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Q1FY26 Results Presentation | July 2025 Adani Energy Solutions Limited
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL 1 Executive Summary 2 Q1FY26 Financial Highlights (YoY) 3 Capex Profile 4 Q1FY26 Operational Highlights (YoY) 5 AESL - ESG Framework and Updates 6 Annexure – Rating and Operational and Under- construction Asset Portfolio Contents
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Executive Summary 1
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Home outline 4 Adani Portfolio: A World Class Infrastructure & Utility Portfolio 4 1. All 2,24,58,864 share warrants outstanding as of 30th June 2025 were converted during July 2025. Following the conversion, promoter shareholding in AGEL increased to 62.43% as of 18th July 2025 | 2. ATGL: Adani Total Gas Ltd, JV with Total Energies | 3. NQXT: North Queensland Export Terminal . On 17th Apr’25, Board of Directors have approved the acquisition of NQXT by APSEZ, transaction will be concluded post pending regulatory approval. | 4. Cement includes 67.53% (67.57% on Voting Rights basis) stake in Ambuja Cements Ltd . as on 30 th Jun’ 25 which in turn owns 50.05% in ACC Limited . Adani directly owns 6.64% stake in ACC Limited .| 5. Data center, JV with EdgeConnex | 6. AWL Agri Business Ltd. : AEL to exit Wilmar JV, diluted 13.50% through Offer For Sale (Jan’ 25), 10.42% stake has been diluted through Block Deal during Jul’ 25, agreement signed for residual 20% stake dilution . | 7. 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 | IPP : Independent Power Producer | NDTV : New Delhi Television Ltd | PVC : Polyvinyl Chloride | GCC : Global Capability Centre l Promoter’s holdings are as on 30 th June, 2025 . (%): Adani Family equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries (%): Ambuja equity stake in its subsidiaries A multi-decade story of high growth centered around infrastructure & utility core NQXT3 AGEL1 Renewables AESL T&D ATGL2 Gas Discom APL IPP (61.91%) (71.19%) (37.40%) (74.96%) APSEZ Ports & Logistics (65.89%) (100%) ANIL New Industries AdaniConneX5 Data Centre (100%) (50.00%) AAHL Airports ARTL Roads (100%) (100%) Energy & Utility Transport & Logistics AWL6 Food FMCG (30.42%) NDTV (64.71%) Materials, Metal & Mining Ambuja Cements4 (67.53%) ACC4 (50.05%) Primary Industry Specialty Other AEL (73.97%) Incubator Flagship Copper, Aluminum Mining Services & Com. Mining (100%) (100%) PVC (100%) Listed cos Direct Consumer Infrastructure & Utility Core Portfolio Specialist Manufacturing7 (100%) GCC (100%) Sanghi4 (58.08%) Orient4 (72.66%)
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Home outline 5 1,668 4,568 10,418 18,711 12,784 66,527 24,870 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Tax paid Finance cost paid CAT (FFO) 89,806 EBITDA EBITDA (51%) (74%) (42%) (21%) Predictable, high and rising free cash flow Adani Portfolio: Best-in class growth with national footprint 5 EBITDA: Earning before Interest Tax Depreciation & Amortization I EBITDA: PAT + Share of profit from JV + Tax + Deferred Tax + Depreciation + Finance Cost + Forex Loss / (Gain) + Exceptional Items | FFO: Fund Flow from Operations l FFO : EBITDA – Actual Finance cost paid (excl. Capitalized Interest, incl. Int. on Lease Liabilities)– Tax Paid l AEL: Adani Enterprises Limited l APSEZ: Adani Ports and Special Economic Zone Limited l AGEL: Adani Green Energy Limited | ATGL: Adani Total Gas Limited l AESL: Adani Energy Solutions Limited l APL: Adani Power Limited National footprint with deep coverage AEL Ambuja Cement APSEZ AESL APL ATGL AGEL Adani’s Core Infra. Platform – 350 Mn Userbase All figures in INR cr
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Home outline 6 PERFORMANCE 55%31% 14% 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. Adani Environmental Resource Management Services Ltd. (additional company is being proposed) | O&M: Operations & Maintenance l HVDC: High voltage direct current l PSU: Public Sector Undertaking (Public Banks in India) l GMTN: Global Medium-Term Notes l SLB: Sustainability Linked Bonds l AEML: Adani Electricity Mumbai Ltd. l AIMSL : Adani Infra Mgt Services Pvt Ltd l IG: Investment Grade l LC: Letter of Credit l DII: Domestic Institutional Investors l COP26: 2021 United Nations Climate Change Conference l AGEL: Adani Green Energy Ltd. l NBFC: Non-Banking Financial Company l AIIL: Adani Infra (India) Ltd. | AOCC : Airport Operations Control Center ACTIVITY CONSUMERS • Delivering exceptional products & services for elevated engagement • Differentiated and many P&Ls Inspired Purpose & Value Creation New C.E.O. Consumer I Employees I Other Stakeholders OPERATIONS • Life cycle O&M planning • Asset Management plan Operation Operations (AIMSL) 2 DEVELOPMENT1 • Site acquisition • Concessions & regulatory agreements • Engineering & design • Sourcing & quality • Project Management Consultancy (PMC) Site Development Construction Adani Infra (India) Limited | ITD Cementation India Ltd. | PSP Projects Ltd. Origination • Analysis & market intelligence • Viability analysis India’s Largest Commercial Port (at Mundra) Longest Private HVDC Line in Asia (Mundra - Mohindergarh) World’s largest Renewable Cluster (at Khavda) CAPITAL MANAGEMENT Strategic value Mapping Investment Case Development Growth Capital – Platform Infrastructure Financing Framework Duration Risk Matching Risk Management – Rate & Currency Governance & Assurance Diversified Source of Capital March 2016 Energy Network Operation Center (ENOC) Policy, Strategy & Risk Framework Human Capital Development • Leadership Development Initiatives • Investment in Human Capital AI enabled Digital Transformation • Power Utility Business - ENOC • City Gas Distribution - SOUL • Transportation Business - AOCC Continued Focus & Investment ENABLER Adani Portfolio: Repeatable, robust & proven transformative model of investment Adani’s Core Infra. Platform – 350 Mn Userbase Home outline 6 5% 18% 25%26% 2% 23% March 2025 PSU Banks Pvt. Banks USD Bonds DII Global Int. Banks NBFCs & FIs Long Term Debt
