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Q2 & 1H FY27 Provisional Operational Update | October 2026 Adani Energy Solutions Limited
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL 1 Adani Portfolio 2 Q2FY27 Executive Summary 3 Q2FY27 Operational Highlights 4 1HFY27 Operational Highlights 5 Annexure: • Operational and Under-construction Asset Portfolio Contents
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Adani Portfolio 1
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4 Adani Portfolio: A World Class Infrastructure & Utility Portfolio 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 30 thJune’ 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 | IPP : Independent Power Producer | NDTV : New Delhi Television Ltd | PVC : Polyvinyl Chloride | GCC : Global Capability Centre l Promoter’s holdings are as on 30 thJune, 2026 . (%): 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 AGEL Renewables AESL T&D ATGL2 Gas Discom APL IPP (62.43%) (74.71%) (37.40%) (74.96%) APSEZ Ports & Logistics (66.03%) ANIL New Industries AdaniConneX5 Data Centre (100%) (50.00%) AAHL Airports ARTL Roads (100%) (100%) Energy & Utility Transport & Logistics NDTV (69.02%) Materials, Metal & Mining Ambuja Cements4 (67.29%)3 ACC4 (50.05%) Primary Industry Specialty Other AEL1 (74.84%) Incubator Flagship Copper, Aluminum Mining Services & Com. Mining (100%) (100%) PVC (100%) Listed cos Direct Consumer Infrastructure & Utility Core Portfolio Specialist Manufacturing6 (100%) GCC (100%) Orient4 (72.66%)
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1,668 4,580 10,418 22,259 12,784 67,995 24,870 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Tax paid Finance cost paid CAT (FFO) 94,834 EBITDA EBITDA (51%) (72%) (42%) (23%) 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 – 375 Mn Userbase All figures in INR cr
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PERFORMANCE 55%31% 14% Note : 1. Cemindia Projects Ltd. (formerly known as ITD Cementation India Ltd.): the total shareholding stands at 67.46%. PSP Projects Ltd.: the total shareholding stands at 34.41%.| 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 | Cemindia Projects 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 – 375 Mn Userbase 6 9% 22% 22%1% 24% 3% 19% Mar’26 PSU Banks Pvt. Banks USD Bonds DII Global Int. Banks NBFCs & FIs Long Term Debt Capex LC
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Home outline 7 AESL: A platform well-positioned to leverage growth opportunities in energy domain Parallel Licensing, Smart Metering and Energy Solutions 86 Mn tendering opportunities for Smart Meters 7.5 GW+ market opportunity - one-stop Energy Solutions platform Development Value Creation Operations Transmission Network of 29,802 ckm(1) Built two private HVDC Lines (2) Transmission - Presence in 14 states Distribution - Integrated utilities catering to Mumbai (AEML) and Mundra (MUL) Smart Meters - Presence in 5(3) states 8% CAGR growth in RAB in Mumbai Discom since acquisition AEML growth strategy is emulated in MUL Decarbonisation of Grid Installed 3.36 MWp solar capacity for auxiliary consumption at substations Board Diversity and Strengthening Supplier of choice for 13 million+ consumers in Mumbai with a green power option Smart Metering (98(3) million potential consumer base) Raised Rs 3,500 crore via QIP; secured primary equity investments from marquee investors Operations Returns and Equity Value Creation Strategic Presence RAB expansion through Asset Hardening in DiscomsExecution Prowess Operating Efficiency Consumer-centricity Embedded ESG Framework Equity Program Capital Management and International IG Rating Significant Growth Potential Robust capital