Adani Power Limited · NSE:ADANIPOWER
Adani Power — Q2 FY27 Earnings Presentation
37 slides from Adani Power's earnings presentation, Oct 25, 2026
Slide 1: Exchange filing cover letter for results presentation
October 25, 2026 BSE Limited National Stock Exchange of India Limited Floor 25, P J Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 533096 Scrip Code: ADANIPOWER Dear Sirs, Sub.: Results Presentation for Post Results Conference Ca
Slide 2: Adani Power Limited Earnings Presentation Q2 FY27
Adani Power Limited Earnings Presentation – Q2 FY27 | 23rd October 2026
Slide 3: Operating Snapshot – Q2 and H1 FY 2026-27
APL: Operating Snapshot – Q2 and H1 FY 2026-27 Operating Highlights O&M Availability (%) Generation Performance (PLF %) 87% 89% 88% 93% 70% 74% 63% 65% Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Steady and high plant availability ensured across maintenance High PLF across PPA-linked and
Slide 4: Financial Snapshot – Q2 and H1 FY 2026-27
APL: Financial Snapshot – Q2 and H1 FY 2026-27 Financial Highlights Continuing Revenue +27.5% +28.5% 35,464 27,807 Higher dispatch volumes [up 11.4% Y-o-Y] combined with higher PPA 13,639 17,528 tariffs [Rs. 6.4/unit, up 12.7% Y-o-Y] and merchant realisations [Rs. 7.2/unit, up 33.1% Y-o-Y] contribut
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 solid fill 5
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 (71.97%) (62.43%) (74.96%) (66.03%) (67.29%)2 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 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 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: Adani Power Limited: 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 H1 FY27 FY26 Mirzapur Kawai 1,600 MW 18,330 MW ₹39,273 Cr ₹57,865 Cr 1,320 MW + 1,600 13 Assets MW Revenue Revenue I
Slide 13: High Quality Present Portfolio Mix: Poised to Meet India's Base Load Demand
APL: High Quality Present Portfolio Mix: Poised to Meet India’s Base Load Demand Operating Capacity Locked-in Capacity Target Capacity 141,2 18,330 + 13 23,720 = 18 42,050(4) Assets MW Projects MW Assets MW Asset Type Asset Type Asset Type 59% 41% 100% 83% 17% Organic Inorganic Organic Inorganic Org
Slide 14: Coal is Critical for India's Base load power needs
1 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 deman
Slide 15: APL Quarterly Performance Highlights
3 APL Quarterly Performance Highlights
Slide 16: Business Updates for Q2 FY27
APL: Business Updates for Q2 FY27 APL achieving newer milestones in profitability and project execution. LOA from Uttarakhand Letter of Award from the Uttarakhand Power Corporation Limited for a 25-year Power Supply Agreement (“PSA”) of 1,320 MW (1,234 MW net). Discom GVK Energy Limited APL declared
Slide 17: Base Load Power Capacity Expansion to 45 GW by FY 2031-32
APL: Target 2035 and beyond… Base Load Power Capacity Expansion to 45 GW by FY 2031-32 Ongoing capacity expansion of 23.7 GW thermal power plants with estimated capex of ₹ 2 Trillion and targeted completion by FY 2031-32 Further additions of 3 GW generation capacity targeted Entry into International
Slide 18: Resilience of business model reflected in stable revenues and robust profitability
APL: Resilience of business model reflected in stable revenues and robust profitability Particulars (Rs. in Crores) Unit Q2 FY27 Q2 FY26 % Change H1 FY27 H1 FY26 % Change FY26 Installed Capacity (MW) MW 18,330 18,150 0.99% 18,330 18,150 0.99% 18,150 Power Sales Volume (MU) MU 26,385 23,663 11.50% 55
Slide 19: 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 60,281 58,906 57,865 12,750 12,971 11,886 10,727 43,041 39,273 31,686 4,912 27,842 28,150 1,270 -2,275 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY27 FY20 FY21 FY22 F
Slide 20: Revenue Bridge Q2 FY27 & H1 FY27
APL: Revenue Bridge Q2 FY27 & H1 FY27 INR Crores Growth in Revenues Q2 FY26 to Q2 FY27 2,422 2,400 19 1,507 669 19,951 17,528 17,528 14,308 13,639 15,147 Q2 FY26 Reported One-time income (Q2 Q2 FY26 Continuing Increase in power Increase in power Decrease in Q2 FY27 Continuing One-time income (Q2 Q2