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Home outline 7 Note: ^Includes SCA income of Rs 1,924 crores in Q1FY26 vs Rs 646 crores in Q1FY25; NKTL: North Karanpura Transco Ltd; KPS – 1: Khavda Pooling Station – 1; T&D: Transmission and Distribution; EPC: Engineering, Procurement, and Construction; HVDC: High- Voltage Direct Current; ASAI: Average Service Availability Index; For Net Debt considered long-term debt and short-term debt excluding unsecured sub-debt from shareholder Rs. 1,595 Crs. in Q1FY26; EBITDA: Earnings Before Interest Tax Deprecation & Amortization; PAT: Profit After Tax; AEML: Adani Electricity Mumbai Ltd; ckm: Circuit Kilometer; MVA: Mega Volt Ampere; Cr: Crores; Mn: Millions; MUs: Million Unites; YoY: Year on Year AESL: Executive Summary – Q1FY26 Key Financial Metrics ₹4,600 Cr Operational Revenue -1% YoY Q1FY26 ₹1,615 Cr Operating EBITDA -1% YoY ₹539 Cr PAT +71% YoY ₹7,026^ Cr Total Revenue +28% YoY ₹2,017 Cr EBITDA +14% YoY ₹1,043 Cr Cash Profit +15% YoY Key Operating Metrics Transmission 99.8% System Availability 26,696 ckms Trans. Network +79 ckms (in Q1FY26) 93,236 MVA Transformation Capacity ₹59,304 Cr UC Projects +42,193 Cr (in Q1FY25) Fully commissioned three transmission projects – Khavda Phase II Part-A, KPS-1, Sangod transmission Distribution (AEML) 2,939 MUs Units Sold in Q1FY26 -1% YoY 4.24% Distribution Loss vs 5.18% in Q1FY25 Smart Metering 5.54 mn # Meters Installed 22.8 mn # Meters Portfolio Key Highlights for Q1FY26 Financial Performance: – Total income of Rs 7,026 Cr grew by 28% due to stable operating performance, higher SCA, EPC, and treasury income – Operational EBITDA ended flat at Rs 1,615 Cr, due to lower operational EBITDA from the distribution business and stable performance from transmission – EBITDA rose by 14% YoY to Rs 2,017 Cr, driven by resilient T&D revenue, growing contribution from smart meter and EPC & other income – PAT surged by 71% YoY to Rs 539 Cr, supported by double-digit EBITDA growth, lower depreciation of Rs 33 Cr and reduced net tax outgo of Rs 19 Cr YoY – Cash profit increased 15% YoY to Rs 1,043 Cr vs Rs 908 Cr in Q1FY25 Transmission Business: – Secured one new transmission project - WRNES Talegaon line taking the under- construction order book to Rs 59,304 Cr – The company expects to fully commission NKTL, WRSR, Mumbai HVDC and Khavda Phase-III-A (Halvad) in FY26 Distribution Business: – Distribution loss of Mumbai Utility remains low at 4.24% – Total units sold at AEML slightly declined by 1% to 2,939 MUs, due to subdued energy consumption led by early monsoon – RAB stands at Rs 9,433 Cr as of Q1 FY26, recording a growth of 13% YoY Smart Metering: – Installed 24.08 (2.4 mn) lakh meters in Q1, thereby reaching 55.44 lakh (5.5 mn) cumulative meters with a daily run-rate of 25,000-27,000 meters. On track to install 70 lakh (7 mn) new meters this year with cumulative target of 1 Cr (10 mn) meters – The untapped smart meter market opportunity remains robust at ~95 mn meters ₹2,224 Cr Capex +1.7x YoY ₹33,500 Cr Net Debt (Q1FY26) ₹30,167 Cr (Q1FY25)
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Q1FY26 Financial Highlights (YoY) 2
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Home outline 9 Note: ^Includes SCA income of Rs 1,924 crores in Q1FY26 vs Rs 646 crores in Q1FY25; #Adjusted for an exceptional item because of carve-out of the Dahanu power plant in line with Ind AS 105 of Rs 1,506 crore; Total Income = Operational revenue + income from SCA/EPC/traded goods + One time income/expense + Other Income; Total EBITDA = Operating EBITDA plus other income, one-time regulatory income, adjusted for CSR exp.; Cash profit calculated as PAT + Depreciation + Deferred Tax + MTM option loss) 2) Service Concession Arrangements (SCA – Ind AS 115): With respect to SCA, revenue and costs are allocated between those relating to commissioning of transmission infrastructure in transmission business and procurement and installation of smart meters in smart metering business i.e., construction services and those relating to operation and maintenance services and are accounted for separately. Consideration received or receivable is allocated by reference to the relative fair value of smart meters installed when the amounts are separately identifiable. The infrastructure used in the concession arrangements is classified as financial asset, based on the nature of the payment entitlements established in the SCA. In terms of balance sheet, the fair value of future cash flows receivable for transmission infrastructure and supply & installation of smart meter (i.e. construction services) under the transmission and smart metering business segments have been initially recognised under financial assets as 'Receivables under Service Concession Arrangements' and have been recognised at amortised cost subsequently. AESL: Consolidated Financial Highlights – Q1FY26 YoY 5,490^ 7,026^ Q1FY25 Q1FY26 Total Income 4,623 4,600 Q1FY25 Q1FY26 Operational Revenue 1,628 1,615 Q1FY25 Q1FY26 -1% 908# 1,043 Q1FY25 Q1FY26 Operational EBITDA 315# 539 Q1FY25 Q1FY26 PAT Cash Profit (In Rs Cr) 1,762# 2,017 Q1FY25 Q1FY26 Total EBITDA
