Adani Energy Solutions Ltd · NSE:ADANIENSOL
Adani Energy Solutions — Investor Presentation (2026)
36 slides from Adani Energy Solutions's investor presentation, 2026
Slide 1: Adani Energy Solutions Limited Business Overview
1 Adani Energy Solutions Limited Business Overview
Slide 2: 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 3: Executive Summary
01 Executive Summary
Slide 4: India's only Fully Integrated Utility Infrastructure Platform
Adani Energy Solutions: Leading Utility Platform Driving India’s Energy Transition India’s only Fully Integrated Utility Infrastructure Platform Power Transmission Business Power Distribution Business Smart Metering Business Energy Solutions Businesses Top Rated Private-sector One of the Largest Sma
Slide 5: AESL: Business Update
AESL: Business Update Segment Our Current Capability And Reach Key Contractual & Regulatory Strength Growth Potential • 29 Transmission assets under fixed tariff • Concession life → 35 Years • ₹ 1.5 lakh Cr ($ 15.4 Bn) near term tendering framework | 6 under cost-plus RAB framework • Counterparty →
Slide 6: Adani Energy Solutions: India's Fully Integrated Utility Infrastructure Platform
Adani Energy Solutions: India’s Fully Integrated Utility Infrastructure Platform Pan India Footprint Key Business Details Key Financial Metrics Transmission FY26 FY25 ₹18,296 Cr ₹17,057 Cr Operational Transmission Assets ₹38,677 Cr1 27,949 ckm Under Construction Transmission Assets Operational Reven
Slide 7: Energy Solutions Platform
Energy Solutions Platform Integrated Platform Delivering Reliable & Competitive Energy solutions at scale 1 2 3 4 Strong Market Tailwinds AESL – Demonstrated Diversified Sourcing Driving Extensive Group Synergy & Execution Capabilities Cost & Reliability Edge Unmatched market access ▪ Rapid growth i
Slide 8: Adani Energy - Utility Platform with Energy Ecosystem Synergies
Adani Energy - Utility Platform with Energy Ecosystem Synergies ENABLERS & SUPPLIERS AESL - CORE UTILITIES PLATFORM BUSINESS ENABLING GROWTH Powering AESL Building the backbone for India’s energy future Powered by AESL infrastructure Airports Business AESL – Integrated Utilities Platform Data Center
Slide 9: Indian Electricity Sector
02 Indian Electricity Sector
Slide 10: Indian Electricity Sector | Multi-decade Investment Opportunity
Indian Electricity Sector | Multi-decade Investment Opportunity Underlying Growth in Power Demand Growth in Indian Electricity Sector India’s Electricity Sector 6% 11% CAGR FY26 FY32E (In GW) 1,000 One of the fastest growing electricity market in the world 532 $500 Bn+ 344 Investment Opportunity Ins
Slide 11: AESL - India's only fully Integrated Energy Solutions Platform
03 AESL - India’s only fully Integrated Energy Solutions Platform
Slide 12: Case study: Mumbai Distribution Business - Acquisition and Turnaround
Case study: Mumbai Distribution Business - Acquisition and Turnaround Low capex pre-acquisition - Liquidity constraints Uptick in Regulated Capex (₹ Cr) Pre-acquisition Post-acquisition Project 1,630 1,718 Investment in capex post acquisition 1,409 1,243 1,404 1,449 1,334 Execution Asset hardening →
Slide 13: Case study: Transmission – High Voltage Transmission Project Execution Excellence
Case study: Transmission – High Voltage Transmission Project Execution Excellence India’s largest 765 kV TBCB Transmission Project Mumbai’s first VSC based 1,000 MW HVDC transmission line → Warora Kurnool Transmission Line (WKTL) 1,756 2,000 140 103,000 80 VSC 1,000 2026 ckm workers ckm / month MT k
Slide 14: Operational Excellence: Digitally Enabled Operations Delivering High System Availability
Operational Excellence: Digitally Enabled Operations Delivering High System Availability Real time monitoring of operating assets across 14 states through Energy Network Operations Center (ENOC) at Ahmedabad Leveraging ENOC capabilities with real-time alerts, 24x7 EHV station operations, weather fo
Slide 15: Growth Pipeline
04 Growth Pipeline
Slide 16: AESL: Transmission and Smart Meter Locked-in Growth
AESL: Transmission and Smart Meter Locked-in Growth Transmission Tariff (in ₹ Bn) Smart Meters Installation (in Mn) 24 147 Upcoming Bidding 13.2 24.6 Untapped market pipeline of opportunity of 36 ₹1,500 Bn 24 to be tendered in 11.4 103 Mn the next Meters, yet to be 11 6 - 12 months tendered 52 FY26
Slide 17: AESL: Transmission Capex and Smart Meter Installation Turbocharged in FY25 and FY26
AESL: Transmission Capex and Smart Meter Installation Turbocharged in FY25 and FY26 Capex delivery accelerated $ 1.5 Bn New order wins in FY26 Transmission FY25 Capex : ₹ 7,647 Cr ($ 0.9 Bn) FY26 Capex : ₹ 8,793 Cr ($ 1.0 Bn) 15% Growth in capex Industry Tendering : ₹ 50,681 Cr ($ 5.4 Bn) AESL Order
Slide 18: Operational & Financial Performance
05 Operational & Financial Performance
Slide 19: AESL: Operational Performance
