ADANIPOWER

September 7, 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.: Investor presentation of Adani Power Limited for September 2026 Please find attached the updated investor presentation of Adani Power Limited (in INR) for your records. The presentation is also being uploaded on the website of our Company (www.adanipower.com). Kindly take our disclosure referred above on your record. For Adani Power Limited Puneet Bansal Company Secretary Enclosed: As above Adani Power Limited Tel +91 79 2656 7555 “Adani Corporate House” Fax +91 79 2555 7177 Shantigram, Near Vaishno Devi Circle, info@adani.com S. G. Highway, Khodiyar, www.adanipower.com Ahmedabad-382421, Gujarat India CIN: L40100GJ1996PLC030533 Registered Office: “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad-382421 Adani Power Limited Investor Presentation [INR] | September 2026 Contents 1 Executive Summary 2 Key Investment Highlights 3 ESG Annexures 2 1 Executive Summary 3 SSTTRRIICCTTLLYY CCOONNFFIIDDEENNTTIIAALL India | Colossal Growth Opportunity Fastest growing economy + large consumer base…. …needs critical infra in transport and logistics Key Highlights: Fastest Growing Large Economy Large Consumer Base Under penetration of Air Travel High logistics cost G20 Real GDP CAGRs, 2014 to 2024 (%) Top 10 Countries by Population (in Billion), 2026 Annual air trips per capita, IATA, 2023 Logistics spends as a % of Output by Firm-Size • India’s real GDP grew at Future outlook for India has largest consumer Exponential growth opportunity Transportation accounts for 6.7% India is even stronger base in the world to serve Indian Consumers ~ 60% of direct logistics costs 7.1% in FY25 & is 5.8% Core Infra 5.1% 4.6% 1.481.41 14-17% Investments estimated to have grown 3.7% 3.7 11% & Last Mile 7.8% 3.1% 1.9 2.1 8% Connectivity at in FY26. 1.9% 1.8%1.8%1.7% 0.35 0.290.260.240.210.180.140.14 0.1 0.4 0.4 0.9 1.2 w te i r l m l d l r o iv g e is l t o ic n s g cost IND CHN USA IDN PAK NGA BRA BGD RUS ETH India Brazil China Germany France UK US UAE < $5 Mn < $27 Mn > $27 Mn efficiency Firm Size By Revenue • India’s target to be a India Economic Growth + Large Consumer Base → As Indians shift to air travel, Scaled Road network to drive developed economy by Airports, Roads, Digital airports biggest beneficiary lowering of logistics cost 2047: ~$35 Tn GDP with Decarbonisation & Atmanirbhar bharat is the focus.. Fully developed Indigenous digital stack 10-11% nominal growth rate Electricity Consumption to Grow Decarbonisation Drive and Digital Transactions under UPI India AI Mission Electricity consumption per capita (MWh p.a.) Focus on reducing CAD Umbrella India is ~1/3rd of global average USD b ’23 ‘24 ’25 Identification Layer $1.2 bn Govt. allocation to • With rapid urbanization Goods Bal (265) (245) (287) strengthen AI capabilities in 15.3 Transaction Layer 5 years and rising consumption, 12.6 Petroleum Bal (112) (95) (122) India ranks #1 in Global AI Indian Infrastructure is at Services Bal 143 163 189 242 bn # of transactions #1 skill penetration according 5.7 6.5 Global Average in India in FY26 to Stanford AI Index 2026 the cusp of multi-decade 3.6 MWh p.a. Trade Balance (122) (82) (98) 1.2 Global Market AI skilled workforce has super cycle. Net remittance 55 56 75 >49% share of India in 14x seen a 14x increase from India EU China USA UAE real-time digital 2016 to 2023 Cur a/c Deficit (67) (26) (23) transactions (2025) Explosive growth in power Green Hydrogen, Primary Digital Stack → Primary Data + AI → Datacenter Demand → generation, transmission and industry (Cu, PVC, RE Mfg), Generation → Power Demand distribution sectors driving indigenization of CAD Data Localisation …. Sources: World Bank, Government of India, Deloitte 2024, CareEdge Industry Report, Union Budget 2024-2025, FY32 targets (Source: 20th EPS, NPP, CEA, CEA Optimal mix and NEP-II Transmission), GDP, IMF, Ember Report, WB, AI Mission, RBI Statistics, DPIIT, 4 Gross Domestic Product | CAGR: Compounded Annual Growth Rate | MWh: megawatt hour | p.a.: per annum | RE: Renewable Energy | CAD: Current Account Deficit | Bal: Balance | Cur a/c: Current Account | UPI: Unified Payments Interface | b: billion | Cu: Copper | PVC: Polyvinyl Chloride | RE: Renewable Energy | Mfg: Manufacturing | IATA: International Air Transport Association India | Electricity Sector – Multi-decade Investment Opportunity Growth in Indian Electricity Sector Adani’s role in powering India India’s Electricity Sector 6% 11% CAGR ✓ Adani Portfolio has market leading position across entire energy value chain (In GW) 1,000 One of the fastest growing electricity market in the world $500 Bn+ ✓ Adani Green → Largest Renewable Power Generation Company 532 344 Investment Opportunity Installed capacity 11% CAGR → ~1,000 GW by FY32 ✓ Adani Power → Largest Private Baseload Power Generation Company by FY32 Driven by EVs, Data Center, Urbanization & Industrialization FY18 FY26 FY32E ✓ Adani Energy Solutions → Largest Private Utility Infrastructure Platform 1 Renewable Power Generation 19% 13% 1.7x 2.1x vs Industry (In GW) 571 Ranks 3rd globally in total renewables installed capacity $300 Bn+ 33% 27% CAGR $18 Bn+ 275 (In GW) 50.01 Fastest growth rates in solar energy – 44+ GW in FY26 69 Investment Opportunity 19.3 Investment Plan by FY32 2.0 by 2030 Government’s ambitious target of 500 GW by 2030 FY18 FY26 FY32E FY18 FY26 FY30E 2 Baseload Power Generation 1% 4% 5.5x 4.1x vs Industry Peak demand → 388 GW in FY32 vs 245 GW in FY26 (In GW) 309 $91 Bn 8% 15% CAGR $20 Bn+ 223 249 (In GW) 42.1 Base load supply critical for meeting growing peak demand Investment Opportunity 18.1 Investment Plan 10.4 by FY32 by FY32 Add. coal capacity required 80 GW by FY32, 97 GW by FY35 FY18 FY26 FY32E FY18 FY26 FY32E Transmission & Distribution Network 3 3.3x 2.5x vs Industry 3% 4% One of the largest synchronized grids globally (In ‘000 ckms) 648 $110 Bn 11% 11% CAGR $17 Bn+ 504 391 Transmission (In 000 ckms) 30.0 20.0 Investment Plan Expansion of Inter-regional transmission capacity – 120 GW+ Investment Opportunity 8.6 by FY30 (FY22-32) Distribution → ~9% privatized, huge untapped opportunity FY18 FY26 