Adani Power Limited · NSE:ADANIPOWER
Adani Power — Investor Presentation (June 2026)
36 slides from Adani Power's investor presentation, Jun 2, 2026
Slide 1: Exchange filing cover letter
June 2, 2026 BSE Limited National Stock Exchange of India Limited Floor 25, P J Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 533096 Scrip Code: ADANIPOWER Dear Sirs, Sub.: Investor presentation of Adani Power Limited for June 2
Slide 2: Adani Power Limited Investor Presentation June 2026
Adani Power Limited Investor Presentation | June 2026
Slide 3: Contents
Contents 1 Executive Summary 2 Key Investment Highlights 3 ESG Annexures Home outline Hamburger Menu Icon with 2 solid fill
Slide 4: Executive Summary
1 Executive Summary STRICTLY CONFIDENTIAL
Slide 5: 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 Count
Slide 6: India | Electricity Sector – Multi-decade Investment Opportunity
India | Electricity Sector – Multi-decade Investment Opportunity Growth in Indian Electricity Sector Adani’s role in powering India India’s Electricity Sector 6% 11% CAGR ✓ Adani Portfolio has market leading position across entire energy value chain (In GW) 1,000 One of the fastest growing electrici
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 (74.67%) (62.43%) (74.96%) (68.02%) (67.64%)2 AEL AGEL APL APSEZ Ports & Logi
Slide 8: Adani Power Limited: 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 Q4 FY26 FY26 Mirzapur Kawai 1,600 MW Mirzapur Thermal Energh (UP) 18,330 MW ₹15,989 Cr ₹57,865 Cr 1,320 MW + 3,200 P
Slide 9: APL: Key Investment Highlights
APL: Key Investment Highlights Inbuilt, Irreplicable Structural Advantages drive APL as the Best Power Generation Play in India 1 • Abundant domestic coal availability (400 Billion Tonne reserves) and scalability Coal is Critical for India’s • Enduring part of the fuel mix based on policy, economic
Slide 10: Key Investment Highlights
2 Key Investment Highlights STRICTLY CONFIDENTIAL
Slide 11: 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 Per capita GDP 6,400 BU Coal allocations to State State Popul
Slide 12: Diversified Asset Portfolio: 10,840 MW of Modern and Efficient Organic Capacity
2 Diversified Asset Portfolio: 10,840 MW of Modern and Efficient Organic Capacity Rapid Capacity Expansion via Organic & Inorganic Growth 10,840 MW of Capably Executed Organic Generation Capacity 23,720 MW 42,050 (1) MW Mundra Tiroda Kawai Godda Gujarat Maharashtra Rajasthan Jharkhand 4,620 MW 3,300
Slide 13: Diversified Asset Portfolio: Proven Capabilities in Acquisition, Integration, and Turnaround
2 Diversified Asset Portfolio : Proven Capabilities in Acquisition, Integration, and Turnaround of Assets 7,450 MW of Inorganic Thermal Generation Capacity 4,370 MW of Rapidly Turned Around Inorganic Generation 3,080 MW of Recent Inorganic Capacity Additions Capacity Udupi Raipur Raigarh Mahan Korba
Slide 14: Turnaround Case Studies of Acquired Stressed Assets
2 Diversified Asset Portfolio: Turnaround Case Studies of Acquired Stressed Assets Mahan Energen Ltd. Raipur plant Raigarh plant 1,200 MW ₹549 Cr 1,370 MW ₹210 Cr 600 MW ₹(-) 97 Cr Acquired in EBITDA Acquired in EBITDA Acquired in EBITDA March ‘22 FY ‘22 Aug ‘19 FY ‘20 Jul ‘19 FY ‘20 ₹1,599 Cr ₹2,35
Slide 15: Operational Excellence: Operational Performance Metrics
3 Operational Excellence: Operational Performance Metrics − Real time monitoring of operating assets across 8 states through Energy Network Operations Center at Ahmedabad − Predictive Maintenance optimizing Mean time between failure (MTBF) − Fuel tracker for monitoring Coal supply chain, Coal Source
Slide 16: Operational Excellence: Competitive and Profitable Assets in Long-term and Short-term Markets
3 Operational Excellence: Competitive and Profitable Assets in Long-term and Short-term Markets Long-term PPAs: Priority in despatch with profitable contracts Strong and sustained pickup in Merchant and Bilateral markets Merit Order Position (MOD) Merchant and Bilateral market volumes and tariffs 17
Slide 17: Operational Excellence: Fuel Management & Logistics – Key Competitive Advantages
3 Operational Excellence: Fuel Management & Logistics – Key Competitive Advantages Fuel management is key to revenue stability Plant and Mine Locations Only IPP in India with in-house, mine-to-plant logistics 01 capability Entry in commercial mining with 14 MTPA capacity Handling approx. 74 MTPA coa
