Adani Energy Solutions Ltd · NSE:ADANIENSOL
Adani Energy Solutions — Q2 FY27 Earnings Presentation
43 slides from Adani Energy Solutions's earnings presentation, October 2026
Slide 1: Adani Energy Solutions Limited
Adani Energy Solutions Limited Q2 & 1H FY27 Results Presentation | October 2026
Slide 2: Contents
Contents 1 Executive Summary 2 1H FY27 Financial Highlights (YoY) 3 Capex Profile 4 Q2 FY27 Financial Highlights (YoY) 5 1H FY27 Operational Highlights (YoY) 6 Q2 FY27 Operational Highlights (YoY) 7 Annexure – ESG Framework and Updates Annexure – Rating and Operational and Under 8 construction Asset
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 (71.97%) (62.43%) (74.96%) (66.03%) (67.29%)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 EBITDA Tax paid 94,834 Finance cost paid CAT (FFO) 67,995 (72%) EBITDA 24,870 AEL 12,784 APSEZ (51%) 22,259 Adani’s Core Infra. AGEL (
Slide 6: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment DEVELOPMENT1 OPERATIONS CONSUMERS 2 NewC.E.O. Adani Infra (India) Limited | Cemindia Projects Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Constructio
Slide 7: India's only Fully Integrated Utility Infrastructure Platform
Adani Energy Solutions: Leading Utility Platform Driving India’s Energy Transition India’s only Fully Integrated Utility Infrastructure Platform Power Transmission Business Power Distribution Business Smart Metering Business Energy Solutions Businesses Top Rated Private-sector One of the Largest Sma
Slide 8: Executive Summary – Q2 FY27 and 1H FY27
AESL: Executive Summary – Q2 FY27 and 1H FY27 Key Highlights Q2 FY27 and 1H FY27 Key Operating Metrics Key Financial Metrics Financial Performance: Transmission – Q2 & 1H FY27 Q2 FY27 1H FY27 – The operational revenue of Rs 7,167 crore in Q2FY27 was up 51% driven by stronger operating performance ac
Slide 9: 1HFY27 Financial Highlights (YoY)
2 1HFY27 Financial Highlights (YoY) STRICTLY CONFIDENTIAL
Slide 10: Consolidated Financial Highlights – 1HFY27 YoY
AESL: Consolidated Financial Highlights – 1HFY27 YoY (In Rs Cr) Total Income Operational Revenue Operational EBITDA 20,092(1) 14,351 5,878 13,793(1) 9,548(2) 3,463 1HFY26 1HFY27 1HFY26 1HFY27 1HFY26 1HFY27 Total EBITDA PAT Cash Profit 6,726 2,600 3,837 4,144 2,212 1,096 1HFY26 1HFY27 1HFY26 1HFY27 1
Slide 11: Segment–wise Financial Highlights – 1HFY27 YoY
AESL: Segment–wise Financial Highlights – 1HFY27 YoY Operational Revenue Operational EBITDA (In Rs Cr) 2,871 6,478 6,702 2,285 4,103 3,117 1,393 2,474 1,192 994 428 410 352 185 145 28 Transmission Distribution Smart Metering Energy Transmission Distribution Smart Metering Energy (IND AS) Solutions (
Slide 12: Segment wise revenue bridge – 1HFY27 YoY
AESL: Segment wise revenue bridge – 1HFY27 YoY (In Rs Cr) Smart Metering Energy Solutions Transmission Distribution Others Consolidated (IND AS)2 Platform Particulars / Segments 1HFY27 1HFY26 1HFY27 1HFY26 1HFY27 1HFY26 1HFY27 1HFY26 1HFY27 1HFY26 1HFY27 1HFY26 Operating Revenue1 3,117 2,474 6,702 6
Slide 13: Segment wise EBITDA bridge – 1HFY27 YoY
AESL: Segment wise EBITDA bridge – 1HFY27 YoY (In Rs Cr) Smart Metering Energy Solutions Transmission Distribution Others Consolidated (IND AS)1 Platform Particulars / Segments 1HFY27 1HFY26 1HFY27 1HFY26 1HFY27 1HFY26 1HFY27 1HFY26 1HFY27 1HFY26 1HFY27 1HFY26 Operating EBITDA1 2,871 2,285 1,192 994
Slide 14: Capex Profile
3 Capex Profile STRICTLY CONFIDENTIAL
Slide 15: Capex Profile: Significant Ramp-up in the Capital Expenditure
Capex Profile: Significant Ramp-up in the Capital Expenditure (In Rs Cr) Capex: Q2 and 1HFY27 vs Q2 and 1HFY26 • Capex in 1HFY27 increased by 1.3x to Rs 7,850 Cr with steady capex performance across all three segments Overall Capex 7,850 • With project wins, transmission capex was up by 1.7x 5,976 1
Slide 16: Q2FY27 Financial Highlights (YoY)