FY30E FY18 FY26 FY32E India’s Energy Sector is the largest macro–Investment Opportunity, Adani Energy Businesses best positioned to play this theme EV: Electric Vehicles | GW: GigaWatt | TBCB: Tariff Based Competitive Bidding | CAGR: Compounded Annual Growth Rate | p.a.: per annum | TBCB: tariff based competitive bidding | ckms: circuit kilometers 5 Baseload Power includes coal, lignite, gas & diesel | Renewable Power includes solar, wind, biomass & small hydro | 1 Includes Renewables and Pump Storage Capacity (PSP) Sources: Additional coal capacity | NEP | Installed capacity Mar 2026 | Installed Capacity Mar 18 | Transmission Lines Mar 26 | Transmission Lines Mar 18 | Inter-regional | India rank 3rd in RE | Ministry of Power | RE Investment Adani Portfolio: A World Class Infrastructure & Utility Portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Other Materials, Metal Incubator Energy & Utility Transport & Logistics Specialty & Mining (74.84%) (62.43%) (74.96%) (66.03%) (67.29%) 3 AEL1 AGEL APL APSEZ Ambuja Cements4 Renewables IPP Ports & Logistics (74.71%) (37.40%) (50.05% (72.66%) ) AESL ATGL2 ACC4 Orient4 T&D Gas Discom (100%) (50.00%) (100%) (100%) (100%) (69.02%) ANIL AdaniConneX5 AAHL ARTL Copper, Aluminum NDTV New Industries Data Centre Airports Roads (100%) (100%) (100%) (100%) Mining Services Specialist PVC & GCC Manufacturing Com. Mining 6 (%): Adani Family equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries (%): Ambuja equity stake in its Listed cos Direct Consumer subsidiaries A multi-decade story of high growth centered around infrastructure & utility core 1. AEL has raised INR 15,000 Cr through Qualified Institutional Placement (‘QIP’) during July’26. Accordingly, promoter’s shareholding stands revised to 71.97%. | 2. ATGL: Adani Total Gas Ltd, JV with Total Energies | 3. Ambuja Cement’s shareholding does not include Global Depository Receipt of 0.04% but includes AEL shareholding of 0.35% received as part of the consideration against transfer of Adani Cementation Limited as per NCLT order dated 18th July’25 | 4. Cement includes 67.29% (67.33% on Voting Rights basis) stake in Ambuja Cements Ltd. as on 30thJune’26 which in turn owns 50.05% in ACC Limited. Adani directly owns 6.64% stake in ACC Limited & Ambuja Cements Ltd. holds 72.66% stake in Orient Cement Ltd.| 5. Data center, JV with EdgeConnex | 6. Includes the manufacturing of Defense and Aerospace Equipment | AEL: Adani Enterprises Limited | APSEZ: Adani Ports and Special Economic Zone Limited | AESL: Adani Energy Solutions Limited | T&D: Transmission & Distribution | APL: Adani Power Limited | AGEL: Adani Green Energy Limited | AAHL: Adani Airport Holdings Limited | ARTL: Adani Roads Transport Limited | ANIL: Adani New Industries Limited 6 | IPP: Independent Power Producer | NDTV: New Delhi Television Ltd | PVC: Polyvinyl Chloride | GCC: Global Capability Centre l Promoter’s holdings are as on 30th June, 2026. 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 FY27 FY26 Mirzapur Kawai 1,600 MW 18,330 MW ₹19,322 Cr ₹57,865 Cr 1,320 MW + 3,200 Mirzapur Thermal Energh (UP) Pvt. Ltd. (100%) 13 Assets Revenue Revenue MW Churk Pirpainti Chapar Operating Capacity +33% YoY -2% YoY Anuppur 180 MW 2,400 MW 3,200 MW 2,400 MW Anuppur Thermal Energy 23,720 MW ₹8,369 Cr ₹23,431 Cr (MP) Ltd. (100%) Mahan Bitta 13 Projects by FY32 EBITDA EBITDA 1,200 MW + 3,200 MW 40 MWp Mahan Energen Ltd. (94.43%) Locked-in Capacity +36% YoY -2% YoY Mundra Godda 95%+ ₹6,983 Cr ₹21,285 Cr 4,620 MW 1,600 MW PPAs Tied up Continuing EBITDA Continuing EBITDA Raigarh Dahanu Operating Capacity +22% YoY -1% YoY 600 MW + 3,200 MW 500 MW Butibori Korba 13,320 MW ₹4,867 Cr ₹12,971 Cr 600 MW 600 MW + 2,920 MW New PPAs Tied up PAT PAT Vidarbha Industries Power Korba Power Ltd. (100%) Ltd. (100%) Locked-in Capacity +47% YoY +2% YoY Tiroda Raipur 3,300 MW 1,370 MW + 1,600 MW 60%+ ₹47,643 Cr 2.12x Udupi Supercritical / Ultra- Net Debt Net Debt to Cont Mutiara 1,200 MW 1,200 MW S C u a p p e ac rc it r y itical Operating ₹45,022 Cr (FY25) EBITDA: Jun’26 (TTM) Moxie Power Generation Ltd. Legend (49%) ₹147k Cr 15.9% 19.5% 22.6% Operating Locked-in Proposed Target Capacity housed in Capacity + Capacity + Addition = Capacity subsidiaries is Indicated by Gross Assets RoA RoCE Jun,26 RoE boxes Jun’26 (TTM) Jun26 (TTM) Jun26 (TTM) 18 GW 24 GW 3 GW 45 GW Existing power plant Greenfield project site States with long term PPAs 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 | IPP: Independent Power Project | BTG: Boilers, Turbines, 7 and Generators | BU: Billion Units | RoA: Return on Assets | RoCE: Return on Capital Employed | RoE: Return on Equity | DISCOM: Distribution Company | | USD/INR: FY24 - 83.4, FY25 - 85.5, 9MFY25 - 85.6, 9MFY26 - 89.9 APL: Key Investment Highlights Inbuilt, Irreplicable Structural Advantages drive APL as the Best Power Generation Play in India 1 • Abundant domestic coal availability and scalability • Enduring part of the fuel mix based on policy, economic rationale and actual on ground action Coal is Critical for India’s • Insulates base load generation from global volatility and geopolitical risk, ensuring energy Base load power needs security 2 • India’s largest private thermal power producer with portfolio of 18.33 GW spread across 9 states APL is a market leader for baseload Efficient and Diversified • Successful acquisition & turnaround of 7.5 GW stressed assets power in India, delivering industry Asset Portfolio • Adani Power drives meaningful economies of scale as a result leading return on capital 3 • Consistent 90%+ plant availability maintained over many years, aided by strong digital focus Operational Excellence • Highest EBITDA margin in the sector (40% in Thermal power) • Decades of in-house coal sourcing and end to end logistics management experience • Fully Locked-in Land & Equipment → 100% land availability and 100% BTG sets ordered for 23.7 GW 4 Locked-in growth Brownfield/Greenfield projects executed by Adani Locked-in growth • Execution model → 60% of upcoming capacity is brownfield, enabling faster project execution Execution engine + • Adani Execution engine led by Project Management and Assurance Group (PMAG) Vast addressable market • ~100 GW of additional thermal capacity needed by 2032 to meet India’s growing base load and 5 Massive Addressable + peak demand Market with strong • Derisked PPAs interlinked with assured fuel supply through domestic coal linkages Derisked PPA structure Policy thrust • Two-part, availability-based tariff structure under PPAs ensure capital charge recovery → Unique long-term growth access 6 • Effectively unlevered capital structure provides APL with significant free cashflow to equity Robust Capital → • Strong liquidity provides financial flexibility to take advantage of market opportunities. Well-funded capital plan for APL Structure • Majority of the capital expenditure will be funded through Internal Accruals. 