Adani Energy Solutions Ltd · NSE:ADANIENSOL
Adani Energy Solutions — Debt Investor Presentation (February 2026)
43 slides from Adani Energy Solutions's debt investor presentation, February 2026
Slide 1: Adani Energy Solutions Limited Credit Presentation
Adani Energy Solutions Limited Credit Presentation February 2026
Slide 2: Contents
Contents 01 Adani Portfolio Overview 02a Adani Portfolio: Strong Business Performance 02b Adani Energy Solutions Limited: Business Snapshot 03 Borrowings & Leverage Discipline 03a Leverage Risk 03b Liquidity Risk 03c System Risk 03d Concentration Risk 04 Rating Affirmations Appendix A Business Credi
Slide 3: Adani Portfolio: Overview
01 Adani Portfolio: Overview 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%) (68.02%) (67.64%)4 AEL1 AGEL APL APSEZ3 Ports & Lo
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 92,943 CAT (FFO) 65,016 (74%) EBITDA 24,870 12,784 AEL (51%) 22,819 APSEZ (21%) Adani’s Core Infra.
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: Adani Portfolio: Broad based ESG Commitment and Credentials
Adani Portfolio: Broad based ESG Commitment and Credentials Adani Enterprises Tax Transparency Audit ✓ ✓ ✓ ✓ ✓ ✓ ✓ TCFD Supporter ✓ ✓ ✓ ✓ ✓ ✓ ✓ Net Zero Commitment ✓ ✓ ✓ ✓ ✓ ✓ ✓* 2040 2070 2050 2050 2070 2070 2050 UNGC Participant ✓ NC ✓ ✓ NC NC ✓ IBBI ✓ ✓ ✓ ✓ ✓ ✓ ✓ DJSI (2025 Score) 66 (from 68) 69
Slide 8: Adani Portfolio: Strong Business Performance
02aAdani Portfolio: Strong Business Performance STRICTLY CONFIDENTIAL
Slide 9: Adani Portfolio: Resilience, Strength and Stability
Adani Portfolio: Resilience, Strength and Stability All figures in INR cr Sector EBITDA Q3 FY26 Q3 FY25 Growth % of Total Dec’25 TTM1 Dec’24 TTM1 Growth % of Total Utility 44.84% 9,866 10,434 (5.44%) ▼ 43,544 42,572 2.28% ▲ 47.27% AESL included in Utility above 2,210 1,831 20.68% ▲ 10.04% 8,616 7,25
Slide 10: AESL: Core Infra Platform is Powering Free Cashflow
AESL: Core Infra Platform is Powering Free Cashflow Revenue – FFO Conversion & Dec’25 TTM YoY Growth Notes: Representation on TTM basis. TTM: Trailing Twelve Months | Sept’25 TTM : FY25-H1 FY25+H1 FY26 | Dec’25 TTM : YTD Dec’25 + Q4 FY25 Revenue includes other income | EBITDA: Earning before Interes
Slide 11: AESL: Well Distributed EBITDA Contribution and Asset base
AESL: Well Distributed EBITDA Contribution and Asset base Portfolio – Dec’25 TTM AESL – Dec’25 TTM EBITDA 10% 3% 1% % of Portfolio Gross Assets % of Entity’s Gross Assets 30% 9% 8,216 92,123 23,702 9% Diversified, geographically varied EBITDA with 14,000 26% 12,000 22,134 1,210 1% minimal to no 24%
Slide 12: Adani Energy Solutions Limited: Business Snapshot
02bAdani Energy Solutions Limited: Business Snapshot STRICTLY CONFIDENTIAL
Slide 13: AESL: Diversified Asset Base across Key Business Segments
AESL: Diversified Asset Base across Key Business Segments Transmission Distribution Smart Meters Section 63 Section 62 10 Contracts AEML, Mumbai MUL, Mundra (Fixed tariff11) (RAB based Assets) (24.6 Mn Meters) 40 Assets 7 Assets License Area → 400 sq km License Area → 85 sq km Contract Value ₹ 295 B
Slide 14: AESL: Business Update
AESL: Business Update Segment Our Current Capability And Reach Key Contractual & Regulatory Strength Growth Potential • 29 Transmission assets under fixed tariff framework and 5 Transmission assets under • Concession life → 35 Years • ₹ 1 lakh Cr ($ 11.1 Bn) near term tendering cost-plus (RAB) frame
Slide 15: AESL: Current Issuances Credit Performance History
