Adani Power Limited · NSE:ADANIPOWER
Adani Power — Q2 FY26 Earnings Presentation
39 slides from Adani Power's earnings presentation, Oct 30, 2025
Slide 1: Exchange filing cover letter
October 30, 2025 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 Q2 FY26
Adani Power Limited Earnings Presentation – Q2 FY26 | October 2025
Slide 3: Consolidated operating highlights for Q2 and H1 FY26
APL: Consolidated operating highlights for Q2 and H1 FY26 O&M Availability (%) Generation Performance Dispatch Performance Sales Volume Mix (%) (PLF %) (BU) 92% Merchant/ Short Term Contracted (PPA) 90% 88% 72% 87% +4.4% 67% 65% 63% 23% 24% 22% 24% 48.3 46.2 +7.4% 22.0 23.7 77% 76% 78% 76% Q2FY25 Q2
Slide 4: Consolidated financial highlights for Q2 and H1 FY26
APL: Consolidated financial highlights for Q2 and H1 FY26 INR Crores Continuing Revenue Continuing EBITDA Profit After Tax 28,517 27,807 7,210 11,692 11,076 6,212 13,465 13,639 3,298 5,402 5,333 2,906 Q2FY25 Q2FY26 H1FY25 H1FY26 Q2FY25 Q2FY26 H1FY25 H1FY26 Q2FY25 Q2FY26 H1FY25 H1FY26 Continuing EBIT
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%) (65.89%) (67.64%)3 AEL AGEL APL APSEZ Ports & Logi
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 89,806 CAT (FFO) 66,527 (74%) EBITDA 24,870 AEL 12,784 APSEZ (51%) Adani’s Core Infra. 18,711 AGEL P
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 Q2 FY26 FY25 Mirzapur Kawai 1,600 MW Mirzapur Thermal Energh (UP) 18,150 MW ₹14,308 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
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 consumption Energy demand
Slide 15: APL Quarterly Performance Highlights
3 APL Quarterly Performance Highlights
Slide 16: Business Updates for Q2 FY26
APL: Business Updates for Q2 FY26 Operating 17,550 18,150 Capacity MW MW On account of acquisition of the 600 MW Vidarbha Industries Power Ltd As on 30 Sep 24 As on 30 Sep 25 2,400 MW ✓ Signed Power Supply Agreement (PSA) for 25 Years with Bihar State Power Generation Company Ltd (BSPGCL) (Gross Cap
Slide 17: ESG Updates Key Highlights for Q2 FY26
APL: Key Highlights for Q2 FY26 ▪ CRISIL ESG Ratings & Analytics Ltd., has assigned Adani Power Limited an ESG rating of ‘Crisil ESG 54; Adequate’ and a Core ESG rating of ‘CRISIL Core ESG 61’. These ratings are based on APL’s FY25 disclosures and publicly available data. ▪ Sustainalytics has given
Slide 18: 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) 90% 92% 88% 87% 50.8 48.3 49.3 72% 46.2 67% 63% 65% 23.4 22.0 25.2 23.7 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Q2 FY25 Q2 FY26 H1 FY25 H1 FY26 Power Demand in key States (BU)* 101.2 98.6 80.9 77.5
Slide 19: Resilience of business model reflected in stable revenues and robust profitability
APL: Resilience of business model reflected in stable revenues and robust profitability Snapshot of Profit & Loss Account In INR Crores Particulars Unit Q2 FY26 Q2 FY25 % Change H1 FY26 H1 FY25 % Change Installed Capacity (MW) MW 18,150 17,550 3.4% 18,150 17,550 3.4% Power Sales Volume (MU) MU 23,66
Slide 20: 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 31,686 6,212 27,842 28,150 28,881 4,912 1,270 -2,275 FY20 FY21 FY22 FY23 FY24 FY25 H1FY26 FY20 FY21 FY22 FY23 FY24 FY
Slide 21: Revenue Bridge
APL: Revenue Bridge INR Crores Growth in Revenues Q2 FY25 to Q2 FY26 174 669 598 14,063 14,308 13,465 13,639 Q2 FY25 Reported One-time income (Q2 Q2 FY25 Continuing Change in volumes and Q2 FY26 Continuing One-time income (Q2 Q2 FY26 Reported Revenue FY25) Revenue tariffs Revenue FY26) Revenue Growt
Slide 22: EBITDA Bridge