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Home outline 10 Note: #Adjusted for an exceptional item because of carve-out of the Dahanu power plant in line with Ind AS 105 of Rs 1,506 crores; Total Income = Operational revenue + income from SCA/EPC/traded goods + One time income/expense + Other Income; Total EBITDA = Operating EBITDA plus other income, one-time regulatory income, adjusted for CSR exp.; Cash profit calculated as PAT + Depreciation + Deferred Tax + MTM option loss) 2) Service Concession Arrangements (SCA – Ind AS 115): With respect to SCA, revenue and costs are allocated between those relating to commissioning of transmission infrastructure in transmission business and procurement and installation of smart meters in smart metering business i.e., construction services and those relating to operation and maintenance services and are accounted for separately. Consideration received or receivable is allocated by reference to the relative fair value of smart meters installed when the amounts are separately identifiable. The infrastructure used in the concession arrangements is classified as financial asset, based on the nature of the payment entitlements established in the SCA. In terms of balance sheet, the fair value of future cash flows receivable for transmission infrastructure and supply & installation of smart meter (i.e. construction services) under the transmission and smart metering business segments have been initially recognised under financial assets as 'Receivables under Service Concession Arrangements' and have been recognised at amortised cost subsequently. AESL: Segment–wise Financial Highlights – Q1FY26 YoY 1,174 3,372 77 1,172 3,360 68 Transmission Distribution Others Q1FY25 Q1FY26 Operational Revenue 1,148 592# 22 1,288 630 99 Transmission Distribution Others Q1FY25 Q1FY26 1,073 534 21 1,070 493 52 Transmission Distribution Others Q1FY25 Q1FY26 Operational EBITDA Total EBITDA (In Rs Cr)
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Home outline 11 Notes: BOOT: Build-Own-Operate-Transfer Assets - Assets which are transferred back to the government entity which grants the concession after the expiry of the contract. 1) Other income includes treasury income, gain/(loss) on investments and other non-operating income (sale of scrap, rental income, gain on bond buy-back, bad debt recovery); 2) Service Concession Arrangements (SCA – Ind AS 115): With respect to SCA, revenue and costs are allocated between those relating to commissioning of transmission infrastructure in transmission business and procurement and installation of smart meters in smart metering business i.e., construction services and those relating to operation and maintenance services and are accounted for separately. Consideration received or receivable is allocated by reference to the relative fair value of smart meters installed when the amounts are separately identifiable. The infrastructure used in the concession arrangements is classified as financial asset, based on the nature of the payment entitlements established in the SCA. In terms of balance sheet, the fair value of future cash flows receivable for transmission infrastructure and supply & installation of smart meter (i.e. construction services) under the transmission and smart metering business segments have been initially recognised under financial assets as 'Receivables under Service Concession Arrangements' and have been recognised at amortised cost subsequently. AESL: Segment wise revenue bridge – Q1FY26 YoY Particulars Transmission Distribution Trading Others Consolidated Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Q1FY26 Q1FY25 Operating Revenue 1,172 1,174 3,360 3,372 - - 68 77 4,600 4,623 Revenue under Service Concession Arrangement (SCA – Ind AS 115) 1,017 572 - - - - 907 - 1,924 572 Income from Trading Business - - - 1 210 167 - - 210 168 Income from EPC and Others - - - - - - 86 16 86 16 Total Revenue from Operations 2,188 1,746 3,360 3,373 210 167 1,062 92 6,819 5,379 Other Income 68 53 137 59 - - 1 0 206 111 Total Income 2,256 1,815 3,497 3,432 210 167 1,063 92 7,026 5,490 (In Rs Cr) The capital expenditure incurred on the under-construction assets in transmission and smart metering business, which are under the BOOT framework has to flow through P&L, as it doesn’t become part of the gross block or PPE, but is recognized as contracted assets or financial assets in the balance sheet. Thus, the capex incurred on these assets gets recognized as ‘Revenue under SCA’ and becomes a part of ‘Revenue from Operations’ in the P&L statement. This revenue gets neutralized with a corresponding expense item called ‘Construction Expenses relating to Service Concession Arrangements’ in the P&L statement.
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Capex Profile 3
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Home outline 13 Capex Profile: Significant Ramp-up in the Capital Expenditure and Smart Meter Installation Turbocharged 859 1,025 347 345107 853 Q1FY25 Q1FY26 Capex: Q1FY25 vs Q1FY26 Transmission Distribution Smart Metering (In Rs Cr) • Despite the monsoon, the increase in capex underscores company’s excellent on-ground execution capabilities to ensure the completion of robust order book • The capex in Q1FY26 increased by 1.7x to Rs 2,224 Cr vs Rs 1,313 Cr in Q1FY25 • The distribution segment capex profile remains stable • The capex in the smart metering segment surged 8x, driven by the higher rollout of smart meters during the quarter 2,224 1,313 With the rapid pace of meter installation (>27k daily ) and huge untapped opportunity, AESL will emerge as the largest player in smart metering business Smart Metering Meters installed crossed 5 Mn markMonthly Meter Installation rate has ramped up Apr-24 Jun-25 ---800k--- ---56k--- 14x Increase in monthly Meter installation rate # of Meters Installed – June'24: 0.3 Mn # of Meters Installed – June'25: 5.5 Mn 17.9x Meters installed/ month Avg. Q1FY25 Avg. Q1FY26 Increase in meters installed Overall Capex
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Q1FY26 Operational Highlights (YoY) 4