Slide 21: EBITDA Bridge Q2 FY27 & H1 FY27
APL: EBITDA Bridge Q2 FY27 & H1 FY27 INR Crores Growth in EBITDA Q2 FY26 to Q2 FY27 2,400 19 659 2,355 2,422 1,507 112 669 8,743 6,001 6,209 6,321 6,321 5,333 Q2 FY26 One-time Q2 FY26 Increase in Increase in Decrease in Increase in fuel Increase in fuel Decrease in Q2 FY27 Net One-time Q2 FY27 Repor
Slide 22: Debt Profile
adani Power Debt Profile
Slide 23: Consolidated Debt Profile
APL: Consolidated Debt Profile INR Crores Particulars Unit 30th Sept 2026 31st Mar 2026 31st Mar 2025 31st Mar 2024 Existing entities INR Cr 48,889 43,278 27,780 27,875 Under-construction project INR Cr 950 950 Total Senior Secured Loans (after Ind-AS adjustment) INR Cr 48,889 44,228 28,730 27,875 W
Slide 24: 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 • Sustained strong financial and March 2023 March 2025 August 2026 Agency operational performance of APL and its Rating Track strong market position with a diversified Recor
Slide 25: Progress in Capacity Expansion Projects
5 Progress in Capacity Expansion Projects
Slide 26: 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 PPAs 60% 63% 100% 100% Project MW Land Ordering mental signed Clearance Brownfield Near-pithead L
Slide 27: Locked-in Growth: Growing set of opportunities for private sector participation
4 Locked-in Growth: Growing set of opportunities for private sector participation Significant capacity tied up in long term PPAs Upcoming Long-term PPA Bids for New Capacity Bid Status and Timeline for Capacity Tie-ups (MW) (1) State MW Invitation 42,050 13,320 MW of new PPAs Uttar Pradesh 4,000 MW
Slide 28: Project Gallery: Showcasing Execution Excellence
Project Gallery: Showcasing Execution Excellence Across Large & Complex Projects Mahan Phase-II Project Raipur Phase-II Project Raigarh Phase-II Project Korba Phase-II Project (2 x 800 MW) (2 x 800 MW) (2 x 800 MW) (2 x 660 MW) Side View of BTG & MPH Area Front View of MPH & Boiler Boiler Unit 2 – R
Slide 29: ESG Practice at APL
adani Power ESG Practice at APL
Slide 30: APL: ESG Highlights
Updated APL: ESG Highlights Material Topic Targets Key ESG Initiatives/Achievements UN SDGs Climate Change Adaptation and mitigation • Average Emission intensity - 0.86 tCO2e/MWh for FY26. Climate Change • Climate Change Risk Assessment carried out. Adaptation • Greater emphasis on decarbonization a
Slide 31: Board of Directors and Management Overview
APL: Board of Directors and Management Overview 100% Chaired By IDs Chaired By NID Board of Directors IDs Statutory Committees 40% Independent Directors - Audit 🗹 Comprised of only Independent Directors - Nomination & Remunerations 🗹 100% of - Stakeholder Relationship 🗹 Statutory Committees -…
Slide 32: APL: Investment Case
adani Power APL: Investment Case
Slide 33: Key Investment Highlights
APL: Key Investment Highlights Key Investment Highlights • Abundant domestic coal availability and scalability Coal is Critical for India’s • 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 glob
Slide 34: Thank You
Thank You STRICTLY CONFIDENTIAL
Slide 35: Annexures
Annexures Operational and Financial Performance STRICTLY CONFIDENTIAL
Slide 36: Historical Financials | Profit and Loss Account
APL: Historical Financials | Profit and Loss Account CAGR Particulars Unit FY22 FY23 FY24 FY25 FY26 H1 FY27 (FY22-26) Q2 FY27 Insights Operating Metrics Effective Capacity MW 12,450 13,650 15,051 16,545 18,000 18,150 10% Plant Availability % 95% 94% 92% 91% 89% 93% PLF % 52% 48% 65% 71% 67% 74% 18,3
Slide 37: Historical Financials | Balance Sheet
APL: Historical Financials | Balance Sheet Particulars Unit 31st Mar 2022 31st Mar 2023 31st Mar 2024 31st Mar 2025 31st Mar 2026 30th Sep 2026 Assets Non-Current Assets Q2 FY27 Insights Gross Fixed Assets (Incl. CWIP) INR Cr 84,214 88,208 91,634 1,13,215 1,40,501 1,52,705 (-) Accumulated Depreciati