8 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 | IPP: Independent Power Project | BU: Billion Units | ENOC: Energy Network Operations Center | BTG: Boilers, Turbines, and Generators 2 Key Investment Highlights 9 SSTTRRIICCTTLLYY CCOONNFFIIDDEENNTTIIAALL 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 Per capita GDP Energy demand 6,400 BU Coal allocations to State 30 State Population (Mn) consumption (USD) (kWh) DISCOMs for fresh PPA bids GW(1) Vision Uttar Pradesh 241 1,257 617 Peak demand 708 GW under SHAKTI Policy clause B(iv) 2047 Bihar 131 776 317 Installed Capacity 2,100 GW Maharashtra 129 3,715 1,610 PPAs awarded by State Discoms 20.9 GW West Bengal 100 1,933 674 with pre-indicated coal linkages Base load power critical for renewables under SHAKTI Policy Madhya Pradesh 89 1,806 1,116 Rajasthan 83 2,170 1,293 India’s Renewable Energy Target by 500 GW 2030 Tamil Nadu 77 4,110 1,630 Of which Gujarat 74 3,917 1,983 Additional Coal based capacity 97 GW APL 13.9 GW PPAs awarded to required by FY35 Karnataka 69 4,377 1,370 23.7 GW Andhra Pradesh 54 3,105 1,497 PPAs Awarded PPAs Awarded to of which Adani Power’s current c. 30% of States (MW) APL (MW) Assam 32 1,545 383 Project Pipeline India’s requirement Madhya Pradesh 5,320 2,920 India average 1,460 kWh per person Bihar 2,400 2,400 ✓ Population equivalent to the US in the two largest states with 1/3rd Capacity Mix (GW) – July ‘26 Capacity Mix (GW) - FY32E Uttar Pradesh 1,600 1,600 of India’s average power consumption Others, 118 Others, Maharashtra 3,200 3,200 ✓ Tremendous potential of growth for power sector as Indian economy 61 Base load, West Bengal 3,200 - expands Base 309 Karnataka (2) 2,000 625 ✓ Government boosting thermal and renewable investments to meet load, rising demand from manufacturing, infrastructure, e-mobility & Renewables, 251 Renewables, Assam 3,200 3,200 240 571 digitalization Total 20,920 13,945 ✓ Affordable domestic and renewable power fuels economic growth as Ongoing Long-term thermal PPAs bids of ~13,000 MW 552GW 997 GW among various States to meet projected demand. a prosperity multiplier. Note: Baseload Power includes Thermal and Gas; Source: 20th EPS, NPP, CEA, CEA Optimal mix and NEP-II Transmission); BU: Billion Units; GW: Giga Watts; MTPA: Million Tonnes Per Annum); SHAKTI: Scheme for Harnessing and Allocating Koyala (Coal) 10 Transparently in India; DISCOM: Distribution Company; PPA: Power Purchase Agreement (1) Cumulative allocations as of September ’25; (2) Includes 625 MW long term PPA awarded by Karnataka DISCOM 2 Diversified Asset Portfolio: 10,840 MW of Modern and Efficient Organic Capacity Rapid Capacity Expansion via Organic & Inorganic Growth 10,840 MW of Capably Executed Organic Generation Capacity 23,720 MW 42,050 (1) MW Mundra Tiroda Kawai Godda Gujarat Maharashtra Rajasthan Jharkhand 4,620 MW 3,300 MW 1,320 MW 1,600 MW 7,450 MW 18,330 (1) MW 4x330 MW + 5x660 MW Supercritical 2x660 MW Supercritical 2x800 MW Ultra- 5x660 MW Supercritical Supercritical Ongoing PPA tie-ups: 95% PPA tie-ups: 100% PPA tie-ups: 96% PPA tie-ups: 100% Gujarat, Haryana, MUL Maharashtra Rajasthan Bangladesh Organic 10,840 MW Thermal Inorganic Expansion Import fuel-based FSAs(2): 17.71 MTPA FSAs: 4.12 MTPA Imported + Blended Fuel Thermal COD COD COD COD Growth Unit 1: Aug 2009 Unit 1: Sep 2012 Unit 1: May 2013 Unit 1: Apr 2023 Unit 9: May 2012 Unit 5: Oct 2014 Unit 2: Dec 2013 Unit 2: Jun 2023 Executed Organic Current Operating Target Capacity Thermal Capacity Capacity 3,200 MW Under development 11 (1) Includes 40 MWp solar power plant at Bitta, Kutch, Gujarat; (2) Includes 6.41 MTPA FSA of Mundra Phase-IV under Inter-plant Transfer policy; MW: Mega Watts | PPA: Power Purchase Agreement | FSA: Fuel Supply Agreement | MTPA: Million Tonnes Per Annum | PLF: Plant Load Factor | MUL: MPSEZ Utilities Ltd.| COD: Commercial Operations Date Diversified Asset Portfolio : Proven Capabilities in Acquisition, Integration, and Turnaround of 2 Assets 7,450 MW of Inorganic Thermal Generation Capacity 4,370 MW of Rapidly Turned Around Inorganic Generation 3,080 MW of Recent Inorganic Capacity Additions Capacity Udupi Raipur Raigarh Mahan Korba Mutiara (1) Dahanu Butibori Churk Karnataka Chhattisgarh Chhattisgarh Madhya Chhattisgarh Tamil Nadu Maharashtra Maharashtra Uttar Pradesh Pradesh 600 MW 1,200 MW 500 MW 600 MW 180 MW 1,200 MW 1,370 MW 600 MW 1,200 MW 2x300 MW 2x600 MW 2x250 MW 2x300 MW 3x60 MW 2x600 MW 2x685 MW 1x600 MW 2x600 MW Supercritical PPA tie-ups: 100% PPA tie-ups: 100% PPA tie-ups: 100% PPA tie-ups: 100% Open capacity PPA tie-ups: 91% PPA tie-ups: 100% PPA tie-ups: 89% PPA tie-ups: 76% Madhya Pradesh, Tamil Nadu Adani Electricity Maharashtra Karnataka, MUL MUL, Chhattisgarh, Chhattisgarh, Madhya Pradesh, Haryana, Mumbai Karnataka Assam, Uttarakhand MUL, Group Captive Chhattisgarh Import fuel-based FSAs: 3.83 MTPA FSAs: 3.13 MTPA FSAs: 0.52 MTPA FSAs: 2.79 MTPA FSA : 1.85 MTPA FSAs: 2.45 MTPA FSA: 2.77 MTPA -- COD COD COD COD COD COD COD COD COD Unit 1: Nov 2010 Unit 1: Jun 2015 Unit 1: Apr 2014 Unit 1: Apr 2013 Unit 1: Apr 2010 Unit 1: Dec 2014 Unit 1: Jul 1995 Unit 1: Apr 2013 Unit 1: Jan 2014 Unit 2: Aug 2012 Unit 2: Apr 2016 Unit 2: Oct 2018 Unit 2: May 2011 Unit 2: Jan 2016 Unit 2: Jan 1996 Unit 2: Mar 2014 Unit 3: Jul 2015 1,600 MW 3,200 MW 3,200 MW 2,920 MW Under Under Under Under development development