management program with access to long tenor low-cost capital BBB- / Baa3(4) Note: 1) Transmission network is as of 30 th September 2026 and includes operational, under-construction assets.; 2) HVDC : High voltage direct current – Mundra–Mohindergarh HVDC Transmission Line and Mumbai HVDC line ; 3)Excluding Intellismart acquisition - 22.3 Mn additional meters, and transaction closing is subject to regulatory and other customary approvals; 4) Fitch: BBB - / Moody’s: Baa3, MUL: MPSEZ Utilities Limited; AEML: Adani Electricity Mumbai Limited; EBITDA: Earning before interest tax, depreciation & amortization; RAB: Regulatory Asset Base; RE: Renewable Energy; MWp: Megawatt Peak; Ckm: Circuit Kilometer; CAGR: Compounded Annual Growth Rate; Discoms: Distribution Companies Robust network availability of 99.6% (1H FY27) Distribution loss consistently improving - 4.29% (1H FY27) Highest EBITDA margin in the sector (92% in Transmission in 1H FY27)
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Q2FY27 – Executive Summary 2
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Home outline 9 AESL: Executive Summary – Performance in Q2FY27 – AESL secured the Vizag and Satara transmission projects, collectively adding ~2,000 ckm of line capacity and injecting ~13,000 crore of new capex into its growing order book – AESL achieved the highest ESG score among global utilities in S&P Global’s latest MSA review, improving its score to 90/100 from 81, well above the industry average of 41 – AESL achieved Intertek-verified Zero Waste to Landfill status, diverting over 6 lakh kg of waste and maintaining a 99%+ waste diversion rate across its transmission and substation operations Transmission Business • System availability remains robust at 99.8% • During Q2 FY27, AESL secured two projects Vizag Power Transmission Limited and Satara Power Transmission Limited. As a result, the aggregate orderbook over 15 projects now stands at Rs 87,222 Cr Distribution Business (AEML and MUL) AEML - Mumbai: • Distribution loss is 3.30%(1) in Q2FY27, consistently improving with operational efficiency • Supply reliability (ASAI) stands at 99.999% levels • System reliability indicators − SAIDI and SAIFI parameters remained stable while CAIDI improved in Q2 FY27 • Total units sold in the Mumbai circle increased by 11% from 2,650 MUs in Q2FY26 to 2,930 MUs in Q2FY27 • Collection efficiency remains robust at 100.28% MUL - Mundra: • MUL’s units sold grew 26% YoY to 460 MUs vs 364 MUs last year, driven by strong industrial and commercial demand Smart Metering Business • In Q2FY26, the company installed 1.3 million new meters, reaching a total mark of 14.8 million smart meters • The untapped country-level market opportunity stands at 86 million smart meters Energy Solutions Platform • ~4.0 GW supply tie-up across solar and wind, ~3.5 GWh of BESS and 4+ GW energy portfolio across C&I, data centers and utilities, delivering integrated renewable and round-the-clock digital energy solutions Business Updates: Notes: 1) Distribution loss is based on the provisional numbers, and it is subject to change; 2) The transaction closing is s ubject to regulatory and other customary approvals | HVDC: High voltage direct current | ASAI: Average Service Availability Index | SAIDI: System Average Interruption Duration Index | SAIFI: System Average Interruption Frequency Index | CAIDI: Customer Average Interruption Duration Index | AEML: Adani Electricity Mumbai Ltd | MUL: MPSEZ Utilities Limited, the power distribution arm for the Mundra SEZ | ckm: Circuit Kilometer | MVA: Mega Volt-Amperes | NIIF: National Investment and Infrastructure Fund | EESL: Energy Efficiency Services Limited
