Adani Green Energy Limited · NSE:ADANIGREEN
Adani Green Energy — H1 FY27 Earnings Presentation
48 slides from Adani Green Energy's earnings presentation, October 2026
Slide 1: Adani Green Energy Ltd Earnings Presentation H1 FY27
Adani Green Energy Ltd Earnings Presentation H1 FY27 Consolidated Financial Performance AGEL’s Renewable Energy Plant in Khavda, Gujarat
Slide 2: Financial Performance at a Glance: H1 FY27 (YoY)
AGEL: Financial Performance at a Glance: H1 FY27 (YoY) Consistent Robust Financial Performance Revenue1 EBITDA1 Cash Profit ₹8,299 Cr ₹7,957 Cr ₹4,176 Cr ▲ 36% ▲ 41% ▲ 35% 1. From Power Supply AGEL’s Renewable Energy Plant in Khavda, Gujarat
Slide 3: 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 3 solid fill
Slide 4: Adani Portfolio
adani Renewables O1 Adani Portfolio
Slide 5: 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 (71.97%) (62.43%) (74.96%) (66.03%) (67.29%)2 AEL AGEL APL APSEZ Ports & Logi
Slide 6: 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 EBITDA Tax paid 94,834 Finance cost paid CAT (FFO) 67,995 (72%) EBITDA 24,870 AEL 12,784 APSEZ (51%) 22,259 Adani’s Core Infra. AGEL (
Slide 7: 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 8: 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 9: Adani Green Energy Limited (AGEL): Company Profile
02 Adani Green Energy Limited (AGEL): Company Profile AGEL’s Solar plant at Anjar, Gujarat
Slide 10: 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 FY27 FY26 2030E 12 resource rich states (as of Sep 30, 2026) 26 Bn 38 Bn 20.8 GW ► ► 50 GW 10% 5 GW of Pumped Units Generation ▲32% YoY Units Generation
Slide 11: 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 12: Operational & Financial highlights
03 Adani Green Energy Limited (AGEL): Operational & Financial highlights AGEL’s Dayapar Wind Cluster, Gujarat
Slide 13: Executive Summary – H1 and Q2 FY27
AGEL: Executive Summary – H1 and Q2 FY27 Capacity Addition & Operational Performance • Operational capacity increased by 24% YoY to 20,763 MW with greenfield addition of 4,083 MW. The capacity addition during the quarter was 621 MW • Operationalized BESS capacity of 3,081 MWh1 in Khavda during Q2 in
Slide 14: Operational Capacity Addition & Sale of Energy – H1 FY27 YoY Performance
AGEL: Operational Capacity Addition & Sale of Energy – H1 FY27 YoY Performance Operational Capacity (in MW AC) Hybrid 24% 20,763 Wind ✓ Operational capacity increased by 24% YoY to 20,763 MW 16,680 3,266 with greenfield addition of 4,083 MW Solar 2,945 2,947 2,142 – Operationalized 2,957 MW solar po
Slide 15: 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 16: Growth in 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 25,747 21,878 5,274 19,222 347 6,988 4,286 2,213 10,791 4,344 778 6,983 5,498 1,365 154 20,753 20,483 21,585 4,388 17 130 14,724 14,478 5,406 75 9,29
Slide 17: 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 18: Financial Performance – H1 FY27 YoY
AGEL: Financial Performance – H1 FY27 YoY (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 Cash Profit 2 ▲ 36% ▲ 41% ▲35% 8,299 EBIDTA (%) 91.8% 92.9% 7,957 6,088 4,176 5,651 3,094 H1 FY26 H1 FY27 H1 FY26 H1 FY27 H1 FY26 H1 FY27 ▪ Robust growth in revenue and EBITDA pr
Slide 19: Financial Performance – Q2 FY27 YoY
AGEL: Financial Performance – Q2 FY27 YoY (All figures in INR Crore) Revenue from Power Supply EBITDA from Power Supply 1 Cash Profit 2 ▲ 45% ▲ 51% ▲ 45% EBIDTA (%) 90.5% 92.0% 4,019 3,835 1,951 2,776 2,543 1,348 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 Q2 FY26 Q2 FY27 ▪ Robust growth in revenue and EBITDA p
Slide 20: Debt Evolution from Mar-26 to Sep-26
AGEL: Debt Evolution from Mar-26 to Sep-26 Gross Debt 1 (INR Cr) Net Debt Evolution (INR Cr) 13,949 1,861 257 102,973 114,848 (1,290) (94) (2,964) 11,875 91,252 100,164 8,912 102,973 91,252 Mar-26 Sep-26 FY26 Debt Decrease/ Change in Forex* Scheduled Other H1 FY27 Drawn (Increase) LC MTM (Gain) Repa
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’26 Gross Debt Mix 1 & Average Interest Cost 120% Long Term Debt Short Term Debt 8.9% 11.1% 9% 100% 8.0% 22% 2% 6% 80% 1% 16% 3.0% 0% 60% 28% -2.0% Includes Short 40% 103,154,
