Adani Energy Solutions Ltd · NSE:ADANIENSOL
Adani Energy Solutions — Q4 FY26 Earnings Presentation
27 slides from Adani Energy Solutions's earnings presentation, April 2026
Slide 1: Adani Energy Solutions Limited Q4FY26 Provisional Operational Update
Adani Energy Solutions Limited Q4FY26 Provisional Operational Update | April 2026
Slide 2: Contents
Contents 1 Adani Portfolio 2 Q4FY26 Executive Summary 3 Q4FY26 Operational Highlights 4 FY26 Operational Highlights 5 Annexure: • Line Availability – ATSOL and USPP Obligor groups • Operational and Under-construction Asset Portfolio STRICTLY CONFIDENTIAL
Slide 3: Adani Portfolio
1 Adani Portfolio STRICTLY CONFIDENTIAL
Slide 4: 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 5: 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 6: 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 7: AESL: A platform well-positioned to leverage growth opportunities in energy domain
AESL: A platform well-positioned to leverage growth opportunities in energy domain RAB expansion through Execution Prowess Strategic Presence Asset Hardening in Discoms Transmission Network of Transmission - Presence in 14 states 8% CAGR growth in RAB in Mumbai Development 27,949 ckm(1) Distribution
Slide 8: Q4FY26 – Executive Summary
2 Q4FY26 – Executive Summary STRICTLY CONFIDENTIAL
Slide 9: AESL: Executive Summary – Performance in Q4FY26
AESL: Executive Summary – Performance in Q4FY26 Business Updates: • AESL commissioned its second HVDC project ever. The Mumbai HVDC Project will strengthen the city’s transmission capacity by 1000 MW supporting growing peak demand while enhancing grid reliability and advancing the city’s climate act
Slide 10: Q4FY26 Operational Performance (YoY)
3 Q4FY26 Operational Performance (YoY) STRICTLY CONFIDENTIAL
Slide 11: AESL: Transmission Utility – Key Operating Metrics Q4FY26 (YoY)
AESL: Transmission Utility – Key Operating Metrics Q4FY26 (YoY) Transmission Network Length(2)(3) (ckm) Power Transformation Capacity(2) (MVA) 27,949 1,23,175(4) 26,696 90,236 New order win boosted the Transformation capacity transmission network, reflecting expanded with new project strong bidding
Slide 12: AEML: Distribution Utility – Key Operating Metrics Q4FY26 (YoY)
AEML: Distribution Utility – Key Operating Metrics Q4FY26 (YoY) Supply Reliability (ASAI) (%) SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) SAIFI SAIDI CAIDI SAIFI SAIDI CAIDI 99.996% 99.997% 33.54 28.20 Maintained supply Improved system reliability reliability at 99.99% with strong SAIDI, SAIFI pa
Slide 13: AEML: Distribution Utility – Key Operating Metrics Q4FY26 (YoY)
AEML: Distribution Utility – Key Operating Metrics Q4FY26 (YoY) Consumer Base (million) Distribution Loss (%) E-payment (% of total collection) 3.27 4.31% 4.20%* 85.33% 3.18 83.20% E-payment share The consumer base in Distribution loss increased due to digital the Mumbai circle consistently improvin
Slide 14: AEML and MUL: Volume and Consumer Mix Q4FY26 (YoY)
AEML and MUL: Volume and Consumer Mix Q4FY26 (YoY) AEML – Total Units Sold (MUs) MUL – Total Units Sold (MUs) 368 2,413 2,508 253 Total units sold (MUs) Total units sold (MUs) Q4 FY25 Q4 FY26 Q4 FY25 Q4 FY26 AEML - Consumer-wise volume mix % AEML - Consumer-wise revenue mix % 49% 48% 49% 44% 45% 40%
Slide 15: FY26 Operational Performance (YoY)
4 FY26 Operational Performance (YoY) STRICTLY CONFIDENTIAL
Slide 16: AESL: Transmission Utility – Key Operating Metrics FY26 (YoY)
AESL: Transmission Utility – Key Operating Metrics FY26 (YoY) Transmission Network Length(2)(3) (ckm) Power Transformation Capacity(2) (MVA) 27,949 1,23,175(4) 26,696 90,236 New order win boosted the Transformation capacity transmission network, reflecting expanded with new project strong bidding ca
Slide 17: AEML: Distribution Utility – Key Operating Metrics FY26 (YoY)
AEML: Distribution Utility – Key Operating Metrics FY26 (YoY) Supply Reliability (ASAI) (%) SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) SAIFI SAIDI CAIDI SAIFI SAIDI CAIDI 99.996% 99.998% 31.58 30.82 21.27 Maintained supply Improved system reliability reliability at 99.99% 12.91 with strong SAIDI
Slide 18: AEML: Distribution Utility – Key Operating Metrics FY26 (YoY)
AEML: Distribution Utility – Key Operating Metrics FY26 (YoY) Consumer Base (million) Distribution Loss (%) E-payment (% of total collection) 3.27 85.50% 4.77% 3.18 4.21%* 83.34% E-payment share The consumer base in Distribution loss increased due to digital the Mumbai circle consistently improving
Slide 19: AEML and MUL: Volume and Consumer Mix FY26 (YoY)
AEML and MUL: Volume and Consumer Mix FY26 (YoY) AEML – Total Units Sold (MUs) MUL – Total Units Sold (MUs) 1,375 10,558 10,584 948 Total units sold (MUs) Total units sold (MUs) FY25 FY26 FY25 FY26 AEML - Consumer-wise volume mix % AEML - Consumer-wise revenue mix % 50% 49% 50% 46% 42% 39% 38% 39% 1
Slide 20: Annexure
5 Annexure STRICTLY CONFIDENTIAL
Slide 21: AESL: Q4FY26 (YoY) – Line availability across asset groups
AESL: Q4FY26 (YoY) – Line availability across asset groups Average Availability Across Operational Assets %(1) Focus on Maximizing Average Availability % Line Availability - ATSOL Obligor Assets Average Availability – ATSOL Obligor Assets 99.71% 99.74% 99.52% 98.95% 99.72% 99.74% 99.45% 99.96% Q4 FY
Slide 22: AESL: FY26 (YoY) – Line availability across asset groups
AESL: FY26 (YoY) – Line availability across asset groups Average Availability Across Operational Assets %(1) Focus on Maximizing Average Availability % Line Availability - ATSOL Obligor Assets Average Availability – ATSOL Obligor Assets 99.60% 99.69% 98.69% 98.95% 99.87% 99.83% 99.66% 99.77% FY25 FY
Slide 23: 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 24: 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 25: 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 26: Thank You
Thank You STRICTLY CONFIDENTIAL
Slide 27: 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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