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Q2FY27 Operational Performance (YoY) 3
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Home outline 11 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 29,739 ckm – 20,023 ckm is operational and 9,779 ckm is under construction; Ckm: Circuit Kilometer; MVA: Mega Volt -Amperes AESL: Transmission Utility – Key Operating Metrics Q2FY27 (YoY) Transmission Network Length(2)(3) (ckm) Power Transformation Capacity(2) (MVA) New order win boosted the transmission network, reflecting strong bidding capabilities and market potential Transformation capacity expanded with new project win Average System Availability(1) (%) 99.63% 99.75% Q2 FY26 Q2 FY27 Maintained robust system availability above 99.6% Higher the better Higher the better 26,705 29,802 Q2FY26 Q2FY27 97,236 1,43,425 Q2FY26 Q2FY27
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Home outline 12 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 Du ration Index indicates average time required to restore service during a predefined period: ASAI: Average Service Availability Index ; MW: Megawatt; Operational numbers of AEML includes Adani Electricity Mumbai Ltd (AEML) and AEML SEEPZ Ltd (ASL) AEML: Distribution Utility – Key Operating Metrics Q2FY27 (YoY) Supply Reliability (ASAI) (%) 99.999% 99.999% Q2 FY26 Q2 FY27 1,922 2,118 Q2 FY26 Q2 FY27 Transmission Availability (%) 99.46% 99.72% Q2 FY26 Q2 FY27 Peak Demand (MW) Maintained supply reliability at 99.99% Peak demand increased during the quarter on account of less monsoon compared to corresponding period last year Transmission system availability remains above 99.5% SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) Maintained system reliability with stable SAIDI, and SAIFI parameters, and improved CAIDI parameter Higher the better 0.04 0.051.52 1.52 35.77 26.47 Q2 FY26 Q2 FY27 CAIDISAIDISAIFICAIDISAIDISAIFI Higher the better Higher the better
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Home outline 13 AEML: Distribution Utility – Key Operating Metrics Q2FY27 (YoY) Number of Complaints 1,02,692 96,111 Q2 FY26 Q2 FY27 Consumer Base (million) 3.25 3.29 Q2 FY26 Q2 FY27 Collection Efficiency (%) 100.59% 100.28% Q2 FY26 Q2 FY27 The consumer base in the Mumbai circle increased due to new customer additions Collection efficiency remains above 100% Distribution Loss (%) 4.36% 3.30%(1) Q2 FY26 Q2 FY27 Consistently improving with operational efficiency Consumer complaints declined due to efficient operations and improved redressal Higher the better Lower the better E-payment (% of total collection) 85.33% 87.37% Q2 FY26 Q2 FY27 E-payment share increased due to digital initiatives centered around ease of payments for consumers Higher the better Higher the better Higher the better Lower the better Higher the better Lower the betterHigher the better Notes: 1) Distribution loss is based on the provisional numbers, and it is subject to change; Operational numbers of AEML inc ludes Adani Electricity Mumbai Ltd (AEML) and AEML SEEPZ Ltd (ASL)
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Home outline 14 Notes: MUs: Million Units; Operational numbers of AEML includes Adani Electricity Mumbai Ltd (AEML) and AEML SEEPZ Ltd (ASL) AEML and MUL: Volume and Consumer Mix Q2FY27 (YoY) AEML – Total Units Sold (MUs) AEML - Consumer-wise volume mix % AEML - Consumer-wise revenue mix % MUL – Total Units Sold (MUs) 2,650 2,930 Total units sold (MUs) Q2 FY26 Q2 FY27 48% 38% 14% 50% 38% 12% Residential Commercial Industrial Q2 FY26 Q2 FY27 364 460 Total units sold (MUs) Q2 FY26 Q2 FY27 49% 38% 13% 48% 40% 12% Residential Commercial Industrial Q2 FY26 Q2 FY27
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL 1HFY27 Operational Performance (YoY) 4
