Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — H1 FY26 Earnings Presentation
48 slides from Adani Green Energy's earnings presentation, Oct 28, 2025
Slide 1: Submission of Presentation to Stock Exchanges
Date: October 28, 2025 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 & Fi
Slide 2: Adani Green Energy Ltd Earnings Presentation H1 FY26
Adani Green Energy Ltd Earnings Presentation H1 FY26 Consolidated Financials AGEL’s Renewable Energy Plant in Khavda, Gujarat
Slide 3: Financial Performance at a glance: H1 FY26 (YoY)
Financial Performance at a glance: H1 FY26 (YoY) Consistent Robust Financial Performance Revenue EBITDA Cash Profit ₹6,088 Cr ₹5,651 Cr ₹3,094 Cr ▲ 26% ▲ 25% ▲ 17% 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 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 (73.97%) (62.43%) (74.96%) (65.89%) (67.64%)3 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 89,806 CAT (FFO) 66,527 (74%) EBITDA 24,870 AEL 12,784 APSEZ (51%) Adani’s Core Infra. 18,711 AGEL P
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: AGEL: Replicating Group's Simple yet Transformational Business Model
AGEL: Replicating Group's Simple yet Transformational Business Model Secure Sites & Connectivity Resource Assessment Construction Readiness Geotechnical studies ~2,50,000 acres of resource rich sites Development for renewable in strategic locations 50+ GW potential & Special studies (AIIL) ~5+ GW of
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 H1 FY26 FY25 FY30E 12 resource rich states (as on Sep-25) 20 Bn 28 Bn ► 50 GW ► Units Generation Units Generation 16.7 GW ▲39% YoY ▲28% YoY 25% 25% Solar CU
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 28% 50.0 CAGR 41% 16.7 Solar, Wind & 2.5 Hybrid Development in FY20A H1 FY26A FY30E Gujarat & Rajasthan Hydro PSP Focused on del
Slide 13: Operational & Financial highlights
03 Adani Green Energy Limited (AGEL): Operational & Financial highlights AGEL’s Dayapar Wind Cluster, Gujarat
Slide 14: Executive Summary – H1 FY26
AGEL: Executive Summary – H1 FY26 Capacity Addition & Operational Performance • Operational capacity increased by 49% YoY to 16.7 GW, with an addition of 5.5 GW over the last one year; Greenfield capacity of 2.4 GW added in H1 FY26 vis-à-vis 0.25 GW in H1 FY25. This represents 74% of annual capacity
Slide 15: Operational Capacity Addition & Sale of Energy – H1 FY26 YoY
AGEL: Operational Capacity Addition & Sale of Energy – H1 FY26 YoY Operational Capacity (in MW AC) ✓ 2,437 MW greenfield capacity added in H1 FY26, which Hybrid 16,680 represents 74% of capacity addition in FY25 Wind 49% 2,945 ✓ Operational Capacity increases by 49% to 16,680 MW 11,184 Solar 2,142 w
Slide 16: Khavda: World's largest single-location Renewable Energy Project
Khavda: World’s largest single-location Renewable Energy Project 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 efficiencies
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 27,969 21,878 5,274 19,569 19,222 347 2,213 4,344 154 778 4,733 10,791 3,603 5,498 1,365 130 20,753 20,483 4,388 17 75 14,724 11,233 5,406 9,296 4,388 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 – H1FY26 YoY
AGEL: Financial Performance – H1FY26 YoY (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 Cash Profit 2 ▲ 26% ▲ 25% ▲17% 6,088 EBIDTA (%) 92.2% 91.8% 4,836 5,651 4,518 3,094 2,646 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 ▪ Robust growth in revenue, EBITDA and ca
Slide 20: Debt Evolution from Mar-25 to Sep-25
AGEL: Debt Evolution from Mar-25 to Sep-25 Debt Break up (INR Cr) Net Debt Evolution (INR Cr) Gross 73,339 85,997 Debt 1 9,926 8,877 12,450 318 82 845 76,071 (955) (83) (1,049) 76,071 64,462 64,462 Additional Debt upsizing Regular Change in Change in MTM changes Change in Debt for net of Repayment o
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) – Sep’25 Gross Debt Mix 1 & Average Interest Cost 120% 11.1% Long Term Debt Short Term Debt 9.1% 7% 100% 8.0% 22% 1% 7% 80% 1% 19% 3.0% 60% 28% 1% -2.0% Includes Short 40% 79,117, 6
Slide 22: ESG Framework & Commitments
Adani Green Energy Limited (AGEL): 04 ESG Framework & Commitments FTSE Russell ranks AGEL Honored with the title Sustainalytics ranks AGEL 1st globally ‘Energy Company of 1st in India & the year – Renewables’ 7th globally in alternative electricity segment in At ET Energy Leadership Awards in RE sec
Slide 23: Assurance backed ESG framework
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 Initiative (IBBI) Standards Guiding Policies principles Disclosure Standards TCFD TNFD GRI Standards CDP discl
Slide 24: Substantial Avoidance of CO2 Emissions
Substantial Avoidance of CO2 Emissions CO2 Emissions avoided (mn ton) Key ESG Targets Indicator Target Status 97.7 1st rank globally as per FTSE Russell in alternative Ranking in ESG benchmarking of Top 10 electricity segment; 7th globally in RE sector as per electric utility sector in the world Sus
Slide 25: Best-in-class ESG Ratings
