ADANI POWER LTD.

rs,

April 29, 2026 BSE Limited Floor 25, P J Towers, Dalal Street, Mumbai – 400 001 National Stock Exchange of India Limited Exchange Plaza, Bandra

91%

idated operating highlights for Q4 and FY26 O&M Availability (%) Generation Performance (PLF %) 91% 93% 91% 89% 74% 74% 71% 67% Dispatch Performance (BU) +3.4% Sales Volume Mix (%) Mercha

93%

d operating highlights for Q4 and FY26 O&M Availability (%) Generation Performance (PLF %) 91% 93% 91% 89% 74% 74% 71% 67% Dispatch Performance (BU) +3.4% Sales Volume Mix (%) Merchant/ S

89%

g highlights for Q4 and FY26 O&M Availability (%) Generation Performance (PLF %) 91% 93% 91% 89% 74% 74% 71% 67% Dispatch Performance (BU) +3.4% Sales Volume Mix (%) Merchant/ Short Term

74%

hlights for Q4 and FY26 O&M Availability (%) Generation Performance (PLF %) 91% 93% 91% 89% 74% 74% 71% 67% Dispatch Performance (BU) +3.4% Sales Volume Mix (%) Merchant/ Short Term Cont

71%

r Q4 and FY26 O&M Availability (%) Generation Performance (PLF %) 91% 93% 91% 89% 74% 74% 71% 67% Dispatch Performance (BU) +3.4% Sales Volume Mix (%) Merchant/ Short Term Contracted (PP

67%

and FY26 O&M Availability (%) Generation Performance (PLF %) 91% 93% 91% 89% 74% 74% 71% 67% Dispatch Performance (BU) +3.4% Sales Volume Mix (%) Merchant/ Short Term Contracted (PPA) 9

3.4%

neration Performance (PLF %) 91% 93% 91% 89% 74% 74% 71% 67% Dispatch Performance (BU) +3.4% Sales Volume Mix (%) Merchant/ Short Term Contracted (PPA) 95.9 99.1 21% 19% 21% 21% +3.2

21%

Performance (BU) +3.4% Sales Volume Mix (%) Merchant/ Short Term Contracted (PPA) 95.9 99.1 21% 19% 21% 21% +3.2% 26.4 27.2 79% 81% 79% 79% Q4FY25 Q4FY26 FY25 FY26 Q4FY25 Q4FY26 FY

19%

rmance (BU) +3.4% Sales Volume Mix (%) Merchant/ Short Term Contracted (PPA) 95.9 99.1 21% 19% 21% 21% +3.2% 26.4 27.2 79% 81% 79% 79% Q4FY25 Q4FY26 FY25 FY26 Q4FY25 Q4FY26 FY25 F

3.2%

.4% Sales Volume Mix (%) Merchant/ Short Term Contracted (PPA) 95.9 99.1 21% 19% 21% 21% +3.2% 26.4 27.2 79% 81% 79% 79% Q4FY25 Q4FY26 FY25 FY26 Q4FY25 Q4FY26 FY25 FY26 Q4FY25 Q4FY2

79%

Mix (%) Merchant/ Short Term Contracted (PPA) 95.9 99.1 21% 19% 21% 21% +3.2% 26.4 27.2 79% 81% 79% 79% Q4FY25 Q4FY26 FY25 FY26 Q4FY25 Q4FY26 FY25 FY26 Q4FY25 Q4FY26 FY25 FY26 Q4

“• Signed IBBI 2.0 Declaration reaffirming our commitment to IBBI's vision and The Biodiversity Plan Water Management • Water Intensity for inland power plants is 2.34 m3/MWh for Q4 FY25, which is 34% lower than statutory limit for plants (3.50 m3/MWh).”

“• APL has received an ESG rating score of 65 for FY25 from NSE Sustainability Ratings & Analytics (NSRA).”

“Majority of the capital expenditure will be funded through Internal Accruals.”

Key Rating highlights

1

Brownfield development model

1

Project execution control

1

Project supply chain assurance

1

Key Rating highlights

• • • • APL’s Strong revenue visibility supported by high PPA tie-ups, stable operations, and a robust balance sheet. Recent capacity tie-ups have further strengthened the balance sheet and improved the credit profile. More than 90% of 18.15 GW capacity is tied up under PPAs 87% of domestic coal-based capacity has fuel security in form of long-term FSAs ₹ 4,715 Cr ₹ 21,285 Cr FY19 Continuing EBITDA FY26 Continuing EBITDA ₹ 45,957 Cr ₹ 45,022 Cr FY19 Net Debt FY26 Net Debt 9.75 times 2.12 times FY19 Net Debt / Continuing EBITDA FY26 Net Debt / Continuing EBITDA (TTM) m: million; Cr: Crores; k: Thousand; MT: Million Tonnes; MTPA: Million Tonnes Per Annum; EBITDA: Earning before Interest, Tax, Depreciation & Amortization; MW: Mega Watts; GW: Giga Watts; PPA: Power Purchase Agreement; FSA: Fuel Supply Agreement; O&M: Operations & Maintenance; kWh: kilo Watt hours; TTM: Trailing Twelve Months; * Rating enhancement under progress; expected to be completed by Feb’26 Home outline Hamburger Men

Project supply chain assurance

• Assured availability of most critical parts of the power projects, through advance ordering of 22.4 GW of BTG sets Korba Ph-II 1,320 MW Mahan Ph-II 1,600 MW Raipur Ph-II 1,600 MW Raigarh Ph-II 1,600 MW Mirzapur 1,600 MW Mahan Ph-III 1,600 MW Kawai Ph-II 1,600 MW Korba Ph-III 1,600 MW Pirpainti 2,400 MW Kawai Ph-III 1,600 MW Anuppur 2,400 MW Raigarh Ph-III 1,600 MW Chapar (1) 3,200 MW PPA Bids ongoing 1,320 MW 1,600 MW Bids ongoing 1,600 MW Bids ongoing Bids ongoing In progress Bids ongoing 2,400 MW Bids ongoing 1,600 MW In progress Bids ongoing In progress 3,200 MW 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) APL has received Letter of Award for a 3,200 MW long term PPA from Assam DISCOM Home outline Hamburger Menu Icon with solid fill 25 To be assigned 1,600 MW