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Home outline 16 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 29,739 ckm – 20,023 ckm is operational and 9,779 ckm is under construction; Ckm: Circuit Kilometer; MVA: Mega Volt -Amperes AESL: Transmission Utility – Key Operating Metrics 1HFY27 (YoY) Transmission Network Length(2)(3) (ckm) 26,705 29,802 1HFY26 1HFY27 Power Transformation Capacity(2) (MVA) 97,236 1,43,425 1HFY26 1HFY27 New order wins boosted the transmission network, reflecting strong bidding capabilities and market potential Transformation capacity continues to expand with new project wins Average System Availability(1) (%) 99.71% 99.63% 1HFY26 1HFY27 Maintained robust system availability of 99.6% Higher the better Higher the better
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Home outline 17 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 Du ration Index indicates average time required to restore service during a predefined period: ASAI: Average Service Availability Index ; MW: Megawatt; Operational numbers of AEML includes Adani Electricity Mumbai Ltd (AEML) and AEML SEEPZ Ltd (ASL) AEML: Distribution Utility – Key Operating Metrics 1HFY27 (YoY) Supply Reliability (ASAI) (%) 99.998% 99.997% 1HFY26 1HFY27 2,170 2,457 1HFY26 1HFY27 Transmission Availability (%) 99.55% 99.79% 1HFY26 1HFY27 Peak Demand (MW) Maintained supply reliability at 99.99% Peak demand increased during the first half due to an extended summer and delayed monsoon Transmission system availability remains above 99.5% SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) Reliability metrics were impacted by extreme heatwave conditions and higher network loading during the period Higher the better 0.19 0.27 5.93 8.86 31.82 32.37 1HFY26 1HFY27 CAIDISAIDISAIFICAIDISAIDISAIFI Higher the better Higher the better
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Home outline 18 Notes: *Distribution loss is based on the provisional numbers and it is subject to change; Operational numbers of AEML includ es Adani Electricity Mumbai Ltd (AEML) and AEML SEEPZ Ltd (ASL) AEML: Distribution Utility – Key Operating Metrics 1HFY27 (YoY) Number of Complaints 2,38,029 2,53,756 1HFY26 1HFY27 Consumer Base (million) 3.25 3.29 1HFY26 1HFY27 Collection Efficiency (%) 99.43% 99.75% 1HFY26 1HFY27 The consumer base in the Mumbai circle increased due to new customer additions Collection efficiency improved YoY and remains near 100% mark Distribution Loss (%) 4.30% 4.29%* 1HFY26 1HFY27 Distribution loss consistently improving and remains well above the regulatory norms Consumer complaints increased due to increase in load on account of strong and extended summer Higher the better Lower the better E-payment (% of total collection) 85.50% 87.54% 1HFY26 1HFY27 E-payment share increased due to digital initiatives centered around ease of payments for consumers Higher the better Higher the better Higher the better Lower the better Higher the better Lower the betterHigher the better
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Home outline 19 Notes: MUs: Million Units; Operational numbers of AEML includes Adani Electricity Mumbai Ltd (AEML) and AEML SEEPZ Ltd (ASL) AEML and MUL: Volume and Consumer Mix 1HFY27 (YoY) AEML – Total Units Sold (MUs) AEML - Consumer-wise volume mix % AEML - Consumer-wise revenue mix % MUL – Total Units Sold (MUs) 5,589 6,190 Total units sold (MUs) 1HFY26 1HFY27 51% 37% 12% 52% 37% 11% Residential Commercial Industrial 1HFY26 1HFY27 635 885 Total units sold (MUs) 1HFY26 1HFY27 51% 38% 11% 50% 39% 11% Residential Commercial Industrial 1HFY26 1HFY27
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Annexure 5
