Adani Energy Solutions Ltd · NSE:ADANIENSOL
Adani Energy Solutions — Q4 FY26 Earnings Presentation
42 slides from Adani Energy Solutions's earnings presentation, April 2026
Slide 1: Adani Energy Solutions Limited
Adani Energy Solutions Limited Q4 and FY26 Results Presentation | April 2026
Slide 2: Contents
Contents 1 Executive Summary 2 FY26 Financial Highlights (YoY) 3 Capex Profile 4 Q4FY26 Financial Highlights (YoY) 5 FY26 Operational Highlights (YoY) 6 Q4FY26 Operational Highlights (YoY) 7 Annexure – ESG Framework and Updates Annexure – Rating and Operational and Under 8 construction Asset Portfol
Slide 3: Executive Summary
1 Executive Summary 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 (74.67%) (62.43%) (74.96%) (68.02%) (67.64%)2 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 92,943 CAT (FFO) 65,016 (70%) EBITDA 24,870 12,784 AEL (51%) 22,819 APSEZ (25%) 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: Executive Summary – FY26 and Q4FY26
AESL: Executive Summary – FY26 and Q4FY26 Key Highlights for FY26 and Q4FY26 Key Operating Metrics Key Financial Metrics Financial Performance: Transmission – FY26 Q4FY26 FY26 – The operational revenue of Rs 18,296 crore in FY26 was up 7.3% and grew 6.9% to Rs 4,400 crore in Q4FY26 driven by contrib
Slide 8: FY26 Financial Highlights (YoY)
2 FY26 Financial Highlights (YoY) STRICTLY CONFIDENTIAL
Slide 9: Consolidated Financial Highlights – FY26 YoY
AESL: Consolidated Financial Highlights – FY26 YoY (In Rs Cr) Total Income Operational Revenue Operational EBITDA 28,325 7,407 18,296 6,571 24,447 17,057 FY25 FY26 FY25 FY26 FY25 FY26 Adjusted PAT Total EBITDA PAT 8,726 2,393 7,746 2,393 1,810#^ 922* FY25 FY26 FY25 FY26 FY25 FY26 Note: Total Income
Slide 10: Segment–wise Financial Highlights – FY26 YoY
AESL: Segment–wise Financial Highlights – FY26 YoY Operational Revenue^ Operational EBITDA^ (In Rs Cr) 12,234 12,450 4,767 4,355 5,214 2,175 2,108 4,762 452 49 549 30 Transmission Distribution Smart Metering Transmission Distribution Smart Metering (Non IND AS) (Non IND AS) FY25 FY26 FY25 FY26 EBIT
Slide 11: Segment wise revenue bridge – FY26 YoY
AESL: Segment wise revenue bridge – FY26 YoY (In Rs Cr) Smart Metering Transmission Distribution Trading Others Consolidated (IND AS) Particulars / Segments FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 Operating Revenue 5,214 4,762(1) 12,450 12,234 549^ 49^ 84 12 - - 18,296 17,057 Rev
Slide 12: Segment wise EBITDA bridge – FY26 YoY
AESL: Segment wise EBITDA bridge – FY26 YoY (In Rs Cr) Smart Metering Transmission Distribution Trading Others Consolidated (IND AS) Particulars / Segments FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 FY26 FY25 Operating EBITDA 4,767 4,355 2,108 2,175 452^ 30^ 81 12 - - 7,407 6,571 Add: Other I
Slide 13: Capex Profile
3 Capex Profile STRICTLY CONFIDENTIAL
Slide 14: Capex Profile: Significant Ramp-up in Capital Expenditure and Smart Meter Installation
Capex Profile: Significant Ramp-up in the Capital Expenditure and Smart Meter Installation Turbocharged (In Rs Cr) Capex: Q4 and FY26 vs Q4 and FY25 • Capex in FY26 increased by 1.24x to Rs 14,232 Cr with 14,232 steady capex performance across all three segments 11,444 Overall Capex 3,556 2,015 • Wi
Slide 15: Q4FY26 Financial Highlights (YoY)
4 Q4FY26 Financial Highlights (YoY) STRICTLY CONFIDENTIAL
Slide 16: Consolidated Financial Highlights – Q4FY26 YoY
AESL: Consolidated Financial Highlights – Q4FY26 YoY Operational EBITDA (In Rs Cr) Total Income Operational Revenue 7,588 1,981 4,400 1,757 4,116 6,596 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Total EBITDA PAT Adjusted PAT 2,372 2,262 714^# 723 723 566^ Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Not
Slide 17: Segment–wise Financial Highlights – Q4FY26 YoY
AESL: Segment–wise Financial Highlights – Q4FY26 YoY Operational Revenue^ Operational EBITDA^ (In Rs Cr) 2,875 2,869 1,163 1,096 634 608 1,201 1,286 180 215 15 28 Transmission Distribution Smart Metering Transmission Distribution Smart Metering (Non IND AS) (Non IND AS) Q4FY25 Q4FY26 Q4FY25 Q4FY26 E
Slide 18: Segment wise Revenue bridge – Q4FY26 YoY
AESL: Segment wise Revenue bridge – Q4FY26 YoY (In Rs Cr) Smart Metering Transmission Distribution Trading Others Consolidated (IND AS) Particulars / Segments Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Operating Revenue 1,286 1,201(1) 2,869 2,875 215^ 28^ 31
