Adani Power Limited

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September 5, 2025 BSE Limited Floor 25, P J Towers, Dalal Street, Mumbai – 400 001 National Stock Exchange of India Limited Exchange Plaza, Bandra

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…. …needs critical infra in transport and logistics Fastest Growing Large Economy G20 Real GDP CAGRs, 2013 to 2023 (%) Large Consumer Base Top 10 Countries by Population, 2025 (in Bn) Under penetratio

6.5%

apita High logistics cost Logistics spends as a % of GDP • in FY25 & India’s real GDP grew at 6.5% estimated 6.8% in FY26. to grow at is • India’s target to be a developed economy by

6.8%

tics cost Logistics spends as a % of GDP • in FY25 & India’s real GDP grew at 6.5% estimated 6.8% in FY26. to grow at is • India’s target to be a developed economy by 2047: ~$35 Tn GD

11%

o grow at is • India’s target to be a developed economy by 2047: ~$35 Tn GDP with 10-11% nominal growth rate 6.7% 6.4% Future outlook for India is even stronger India has largest co

6.7%

target to be a developed economy by 2047: ~$35 Tn GDP with 10-11% nominal growth rate 6.7% 6.4% Future outlook for India is even stronger India has largest consumer base in the world E

6.4%

get to be a developed economy by 2047: ~$35 Tn GDP with 10-11% nominal growth rate 6.7% 6.4% Future outlook for India is even stronger India has largest consumer base in the world Exponen

70%

e world Exponential growth opportunity to serve Indian Consumers Transportation accounts for ~ 70% of direct logistics costs 13% 5.1% 4.2% 3.0% 2.3% 2.0% 1.7% 1.6% 1.46 1.42 3.7 8% 0.9%

13%

rtunity to serve Indian Consumers Transportation accounts for ~ 70% of direct logistics costs 13% 5.1% 4.2% 3.0% 2.3% 2.0% 1.7% 1.6% 1.46 1.42 3.7 8% 0.9% 0.35 0.29 0.26 0.24 0.21 0.18 0

5.1%

ty to serve Indian Consumers Transportation accounts for ~ 70% of direct logistics costs 13% 5.1% 4.2% 3.0% 2.3% 2.0% 1.7% 1.6% 1.46 1.42 3.7 8% 0.9% 0.35 0.29 0.26 0.24 0.21 0.18 0.14 0.

4.2%

serve Indian Consumers Transportation accounts for ~ 70% of direct logistics costs 13% 5.1% 4.2% 3.0% 2.3% 2.0% 1.7% 1.6% 1.46 1.42 3.7 8% 0.9% 0.35 0.29 0.26 0.24 0.21 0.18 0.14 0.14 0.

3.0%

Indian Consumers Transportation accounts for ~ 70% of direct logistics costs 13% 5.1% 4.2% 3.0% 2.3% 2.0% 1.7% 1.6% 1.46 1.42 3.7 8% 0.9% 0.35 0.29 0.26 0.24 0.21 0.18 0.14 0.14 0.1 0.4

“…needs critical infra in transport and logistics Fastest Growing Large Economy G20 Real GDP CAGRs, 2013 to 2023 (%) Large Consumer Base Top 10 Countries by Population, 2025 (in Bn) Under penetration of Air Travel Annual trips per capita High logistics cost Logistics spends as a % of GDP • in FY25 & India’s real GDP grew at 6.5% estimated 6.8% in FY26.”

“India China EU USA UAE Goods Bal (189) (265) (242) Petroleum Bal Services Bal Trade Balance (95) 108 (82) (112) 143 (122) Net remittance 43 55 (96) 163 (78) 56 Cur a/c Deficit (39) (67) (23) Transaction Layer 186 bn # of transactions in India in FY25 >48% Global Market share of India in real-time digital transactions (FY25) $1.2 bn Govt.”

“On 17th Apr’25, Board of Directors have approved the acquisition of NQXT by APSEZ, transaction will be concluded post pending regulatory approval.”