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21 AESL: Operational Asset Portfolio as of September 2026 Notes: 1) For transmission network calculations we have not considered distribution network of AEML Mumbai; ROA: Regulated Asset Base ( Cost Plus Assets); TBCB; Tariff Based Competitive Bidding (Fixed Tariff Assets); Ckm: Circuit Kilometer; MVA: Mega Volt- Amperes; Cr: Crores; Ltd: 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 Sr No. Projects Name Transmission Line (Asset Details) Transmission Line Length (ckm) Transformation Capacity (MVA) Contract Type 1 Adani Transmission India Limited (ATIL) Mundra – Dehgam, Mundra – Mohindergarh and Tiroda – Warora 3,834 6,630 ROA 2 Maharashtra Eastern Grid Power Transmission Company Limited (MEGPTCL) Tiroda – Aurangabad 1,217 6,000 ROA 3 Adani Electricity Mumbai Limited (AEML)(2) Mumbai Distribution Business 594 3,750 ROA 4 MPSEZ Utility Limited (MUL) Mundra SEZ Distribution Business 254 710 ROA 5 Aravali Transmission Service Company Limited (ATSCL) Aravali Lines 97 630 TBCB 6 Maru Transmission Service Company Limited (MTSCL) Maru Lines 300 730 TBCB 7 Western Transmission (Gujarat) Limited (WTGL) Western Transmission (Gujarat) 974 - TBCB 8 Western Transco Power Limited (WTPL) Western Transmission (Maharashtra) 2,089 - TBCB 9 Adani Transmission Bikaner Sikar Private Limited (ATBSPL) Bikaner – Sikar 343 - TBCB 10 Alipurduar Transmission Limited (APTL) Alipurduar Transmission 650 - TBCB 11 Adani Transmission (Rajasthan) Limited (ATRL) Suratgarh – Sikar 278 - TBCB 12 Raipur Rajnandgaon – Warora Transmission Limited (RRWTL) Raipur – Rajnandgaon – Warora 611 - TBCB 13 Chhattisgarh – WR Transmission Limited (CWRTL) Chhattisgarh – WR 434 630 TBCB 14 Sipat Transmission Limited (STL) Sipat – Rajnandgaon 348 - TBCB 15 Hadoti Power Transmission Limited (HPTSL) – PPP 8 Hadoti Lines 116 310 TBCB 16 Barmer Power Transmission Limited (BPTSL) – PPP 9 Barmer Lines 133 150 TBCB 17 Thar Power Transmission Limited (TPTSL) – PPP 10 Thar Lines 164 125 TBCB 18 Fatehgarh Bhadla Transmission Limited (FBTL) Fategarh – Bhadla 292 - TBCB 19 Bikaner Khetri Transmission Limited (BKTL) Bikaner – Sikar 481 - TBCB 20 Ghatampur Transmission Limited (GTL) Ghatampur 897 - TBCB 21 Obra-C Badaun Transmission Limited (OBTL) Obra 630 950 TBCB 22 Lakadia Banaskantha Transco Limited (LBTL) Lakadia – Banaskantha 351 - TBCB 23 WRSS XXI(A) Transco Limited (WRSS_XXIA) Lakadia – Bhuj 295 3,000 TBCB 24 Jam Khambaliya Transco Limited (JKTL) Jam Khambaliya 37 2,500 TBCB 25 Warora Kurnool Transmission Limited (WKTL) Warora – Kurnool 1,756 3,000 TBCB 26 Karur Transmission Line (KTL) Karur 9 1,000 TBCB 27 Kharghar Vikroli Transmission Limited (KVTL) Kharghar – Vikhroli 74 1,500 TBCB 28 Khavda-Bhuj Transmission Limited (KBTL) Khavda – Bhuj 217 4,500 TBCB 29 Adani Energy Solutions Mahan Limited (AESML) Mahan – Sipat 673 - ROA 30 MP Power Transmission Package-II Limited (MP II) MP Package – II 1,088 2,736 TBCB 31 Khavda II-A Transmission Khavda-II-A 355 - TBCB 32 KPS 1 Transmission Limited (KPS - 1) Khavda Pooling Station 1 43 6,000 TBCB 33 Sangod Transmission Service Limited (STSL) Sangod 11 1,160 TBCB 34 North Karanpura Transco Limited (NKTL) North Karanpura 299 1,000 TBCB 35 Adani Electricity Mumbai Infra Limited (AEMIL – HVDC)# HVDC Mumbai 80 2,139 ROA Total Operational Assets 20,023 49,150