development development 12 (1) APL owns a 49% stake in Moxie Power Generation Limited, the Special Purpose Vehicle of the acquiring Consortium; MW: Mega Watts | PPA: Power Purchase Agreement | FSA: Fuel Supply Agreement | MTPA: Million Tonnes Per Annum | PLF: Plant Load Factor | MUL: MPSEZ Utilities Ltd. | COD: Commercial Operations Date 2 Diversified Asset Portfolio: Turnaround Case Studies of Acquired Stressed Assets Mahan Energen Ltd. Raipur plant Raigarh plant 1,200 MW ₹549 Cr 1,370 MW ₹210 Cr 600 MW ₹(-) 97 Cr Acquired in EBITDA Acquired in EBITDA Acquired in EBITDA March ‘22 FY ‘22 Aug ‘19 FY ‘20 Jul ‘19 FY ‘20 ₹644 Cr ₹957 Cr ₹409 Cr EBITDA Q1 EBITDA Q1 EBITDA Q1 ₹2,500 Cr. ₹3,530 Cr. ₹1,204 Cr. FY ‘27 FY ‘27 FY ‘27 Acquisition Acquisition Acquisition cost ₹6,950 Cr cost ₹10,707 Cr cost ₹4,192 Cr Cumulative Cumulative Cumulative EBITDA since EBITDA since EBITDA since acquisition acquisition 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 • Existing plant capacity fully tied up under • Power selling and fuel sourcing support • Entire ₹ 2,500 Cr. 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 13 MW: Mega Watts | PPA: Power Purchase Agreement | FSA: Fuel Supply Agreement | MTPA: Million Tonnes Per Annum | PLF: Plant Load Factor | | MUL: MPSEZ Utilities Ltd. 3 Operational Excellence: Operational Performance Metrics − Real time monitoring of operating assets across 8 states through Energy Network Operations Center at Ahmedabad − Predictive Maintenance optimizing Mean time between failure (MTBF) − Fuel tracker for monitoring Coal supply chain, Coal Source Optimization − Analytical Center of Excellence (ACoE) for Capacity & Capability building on analytics − AI/ ML based advanced pattern recognition techniques for Anomaly Detection Enabling industry-leading Scale and Coverage High Plant Availability Continuing EBITDA margins1 8 13 88% States Thermal Plants Allowing Adani Plant Availability 40% Power to outperform FY26 7,400 9,290 peers consistently in MW MW terms of operational - Technology driven Asset - Predictive Maintenance Continuing EBITDA Margin Subcritical capacity Supercritical capacity management systems planning FY26 performance - Automatic Anomaly - SCADA communication 1,600 Detection in Early Stage MW - AI/ML technologies for Ultra Supercritical audio & video analytics AI enabled O&M capability driven by AIMSL leading to improved operations and better forecasting 1. Continuing EBITDA margin net of one-time prior period items | ENOC: Energy Network Operations Centre | O&M: Operations and Maintenance | EBITDA: Earnings before Interest, tax, depreciation & amortization | GW: Gigawatt | CUF: Capacity Utilization 14 Factor on MW | AIMSL: Adani Infra Management Services Pvt Ltd | ML: Machine Learning | AI: Artificial Intelligence AC, 3 Operational Excellence: Competitive and Profitable Assets in Long-term and Short-term Markets Long-term PPAs: Priority in despatch with profitable contracts Strong and sustained pickup in Merchant and Bilateral markets Merit Order Position (MOD) Merchant and Bilateral market volumes and tariffs 17.00 Indian States as of May/June ‘26, Bangladesh MOD for June ‘26 15.97 17.00 200.00 7.33 8.00 6.86 15.00 15.00 180.00 5.85 5.17 6.00 13.00 13.00 160.00 4.51 4.69 5.82 5.82 11.00 11.00 140.00 3.47 9.33 4.00 9.00 8.12 9.00 120.00 3.72 4.16 3.86 7.28 7.30 7.05 6.59 100.00 3.24 2.98 0 2.00 7.00 6.06 7.00 4 5.46 5.39 80.00 .6 1 3 5 . . . 0 0 0 0 0 0 1.09 1.38 2.30 1.42 4.47 0 3 . . 5 2 9 1 2.16 1.55 4 .34 1.55 6 .00 1.34 2.27 1 3 5 . . . 0 0 0 0 0 0 2 4 6 0 0 0. . . 0 0 0 0 0 0 2 1 .8 5 5 4 .6 5 6 9 .8 1 5 .3 4 9 5 .9 7 0 0 .6 1 3 0 .0 6 5 4 .1 0 1 4 7 .2 1 0 1 .5 6 5 9 .2 0 1 6 6 .9 4 9 .9 6 9 4 .1 2 1 6 1 .4 1 9 5 .7 9 2 6 .8 0 1 3 8 .0 2 4 0 .6 9 6 1 4 9 .0 2 - (2.00) - (4.00) (1.00) Gujarat Haryana Maharashtra Madhya Rajasthan Karnataka Tamil Nadu Bangladesh (1.00) 2019-20 2020-21 2021-22 2022-23 2023-24 2024-25 2025-26* Pradesh Range of Variable Charges (Rs./kWh) from coal / domestic APL Variable Charge Bilateral Volumes (BU) Exchange Volumes (BU) gas / HSD under State Merit Order Despatch Stack (Rs./kWh) under PPAs APL Volumes (BU) Avg. Bilateral Tariff in Market (Rs./kWh) Avg. Exchange Tariff In Market (Rs./kWh) * Bilateral tariff as of Jan 2026 • Presence in key industrialised States with high GDP • Fleet of units with locational advantage offering supply growth potential Growing market flexibility High dispatch • Cost-efficient plants with competitive tariffs ensure high size • APL’s capabilities leveraged to maximise uptime and despatch fuel availability • Regulatory approvals for alternate fuel usage enable • Competitive fuel cost and low debt overhang maximise Healthy efficient cost recovery Choice of addressable opportunities profitability • Consistently high plant uptime ensures full recovery of markets • Bilateral tie-ups to provide offtake visibility and fixed capacity charges exchange sales for higher volumes 15 MW: Mega Watts | PPA: Power Purchase Agreement | FSA: Fuel Supply Agreement | GDP: Gross Domestic Product | BU: Billion Units | kWh: kilo Watt hours | HSD: High Speed Diesel 3 Operational Excellence: Fuel Management & Logistics – Key Competitive Advantages Fuel management is key to revenue stability Plant and Mine Locations Only IPP in India with in-house, mine-to-plant logistics 01 capability Entry in commercial mining with 14 MTPA capacity Handling approx. 