Slide 19: Segment wise EBITDA bridge – Q4FY26 YoY
AESL: Segment wise EBITDA bridge – Q4FY26 YoY (In Rs Cr) Smart Metering Transmission Distribution Trading Others Consolidated (IND AS) Particulars / Segments Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Q4FY26 Q4FY25 Operating EBITDA 1,163 1,096 608 634 180 15 30 12 - - 1,98
Slide 20: FY26 Operational Performance (YoY)
5 FY26 Operational Performance (YoY) STRICTLY CONFIDENTIAL
Slide 21: 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 22: 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 23: 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 i
Slide 24: Q4FY26 Operational Highlights (YoY)
6 Q4FY26 Operational Highlights (YoY) STRICTLY CONFIDENTIAL
Slide 25: 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 26: 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 27: 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 improving
Slide 28: Annexure - ESG Framework and Updates
7 Annexure - ESG Framework and Updates STRICTLY CONFIDENTIAL
Slide 29: ESG Framework
AESL: ESG Framework United Nations GHG Protocol SBTi Global Compact Guiding Guiding Principles and IFRS S1 Integrated Reporting Policies CDP principles & S2 framework Disclosure Standards UN Sustainable TNFD/ IBBI GRI Standards Development Goals Policy Structure Focus Areas • Environment & Energy as
Slide 30: Key Environmental Indicators and Milestones
AESL: Key Environmental Indicators and Milestones Key Performance Indicators Current Status Baseline Short to Medium-term Targets Energy Mix & Emission Intensity RE share in the overall power mix at AEML reached to 37.53% (without - RE share in power procurement 3% FY19 60% by FY27 70% by FY30 REC’s
Slide 31: Social Philosophy and Focus Areas
AESL: Social Philosophy and Focus Areas Our social Initiatives are mapped to UNSDG 2030 • Physical infrastructure and e-learning platform in rural areas Access to Education • Educational Kits (2,830 students benefited) & School Uniforms to Tiroda, Dahanu and Anganwadi children (5,780 students benefi
Slide 32: Key Social Indicators and Milestones
AESL: Key Social Indicators and Milestones Material Actual Target Material Themes Key Performance Indicators Baseline Categories (FY26) (FY26) Zero Number of fatalities 2 Zero (FY 20-21) Work related injury 0.33 LTFIR per million man-hours worked 0.24 Zero (FY 20-21) Health & Safety Average hours of
Slide 33: Governance Philosophy and Focus Areas
AESL: Governance Philosophy and Focus Areas Policies Committees Assurance • Environment Policy covered in BR Policy • Water Policy • Corporate Responsibility Committee • Bio-diversity Policy • Risk Management Committee Corporate • Due –diligence for CoC, HR, ESG etc Responsibility Governance Committ
Slide 34: Key Governance Indicators and Milestones
AESL: Key Governance Indicators and Milestones Material Categories Material Themes Key Performance Indicators Baseline Actions Taken and Goals Board Gender Balance the board composition in terms of men 16.6% - women directors • 25% of women directors in board Board Gender Diversity Diversity and wom
Slide 35: Enhanced Safety Culture
AESL: Enhanced Safety Culture Safety Initiatives During Q4FY26 Safety Performance in Q4FY26 • Safety training: 63,116 man-hours of safety training and awareness during Q4FY26 Transmission Distribution (AEML) • Positive Safety Culture: Safety Parameters Q4FY26 Q4FY25 Q4FY26 Q4FY25 o Recorded 2.81 mil
Slide 36: Annexure – Ratings and Operational and Under-construction Asset Portfolio
8 Annexure – Ratings and Operational and Under-construction Asset Portfolio STRICTLY CONFIDENTIAL
Slide 37: AESL Credit Ratings Highlights
AESL Credit Ratings Highlights International – ATSOL Obligor Group (Transmission business) (Reg S/ 144A) SPV Ratings - Domestic RatingRating AgencyAgency FacilityFacility Rating/Outlook Rating/Outlook Company Rating Agency Rating Outlook WTGL India Ratings AAA Stable Fitch Dollar Bond BBB-/Stable KB
Slide 38: 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 39: 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 40: 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 41: 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 42: Thank You
Thank You STRICTLY CONFIDENTIAL
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