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Home outline 15 Higher the better Notes: 1) Availability figures are provisional in nature and are subject to change. Average System availability is calculated basis revenue-weighted line availability. 2) Includes Operational and Under-construction projects; 3) Out of total 26,696 ckm - 19,633 ckm is operational and 7,063 ckm is under construction; Ckm: Circuit Kilometer; MVA: Mega Volt-Amperes AESL: Transmission Utility – Key Operating Metrics Q1FY26 (YoY) Transmission Network Length(2)(3) (ckm) 21,187 26,696 Q1 FY25 Q1 FY26 Power Transformation Capacity(2) (MVA) 57,186 93,236 Q1 FY25 Q1 FY26 New order wins boosted the transmission network, reflecting strong bidding capabilities and market potential With the addition of new projects, transformation capacity continues to expand Average System Availability(1) (%) 99.71% 99.83% Q1 FY25 Q1 FY26 Maintained robust system availability of 99.83% Higher the better Higher the better
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Home outline 16 Lower the betterHigher the better Notes: 1) SAIDI: System Average Interruption Duration Index indicates average outage duration for each customer served; SAIFI: System Average Interruption Frequency Index indicates average number of interruptions; CAIDI: Customer Average Interruption Duration Index indicates average time required to restore service during a predefined period: ASAI: Average Service Availability Index; MW: Megawatt; EHV: Extra High Voltage; Operational numbers of AEML includes Adani Electricity Mumbai Ltd (AEML) and AEML SEEPZ Ltd (ASL) AEML: Distribution Utility – Key Operating Metrics Q1FY26 (YoY) Supply Reliability (ASAI) (%) 99.991% 99.997% Q1 FY25 Q1 FY26 2,300 2,170 Q1 FY25 Q1 FY26 Transmission Availability (%) 99.05% 99.64% Q1 FY25 Q1 FY26 Peak Demand (MW) Maintained supply reliability at 99.99% The early onset of monsoon led to a decline in peak demand, resulting in lower power consumption Transmission system availability remains well above the normative limits SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) Enhanced system reliability with improvement in SAIDI, SAIFI and CAIDI Higher the better 0.33 0.14 11.85 4.49 35.03 31.08 Q1 FY25 Q1 FY26 CAIDISAIDISAIFICAIDISAIDISAIFI Higher the better Higher the better
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Home outline 17 Notes: Operational numbers of AEML includes Adani Electricity Mumbai Ltd (AEML) and AEML SEEPZ Ltd (ASL) AEML: Distribution Utility – Key Operating Metrics Q1FY26 (YoY) Number of Complaints 216,549 135,337 Q1 FY25 Q1 FY26 Consumer Base (million) 3.20 3.24 Q1 FY25 Q1 FY26 Collection Efficiency (%) 96.89% 98.29% Q1 FY25 Q1 FY26 The consumer base in the Mumbai circle increased due to new customer additions Collection efficiency grew YoY due to better realization but remained below 100% due to seasonality factor Distribution Loss (%) 5.18% 4.24% Q1 FY25 Q1 FY26 Distribution loss consistently improving and remains well above the regulatory norms Consumer complaints declined due to HT network strengthening and higher system redundancy due to moderation in demand Higher the better Lower the better E-payment (% of total collection) 83.30% 85.68% Q1 FY25 Q1 FY26 Increasing e-payment share highlights shift toward digital adoption Higher the better Higher the better Higher the better Lower the better Higher the better Lower the betterHigher the better
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL AESL - ESG Framework and Updates 5
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Home outline 19 Guiding principlesPolicies ESG AssuranceCommitment Notes: 1) GHG Emission Intensity = tCO2 / Rs Cr EBITDA; 2) Confederation of Indian Industry-ITC Centre of Excellence for Sustainable Development (CII-ITC CESD) certified SUP Free status to 37 operational sites of AESL, i.e., 30 substations and 7 transmission line clusters including stores; 3) AEML, being subsidiary of AESL with ~40% of reported EBITDA share, reports disclosures through AESL; 4) AEML is in process to adopt the guiding principles for independent reporting I UNSDG – United Nation Sustainability Development Goals I TCFD - Task Force on Climate-Related Financial Disclosures I TNFD - Taskforce on Nature-related Financial Disclosures I SBTi - Science Based Targets initiative I CDP - Carbon Disclosure Rating GHG – Green House Gas AESL: ESG Framework Guiding Principles and Disclosure Standards UNSDG aligned: • Affordable & Clean Energy • Responsible consumption & production • Sustainable Cities and Communities • Climate Action • Good Health & well being • Decent Work And Economic Growth • Quality Education • Industry, Innovation & Infrastructure Others: • Consumer empowerment United Nations Global Compact GHG Protocol SBTi TCFD Integrated Reporting framework CDP Policy Structure • Environment & Energy as part of IMS policy • Biodiversity Policy • Energy Management System • Guidelines on Human Rights • Corporate Social Responsibility Policy • Occupational Health & Safety as part of IMS Policy • Board Diversity • Code of Conduct • Related Party Transaction Policy E S G Focus Areas Our Commitment: • Increase renewable power procurement to 60% by FY27 (SDG 7) • Reduced GHG Emission Intensity(1) to 70% in FY25 and maintain minimum 50% till FY27 (SDG 13) • Achieve Zero Waste to Landfill(2) for all operational sites (achieved since FY23) • Achieve Single Use Plastic Free(2) (achieved YOY since FY23) • MSCI (2024): BB • S&P CSA (as of November 2024) scored 73/100 vs. world electric utility average of 42 • FTSE (2025): 4.4/5 (world utilities avg. 2.9/5) ESG Ranking TNFD UN Sustainable Development Goals GRI Standards