4 Q2FY27 Financial Highlights (YoY) STRICTLY CONFIDENTIAL
Slide 17: Consolidated Financial Highlights – Q2FY27 YoY
AESL: Consolidated Financial Highlights – Q2FY27 YoY Operational EBITDA (In Rs Cr) Total Income Operational Revenue 10,239(1) 7,167 3,070 6,767(1) 4,539(2) 1,825 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Total EBITDA PAT Cash Profit 1,364 3,548 2,061 2,126 1,167 557 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY2
Slide 18: Segment–wise Financial Highlights – Q2FY27 YoY
AESL: Segment–wise Financial Highlights – Q2FY27 YoY Operational Revenue Operational EBITDA (In Rs Cr) 3,118 3,181 1,394 1,216 2,197 803 1,521 605 1,305 492 226 92 267 201 11 117 Transmission Distribution Smart Metering Energy Transmission Distribution Smart Metering Energy (IND AS) Solutions (IND A
Slide 19: Segment wise Revenue bridge – Q2FY27 YoY
AESL: Segment wise Revenue bridge – Q2FY27 YoY (In Rs Cr) Smart Metering Energy Solutions Transmission Distribution Others Consolidated (IND AS)2 Platform Particulars / Segments Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Operating Revenue1 1,521 1,305 3,181 3
Slide 20: Segment wise EBITDA bridge – Q2FY27 YoY
AESL: Segment wise EBITDA bridge – Q2FY27 YoY (In Rs Cr) Smart Metering Energy Solutions Transmission Distribution Others Consolidated (IND AS)1 Platform Particulars / Segments Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Operating EBITDA1 1,394 1,216 605 492 2
Slide 21: 1HFY27 Operational Performance (YoY)
5 1HFY27 Operational Performance (YoY) STRICTLY CONFIDENTIAL
Slide 22: Transmission Utility – Key Operating Metrics 1HFY27 (YoY)
AESL: Transmission Utility – Key Operating Metrics 1HFY27 (YoY) Transmission Network Length(2)(3) (ckm) Power Transformation Capacity(2) (MVA) 29,802 1,43,425 26,705 97,236 New order wins boosted the Transformation capacity transmission network, reflecting continues to expand with new strong bidding
Slide 23: AEML: Distribution Utility – Key Operating Metrics 1HFY27 (YoY)
AEML: Distribution Utility – Key Operating Metrics 1HFY27 (YoY) Supply Reliability (ASAI) (%) SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) SAIFI SAIDI CAIDI SAIFI SAIDI CAIDI 99.998% 99.997% 31.82 32.37 Reliability metrics were Maintained supply impacted by extreme reliability at 99.99% heatwave c
Slide 24: AEML: Distribution Utility – Key Operating Metrics 1HFY27 (YoY)
AEML: Distribution Utility – Key Operating Metrics 1HFY27 (YoY) Consumer Base (million) Distribution Loss (%) E-payment (% of total collection) 4.30% 4.29%* 87.54% 3.29 85.50% 3.25 E-payment share The consumer base in Distribution loss increased due to digital the Mumbai circle consistently improvin
Slide 25: Q2FY27 Operational Performance (YoY)
6 Q2FY27 Operational Performance (YoY) STRICTLY CONFIDENTIAL
Slide 26: Transmission Utility – Key Operating Metrics Q2FY27 (YoY)
AESL: Transmission Utility – Key Operating Metrics Q2FY27 (YoY) Transmission Network Length(2)(3) (ckm) Power Transformation Capacity(2) (MVA) 29,802 1,43,425 26,705 97,236 New order win boosted the Transformation capacity transmission network, reflecting expanded with new project strong bidding cap
Slide 27: AEML: Distribution Utility – Key Operating Metrics Q2FY27 (YoY)
AEML: Distribution Utility – Key Operating Metrics Q2FY27 (YoY) Supply Reliability (ASAI) (%) SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) SAIFI SAIDI CAIDI SAIFI SAIDI CAIDI 99.999% 99.999% 35.77 26.47 Maintained supply Maintained system reliability at 99.99% reliability with stable SAIDI, and SA
Slide 28: AEML: Distribution Utility – Key Operating Metrics Q2FY27 (YoY)
AEML: Distribution Utility – Key Operating Metrics Q2FY27 (YoY) Consumer Base (million) Distribution Loss (%) E-payment (% of total collection) 4.36% 87.37% 3.29 85.33% 3.25 3.30%(1) E-payment share The consumer base in Consistently improving increased due to digital the Mumbai circle with operation