“Home outline Hamburger Menu Icon with solid fill 6 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 Q1 FY26 FY25 Kawai 1,320 MW + 3,200 MW Anuppur 2,400 MW Anppur Thermal Energy (MP) Ltd.”

“(100%) Tiroda 3,300 MW Udupi 1,200 MW Legend Operating Capacity 18,150 MW + Locked-in Capacity (2) 23,720 MW = Target Capacity 41,870 MW Existing power plant Greenfield project site States with long term PPAs Mirzapur 1,600 MW Mirzapur Thermal Energh (UP) Pvt.”

“| (2) Includes 3,200 MW capacity for which location will be decided on basis of PPA awards | (3) Letter of Award for 800 MW PPA received from MP Power Management Company Ltd.”

“30% of India’s requirement ✓ Population equivalent to the US in the two largest states with 1/3rd of Capacity Mix (GW) - FY25 Capacity Mix (GW) - FY32E India’s average power consumption ✓ Tremendous potential of growth for power sector as Indian economy expands ✓ Government boosting thermal and renewable investments to meet rising demand from manufacturing, infrastructure, e-mobility & digitalization ✓ Affordable domestic and renewable power fuels economic growth as a prosperity multiplier.”

“Acquisition cost ₹1,270 Cr EBITDA FY ‘25 ~₹3,100 Cr Cumulative EBITDA since acquisition The turnaround story The turnaround story The turnaround story • Power selling and fuel sourcing support • Power selling and fuel sourcing support • Revived non-operational plant • 500 MW PPA under Group Captive mode • Target capacity 2,970 MW by 2030 • Power selling and fuel sourcing support • Entire ₹ 2,500 Cr.”

“acquisition debt prepaid • Target capacity 4,400 MW by 2030 • Target capacity 3,800 MW by 2031 MW: Mega Watts | PPA: Power Purchase Agreement | FSA: Fuel Supply Agreement | MTPA: Million Tonnes Per Annum | PLF: Plant Load Factor | | MUL: MPSEZ Utilities Ltd.”

“Home outline Hamburger Menu Icon with solid fill 18 4 Adani Execution Engine: Project Management & Assurance Group (PMAG) Institutionalised Project Execution Demonstrated On-ground Capex Delivery Adani Infra (India) Limited | ITD Cementation India Ltd.”

Key Highlights

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Brownfield development model

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Project execution control

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Project supply chain assurance

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High visibility of cash flows

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Improved Credit Profile

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Self-funded development

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PPAs

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Key Rating highlights

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Key Highlights

Fastest growing economy + large consumer base…. …needs critical infra in transport and logistics Fastest Growing Large Economy G20 Real GDP CAGRs, 2013 to 2023 (%) Large Consumer Base Top 10 Countries by Population, 2025 (in Bn) Under penetration of Air Travel Annual trips per capita High logistics cost Logistics spends as a % of GDP • in FY25 & India’s real GDP grew at 6.5% estimated 6.8% in FY26. to grow at is • India’s target to be a developed economy by 2047: ~$35 Tn GDP with 10-11% nominal growth rate 6.7% 6.4% Future outlook for India is even stronger India has largest consumer base in the world Exponential growth opportunity to serve Indian Consumers Transportation accounts for ~ 70% of direct logistics costs 13% 5.1% 4.2% 3.0% 2.3% 2.0% 1.7% 1.6% 1.46 1.42 3.7 8% 0.9% 0.35 0.29 0.26 0.24 0.21 0.18 0.14 0.14 0.1 0.4 0.4 1.9 2.1 0.9 1.2 India Brazil China Germany France UK US UAE India USA D N I N H C A S U N D I K A P A G N A R B D G B S U R H T E Investment in Logistics sectors