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Home outline 20 AESL: Key Environmental Indicators and Milestones Key Performance Indicators Current Status Baseline Short to Medium-term Targets Energy Mix & Emission Intensity - RE share in power procurement RE share in the overall power mix at AEML reached to 35.2% in FY25 3% FY19 60% by FY27 70% by FY30 - GHG Emission Intensity Reduction AEML has reduced its GHG emission intensity to 69.7% (683 tCO2e/ EBITA) in FY25. The target for GHG emissions reduction is in line with Nationally Determined Contribution (NDC) for climate change. Disclosed in terms of a reduction in GHG per unit of revenue. FY19 2,254 tCO2e/EBITA 40% by FY25 60% by FY29 Waste Reduction and Biodiversity Management - Zero waste to landfill (ZWL) Secured ZWL status from Intertek & BVCI • Covered all operational sites (substations and TLs) of AESL • Achieved landfill diversion rate exceeding 99% No certification in FY19-20 To maintain ZWL certification for AESL - Single use plastic (SuP) free sites Attained SUP free status from CII-ITC CESD & BVCI • Covered all operational sites of AESL & AEML • Strengthening alignment with UNSDG 12 No certification in FY19-20 To maintain SUP certification for AESL - India Business Biodiversity Initiative (IBBI) and ensure no net loss to biodiversity • Signatory to IBBI 2.0 and submitted first progress report in 2024 • Compensatory afforestation over 1,198 hectare till FY25 FY20-21 289 hectares Achieve Zero Net-Loss to Biodiversity. Achieve Net Positive Gain (NPG) in accordance with IBBI principles - Water Neutrality (Water conservation) • Achieved ‘’Net Water Positive’’ status for all operational sites under UNSDG 6 • Carried-out rainwater harvesting feasibility study and implemented water metering across all sites No water neutrality in FY 19-20 Maintain Net Water Positive status Energy Efficiency and Management - Reduction in auxiliary consumption through renewable power • 42.33% auxiliary consumption from renewable sources • 3.362 MWp solar capacity at Mahendragarh, Akola, Koradi, Sami, Morena, Rajnandgaon • AEML for its captive consumption have shifted to green power Solar capacity of 1.7 MWp in FY19-20 100% auxiliary consumption from renewable sources by 2030 Environment
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Home outline 21 Notes: 1. Adani Foundation leads various social initiatives at Adani Group; ASDC: Adani Skill Development Centre; Swachhagraha: a movement to create a culture of cleanliness; SuPoshan: A movement to reduce malnutrition among children AESL: Social Philosophy and Focus Areas Our social Initiatives are mapped to UNSDG 2030 Access to Education Community Health Women’s Empowerment • Distribution of Dura Oxygen Cylinders to various hospitals in Dahanu Taluka for medical treatment of COVID patients • Infrastructure development of two vaccination centers enhance Covid vaccination drive : >17 K vaccination done at the two centers • Saksham: Skill development of women through social program through National Skill Training Institute (Women) • Inducted first ever All Women Team of meter readers • Sanginis: Identifying and nurture women as a change agent in rural hamlets; developed 123 Sanginis till date • Physical infrastructure and e-learning platform in rural areas • Educational Kits (2,830 students benefited) & School Uniforms to Anganwadi children (5,780 students benefited) • Education & awareness in areas of Cleanliness and Safety (1,900 Schools Covered) 1. No Poverty 4. Quality Education 3. Good Health & Well Being 2. Zero Hunger 5. Gender Equality 8. Decent Work & Economic Growth Water Secure Nation • Drinking water filtration plant at Agwan village of capacity 5m3/hr, where around 5,500 people benefited • Rain-water harvesting and Borewell for increasing ground water table 6. Clean Water and Sanitation Sustainable Livelihood 2. Zero Hunger 8. Decent Work & Economic Growth • Provide support for livelihood for landless laborers In association with NABARD covering 11 villages of Dahanu and 1,000 land- owning families Ecology • AEML has achieved 36% renewable in power mix as of December 2024 • Plantation of mangroves (>20 Mn cumulative) • >50% open area converted in green land 7. Affordable and Clean Energy 13. Climate Action 14. Life Below Water 15. Life on Land Social licensing to operate at various locations with a goal to improve quality of life imperatives United Nations Sustainable Development Goals 2030 Tiroda, Dahanu and Sami village Multiple locations Dahanu and Mumbai Dahanu Mumbai and Dahanu Multiple locations Social
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Home outline 22 AESL: Key Social Indicators and Milestones Material Categories Material Themes Key Performance Indicators Baseline Actual (FY25) Target (FY26) Health & Safety Work related injury Number of fatalities Zero (FY 20-21) 1 Zero Rate of recordable work-related injuries per million man-hours worked 0.33 (FY 20-21) 0.01 Zero Safety awareness and training Average hours of training provided per person on health and safety 15.6 (FY 20-21) 39.05 hours per person Further improve from baseline Diversity and Inclusion Measurement of Diversity and Inclusion Metrics and Enforcement of policies • Women as a percentage of new hires and total workforce (%) • Mapping & Disclosure of Regional & ethnic diversity • Mapping & Disclosure of inclusiveness • New Hire: 5 % • Total Workforce: 5% • Regional & Ethnic diversity: NO mapping • New Hire: 7% • Total Workforce: 5.2% • Regional & Ethnic diversity: 100% mapping • New Hire: 30% • Total Workforce: 6% • Regional & Ethnic diversity: 100% mapping Human Rights Training on human rights • Employees trained in human rights (%) • Security personal trained in human rights (%) • Due diligence of business & value chain - 100% new employees 53.47% existing employees 57.14% security personal trained in human rights 100% Skills for the Future Skill development trainings Training and development expenditure for employees (Rs) Rs 3.81 Cr (FY 20-21) Rs 4.99 Cr Rs 4.69 Cr Responsible Procurement Proportion of spending on local suppliers (%) • Spend on local suppliers against the total procurement budget (%) • Due diligence of supply chain 99.4 % (FY 20-21) 98% spend on local supplier ESG Due diligence for all suppliers initiated Maintain FY21 Performance Supplier screening on ESG metrics Suppliers screened on ESG criteria (%) 100% (Critical New Suppliers) 100% New onboard suppliers screened on ESG criteria 100% (Critical all suppliers) Social