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22 AESL: Transmission Under-construction Asset Portfolio as of September 2026 Notes: 1. includes AEML cost plus project; 2. Estimated billing for cost -plus transmission assets; ROA: Regulated Asset Base (Cost Plus Assets); TBCB; Tariff Based Competitive Bidding ( Fixed Tariff Assets); Ckm: Circuit Kilometer; MVA: Mega Volt-Amperes; Cr: Crores; NES: Network Expansion Scheme; S/s: Substation Sr No. Projects Name Transmission Line (Asset Details) Transmission Line Length (ckm) Transformation Capacity (MVA) Contract Type Levelized Tariff / Billing (Rs Crores) 1 WRSR Transmission Limited (WRSR) WRSR (Narendra – Pune Line) 636 6,000 TBCB 213 2 Halvad Transmission Limited (HTL) Khavda Phase-III Part-A (Halvad) 586 - TBCB 271 3 Khavda IV – A Power Transmission Limited Khavda Phase IV – A 592 4,500 TBCB 509 4 Navinal Transmission Limited (NTL) NES – Navinal (Mundra) 256 6,000 TBCB 299 5 Jamnagar Transmission Limited (JTL) NES – Jamnagar 682 3,000 TBCB 392 6 Pune-III Transmission Limited Khavda Phase IV Part D 640 4,500 TBCB 589 7 Bhadla-Fatehpur HVDC Project HVDC Rajasthan Phase-II 1,906 21,900 TBCB 3,557 8 Line and Substation Augmentation (141 projects) Line and Substation Augmentation (141 projects) 63 10,175 ROA 2852 9 Mundra I Transmission Limited Navinal (Mundra) Phase 1 Part B1 150 3,000 TBCB 308 10 Mahan Transmission Limited (MTL) Mahan 1,046 2,800 TBCB 363 11 WRNES Talegaon Power Transmission Limited WRNES Talegaon 2 3,000 TBCB 221 12 KPS III HVDC Transmission Limited Khavda South Olpad HVDC 1,168 5400 TBCB 2,392 13 South Kalamb Power Transmission Limited South Kalamb S/s: Part A 20 4,500 TBCB 120 14 Vizag Power Transmission Limited Pendurthi-Khamam, Srikakulam-Angul & Pendurthi/Khamam SS 1,470 10,500 TBCB 856 15 Satara Power Transmission Limited Satara-Kolhapur, Satara-Pune-III, Satara SS 562 9,000 TBCB 618 Total Under-construction Assets 9,779 94,275 10,994
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23 AESL: Smart Metering Under-construction Portfolio as of September 2026 Notes: The Discoms are our customers and AESL is executing these contracts through 100% owned SPVs.; DBFOOT: Design -Build-Finance-Own-Operate-Transfer; Qty: Quantity; Mn: Million; Cr: Crores Sr No. Projects Name Coverage Area Smart Meters Qty (Mn) Revenue Potential (Rs Cr) Contract Period (months) Contract Type Month of Award 1 Brihanmumbai Electric Supply & Transport Undertaking (BEST) Mumbai (BEST Circle) 1.1 1,304 120 DBFOOT Sept & Oct’22 (Amendment) 2 Assam Power Distribution Company Limited (APDCL) Tejpur, Mangaldoi, North Lakhimpur 0.8 845 120 DBFOOT Feb’23 3 Andhra Pradesh Eastern Power Distribution Company Limited (APEPDCL) Srikakulam, Vizianagaram, Visakhapatnam, East Godavari and West Godavari 1.1 1,289 120 DBFOOT Jun & Dec’23 4 Andhra Pradesh Central Power Distribution Company Limited (APCPDCL) Krishna, Guntur, and Prakasam 1.7 2,084 120 DBFOOT Jun & Nov’23 5 Andhra Pradesh Southern Power Distribution Company Limited (APSPDCL) Nellore, Chittoor, Kadapa, Anantapuram, Kurnoolam & Kurnool 1.3 1,795 120 DBFOOT Jun & Sept’23 6 Maharashtra State Electricity Distribution Co. Limited (MSEDCL, NSC-05) Bhandup Zone, Kalyan Zone and Konkan Zone (inc additional qty) 8.1 9,667 120 DBFOOT Aug’23 & Mar’24 7 Maharashtra State Electricity Distribution Co. Limited (MSEDCL, NSC-06) Baramati Zone and Pune Zone 5.2 6,294 120 DBFOOT Aug’23 8 North Bihar Power Distribution Company Limited (NBPDCL) Siwan, Suran, Gopalganj, Vaishali, and Samastipur 2.8 3,102 120 DBFOOT Aug’23 9 Uttarakhand Power Corporation Limited (UPCL) Kumaon Region 0.7 816 120 DBFOOT Dec’23 10 Adani Electricity Mumbai Limited (AEML) Mumbai (AEML Circle) 1.8 2,323 120 DBFOOT Jun’25 Total Smart Metering Under-construction Assets 24.6 29,519
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STRICTLY CONFIDENTIALSTRICTLY CONFIDENTIAL Thank You
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25 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 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 it 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.