Slide 29: Annexure - ESG Framework and Updates
7 Annexure - ESG Framework and Updates STRICTLY CONFIDENTIAL
Slide 30: ESG Framework
AESL: ESG Framework Guiding Principles & Disclosure Standards Policy Structure — E · S · G ❑ CDP – CC, WS, SEA • Environment & Energy (IMS Policy) ❑ UN Global Compact E • Biodiversity Policy • Energy Management System ❑ SBTi ❑ UN-SDGs Guiding Policies principles • Human Rights Guidelines ❑ GHG Proto
Slide 31: Key Environment Indicators and Milestones
AESL: Key Environment Indicators and Milestones Energy Mix & Emission Intensity Reduction in energy intensity GHG Emission Intensity Reduction >90% 1HFY27 334.44% tCO₂e/EBITDA · Q1FY27 (w/o RECs) Intensity aligned with India’s NDC climate goals Baseline481.30 GJ/million-rupee revenue in FY 2019-20 B
Slide 32: Key Social Indicators and Milestones
AESL: Key Social Indicators and Milestones Health & Safety Safety Training Diversity & Inclusion Work-Related Injury (H1FY27) Awareness & Capability Workforce Diversity 0.12 1 9.56 hrs 7% LTFIR per million fatalities Health &Safety training per person (1H-FY2027) women in permanent workforce (1HFY27
Slide 33: Social Philosophy and Focus Areas
AESL: Social Philosophy and Focus Areas Our social Initiatives are mapped to UN-SDG 2030 Access to Education Community Health Women’s Empowerment 1,50,000+ 26,205 4,500+ students reached vision screenings women mobilized • 947 BMC schools with 5,000+ teachers & 300+ Sahayaks • 9,114 spectacles distr
Slide 34: Governance Philosophy and Focus Areas
AESL: Governance Philosophy and Focus Areas Policies Committees Assurance Environmental & ESG CRC • Environment Policy (in BR Policy) • Corporate Responsibility Committee • Water Policy • Risk Management Committee • Bio-diversity Policy • Due-diligence for CoC, HR & ESG 100% Independent Directors’ M
Slide 35: Key Governance Indicators and Milestones
AESL: Key Governance Indicators and Milestones Board Gender Diversity Board Independence Code of Conduct Anti-Competitive Board Composition Independence & Disclosures Corruption & Bribery Practices 50% Zero Fines & Settlements 25% non-executive independent directors corruption & bribery cases Rs 0 •
Slide 36: Enhanced Safety Culture
AESL: Enhanced Safety Culture Safety Initiatives During Q2 FY27 Safety Performance in Q2 FY27 Transmission Distribution (AEML) • Safety training: 62,083 man-hours of safety training and awareness during Q2FY27 • Positive Safety Culture: Safety Parameters Q2FY27 Q2FY26 Q2FY27 Q2FY26 o No Incident/ Lo
Slide 37: Annexure – Ratings and Operational and Under-construction Asset Portfolio
8 Annexure – Ratings and Operational and Under-construction Asset Portfolio STRICTLY CONFIDENTIAL
Slide 38: 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 39: Operational Asset Portfolio as of September 2026
AESL: Operational Asset Portfolio as of September 2026 Transmission Line TransformationC Contract Sr No. Projects Name Transmission Line (Asset Details) Length (ckm) apacity (MVA) Type 1 Adani Transmission India Limited (ATIL) Mundra – Dehgam, Mundra – Mohindergarh and Tiroda – Warora 3,834 6,630 RO
Slide 40: Transmission Under-construction Asset Portfolio as of September 2026
AESL: Transmission Under-construction Asset Portfolio as of September 2026 Transmission Line TransformationCapac Contract Levelized Tariff / Sr No. Projects Name Transmission Line (Asset Details) Length (ckm) ity (MVA) Type Billing (Rs Crores) 1 WRSR Transmission Limited (WRSR) WRSR (Narendra – Pune
Slide 41: Smart Metering Under-construction Portfolio as of September 2026
AESL: Smart Metering Under-construction Portfolio as of September 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 Cir
Slide 42: 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 43: Thank You
Thank You STRICTLY CONFIDENTIAL
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