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Home outline 23 Notes: UNSDG – United Nations Sustainable Development Goals AESL: Governance Philosophy and Focus Areas Assurance Corporate Responsibility Committee Established “CRC” to provide assurance for all ESG commitments comprising of 100% Independent directors • Related Party Transaction Policy • Dividend Distribution and Shareholder Return • Nomination and Remuneration • Code for Fair Disclosure of UPSI • Environment Policy covered in BR Policy • Water Policy • Bio-diversity Policy • Due –diligence for CoC, HR, ESG etc • Corporate Social Responsibility Policy • Occupational Health and Safety Policy • Human Rights covered in BR policy Policies • Corporate Responsibility Committee • Risk Management Committee • Corporate Social Responsibility Committee • Stakeholder Relationship Committee • Audit Committee (100% independent directors) • Nomination and Remuneration Committee (100% independent directors) • Risk Management committee • Info tech and data security committee Committees Enabling board backed assurance leading to lower risk to stakeholders Governance
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Home outline 24 Notes: A) List of non-statutory committees – CRC: Corporate Social Responsibility & Sustainability Committee; PRC: Public Consumer Committee; Information Technology & Data Security Committee; RMC: Risk Management Committee; B) List of statutory committees: SRC: Stakeholders’ Relationship Committee NRC: Nomination and Remuneration Committee; STC: Securities and Transfer Committee; Audit Committee; C) Sub-committees under Risk Management Committee: Mergers & Acquisitions Committee; Legal, Regulatory & Tax Committee; Reputation Risk Committee AESL: Key Governance Indicators and Milestones Material Categories Material Themes Key Performance Indicators Baseline Actions Taken and Goals Board Gender Diversity Board Gender Diversity Balance the board composition in terms of men and women directors 16.6% - women directors in board as of FY21 • 28.5% of women directors in board (2 of 7 board members) Board Independence Great Board Independence and Improved Disclosures • Improve board strength and independence • Incorporate non-statutory committees • Enhance disclosures in board & committee meetings • 6 directors as of FY21 • Only statutory committees as of FY21 • Board comprises of: • 3 (43%) Non-Executive & independent • 2 (28.5%) Non-Executive & Non- Independent • 2 (28.5%) Executive directors • Enhanced disclosures through formation of new committees with minimum 50% IDs (CRC, RMC, PCC, IT & Data Security) • Committees chaired by Independent Directors (Audit, NRC, STC) Code of Conduct Corruption and Bribery Cases • Number of Corruption cases and Bribery and Associated Risks • Adoption of Anti Corruption and Bribery Policy • % of Governance body members and employees trained on anti-corruption • Zero corruption cases • Company Adopted Anti Corruption and Bribery Policy • Zero Case on Corruption and Bribery • Identification and Assessment of risks • Yearly DD for CoC for board, employees, suppliers & ABAC policy Anti-competitive Practices Fines and Settlements • Fines or settlements paid related to anti- competitive business practices (Rs) Zero as of FY21 • Zero in FY25 and beyond • Yearly ABAC due diligence Customer orientation and satisfaction Consumer Satisfaction • Affordable tariffs • Service reliability • Sustainable power • Distribution loss reduction • CSAT surveys • Reliability metrics • Competitive tariff through RE power • Option to switch to green power tariff • Advanced metering implementation for 20 million consumers Corporate Governance Standing ESG Ratings Improvement in ratings through improved disclosures and adoption of best practices • CSA: 59/100 (2022); • FTSE: 3.3/5 (2022) Achieved: • CSA – 73/100 (Achieved 80.8/100 w/o MSA) • FTSE: 4.4/5 (Achieved in June’25) Governance
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Home outline 25 Notes: LTI frequency rate and LTI severity rate lower the better; LTI Frequency Rate: Reportable loss time injury (RLTI)*1000000/Man hours worked; LTI severity Rate : Man days Lost (MDL)*1000000/Man hours Worked; *LTI SR improved significantly on a YoY basis dure to zero fatality; *Near Miss Reporting in distribution business does not include safety concern numbers; #Suraksha Samwad for distribution business only includes safety interactions at project sites; ATSCL: Aravali Transmission Service Company Ltd AESL: Enhanced Safety Culture Safety Initiatives During Q1FY26 Safety Performance in Q1FY26 • Safety training: 55,601 man-hours of safety training and awareness during Q1FY26 • Positive Safety Culture: o Recorded 7.12 millions safe man hours with zero LTIs across all the project sites o Pre-monsoon safety awareness sessions was across AEML project sites o Observed National Electrical Safety and National Fire Service week across the project sites o Third party IMS audit for the OHSMS standards (ISO 45001) was conducted at AEML o Civil defense and emergency mock drills were organized to assess readiness and the capabilities in various scenarios • ‘Sampark’ - An outreach program designed for AEML customers to understand their safety and commercial concerns. Successfully interacted with more than 1,400 customers • ‘Saksham’ - Mandatory Contractor Workmen Incubation and Induction Program was conducted at various project sites to enhance training effectiveness. Trained 3,571 contract workers and employees across the project sites Transmission Distribution (AEML) Safety Parameters Q1FY26 Q1FY25 Q1FY26 Q1FY25 Near Miss Reporting (Awareness)* 153 183 1,058 698 Suraksha Samwad (Safety Dialogue)# 1,060 1,139 2,347 2,025 LTI 0 1 3 2 Fatalities 0 0 0 0 LTIFR (LTI Frequency Rate) 0 0.71 0.48 0.33 LTI (LTI Severity Rate) 0 8.59 17.33 4.49 Safety training (in Man-Hours) 31,820 18,877 23,781 12,144