74 MTPA coal, 22 MTPA Fly Ash – 02 Synergies with Adani Portfolio companies Churk 03 Constant attention to multiple agencies and touch Kawai Mahan NCL SECL Godda points Mundra Korba Raigarh WCL Umrer Korba MCL IB Raipur Dhamra Tiroda SECL Korea Rewa Dahanu MCL Talcher Butibori More than 18,500 Rake Equivalents of fuel handled 04 annually APL Plants Mines Udupi Mangalore Port for Imported Coal Daily management of around 30 domestic coal rakes 05 PPA counterparty loading, with around 65 rakes in circulation states for APL Mutiara 06 Investment in material handling infrastructure for quick Imported coal turnaround 16 1.Map not to scale. For illustration purposes only. WCL: Western Coalfields Limited; SECL: South Eastern Coalfields Limited; MCL: Mahanadi Coalfields Limited; NCL: Northern Coalfields Limited; IPP: Independent Power Producers; MTPA: Million Tonnes Per Annum; PPA: Power Purchase Agreement 4 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 Land available BTG ordering Korba Ph-II 1,320 MW Bids ongoing Project cost Fuel cost Execution Supply chain Mahan Ph-II 1,600 MW 1,320 MW advantage advantage assurance assurance Raipur Ph-II 1,600 MW 1,600 MW Derisked Execution Raigarh Ph-II 1,600 MW Bids ongoing Mirzapur 1,600 MW 1,600 MW Brownfield development model: • No delay on account of land acquisition Mahan Ph-III 1,600 MW Bids ongoing • Faster clearances and permissions Kawai Ph-II 1,600 MW Bids ongoing Korba Ph-III 1,600 MW In progress Bids ongoing Pirpainti 2,400 MW 2,400 MW Project execution control: Kawai Ph-III 1,600 MW Bids ongoing • Greater flexibility in scheduling and direct assurances from vendors Anuppur 2,400 MW 1,600 MW and suppliers Raigarh Ph-III 1,600 MW In progress Bids ongoing Chapar 3,200 MW 3,200 MW Project supply chain assurance: • Assured availability of most critical parts of the power projects, To be assigned 1,600 MW 1,600 MW through advance ordering of 22.4 GW of BTG sets Organic Total 23,720 MW 100% 100% 87% 13,320 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 17 Generators 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 Coal Bid State MW Status and Timeline for Capacity Tie-ups (MW) Allocation Invitation 42,050 13,320 MW of new PPAs Uttar Pradesh 4,000 MW Issued for upcoming projects 1,600 10,220 11,133 3,200 Gujarat 4,000 MW Issued 18,330 2,400 1,600 1,600 1,600 913 1,320 31,650 Uttarakhand 1,320 MW Issued 30,737 17,417 West Bengal 3,860 MW Issued Installed May '20 Oct '24 May '25 Sep '25 Sep '25 (Bihar) Nov '25 Mar '26 Tie-ups in Total Target Capacity (Madhya (Maharashtra)(Uttar Pradesh) (Madhya (Assam) (Maharashtra) Progess Capaciy (Current) Pradesh) Pradesh) Rajasthan 3,200MW Issued Tied-up Current Capacities Tie-ups in Progress Total Tied-up Capacities Total 16,380 MW Ongoing bids for long term PPAs Capacity Expansion Timeline(1) 5,600 6,400 Promising Demand Outlook 4,800 4,000 • Coal allocations to states under SHAKTI policy for inviting 1,600 1,320 42,050 competitive bids for Long-term thermal power supply based on Resource Adequacy Reports 18,330 • States have awarded 19.3 GW PPAs in last two financial Installed FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30 FY 2030-31 FY 2031-32 Target Capacity Capacity years, of which APL has won bids for 12.6 GW (Current) Tied-up Current Capacities (MW) Capacity Addition (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 18 Generators | (1) Excludes 3 GW of projects at proposal stage 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. | PSP Projects Ltd. ₹627,000 Cr Cumulative capex by Adani Portfolio during FY20 - FY26 Origination Site Development Construction Y T • Analysis &market • Siteacquisition • Engineering &design I V intelligence 176 I • Concessions & • Sourcing &quality T 180 In ₹ ‘000 Cr C • Viabilityanalysis regulatory agreements A • Project Management 160 Consultancy (PMC) 126 140 120 100 96 E 100 C 80 64 N A 60 39 M 26 R 40 O 20 F R India’s Largest Longest Private HVDC World’s largest 0 E FY20 FY21 FY22 FY23 FY24 FY25 FY26 P Commercial Port Line in Asia Renewable Cluster (atMundra) (Mundra - Mohindergarh) (at Khavda) Integrated Vendor Ecosystem Built Over Three Decades Execution Risk Time & Cost Overrun N O • Vendor Ecosystem • Risk identification Capacity Building and Strategic Partnerships Vendor-Enabled Business Expansion I T • Construction Monitoring in place • Economies of Scale A G • Supply chain management • Performance Guarantee Monitoring • Long standing relationships with pan-India • Digital procurement that increases transaction I T vendor ecosystem transparency I M Credit Risk Liquidity Risk • Long-term contracts to secure project timelines • Performance based contracts incentivize K S I • Robust Vendor onboarding process • Liquidity gap Analysis • Pre-bid tie-ups to reduce procurement delays vendor excellence R • Performance benchmarking • Contracts Management • Local sourcing ensuring reliable supply chain • Strategic support enabling rapid and de-risked • Credit scoring of vendors • Multi-layered risk governance structure • Vendor training accelerating market expansion project delivery 19 Note : 1. ITD Cementation India Ltd.: Completed acquisition of 67.47% shares (20.83% from public through open offer and 46.64% from erstwhile promoters). PSP Projects Ltd.: AIIL has acquired 11.32% shares from public through open offer. In process of complying with conditions for acquisition of shares from existing promoters. Once the transaction is completed, AIIL and existing promoters shall hold equal shareholding. | 2: Listed Entities of Adani Portfolio 4 Adani Execution Engine: Execution Risk Mitigation – What We Are Doing Differently Execution Assurance Fuel Assurance Finance Assurance Brownfield development model: Availability Risk: High visibility of cash flows: • Ready availability of land, water, project power, • Linkages earmarked by DISCOM for each PPA • 95% capacity under PPAs with two-part, and other key enablers bid, providing clarity and uniformity to availability-based tariff provides EBITDA developers predictability without dispatch risk. • Shared infrastructure with existing capacities • Additional Fuel Supply Agreement mechanism • Fuel price risk mitigation through escalation and • Reduced execution timeline to address shortfall in FSA coal pass-through mechanisms enhances EBITDA stability Project execution control: Price Risk: Improved Credit Profile: • Adani Infra: In-house project management • Pass through of fuel cost with adequate • Low leverage and high liquidity provide ample through multi-disciplinary teams Change-in-law protection growth headroom • Package Contract model for finer control on • Alternate fuel supply cost recovery • AA rated by four leading domestic rating execution and better back-to-back assurances agencies Project supply chain assurance: In-house Strengths: Self-funded development: • Advance booking of 22.4 GW Boiler, Turbine, • APL