 60% 63% 100% 100% Project MW Land Ordering mental PPA Clearance Brownfield Near-pithead Land avai
Slide 27: Project Gallery: Showcasing Execution Excellence
Project Gallery: Showcasing Execution Excellence Across Large & Complex Projects Mahan Phase-II Project Raipur Phase-II Project Raigarh Phase-II Project Korba Phase-II Project (2 x 800 MW) (2 x 800 MW) (2 x 800 MW) (2 x 660 MW) BTG Area Front View BTG Area Front View MPH and CCR – Structure Erection
Slide 28: ESG Practice at APL
adani Power 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% Chaired Chaired IDs By IDs By NID Board of Directors Statutory Committees 40% Independent Directors - Audit 🗹 Comprised of only Independent Directors - Nomination & Remunerations 🗹 100% of - Stakeholder Relationship 🗹 Statutory Committees -…
Slide 31: APL: Investment Case
adani Power APL: Investment Case
Slide 32: Key Investment Highlights
APL: Key Investment Highlights Key Investment Highlights • Abundant domestic coal availability and scalability Coal is Critical for India’s • Enduring part of the fuel mix based on policy, economic rationale and actual on ground action Base load power needs • Insulates base load generation from glob
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 CAGR Particulars Unit FY22 FY23 FY24 FY25 (FY22-25) 9M FY26 FY25 Insights Operating Metrics Effective Capacity MW 12,450 13,650 15,051 16,545 10% 17,951 Plant Availability % 95% 94% 92% 91% 88% PLF % 52% 48% 65% 71% 63% 17,550 MW PPA Realisation ₹
Slide 36: Historical Financials | Balance Sheet
APL: Historical Financials | Balance Sheet Particulars Unit 31st Mar 2022 31st Mar 2023 31st Mar 2024 31st Mar 2025 31st Sept 2025 9M FY26 Insights Assets Non-Current Assets Gross Fixed Assets (Incl. CWIP) (-) Accumulated Depreciation INR Cr INR Cr 84,214 (20,670) 88,208 (23,878) 91,634 (27,693) 1,1
Slide 37: Historical Financials | Robust Cashflow Generation
APL: Historical Financials | Robust Cashflow Generation INR Crores Particulars Unit FY24 FY25 H1 FY26 • Strong and growing cash flow from operations on back of stable Profit after tax INR Cr 20,829 12,750 6,212 operating profitability. Non-cash items (incl. deferred tax) INR Cr 3,600 7,393 4,194 • T