Adani Power Limited

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June 2, 2026 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, 2014 to 2024 (%) Large Consumer Base Top 10 Countries by Population (in Billion), 2026 Under penet

7.1%

stics cost Logistics spends as a % of Output by Firm-Size • in FY25 & India’s real GDP grew at 7.1% estimated 7.6% in FY26. to grow at is • India’s target to be a developed economy by

7.6%

ics spends as a % of Output by Firm-Size • in FY25 & India’s real GDP grew at 7.1% estimated 7.6% 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% 5.8% 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% 5.8% Future outlook for India is even stronger India has largest consumer base in the world E

5.8%

get to be a developed economy by 2047: ~$35 Tn GDP with 10-11% nominal growth rate 6.7% 5.8% Future outlook for India is even stronger India has largest consumer base in the world Exponen

60%

e world Exponential growth opportunity to serve Indian Consumers Transportation accounts for ~ 60% of direct logistics costs 5.1% 4.6% 3.7% 3.1% 1.48 1.41 1.9% 1.8% 1.8% 1.7% 0.35 0.29 0.26

5.1%

rtunity to serve Indian Consumers Transportation accounts for ~ 60% of direct logistics costs 5.1% 4.6% 3.7% 3.1% 1.48 1.41 1.9% 1.8% 1.8% 1.7% 0.35 0.29 0.26 0.24 0.21 0.18 0.14 0.14 14-17%

4.6%

y to serve Indian Consumers Transportation accounts for ~ 60% of direct logistics costs 5.1% 4.6% 3.7% 3.1% 1.48 1.41 1.9% 1.8% 1.8% 1.7% 0.35 0.29 0.26 0.24 0.21 0.18 0.14 0.14 14-17% 3.7

3.7%

serve Indian Consumers Transportation accounts for ~ 60% of direct logistics costs 5.1% 4.6% 3.7% 3.1% 1.48 1.41 1.9% 1.8% 1.8% 1.7% 0.35 0.29 0.26 0.24 0.21 0.18 0.14 0.14 14-17% 3.7 11%

3.1%

Indian Consumers Transportation accounts for ~ 60% of direct logistics costs 5.1% 4.6% 3.7% 3.1% 1.48 1.41 1.9% 1.8% 1.8% 1.7% 0.35 0.29 0.26 0.24 0.21 0.18 0.14 0.14 14-17% 3.7 11% 8% 1.

“…needs critical infra in transport and logistics Fastest Growing Large Economy G20 Real GDP CAGRs, 2014 to 2024 (%) Large Consumer Base Top 10 Countries by Population (in Billion), 2026 Under penetration of Air Travel Annual air trips per capita, IATA, 2023 High logistics cost Logistics spends as a % of Output by Firm-Size • in FY25 & India’s real GDP grew at 7.1% estimated 7.6% in FY26.”

“(100%) Tiroda 3,300 MW Udupi 1,200 MW Legend Operating Capacity 18,330 MW + Locked-in Capacity 23,720 MW = Target Capacity 42,050 MW Existing power plant Greenfield project site States with long term PPAs Mirzapur 1,600 MW Mirzapur Thermal Energh (UP) Pvt.”

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

“Energy demand 6,400 BU Coal allocations to State DISCOMs for fresh PPA bids under Peak demand 708 GW SHAKTI Policy clause B(iv) 30 GW(1) Vision 2047 Installed Capacity 2,100 GW Base load power critical for renewables India’s Renewable Energy Target by 2030 Additional Coal based capacity required by FY35 of which Adani Power’s current Project Pipeline 500 GW 97 GW 23.7 GW c.”

“acquisition debt long term PPAs • Target capacity 3,800 MW by 2031 prepaid • Target capacity 2,970 MW by 2030 • Target capacity 4,400 MW by 2030 MW: Mega Watts | PPA: Power Purchase Agreement | FSA: Fuel Supply Agreement | MTPA: Million Tonnes Per Annum | PLF: Plant Load Factor | | MUL: MPSEZ Utilities Ltd.”

“• • • 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 • • 95% capacity under PPAs with two-part, availability-based tariff provides EBITDA predictability without dispatch risk.”

“• • 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”

“Excess cash available to fund growth Ability to fund ₹ 202k crores capex over next 7 years • FY26 Fund flow from operations (FFO) @ ₹ 20k crores • Over the next 7 years, the existing fleet will generate aggregate FFO of ₹ 140k crores (based on TTM numbers) • Considering repayment of ₹ 40k crores, FFO from the existing fleet would allow APL to fund large portion of capex of ~ ₹ 180k crores over the next 7 years • Majority of expansion capex will be funded through internal accruals.”

“• Signed IBBI 2.0 declaration reaffirming our commitment to biodiversity conservation Water Management • Water Intensity: 2.13 m3/MWh for FY26.”

“Waste Management • All 13 APL operating locations certified with Single-use Plastic Free certification • 113% ash utilization in FY26.”

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, 2014 to 2024 (%) Large Consumer Base Top 10 Countries by Population (in Billion), 2026 Under penetration of Air Travel Annual air trips per capita, IATA, 2023 High logistics cost Logistics spends as a % of Output by Firm-Size • in FY25 & India’s real GDP grew at 7.1% estimated 7.6% 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% 5.8% 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 ~ 60% of direct logistics costs 5.1% 4.6% 3.7% 3.1% 1.48 1.41 1.9% 1.8% 1.8% 1.7% 0.35 0.29 0.26 0.24 0.21 0.18 0.14 0.14 14-17% 3.7 11% 8% 1.9 2.1 0.9 1.2 0.1 0.4 0.4 IND CH N US A IDN PAK NG A BRA BGD RUS ETH India Brazil China Germany France UK US UAE < $5 Mn < $27

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 17 To be assigned 1,600 MW

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 • • 95% 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) FY 2025-26: ₹ 4.11-4.30/kWh – Bihar (APL), Assam (APL), Maharashtra (APL), Madhya Pradesh (APL and Competition), and West Bengal (Competition) 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 8 years FFO for FY26 23,431 102 20,248 (3,285) Debt Maturity Profile FFO +