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Annexure – Rating and Operational and Under-construction Asset Portfolio 6
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Home outline 27 Notes: AESL and AEML credit ratings are as of June 2025 AESL and AEML Credit Ratings Rating Agency Facility Rating/Outlook Fitch Dollar Bond BBB-/Negative Moody’s Dollar Bond Baa3/Negative WTGL India Ratings AAA Stable KBTL CRISIL AAA Stable BKTL CRISIL AAA Stable APTL India Ratings/ CRISIL AAA Stable FBTL CARE AAA Stable LBTL CARE/CRISIL/ICRA AAA Stable WRSS ICRA/CRISIL AAA Stable MEGPTCL India Ratings AA+ Stable ATIL India Ratings AA+ Stable WTPL India Ratings AA+ Stable ATSOL India Ratings AA+ Stable JKTL India Ratings AA+ Stable ATBSPL India Ratings AA Stable ATSTL CRISIL/India Ratings AA Positive/Stable OBTL CARE AA Stable GTL India Ratings AA Stable MTSCL India Ratings AA- Stable WKTL India Ratings AA- Positive ATSCL CARE AA- Stable MPTPL India Ratings A- Positive SPV Ratings - Domestic International – ATSOL Obligor Group (Transmission business) (Reg S/ 144A) Company Rating Agency Rating/Outlook Rating Agency Facility Rating/Outlook Fitch Dollar Bond BBB-/Negative Moody’s Dollar Bond Baa3/Negative International – AESL USPP (Transmission business) (Reg D) Rating Agency Facility Rating/Outlook Fitch Dollar Bond (for both) BBB- S&P Dollar Bond (US$ 1 bn) BBB-/Negative Moody’s Dollar Bond (for both) Baa3/Negative International – AEML US$ 1 bn (Reg S/144A) and US$ 300 mn GMTN (Distribution business) Rating Agency Facility Rating/Outlook AESL India Ratings/CRISIL/ICRA AA+, AA+, A1+/Stable AEML India Ratings/CRISIL AA+/Stable/Positive International – AESL USPP (Transmission business) (Reg D)
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Home outline 28 AESL: Operational Asset Portfolio as of June 2025 (1/2) 100% 100% 75% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Operating Assets Transmission line length CounterpartyD Contract Type Transformation capacity Asset Base(1) ATIL MEGPTCL ATBSPL ATRL RRWTL CWRTL STL PPP 8/9/10 AEML Discom ATSCL & MTSCL WTGL, WTPL Mundra - Dehgam Mundra - Mohin- dergarh Tiroda - Warora Tiroda - Aurang- abad Adani Electricity Mumbai Ltd. Maru & Aravali lines Western Transmis- sion (Gu- jarat) Western Transmis- sion (Ma- harash- tra) Bikaner – Sikar Surat garh- Sikar Raipur -Rajnand- gaon - Warora Chhat- tis-garh - WR Sipat -Rajnand- gaon 3,834 ckms 1,217 ckms 593 ckms 244 ckms 397 ckms 3,063 ckms 343 ckms 650 ckms 278 ckms 611 ckms 434 ckms 348 ckms 413 ckms 292 ckms 481 ckms 897 ckms 6,630 MVA 6,000 MVA 3,500 MVA 710 MVA 1,360 MVA - - - - - 630 MVA - 585 MVA - - - Regulated return (ROA) Regulated return (ROA) Regulated return (ROA) Regulated return (ROA) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Centre / State State State State State Centre State Centre State Centre Centre Centre State Centre Centre State Rs 48.2 Bn Rs 57.8 Bn Rs 180.0 Bn Rs 2.0 Bn Rs 3.8 Bn Rs 16.9 Bn Rs 2.1 Bn Rs 11.4.Bn Rs 1.4 Bn Rs 12.5 Bn Rs 9.5 Bn Rs 5.3 Bn Rs 4.3 Bn Rs 5.8 Bn Rs 8.7 Bn Rs 15.5 Bn Adani Energy Solutions Limited Hadoti, Barmer & Thar Lines A B C D E A C B D E 100% APTL Alipurduar Trans- mission Notes: ATIL - Adani Energy Solutions (India) Limited; MEGPTCL - Maharashtra Eastern Grid Power Transmission Co. Limited; AEML: Adani Electricity Mumbai Limited (Distribution business); MUL: MPSEZ Utilities Limited; WTGL: Western Transmission Gujarat Lim ited; WTPL: Western Transco Power Limited: ATBSPL: Adani Energy Solutions Bikaner Sikar Private Limited; STL - Sipat Transmission Limited; RRWLT - Raipur Rajnandgaon Warora Transmission Limited; CWRTL – Chhattisgarh WR Transmission Limited; ATRL – Adani Energy Solutions (Rajasthan) Limited; ATSCL – Aravali Transmission Service Company Limited; MTSCL – Maru Transmission Service Company Limited, FBTL: Fatehgarh Bhadla Transmission Limited; GTL: Ghatampur Transmission Limited; WRSS M – Western Region System Strengthening Scheme Maharashtra, WRSS G – Western Region System Strengthening Scheme Gujarat, (1) Asset base for operational assets as per gross block / project cost FBTL Fategarh Bhadla Bikaner Khetri Bikaner – Sikar GTL Ghatampur MUL Discom MPSEZ Utilities (Mundra SEZ Area) 14,095 ckms 19,415 MVA Rs 385 Bn Total
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Home outline 29 AESL: Operational Asset Portfolio as of June 2025 (2/2) 100% Projects Recently Commissioned 630 ckms 351 ckms 295 ckms 37 ckms 1,756 ckms 9 ckms 74 ckms 217 ckms 673 ckms 1,088 ckms 355 ckms 43 ckms 11 ckms 950 MVA - 3000 MVA 2500 MVA 3000 MVA 1,000 MVA 1500 MVA 4,500 MVA - 2,736 MVA - 6,000 MVA 1,160 MVA Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Regulated return (ROA) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) State Centre Centre Centre Centre Centre State Center Center State Center Center Center Rs 7.0 Bn Rs 8.6 Bn Rs 11.1 Bn Rs 3.2 Bn Rs 39.7 Bn Rs 1.7 Bn Rs 12.4 Bn Rs 12.6 Bn Rs 20.1 Bn Rs 12.8 bn Rs 12.7 bn Rs 8.7 bn Rs 1.6 bn Adani Energy Solutions Limited Notes: ATIL - Adani Energy Solutions (India) Limited; MEGPTCL - Maharashtra Eastern Grid Power Transmission Co. Limited; AEML: Adani Electricity Mumbai Limited (Distribution business); ATBSPL: Adani Energy Solutions Bikaner Sikar Private Limited; STL - Sipat Transmission Limited; RRWLT - Raipur Rajnandgaon Warora Transmission Limited; CWTL – Chhattisgarh WR Transmission Limited; ATRL – Adani Energy Solutions (Rajasthan) Limited; ATSCL – Aravali Transmission Service Company Limited; WKTL: Warora Kurnool Transmission Limited; ATSTL: Adani Transmission Step-Two Limited; MTSCL – Maru Transmission Service Company Limited, WRSS M – Western Region System Strengthening Scheme Maharashtra, WRSS G – Western Region System Strengthening Scheme Gujarat, (1) Asset base for operational assets as per gross block / project cost and Mumbai GTD (AEML) as per Regulated Asset Base Obra-C Badaun Obra Lakadia Banaskantha Lakadia Banaskantha 100% Lakadia - Bhuj 100% Jam Kham- baliya 100% WRSS – XXI (A) Jam Khambaliya 100% Warora Kurnool 100% Karur Transmission WKTL Karur Transmission 100% Kharghar Vikhroli Transmission Kharghar - Vikhroli Total 5,538 ckms 26,346 MVA Rs 152 bn 100% Khavda Bhuj Transmission (KBTL) Khavda- Bhuj 100% Adani Energy Solutions Mahan Ltd (Mahan Sipat) AESML 100% MP Power Trans Package-II Ltd MP Package II Transmission line length CounterpartyD Contract Type Transformation capacity Asset Base(1)A B C D E A C B D E 100% Khavda-II-A Trans KTL 100% Khavda Pooling Station 1 KPS - 1 100% Sangod Trans STSL