is developing four coal mines with 14 MTPA • Sufficient cash flow generating ability to meet and Generator (BTG) equipment to ensure production capacity entire capex outlay timely deliveries • Enhanced fuel security for untied capacities, no • Access to debt capital market for funding growth • Extensive vendor development to build up end-use restrictions • No risk of project delay on account of financial ecosystem for other packages • Logistics assurance through Adani Logistics closure requirements 20 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 5 Massive Addressable Market: Long term revenue visibility and margin stability Secure Business Model with 90%+ Capacity Tied-up in Long Term Contracts Strategically-located open capacities provide merchant market upside Existing capacity tie-ups Secure revenue stream Attractive tariffs under new PPAs − 95% capacity tied up in long-term and medium-term PPAs with DISCOMs First year Capacity Charge under recent 95% 5% of leading States PPAs: − 15% share of coal-based installations in host States Existing capacity Capacity • FY 2020-21: ₹ 2.89/kWh –Madhya tied up under supplying short- Pradesh DISCOM (APL) Tariff structure under PPAs PPAs term demand • FY 2024-25: ₹ 3.60-3.73/kWh - West − Two-part, availability-based tariff structure Bengal (Competition), Maharashtra − Fixed capacity charge revenue assured on attaining normative availability Tie-ups for upcoming capacity (APL), and Uttar Pradesh (APL) (85-90%), covering fixed costs • FY 2025-26: ₹ 4.11-4.30/kWh – Bihar 13.9 16+ Risk mitigation in new PPA model (APL), Assam (APL), Maharashtra GW GW (APL), Madhya Pradesh (APL and Ongoing and − Equitable distribution of risks between developer and offtaker Competition), and West Bengal PPAs tied up by upcoming bids for APL long term PPAs (Competition) − Fuel cost pass through, availability risks addressed effectively Operational excellence ensures full benefits of tariff structure Ensuring high plant availability Full recovery of fixed capacity charges (Consistently more than 90%) under PPAs Maximizing certainty of Revenue and EBITDA Enabling high dispatch capability (Two-part tariff model with Availability-based capacity with fuel supply availability charge) 21 PPA: Power Purchase Agreement; EBITDA: Earnings Before Interest Tax and Depreciation | Discom: Distribution Companies | MW: Megawatt 6 Capital Structure: Strong Cashflow Generation Enables Fully Funded Growth Over the Next 8 years FFO for FY26 Debt Maturity Profile Ability to fund ₹ 202k crores capex over next 7 years 23,431 102 20,248 FFO + Cash Balances – 28,672 • FY26 Fund flow from (3,285) operations (FFO) @ ₹ 20k Cash Balance – 8,534 crores • Over the next 7 years, the FFO – 20,248 existing fleet will generate aggregate FFO of ₹ 140k crores (based on TTM EBITDA Finance Tax Paid FFO numbers) Cost 8,489 • Considering repayment of ₹ 28,782 27,815 40k crores, FFO from the +3.48% 4,939 5,336 4,525 4,425 existing fleet would allow 7,311 8,534 3,665 2,359 2,381 2,015 2,061 APL to fund large portion of capex of ~ ₹ 180k FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36 crores over the next 7 20,503 20,248 years • Majority of expansion FY25 FY26 1. 7 years Amortizing Maturity ~₹ 40k Cr capex will be funded FFO Cash Balances FFO+Cash 2. Each year debt maturity is covered by FFO and Cash balance through internal accruals. 3. Excess cash available to fund growth All debt maturities within cash after tax (FFO) envelope FFO: Fund Flow from Operations, l LTD: Long Term Debt(External debt) l FFO: EBITDA less Actual Finance cost paid less Tax Paid l EBITDA: Earnings Before Int. Depreciation Tax & Amortization l Cash Balances include cash & cash equivalents, bank balances, current investments, market value of marketable securities (non-current investments), balance held as margin money & deposit for more than 12 months. 22 One time regulatory-prior period income included in above : FY25 ₹ 2,433 Crs, FY24 ₹ 9,322 Crs EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Unrealized Forex Loss / (Gain) + Exceptional Items Capital Structure: Strong Financials Power Self-Funded Growth with Low Leverage & High Cashflows Key Rating highlights: Rating • APL’s Strong revenue visibility supported March 2023 March 2025 August 2026 Agency by high PPA tie-ups, stable operations, Rating Track and a robust balance sheet. Record • Recent capacity tie-ups have further - AA/Stable AA+/Stable 7 strengthened the balance sheet and improved the credit profile. A/Positive AA/Stable AA+/Stable • More than 90% of 18.15 GW capacity is tied up under PPAs years A/Stable AA/Stable AA/Stable • 87% of domestic coal-based capacity has fuel security in form of long-term FSAs 9 notches ▲ - AA/Stable AA/Stable ₹ 4,715 Cr ₹ 22,524 Cr 9 notches upgrade in last 7 years with increased coverage from one rating agency to four rating agencies June ‘26 TTM FY19 Continuing Continuing EBITDA EBITDA Net Debt to Continuing EBITDA 9.75x 9.18x ₹ 45,957 Cr ₹ 47,643 7.39x 5.74x 4.62x Cr 1.41x 1.44x 2.12x 2.12x 46.0 53.0 50.6 45.8 45.0 47.6 39.4 FY19 Net Debt June ‘26 Net Debt 31.0 26.5 18.8 21.6 21.3 22.5 4.7 5.8 6.9 8.0 8.5 9.75 times 2.12 times FY19 Net Debt / FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Jun'26 (TTM) June ‘26 Net Debt Continuing / Continuing EBITDA EBITDA (TTM) Net Debt (₹ '000 Crore) Continuing EBITDA (₹ '000 Crore) Net Debt to Continuing EBITDA (x) 23 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 3 ESG 24 SSTTRRIICCTTLLYY CCOONNFFIIDDEENNTTIIAALL APL: ESG Highlights Material Topic Targets Key ESG Initiatives/Achievements UN SDGs Climate Change Adaptation and mitigation • Average Emission intensity - 0.86 tCO e/MWh for FY26. Climate Change 2 • Climate Change Risk Assessment carried out. Adaptation • Greater emphasis on decarbonization aligning with Nation’s goal. and Mitigation Reduction in GHG emission • Signed IBBI 2.0 declaration reaffirming our commitment to biodiversity 0.84 conservation intensity to tCO2e/MWh by FY27 Water Management • Water Intensity: 2.42 m3/MWh for Q1 FY27 for inland plants and 2.24m3/MWh for all plants. • Maintained Zero Liquid Discharge at all our hinterland TPPs. Waste Management • All 13 APL operating locations certified with Single-use Plastic Free certification Waste Management Single-use-Plastic-Free (SuPF) • 93% ash utilization in Q1 FY27. Avoided 3.7 million tCO 2 e emissions replacing clinker production by fly ash. Certified Company for 100 Health, Safety and Well-being % of operating • All Plants and Offices assessed on working conditions and health and safety locations • Zero health and safety related injuries • 1.82 Millions beneficiaries benefited under various CSR programs. ESG Rating Highlights Health and • APL achieved an exceptional score of 71/100 in Corporate Sustainability Safety Assessment (CSA) by S&P Global in Aug 2026. 