AESL: Current Issuances Credit Performance History • Actual (“x” times; unless specified otherwise) —Stipulated / Threshold DSCR FFO Cash Cover 4.74 4.53 4.04 4.07 4.14 4.69 4.18 3.26 3.20 3.26 3.46 3.19 3.17 ATSOL 2.37 2.44 2.77 2.47 2.62 2.38 2.49 3.01 2.95 2.11 2.23 2.27 2.31 1.82 1.67 1.72 1.81
Slide 16: Borrowings & Leverage Risk
03 Borrowings & Leverage Risk STRICTLY CONFIDENTIAL
Slide 17: Leverage Risk
03aLeverage Risk STRICTLY CONFIDENTIAL
Slide 18: AESL: Sustainable Financial Growth
AESL: Sustainable Financial Growth All figures in INR cr Short Seller Major Supply chain Russia – Middle East COVID 19 Event & US Economies in disruption Ukraine War Conflict 25,000 Bank Crisis Election Cycle 20,000 16.4% 15,000 EBITDA 11,367 10,000 CAGR 4,532 4,532 8,115 7,747 5,000 3,115 4,140 5,0
Slide 19: AESL: High Growth Profile and Credit Discipline
7.50 7.00 AESL: High Growth Profile and Credit Discipline 6.50 6.00 6.11x 5.50 5.00 Threshold 5.0x 4.50 4.55x 4.60x 4.45x 4.00 4.30x 4.24x Guided 3.5x to 4.5x 3.50 3.88x 3.00 2.50 Benchmark 2.5x to 3.5x Net Debt / EBITDA 2.00 1.50 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Avg Maturity (yrs)1 7.22 5.62 7.23
Slide 20: Liquidity Risk
03bLiquidity Risk STRICTLY CONFIDENTIAL
Slide 21: AESL: Derisking Balance Sheet
AESL: Derisking Balance Sheet Particulars UOM FY19A FY20A FY21A FY22A FY23A FY24A1 FY25A EBITDA INR Cr 3,115 4,532 5,066 5,493 6,101 6,323 7,747 Gross Assets INR Cr 27,695 30,898 37,328 41,878 46,937 51,784 56,206 Gross Debt INR Cr 20,101 22,151 24,583 27,491 31,937 33,680 38,508 Net Debt INR Cr 19,
Slide 22: AESL: Maintaining RoA at rapidly increasing Asset base
AESL: Maintaining RoA at rapidly increasing Asset base All figures in INR cr 70,000 Gross Assets RoA 56,206 20.00% 60,000 51,783 50,000 15.18% 46,937 14.35% 41,878 15.00% 40,000 37,328 30,897 30,000 27,695 10.00% 20,000 5.00% 10,000 - -% FY19 FY20 FY21 FY22 FY23 FY24 FY25 Particulars FY19A FY20A FY2
Slide 23: System Risk
03cSystem Risk STRICTLY CONFIDENTIAL
Slide 24: Adani Portfolio: Eliminating System Risk
Adani Portfolio: Eliminating System Risk Long Term Net Long Avg. Maturity Leverage Net Debt / RR FFO Cash Balance Listed Entity Debt Term Debt Net LTD/FFO of LTD Ratio EBITDA INR cr. INR cr. INR cr. INR cr. (Years) ATGL 1.14x 869 610 1,924 1,314 1.51x 3.11 0.0x – 2.5x APL 1.59x 19,948 10,478 37,520
Slide 25: AESL: No Maturity Outside of Cash & FFO Envelop
AESL: No Maturity Outside of Cash & FFO Envelop Page All figures in INR cr FFO for FY25 10 years of debt refinancing/maturity profile 7,747 5,179 FFO + Cash Balances – 13,610 (2,339) (229) 8,968 EBITDA Finance Tax Paid FFO 6,051 6,171 Cost 7,522 13,610 3,324 61% 2,163 5,138 4,924 FFO – 5,179 1,061 1
Slide 26: Concentration Risk
03dConcentration Risk STRICTLY CONFIDENTIAL
Slide 27: AESL: Concentration Risk Management
AESL: Concentration Risk Management Debt mix profile of AESL as on 31st March 2025 All figures in INR cr Global Capital Domestic Capital Domestic Banking Global Banking Others Markets Markets Debt Mix 28% 16% 53% 3% 0% Avg Maturity (yrs) 10.59 2.35 5.37 8.43 - 20,373 Long Term Debt 36,526 , 95% 9,14
Slide 28: Rating Affirmations
04 Rating Affirmations STRICTLY CONFIDENTIAL
Slide 29: AESL: Continuously Improving Credit Profile with Deep Rating Coverage
AESL: Continuously Improving Credit Profile with Deep Rating Coverage 3% 1% 10%1% Global Domestic IG AAA - AA+ Rating Track 41% 39% April April April BB+ AA – AA- Record 2019 58% 2023 58% 2025 6 BB- A Category BBB+ - Below 89% years 97% rated above “AA-” 99% rated above “AA-” 99% rated above “AA-” R
Slide 30: Business Credit Update