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Home outline 30 AESL: Transmission Under-construction Asset Portfolio as of June 2025 Notes: 1) Asset base for under-construction assets – as per the estimated project cost as of June 2025; (2) Provisional Commercial Operation Date (COD); NKTL – North Karanpura Transco Limited; KTL: Khavda Transmission Limited; KPS: Khavda Pooling Station; STSL: Sangod Transmission Service limited #AEMIL - Adani Electricity Mumba Infra Limited 100% shares are currently being held by AEML. Due to CERC restrictions 51% shares are pledged in favor of AESL Under Construction Transmission line length D Contract type ETransformation capacity Counterparty Asset base(1) NKTL North Karanpura Trans System 304 ckms 80 ckms 635 ckms 594 ckms 597 ckms 260 ckms 658 ckms 644 ckms 2,400 ckms - 150 ckms 740 ckms - 1,000 MVA 1,000 MVA 6,000 MVA - 4,500 MVA 6,000 MVA 3,000 MVA 4,500 MVA 7,500 MVA 5,175 MVA 3,000 MVA 2,800 MVA 3,000 MVA Fixed tariff (TBCB) Regulated Return (ROA) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Regulated Return (ROA) Fixed tariff (TBCB) Fixed tariff (TBCB) Fixed tariff (TBCB) Centre State Centre Centre Centre Centre Centre Centre Centre Centre / State Centre State Centre Rs 9.7 bn Rs 70.0 bn Rs 21.1 bn Rs 27.2 bn Rs 41.0 bn Rs 25.0 bn Rs 39.4 bn Rs 34.6 bn Rs 250.0 bn Rs 8.6 bn Rs 28.0 bn Rs 22.0 bn Rs 16.6 bn Oct’25 Aug-25 Dec-25 Dec-25 Aug-26 Jul-26 Oct-26 Nov-26 Dec’28 – Jun’29 Apr’25 - Nov’26 Mar-28 Apr-27 Jan-28 Adani Energy Solutions Limited 100% A D B C E F A B C D E COD(2)F AEMIL HVDC# HVDC Mumbai WR-SR WR SR Trans (Narendra- Pune Line) Khavda – III – A (Halvad) Khavda Phase-III Part- A 7,063 ckms 47,475 MVA Rs 593 bn Total Khavda – IV - A Khavda Phase- IVA Navinal NES – Navinal (Mundra) Jamnagar NES – Jamnagar Khavda Phase IV Part D Khavda Phase IV Part D Line & SS Projects Line and SS Augmentation (11 projects) Bhadla - Fatehpur Rajasthan Phase-III Part I (HVDC) 100% 100% 100% 100% 100% 100% 100% 100% 100% Navinal – Phase 1 Part B Navinal (Mundra) Phase I Part B1 100% Mahan Trans. Ltd Mahan Transmission Ltd 100% WRNES Talegaon WRNES Talegaon Power Transmission Ltd 100%
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Home outline 31 AESL: Smart Metering Under-construction Portfolio as of June 2025 Under Construction 1.1 0.8 1.1 1.7 1.3 8.1 5.2 2.8 0.7 13.0 8.4 12.9 20.8 18.0 96.7 62.9 31.0 8.1 120 120 120 120 120 120 120 120 120 DBFOOT DBFOOT DBFOOT DBFOOT DBFOOT DBFOOT DBFOOT DBFOOT DBFOOT Sept & Oct’22 (Amendment) Feb’23 June & Dec’23 June & Nov’23 June & Sept’23 Aug’23 & Mar’24 Aug’23 Aug’23 Dec’23 Adani Energy Solutions Limited Notes: The Discoms are our customers and AESL is executing these contracts through 100% owned SPVs.; DBFOOT: Design-Build-Finance-Own-Operate-Transfer; BEST: Brihanmumbai Electricity Supply and Transport; APDCL: Assam Power Distribution Company Ltd; APEPDCL: Andhra Pradesh Eastern Power Distribution Co Ltd; APCPDCL: Andhra Pradesh Central Power Distribution Co Ltd; APSPDCL: Andhra Pradesh Southern Power Distribution Co Ltd.; MSEDCL: Maharashtra State Electricity Distribution Company Limited; NBPDCL: North Bihar Power Distribution Company Limited; UPCL: Uttarakhand Power Corporation Limited Smart Meters Qty (in million)A Contract Value (in Rs Billion)B Contract Period (months)C Contract TypeD Month of AwardE 1 2 3 4 5 6 7 8 9 100% BEST BEST Smart Metering Ltd. (Mumbai) Mumbai Total 22.8 million Rs 272.0 Bn 120 months per contract 100% APDCL NE Smart Metering Ltd. (Assam) Tejpur, Mangaldoi, North Lakhimpur 100% APEPDCL Adani Transmission Step-Seven Ltd. (Andhra Pradesh) Srikakulam, Vizianagaram, Visakhapatnam , East Godavari and West Godavari 100% APCPDCL Adani Transmission Step-Seven Ltd. (Andhra Pradesh) Krishna, Guntur & Prakasam 100% APSPDCL Adani Transmission Step-Seven Ltd. (Andhra Pradesh) Nellore, Chittoor, Kadapa, Anantapuram & Kurnoolam & Kurnool 100% MSEDCL NSC-05 Adani Transmission Step-Six Ltd. (Maharashtra ) Bhandup Zone, Kalyan Zone and Konkan Zone (inc additional qty) 100% MSEDCL NSC-06 Adani Transmission Step-Six Ltd. (Maharashtra ) Baramati Zone and Pune Zone 100% NBPDCL Adani Energy Solutions Limited (Bihar) Siwan, Suran, Gopalganj, Vaishali, and Samastipur 100% UPCL Adani Transmission Step-Eight Ltd. (Uttarakhand) Kumaon Region
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Home outline 32 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 Energy Solutions Limited (“AESL”),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 AESL’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 AESL. AESL, 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. AESL 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. AESL 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 AESL. 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. Disclaimer Investor Relations: VIJIL JAIN Head Investor Relations Vijil.Jain@adani.com +91 79 2555 7947 Investor.aesl@adani.com
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Thank You