Slide 18: Locked-in Growth: Secured Project Portfolio of Developed Sites & Critical Equipment
4 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 av
Slide 19: Locked-in Growth: Growing set of opportunities for private sector participation
4 Locked-in Growth: Growing set of opportunities for private sector participation Significant capacity tied up in long term PPAs Upcoming Long-term PPA Bids for New Capacity Coal Bid Status and Timeline for Capacity Tie-ups (MW) State MW Allocation Invitation 42,050 Uttar Pradesh 4,000 MW Issued 13,
Slide 20: Adani Execution Engine: Project Management & Assurance Group (PMAG)
4 Adani Execution Engine: Project Management & Assurance Group (PMAG) Institutionalised Project Execution Demonstrated On-ground Capex Delivery Adani Infra (India) Limited | ITD Cementation India Ltd. | PSP Projects Ltd. ₹590,000 Cr Cumulative capex by Adani Portfolio during FY20 - FY26 Origination
Slide 21: Adani Execution Engine: Execution Risk Mitigation
4 Adani Execution Engine: Execution Risk Mitigation – What We Are Doing Differently Execution Assurance Fuel Assurance Finance Assurance Brownfield development model: Availability Risk: High visibility of cash flows: • Ready availability of land, water, project power, • Linkages earmarked by DISCOM
Slide 22: Massive Addressable Market: Long term revenue visibility and margin stability
5 Massive Addressable Market: Long term revenue visibility and margin stability Secure Business Model with 95% Existing Capacity Tied-up in Long Term Contracts Strategically-located open capacities provide merchant market upside Existing capacity tie-ups Secure revenue stream Attractive tariffs unde
Slide 23: Capital Structure: Strong Cashflow Generation Enables Fully Funded Growth
6 Capital Structure: Strong Cashflow Generation Enables Fully Funded Growth Over the Next 8 years FFO for FY26 Debt Maturity Profile Ability to fund ₹ 202k crores capex over next 7 years 23,431 102 20,248 FFO + Cash Balances – 28,672 • FY26 Fund flow from (3,285) operations (FFO) @ ₹ 20k Cash Balanc
Slide 24: Capital Structure: Strong Financials Power Self-Funded Growth with Low Leverage
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: ESG
3 ESG STRICTLY CONFIDENTIAL
Slide 26: APL: ESG Highlights
APL: ESG Highlights Material Topic Targets Key ESG Initiatives/Achievements UN SDGs Climate Change Adaptation and mitigation • Average Emission intensity - 0.86 tCO2e/MWh for FY26. Climate Change • Climate Change Risk Assessment carried out. Adaptation • Greater emphasis on decarbonization aligning
Slide 27: APL: 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 28: Thank You
Thank You STRICTLY CONFIDENTIAL
Slide 29: Annexures
Annexures STRICTLY CONFIDENTIAL
Slide 30: APL: Historical Financials | Profit and Loss Account
APL: Historical Financials | Profit and Loss Account CAGR Particulars Unit FY22 FY23 FY24 FY25 FY26 (FY22-26) FY26 Insights Operating Metrics Effective Capacity MW 12,450 13,650 15,051 16,545 18,000 10% Plant Availability % 95% 94% 92% 91% 89% PLF % 52% 48% 65% 71% 67% 18,150 MW Operating Capacity P
Slide 31: APL: Historical Financials | Balance Sheet
APL: Historical Financials | Balance Sheet 31st Mar 2022 31st Mar 2023 31st Mar 2024 31st Mar 2025 31st Mar 2026 Particulars Assets Unit FY26 Insights 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) 1,13,21
Slide 32: Coal is Key to Long-Term Reliability and Affordability of Base Load Supply
Coal is Critical for India : Coal is Key to Long-Term Reliability and Affordability of Base Load Supply Coal provides India’s Base load power Coal & Gas - Supply Mix India Coal & Gas - Domestic Reserves (Installed Capacity In GW) Coal Consumption Gas Consumption (MT) (In MMSCM) 25 Gas 1,270 71,314 C
Slide 33: High Quality Present Portfolio Mix: Poised to Meet India's Base Load Demand
High Quality Present Portfolio Mix: Poised to Meet India’s Base Load Demand Operating Capacity Locked-in Capacity Target Capacity 141,2 18,330 + 13 23,720 = 18 42,050 Assets MW Projects MW Assets MW Asset Type Asset Type Asset Type 59% 41% 100% 83% 17% Organic Inorganic Organic Inorganic Organic Ino
Slide 34: 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 35: 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”),the future outlook and growth prospects, and future deve
Slide 36: Thank You
Thank You STRICTLY CONFIDENTIAL