Project supply chain assurance

• Assured availability of most critical parts of the power projects, through advance ordering of 22.4 GW of BTG sets Project MW Land Equipment Ordering Environ- mental Clearance Korba Ph-II 1,320 MW Mahan Ph-II 1,600 MW Raipur Ph-II 1,600 MW Raigarh Ph-II 1,600 MW PPA Bids ongoing 1,320 MW 1,600 MW Bids ongoing Mirzapur 1,600 MW In progress 1,600 MW Mahan Ph-III 1,600 MW Kawai Ph-II 1,600 MW Korba Ph-III 1,600 MW Pirpainti (1) 2,400 MW Kawai Ph-III 1,600 MW Anuppur (2) 2,400 MW Raigarh Ph-III 1,600 MW Future sites 3,200 MW - Bids ongoing In progress Bids ongoing In progress Bids ongoing In progress 2,400 MW In progress Bids ongoing In progress 800 MW In progress Bids ongoing - Bids ongoing m: million | Cr: Crores | k: Thousand | MT: Million Tonnes | EBITDA: Earning before Interest, Tax, Depreciation & Amortization | MW: Mega Watts | GW: Giga Watts | PPA: Power Purchase Agreement | O&M: Operations & Maintenance | BTG: Boilers, Turbines, and Generators (1): Letters of Award received from

High visibility of cash flows

• • • Ready availability of land, water, project power, and other key enablers Shared infrastructure with existing capacities Reduced execution timeline • • Linkages earmarked by DISCOM for each PPA bid, providing clarity and uniformity to developers Additional Fuel Supply Agreement mechanism to address shortfall in FSA coal • • 88% capacity under PPAs with two-part, availability-based tariff provides EBITDA predictability without dispatch risk. Fuel price risk mitigation through escalation and pass-through mechanisms enhances EBITDA stability

Improved Credit Profile

• • Adani Infra: In-house project management through multi-disciplinary teams Package Contract model for finer control on execution and better back-to-back assurances • • Pass through of fuel cost with adequate Change-in-law protection Alternate fuel supply cost recovery • • Low leverage and high liquidity provide ample growth headroom AA rated by four leading domestic rating agencies

Self-funded development

• • Advance booking of 22.4 GW Boiler, Turbine, and Generator (BTG) equipment to ensure timely deliveries Extensive vendor development to build up ecosystem for other packages • • • APL is developing four coal mines with 14 MTPA production capacity Enhanced fuel security for untied capacities, no end-use restrictions Logistics assurance through Adani Logistics • • • Sufficient cash flow generating ability to meet entire capex outlay Access to debt capital market for funding growth No risk of project delay on account of financial closure requirements MU: Million Units | BU: Billion Units | MT: Million Tonnes | MTPA: Million Tonnes Per Annum | EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortisation | MW: Mega Watts | GW: Giga Watts | PPA: Power Purchase Agreement | O&M: Operations & Maintenance | kWh: kilo Watt hours | DISCOM: Distribution Company | FSA: Fuel Supply Agreement | BTG: Boilers, Turbines, and Generators Home outline Hamburger Menu Icon with solid fill 20 5 Ma

PPAs

• • • FY 2020-21: ₹ 2.89/kWh –Madhya Pradesh DISCOM (APL) FY 2024-25: ₹ 3.60-3.73/kWh - West Bengal (Competition), Maharashtra (APL), and Uttar Pradesh (APL) DISCOM FY 2025-26: ₹ 4.17-4.29/kWh - Bihar and Madhya Pradesh DISCOMs (APL) Operational excellence ensures full benefits of tariff structure Ensuring high plant availability (Consistently more than 90%) Full recovery of fixed capacity charges under PPAs Enabling high dispatch capability with fuel supply availability (Two-part tariff model with Availability-based capacity charge) PPA: Power Purchase Agreement; EBITDA: Earnings Before Interest Tax and Depreciation | Discom: Distribution Companies | MW: Megawatt Maximizing certainty of Revenue and EBITDA Home outline Hamburger Menu Icon with solid fill 21 6 Capital Structure: Strong Cashflow Generation Enables Fully Funded Growth Over the Next 7 years FFO for Mar’25 23,917 (3,403) (8) 20,506 EBITDA Finance Cost Tax Paid FFO 32,767 7,912 24,855 (15.1%) 27,817 7,311 20,506 Mar'24 Mar'2