0 • Scored 4.3/5.0 in FTSE Russel ESG rating June 2026. Zero health & safety • For FY26, ESG rating of 80/100 (CareEdge ESG 1+, ‘Leadership’ position) awarded related injuries by CareEdge ESG Ratings, outperforming the industry median by 35%. • APL has received an ESG rating of 65 for FY25 from NSE Sustainability Ratings & Analytics (NSRA) holding an ‘Aspirational’ position. • Morningstar Sustainalytics latest ESG Risk Rating: 32.03 (High Risk). • Achieved score of B (Management) both in CDP-Climate and CDP-Water for FY25. 25 SUP: Single Use Plastics l MWp: Mega Watt Peak l O&M: Operation & Maintenance l GHG : Green House Gas l APJL: Adani Power Jharkhand Limited l MEL: Mahan Energen Limited UNSDG: United Nations Sustainability Development Goals l ESG : Environment Social Governance l APL: Adani Power Limited | tCO2e: Tonnes of Carbon Dioxide Equivalent APL: Board of Directors and Management Overview Board of Directors 100% Chaired Chaired IDs By IDs By NID Independent Directors Statutory Committees 40% - Audit 🗹 Comprised of only Independent Directors - Nomination & Remunerations 🗹 - Stakeholder Relationship 🗹 100% of Statutory Committees - Corporate Social Responsibility 🗹 Chaired by Independent Directors - Risk Management 🗹 Non-statutory Committees - IT & Data Security 🗹 6 Sangeeta Manmohan Shailesh Narendra Nath Additional Business Singh Srivastava Haribhakti Misra - Corporate Responsibility 🗹 specific committees 17% - Mergers and Acquisition Risk 🗹 35+ Yrs of Experience 40+ Yrs of Experience 50+ Yrs of Experience 45+ Yrs of Experience Committee Fully comprised of Skill & Expertise Skill & Expertise Skill & Expertise Skill & Expertise - Legal, Regulatory & Tax Risk 🗹 Independent Directors • Taxation • Energy & Finance • Accounting & Finance • Projects & Contracting Committee 83% • Strategy Formulation • General Management • ESG, CSR, and • Human Resources & - Reputation Risk 🗹 Chaired by Sustainability Operations Services Independent Directors - Commodity Price Risk 🗹 Non-Independent Directors Pathway to strengthen Corporate Governance • Tenure of IDs – up to 3 years for max. 2 terms • Management Ownership – CEO and member of executive committees to Gautam Rajesh Anil Shersingh Adani Adani Sardana Khyalia have share ownership Chairman Director Managing Director Whole-time Director and CEO • Related Party Transactions – Independent 3rd party review & certification Skill & Expertise Skill & Expertise 40+ Yrs of Experience 35+ Yrs of Experience • Entrepreneurial vision • Business relationship Skill & Expertise Skill & Expertise • Training & Education – Min. 4 sessions in a year for education of IDs • Business Leadership • Execution • Industry veteran • Industry expert • Strategic leadership • Strategic management • Transition & Development • Growth & Change management Chairperson of Audit committee; Chairman of Nomination and Remuneration committee; 26 ID: Independent Director I NID: Non-Independent Director | Information is as on Date | CEO: Chief Executive Officer Thank You SSTTRRIICCTTLLYY CCOONNFFIIDDEENNTTIIAALL Annexures 28 SSTTRRIICCTTLLYY CCOONNFFIIDDEENNTTIIAALL APL: Historical Financials | Profit and Loss Account CAGR Q1 FY27 Insights Particulars Unit FY22 FY23 FY24 FY25 FY26 Q1 FY27 (FY22-26) 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% 96% 18,330 MW PLF % 52% 48% 65% 71% 67% 78% PPA Realisation ₹/ kWh 4.75 6.46 6 5.6 5.53 5.93 Operating Capacity Merchant Realisation ₹/ kWh 3.83 6.98 6.92 5.93 5.3 7.05 Profit and Loss Statement Revenue from Operations INR Cr 27,711 38,773 50,351 56,203 54,241 18,902 18% ₹ 18,901 Cr Other Income INR Cr 3,975 4,267 9,930 2,703 3,625 420 -2% Revenue from Operations Total Income INR Cr 31,686 43,041 60,281 58,906 57,865 19,322 16% Fuel Cost INR Cr 14,762 25,481 28,453 30,273 29,168 9,513 19% Purchase of Stock-in-Trade and Power INR Cr 546 214 222 357 210 26 -21% Transmission Charges INR Cr 643 520 504 459 557 140 -5% ₹ 8,369 Cr 18% Employee Benefit Expenses INR Cr 470 570 644 784 855 242 16% Other Expenses INR Cr 1,476 1944 2,348 3,024 3,644 1,033 25% EBITDA 3Y CAGR Total Operating Expenses INR Cr 17,897 28,728 32,171 34,897 34,434 10,953 18% EBITDA INR Cr 13,789 14,312 28,111 24,008 23,431 8,369 14% 43% EBITDA Margin % % 43% 33% 47% 41% 40% 43% EBITDA Margin Share of profit from Associate / jV 118 Depreciation and Amortization INR Cr 3,118 3,304 3,931 4,309 4,565 1,167 10% Finance Costs INR Cr 4,095 3,334 3,388 3,340 3,367 901 -5% Current Tax INR Cr 768 1 0 55 1561 1416 19% ₹ 4,867 Cr 7% Tax Expense Relating to earlier years INR Cr - -768 14 2 -16 0 Deferred Tax Charge/ (Credit) INR Cr 977 -2,500 -51 3,553 984 136 0% Profit After Tax 3Y CAGR Sub-total INR Cr 8,958 3,371 7,282 11,259 10,460 3,620 4% Profit After Tax (PAT) INR Cr 4,912 10,727 20,829 12,750 12,971 4,867 27% Earnings Per Share ₹/ Share 1.93 4.91 10.32 6.46 6.62 2.49 36% 29 MW: Megawatt; kWh: Kilowatt Hour; PLF: Plant Load Factor; PPA: Power Purchase Agreement; EBITDA: Earnings before Interest, Tax, Depreciation and Amortization; Cr: Crore; CAGR: Compounded Annual Growth Rate APL: Historical Financials | Balance Sheet Particulars Unit 31st Mar 2022 31st Mar 2023 31st Mar 2024 31st Mar 2025 31st Mar 2026 Q1 FY27 Insights Assets Non-Current Assets Gross Fixed Assets (Incl. CWIP) INR Cr 84,214 88,208 91,634 1,13,215 1,40,501 INR 1,47,195 Cr (-) Accumulated Depreciation INR Cr (20,670) (23,878) (27,693) (31,813) -36,046 Net Fixed Assets (Incl. CWIP) INR