AESL: Operational Performance Transmission Lines1 Transformation Capacity1 System Availability (in circuit kilometers) (in Mega Volt-Amperes) (in %) 27,949 26,696 123,175 2 99.9% 99.8% 99.7% 99.7% 99.6% 99.7% 99.7% Transmission 20,509 18,795 19,779 90,236 Normative 98% 17,276 14,740 57,011 46,001 40
Slide 20: AESL: Financial Performance
AESL: Financial Performance 1 Operational Revenue 18,213 Operational EBITDA 7,327 1 (in ₹ Cr) 17,008 (in ₹ Cr) 6,541 14,218 5214 5,341 5,695 12,149 4,774 4,660 4,767 10,236 10,183 4,045 4,055 4,233 8,840 3,557 4,366 2,704 3,243 3,688 3,217 12,450 2,968 2,792 2,482 2,574 12,234 2,108 8,592 10,173 7,5
Slide 21: Capital Structure & Credit Ratings
06 Capital Structure & Credit Ratings
Slide 22: Credit Ratings: Continuously Improving Credit Profile with Deep Rating Coverage
Credit Ratings: Continuously Improving Credit Profile with Deep Rating Coverage 3% 1% 3% RATING SCALE Global Domestic Rating Track 28% IG AAA - AA+ Record 39% April 41% April April BB+ AA – AA- 7 2019 58% 2023 58% 2026 BB- A Category 69% BBB+ - Below years 97% rated above “AA-” 99% rated above “AA-”
Slide 23: Capital Structure: Prudent Capital Management Through Business Life Cycle
Capital Structure: Prudent Capital Management Through Business Life Cycle AESL is the only private sector transmission and distribution company in India with International IG Rating – Long life contracted assets with sovereign counterparties in a stable regulatory regime (Transmission: 35-year conce
Slide 24: Capital Structure: Self-Funded Deleveraging with Strong Visibility
Capital Structure: Self-Funded Deleveraging with Strong Visibility 1 Current Position 2 Stable Leverage Despite Rapid Expansion 3 Debt Mix & Funding Strength Stable Leverage despite Visible execution pipeline to drive EBITDA growth and stable leverage Diversified debt mix across instruments and geog
Slide 25: ESG
07 ESG
Slide 26: AESL Building a Sustainable Future | Delivering Responsible Growth
AESL Building a Sustainable Future | Delivering Responsible Growth Environment Social Governance Net Zero 2050 LTIFR - 0.24 Reduce 72.7% Scope 1 & 2 by FY32 CRC (vs. 0.33 baseline) | Involving safety 100% independent directors Reduce 27.5% Scope 3 by FY31 Zero Waste to Landfill 100% ESG KPIs FY26 Ta
Slide 27: AESL: Board of Directors and Management Overview
AESL: Board of Directors and Management Overview 100% Chaired Chaired IDs by by Board of Directors IDs NID Statutory Committees Independent Directors 40% - Audit 🗹 Comprised of only - Nomination & 🗹 Independent Directors Remuneration - Stakeholder Relationship 🗹 100% of Statutory Committees -…
Slide 28: Thank You
Thank You
Slide 29: Annexures
Annexures
Slide 30: AESL: Historical Financials | Profit and Loss Account
AESL: Historical Financials | Profit and Loss Account CAGR Particulars Unit FY22 FY23 FY24 FY25 FY26 (FY22-26) FY26 Insights Operating Metrics Transmission Lines Ckms 18,795 19,779 20,509 26,696 27,949 10% Units Sold (AEML + MUL) Mn Units 7,972 9,050 10,574 11,506 11,959 11% Profit and Loss Statemen
Slide 31: AESL: Historical Financials | Balance Sheet
AESL: Historical Financials | Balance Sheet Particulars Unit FY22 FY23 FY24 FY25 FY26 Assets FY26 Insights Non-Current Assets Gross Fixed Assets (Incl. CWIP) INR Cr 41,826 46,934 51,783 56,206 62,352 [-] Accumulated Depreciation INR Cr (6,494) (8,088) (9,861) (10,949) (12,512) Net Fixed Assets (Incl
Slide 32: Asset Portfolio: Presence Across the Country
Asset Portfolio: Presence Across the Country 16 27,949 1,23,175(1) States Ckt km MVA (distinct states Transmission Transmission MUL (85 sq km) MUL (85 sq km) including smart metering business) Line Capacity No Operational Ckt Kms 27 KVTL 74 1 MEGPTCL 1,217 28 KBTL 217 2 ATIL (3 lines) 3,834 29 ATSTL
Slide 33: AESL: Operational Asset Portfolio as of March 2026
AESL: Operational Asset Portfolio as of March 2026 Transmission Line Transformation Contract Sr No. Projects Name Transmission Line (Asset Details) Length (ckm) Capacity (MVA) Type 1 Adani Transmission India Limited (ATIL) Mundra – Dehgam, Mundra – Mohindergarh and Tiroda – Warora 3,834 6,630 ROA 2
Slide 34: AESL: Transmission Under-construction Asset Portfolio as of March 2026
AESL: Transmission Under-construction Asset Portfolio as of March 2026 Transmission Line Transformation Contract Levelized Tariff / Sr No. Projects Name Transmission Line (Asset Details) Length (ckm) Capacity (MVA) Type Billing (Rs Crores) 1 WRSR Transmission Limited (WRSR) WRSR (Narendra – Pune Lin
Slide 35: AESL: Smart Metering Under-construction Portfolio as of March 2026
AESL: Smart Metering Under-construction Portfolio as of March 2026 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 Circle)
Slide 36: 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
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