A APPENDIX Business Credit Update
Slide 31: Adani Energy Solutions Limited: 9M FY26 Highlights
Adani Energy Solutions Limited: 9M FY26 Highlights Business Updates Consumer centricity: • Distribution loss in the Mumbai utility is consistently improving and stands • Achieved robust system availability of 99.7% at portfolio level in 9MFY26. at 4.22% and Maintained supply reliability (ASAI) of mo
Slide 32: Adani Energy Solutions Limited: Credit Updates
Adani Energy Solutions Limited: Credit Updates International Ratings 10 Years LTD Maturity Profile as on Dec 31, 2025 (INR Cr) Entity Rating AESL USPP BBB- (Fitch) / Baa3 (Moody's) Cash Balances1 : INR 9,670 Cr RR EBITDA2: INR 11,901 Cr BBB- (Fitch) / Baa3 (Moody’s) / BBB- (S&P)/BBB+ Adani Electrici
Slide 33: Adani Energy Solutions Limited: 9M FY26 Highlights
Adani Energy Solutions Limited: 9M FY26 Highlights Growth with Responsibility Net Debt/ EBITDA Dec’25 TTM Dec’24 TTM EBITDA (INR Cr) 8,616 7,255 6.11x EBITDA (USD bn) 4.60x 0.96 0.81 4.30x 4.24x 4.45x 4.55x 3.88x 4.28x CAT (FFO) (INR Cr) 5,438 4,080 CAT (FFO) (USD bn) 0.60 0.45 FY19 FY20 FY21 FY22 F
Slide 34: Ownership Structure
B APPENDIX Ownership Structure STRICTLY CONFIDENTIAL
Slide 35: Adani Portfolio: Shareholding Summary
Adani Portfolio: Shareholding Summary Total Total Total Promoter Total Public Listed Entity Others Onshore Offshore Holding Holding AEL 58.29% 15.68% 73.97% - 26.03% APSEZ 39.99% 28.03% 68.02% - 31.98% APL 47.20% 27.76% 74.96% - 25.04% AGEL 49.07% 13.37% 62.43% - 37.57% AESL 58.21% 12.98% 71.19% - 2
Slide 36: Adani Portfolio: UBO (Onshore)
Adani Portfolio: UBO (Onshore) Trustees Gautam S. Adani Rajesh S. Adani Vinod S Adani 100% S. B. Adani Family Trust (SBAFT) 15.59% 83.97% 100% Individual Adani Properties Private Ltd. Adani Rail Infra Private Ltd. SBAFT (APPL) & its wholly owned AEL Total Promoters 1 (ARIPL) Subsidiaries AEL 0.00% 4
Slide 37: Adani Portfolio: UBO (Offshore)
Adani Portfolio: UBO (Offshore) Trust (Beneficiary Owner: VSA & RVA) Amulya Resources Holding Ltd through Holding Company (BVI) Adani Global Investment DMCC (UAE) Acropolis Trade & Investment through Total Subsidiaries & Financial Companies (Mauritius) AEL 1.66% 14.02% 15.68% APSEZ 5.91% 22.12% 28.0
Slide 38: Synergy
APPENDIX C Synergy STRICTLY CONFIDENTIAL
Slide 39: Operational Synergies accruing to each business in Portfolio
Operational Synergies accruing to each business in Portfolio Adani Portfolio Ecosystem EPC & PMC O&M Human Resource AIMS AIIL GC Centre of Centre of Centre of C 1 Excellence Excellence Excellence L Supply of Power Synergy benefits between entities providing assurance on Supply chain and off Mining E
Slide 40: 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
Slide 41: Thank You
Thank You STRICTLY CONFIDENTIAL
Slide 42: AESL: Stable Weighted average Cost of Debt Capital
AESL: Stable Weighted average Cost of Debt Capital AESL: 10.93% 9.20% 1.20 8.74% 8.52% 9.08% 14.00% 7.45% 7.67% 1.00 12.00% Finance cost paid 10.00% 8.00% 0.80 0.60 / Avg Gross Debt1 6.00% 4.00% 0.40 0.20 2.00% 0.00% 0.00 83.41 85.48 75.67 75.79 82.17 90.00 Forex Rate 14.00% 69.16 73.11 Fx Risk 80.0
Slide 43: ESG Credentials Legend Scale
ESG Credentials Legend Scale Risk Assessment Negligible Low Medium High Severe SUSTAINALYTICS (Lower the better) 0-10 10-20 20-30 30-40 40+ ESG Assessment Leadership Strong Adequate Below Avg. Weak (Higher the better) 71-100 61-70 51-60 41-50 0-40 ESG Assessment Highest Lowest (Higher the better) 10
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