Slide 22: ESG Framework & Commitments
Adani Green Energy Limited (AGEL): 04 ESG Framework & Commitments Crisil rated AGEL Largest Project award at IESW FTSE Russell ranks AGEL Received Clean Power Generation Award at the Khavda Battery Energy Reuters Energy Industry Highest in Indian RE sector on Storage System (BESS) 1st globally in al
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 91.34 Indicator Target Status 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 Achieved and Sustained with Net wa
Slide 25: ESG Ratings, Awards & Recognitions
AGEL: ESG Ratings, Awards & Recognitions RE Sector Ranking 1 Awards and Recognition Rating Agency Rating/Score Global India • Ranked amongst the Top 10 companies globally in Score of 4.7 / 5 1 1 Global Ranking ESG evaluation undertaken by seven leading ESG rating agencies Score of 76.65 / 100 Leader
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 1 • Secured resource rich sites at strategic locations including Khavda with one of the highest solar irradiation Resource and wind speed to achieve 50+ GW target including 5 GW (30 GWh) of Pump Storage (PSP) and 50 GWh Tied up of BESS capaci
Slide 28: Annexure - A: Receivables Details
Annexure - A Receivables Details STRICTLY CONFIDENTIAL
Slide 29: Power Sales Receivables Ageing Profile as on 30-September-2026
AGEL: Power Sales Receivables Ageing Profile as on 30-September-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 407 - - - - 19 19 Tamil Nadu Generation and Distribution Corporation 187 - - - - - - Utta
Slide 30: Annexure - B: RG1 & RG2 Operational and Financial Highlights
Annexure - B RG1 & RG2 Operational and Financial Highlights – H1 FY27 STRICTLY CONFIDENTIAL
Slide 31: 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 (%) Solar CUF (%) 100% 99.6% 30% 1,913 1,900 99.4% 1,881 1,908 1,892 1,895 1,852 95% 25% 22.9% 90% 20% 85% 15% 80% 934 75% 10
Slide 32: 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 (%) Solar CUF (%) 100% 98.3% 40% 1,328 1,313 1,320 1,328 1,299 1,259 99.6 95% 35% 1,114 30% 25.4% 90% 25% 635 85% 20% 80% 15%
Slide 33: RG1 & RG2: Financial Performance – H1 FY27
AGEL: RG1 & RG2: Financial Performance – H1 FY27 RG1 Portfolio (930 MW) Key Financials (Rs. Cr) Power Generation receivables Ageing (Rs. Cr) Particulars Not Due* Due as on 30-Sep-26 Particulars (Rs. Cr.) FY26 H1 FY27 Revenue from Power supply 911 455 91-120 121-180 0-60 days 61-90 days >180 days Tot
Slide 34: Annexure - C: RG1 & RG2 Covenants vs Actual
Annexure - C RG1 & RG2 Covenants vs Actual STRICTLY CONFIDENTIAL
Slide 35: RG1 Financial Covenants
AGEL: RG1 Financial Covenants Net Debt/EBITDA FFO/Net Debt 4,500 7.00 4,084 4,062 4,163 4,134 3,933 Leverage Metrics 3,757 3,870 3,765 4,000 3,594 3,609 3,543 6.00 3,500 20.70% 5.00 18.89% 3,000 17.23% 17.93% 4.03x 14.97% 13.90% 4.00 13.32% 2,500 4.17x 4.28x 12.35% 3.98x 11.82% 3.82x 3.77x 3.68x 10.
Slide 36: RG2 Financial Covenants
AGEL: RG2 Financial Covenants Net Debt/EBITDA FFO/Net Debt 2,500 7.00 2,207 2,204 Leverage Metrics 2,217 2,144 2,079 1,970 1,983 1,955 6.00 22.40% 1873 1,853 2,000 1,764 20.60% 20.23% 5.00 19.13% 18.39% 19.01% 16.26% 16.15% 14.51% 14.38% 1,500 4.00 13.27% 3.95x 3.36x 1,000 3.69x 3.62x 3.59x 3.00 3.2
Slide 37: Annexure - D: Asset Level Details
Annexure - D Asset Level Details STRICTLY CONFIDENTIAL
Slide 38: 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 39: 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 40: 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 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 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 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 ARE56L3 Gujarat Solar 50 69 2.70 Apr-25 Private PPA-PTSL 25 ARE56L3 Gujarat Solar 100 137 2.42 Apr-25 SECI 25 Private PP
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 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 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 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 45: 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 46: 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 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