Cr 63,544 64,331 63,941 81,402 1,04,455 Fixed Assets Base incl CWIP Of which- CWIP INR Cr 10,270 12,880 925 12,104 35,053 Other Non-Current Assets INR Cr 2,209 1,937 2,797 5,186 9,137 Total Non-Current Assets INR Cr 65,753 66,268 66,738 86,588 1,13,592 INR 10,738 Cr Current Assets Cash and Cash Equivalents Cash and Cash Equivalents INR Cr 2,365 1,873 7,212 6,120 8,418 including deposits and current Other Current Assets INR Cr 13,863 17,679 18,375 20,209 20,270 investments Total Current Assets INR Cr 16,228 19,553 25,587 26,329 28,688 15.3% Total Assets INR Cr 81,981 85,821 92,325 1,12,918 1,42,280 Liabilities Return on Assets (June ’26 TTM) Equity Equity Share Capital INR Cr 3,857 3,857 3,857 3,857 3,857 Instrument Entirely Equity in nature INR Cr 13,215 13,215 7,315 3,057 - 19.5% Other Equity INR Cr 1,632 12,804 31,973 49,433 61,080 Return on Capital Employed (June ’26 Non-Controlling Interest INR Cr - - - 1,326 1,465 Total Equity INR Cr 18,703 29,876 43,145 57,674 66,402 TTM) Liabilities Long Term Borrowings INR Cr 37,871 33,703 26,595 27,647 44,493 22.6% Short Term Borrowings INR Cr 10,924 8,549 7,862 10,688 9,063 Other Liabilities INR Cr 14,482 13,694 14,723 16,909 22,322 Return on Equity (June ’26 TTM) Total Liabilities INR Cr 63,278 55,946 49,180 55,244 75,878 Total Equity and Liabilities INR Cr 81,981 85,821 92,325 1,12,918 1,42,280 Return on Assets (RoA) % 17.1% 16.6% 31.3% 23.4% 18.5% Return on Capital Employed (RoCE) % 16.0% 15.8% 32.3% 22.7% 17.5% Return on Equity (RoE) % 30.9% 44.2% 57.0% 25.3% 20.9% 30 CWIP: Capital Work in Progress | RoA = Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)/ Average Gross Fixed Assets | RoCE = Earnings before Interest and Tax (EBIT)/ Average Capital Employed; Capital Employed = Total Equity + Long-Term Borrowings + Short-Term Borrowings | RoE = Profit After Tax (PAT)/ Average Total Equity | Cr: Crore | TTM: Trailing Twelve Months Coal is Critical for India : Coal is Key to Long-Term Reliability and Affordability of Base Load Supply Coal provides India’s Base load power Coal & Gas - Supply Mix India Coal & Gas - Domestic Reserves (Installed Capacity In GW) Coal Consumption Gas Consumption (MT) (In MMSCM) 1,270 71,314 Coal 437 Billion Tonnes 25 Gas 17% 50% 222 Imports Imports Policy Support → Encouragement to commercial 35,720 mining and removal of end-use restrictions 222 Coal 17 1,048 83% 50% Domestic Domestic 35,594 Gas 1,094 Billion Cubic Meters 84 2009-10 2024-25 2024-25 2024-25 ✓ Import dependency → 50% of total consumption is costly ✓ India meets 1Bn+ tonnes coal demand domestically, with 437 1 3 imported LNG Abundant Coal Bn+ tonnes in reserves ensuring long-term energy security. Limited Natural ✓ High Power Cost → INR 6-8/kWh for LNG based vs INR 4-5 Reserves ✓ Reduced imports and rising dispatches reinforce energy Gas Availability /kWh for Imported Coal & INR 2-3/kWh for Domestic Coal independence and cost savings. ✓ 90% of gas used for non electricity Sector ✓ Coal remains the backbone of India’s baseload power → ✓ Strong push for domestic production growth →15% growth 2 Key Base Load delivering stable, large-scale supply amid rising demand & 4 target for FY 2025-26 Unequivocal Power Generation renewable variability . ✓ Supportive policies for coal allocation (e.g. SHAKTI) support for Coal Source ✓ Coal ensures Grid Stability and dispatchable power → Critical ✓ Allocation of coal to States for 30 GW of new capacity under for balancing India’s evolving energy mix. long-term PPA bids Coal anchors India’s baseload power → backed by vast reserves, policy support and no impact of global geopolitical risk 31 GW: Giga Watts | MT: Million Tonnes | MMSCM: Million Standard Cubic Meters | Bn: Billion | LNG: Liquefied Natural Gas | kWh: Kilo Watt Hour | SHAKTI: Scheme for Harnessing and Allocating Koyala (Coal) | Sources: Installed Capacity FY10 | Installed Capacity FY25 | Coal Consumption – CareEdge Report | Gas Consumption | Coal Reserves (Includes Lignite Reserves) – As of FY24 | Gas Reserves – As of FY24 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 Organic Inorganic Technology Technology 6% Technology 9% 51% 41% 94% 57% 25% 18% Ultra-supercritical Supercritical Others Ultra-supercritical Supercritical Others Ultra-supercritical Supercritical Others PPA Tie-ups3 5% PPA Tie-ups Till Date Ongoing Thermal PPA Bids 95% 56% 44% 16+ GW PPA Open PPA Open Strong portfolio of operating assets, locked-in capacity and further growth opportunities Notes: 1. Includes 40 MWp solar power plant at Bitta, Kutch, Gujarat as part of inorganic capacity; 2. Includes 1200 MW power plant of Moxie Power Generation Ltd., in which 49% stake is held by Adani Power Ltd.; 3. PPAs for 5.5% capacity yet to be operationalized; 4. Excludes 3GW of projects at proposal stage | PPA: Power Purchase Agreement | DISCOM: Distribution Company | MW: Mega Watts | GW: Giga Watts 32 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 Induced Draft Cooling Tower Erection Work in progress Hydrobin Erection Work Under Progress Unit #3 Turbine Bay Overview Wagon Tippler- 4 & 5 Junction Tower Structure erection Unit #4- PA Fan “B” Fitup Circulating Water Pump House Belt Conveyer Main CHP Control Room Unit #4- ID Fan “A” Work 33 MW: Mega Watts | BTG: Boiler, Turbine, and Generator | MPH: Main Power House | CCR: Central Control Room | CHP: Coal Handling Plant | ID: Induced Draft | PA: Primary Air 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”),the future outlook and growth prospects, and future developments of the business and the competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in India. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell, any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of APL’s shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of APL. APL, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. APL assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. APL may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of APL. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of its should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom. 34 Thank You SSTTRRIICCTTLLYY CCOONNFFIIDDEENNTTIIAALL