AGEL: Best-in-class ESG Ratings RE Sector Ranking 1 Rating Agency Rating/Score Global India Score of 4.7 / 5 1 1 Score of 79.79 / 100 Topmost 1 Prime Band (A-) ESG Risk Rating of 11.8 7 1 Score of 74 / 100 NA 2 Highest ESG score of 74 in Indian utilities/ power sector 2 NA 1 Score of 66 / 100 3 NA 1
Slide 26: Investment Rationale
05 Investment Rationale AGEL’s Solar-Wind Hybrid plants at Jaisalmer, Rajasthan
Slide 27: Key Investment Highlights
Key Investment Highlights ▪ Resource Availability: Strategic sites of 2,50,000 acres for solar and wind plant development and 5+ GW for PSP development backed by comprehensive geotechnical studies, fully prepared evacuation infrastructure, and meticulously crafted design work & resource analysis. De
Slide 28: Annexures: Financial Performance – Q2 FY26
Annexures AGEL: Financial Performance – Q2 FY26 27
Slide 29: Financial Performance – Q2 FY26 YoY
AGEL: Financial Performance – Q2 FY26 YoY (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 Cash Profit 2 ▲ 20% ▲ 19% ▲8% 2,776 EBIDTA (%) 91.7% 90.5% 2,543 2,308 2,143 1,349 1,252 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 ▪ Robust growth in revenue, EBITDA and ca
Slide 30: Annexures: Receivables Details
Annexures AGEL: Receivables Details 29
Slide 31: Power Sales Receivables Ageing Profile as on 30-Sep-2025
AGEL: Power Sales Receivables Ageing Profile as on 30-Sep-2025 INR Cr Due Customer Not due Total Overdue 0-60 Days 61-90 Days 91-120 Days 120-180 Days >180 Days Solar Energy Corporation of India Limited 306 23 26 3 - - 51 Tamil Nadu Generation and Distribution Corporation 173 9 - - - - 9 Adani Elect
Slide 32: RG1 & RG2 Operational and Financial Highlights – H1 FY26
Annexures AGEL: RG1 & RG2 Operational and Financial Highlights – H1 FY26 31
Slide 33: 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% 1,908 1,913 1,900 99.5% 22.2% 1,881 1,892 1,895 95% 20% 90% 85% 10% 80% 907 75% 0% FY20 FY21 FY22
Slide 34: 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 (%) 1,328 1,320 1,328 100% 99.3% 30% 1,313 1,299 99.7% 1,114 95% 24.4% 20% 90% 85% 612 10% 80% 75% 0% FY20 FY21 FY22
Slide 35: RG1 & RG2: Financial Performance – H1 FY26
RG1 & RG2: Financial Performance – H1 FY26 RG1 Portfolio (930 MW) Key Financials (Rs. Cr) Power Generation receivables Ageing (Rs. Cr) Particulars Not Due* Due as on 30-Sep-25 Particulars (Rs. Cr.) FY25 H1 FY26 Revenue from Power supply 1,000 442 91-120 121-180 0-60 days 61-90 days >180 days Total D
Slide 36: RG1 & RG2 Covenants vs Actual
Annexures AGEL: RG1 & RG2 Covenants vs Actual 35
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 6.00 18.89% 3,500 17.23% 4.97x 5.00 14.97% 3,000 13.32% 13.90% 12.35% 11.82% 4.46x 4.00 2,500 4.17x 4.28x 9.87% 10.36% 4.03x 3.98x 9.71% 3.82
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 2,000 20.60% 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 3.59x 3.00 1,0
Slide 39: Annexures: Asset Level Details
Annexures AGEL: Asset Level Details 38 38
Slide 40: Asset Level Details: Operational
AGEL: Asset Level Details: Operational INR Cr Contracted Project Name / Capacity COD/Operatio Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) nalized Name Term (AC) AGETNL Tamil Nadu Solar 216 260 7.01 Mar-16 TANGEDCO 25 RSPL Tamil Nadu Solar 72 86 7.01 Feb-16 TANGEDCO 25 1
Slide 41: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Project Name / Capacity COD/Operatio Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) nalized Name Term (AC) AGE23L (Erstwhile PN Clean) 1 Punjab Punjab Solar 20 21 8.7 Mar-21 PSPCL 25 AGE23L (Erstwhile PN Renewable)
Slide 42: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Project Name / Capacity COD/Operatio Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) nalized Name Term (AC) ASEAPSPL Ananthpuram, AP Andhra Pradesh Solar 250 375 2.73 Mar-20 NTPC 25 ASEKANPL Pavgada, KN Karnataka Sol
Slide 43: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Project Name / Capacity COD/Operation Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) alized Name Term (AC) AGE25AL Khavda Gujarat Solar 25 34 2.42 Feb-25 SECI 25 AGE25AL Khavda Gujarat Solar 12 17 2.42 Feb-25 SECI 2
Slide 44: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Project Name / Capacity COD/Operati Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) onalized Name Term (AC) ARE45L2 Khavda Gujarat Solar NA Jun-25 Merchant NA 50 69 ARE56L3 Khavda Gujarat Solar NA Sep-25 Merchant NA
Slide 45: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Project Name / Capacity COD/Operatio Counterparty PPA SPV Project Location Type Capacity Tariff Location (DC) nalized Name Term (AC) AGEL – Lahori Madhya Pradesh Madhya Pradesh Wind 12 12 5.92 Mar-16 MPPMCL 25 AWEGPL Gujarat Gujarat Wind 30
Slide 46: Asset Level Details: Operational (contd.)
AGEL: Asset Level Details: Operational (contd.) Contracted Planned Planned COD/Operatio Counterparty PPA SPV Project Location Type Capacity Capacity Capacity Tariff nalized Name Term (AC) (AC) (DC) Solar: 360 Solar: 540 AHEJ1L Rajasthan Hybrid May-22 2.69 SECI 25 390 Wind: 100 Wind: 100 Solar: 300 S
Slide 47: 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 48: Thank You
adani Renewables Thank You