APL: EBITDA Bridge INR Crores Growth in EBITDA Q2 FY25 to Q2 FY26 598 174 103 141 669 6,000 6,001 5,402 5,473 5,333 5,333 Q2FY25 Reported One-time income Q2 FY25 Change in volumes Change in fuel cost Change in other Q2 FY26 One-time income Q2 FY26 Reported EBITDA (Q2 FY25) Continuing EBITDA and tari
Slide 23: Deleveraged Balance Sheet
APL: Deleveraged Balance Sheet Summary Balance Sheet (Rs. In Crore) 30th Sept 2025 31st Mar 2025 • Outstanding UPS balance of Rs. 3,056.92 Equity & Reserves (incl. Unsecured Perpetual Securities) 59,647 57,674 Crore repaid in H1 FY26 (Rs. 478.33 Crore in Q2 FY26) along with accumulated distribution,
Slide 24: Debt Profile
adani Power Debt Profile
Slide 25: Consolidated Debt Profile
APL: Consolidated Debt Profile INR Crores Particulars Unit 30th Sept 2025 31st Mar 2025 31st Mar 2024 Existing entities INR Cr 36,515 27,780 27,875 Under-construction project INR Cr 950 950 Total Senior Secured Loans (after Ind-AS adjustment) INR Cr 37,465 28,730 27,875 Working Capital Loans INR Cr
Slide 26: 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 March 2023 March 2025 June 2025 • Significant cash inflow of long due Agency regulatory receivables due to favorable Rating Track resolution of regulatory issues Record - AA
Slide 27: Progress in Capacity Expansion Projects
5 Progress in Capacity Expansion Projects
Slide 28: 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 69% 62% 100% 100% Project MW Land Ordering mental PPA Clearance Brownfield Near-pithead Land avai
Slide 29: Project Gallery: Showcasing Execution Excellence
Project Gallery: Showcasing Execution Excellence Across Large & Complex Projects Mahan Phase-II Project (2 x 800 MW) Raipur Phase-II Project (2 x 800 MW) Raigarh Phase-II Project (2 x 800 MW) BTG Area Front View Unit #3 - Boiler Unit #3 - Turbine Generator Deck Unit #4 Electrostatic Precipitator Uni
Slide 30: ESG Practice at APL
adani Power ESG Practice at APL
Slide 31: 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 32: Board of Directors and Management Overview
APL: Board of Directors and Management Overview 100% IDs Chaired By IDs Chaired By NID Board of Directors Independent Directors Statutory Committees 40% - Audit 🗹 Comprised of only Independent Directors - Nomination & Remunerations 🗹 100% of - Stakeholder Relationship 🗹 Statutory Committees -…
Slide 33: APL: Investment Case
adani Power APL: Investment Case
Slide 34: Key Investment Highlights
APL: Key Investment Highlights Key Investment Highlights Coal is Critical for India’s • Abundant domestic coal availability and scalability • 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 global
Slide 35: Thank You
Thank You STRICTLY CONFIDENTIAL
Slide 36: Annexures
Annexures Operational and Financial Performance STRICTLY CONFIDENTIAL
Slide 37: Historical Financials | Profit and Loss Account
APL: Historical Financials | Profit and Loss Account CAGR Particulars Unit FY22 FY23 FY24 FY25 (FY22-25) H1 FY26 FY25 Insights Operating Metrics Effective Capacity MW 12,450 13,650 15,051 16,545 10% 18,117 Plant Availability % 95% 94% 92% 91% 87% PLF % 52% 48% 65% 71% 63% 17,550 MW PPA Realisation ₹
Slide 38: Historical Financials | Balance Sheet
APL: Historical Financials | Balance Sheet Particulars Unit 31st Mar 2022 31st Mar 2023 31st Mar 2024 31st Mar 2025 30th Sept 2025 H1 FY26 Insights Assets Non-Current Assets Gross Fixed Assets (Incl. CWIP) INR Cr 84,214 88,208 91,634 1,13,215 1,24,976 (-) Accumulated Depreciation INR Cr (20,670) (23
Slide 39: 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 Non