Interim report
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Adani Energy Solutions Ltd Tel +91 79 2555 7555 Adani Corporate House Fax +91 79 2555 7177 Shantigram, Near Vaishno Devi Circle, info@adani.com S. G. Highway, Khodiyar, www.adanienergysolutions.com Ahmedabad 382 421 Gujarat, India CIN: L40300GJ2013PLC077803 Registered Office: Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421 October 22, 2026 BSE Limited P J Towers, Dalal Street, Mumbai – 400001 National Stock Exchange of India Limited Exchange plaza, Bandra-Kurla Complex, Bandra (E), Mumbai – 400051 Scrip Code: 539254 Singapore Exchange Limited SGX Centre Office 2 Shenton Way, #02-02, SGX Centre 1, Singapore 068804 Dear Sir, Scrip Code: ADANIENSOL Sub: Outcome of Board Meeting held on October 22, 2026 and submission of Unaudited Financial Results (Standalone and consolidated) for the quarter and half year ended September 30, 2026 as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. With reference to above, we hereby submit / inform that the Board of Directors ("the Board") at its meeting held on October 22, 2026, commenced at 01.25 p.m. and concluded at 02.25 p.m., has approved and taken on record the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2026. The said Unaudited Financial Results prepared in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 together with the Limited Review Report of the Statutory Auditors are enclosed herewith.
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Adani Energy Solutions Ltd Tel +91 79 2555 7555 Adani Corporate House Fax +91 79 2555 7177 Shantigram, Near Vaishno Devi Circle, info@adani.com S. G. Highway, Khodiyar, www.adanienergysolutions.com Ahmedabad 382 421 Gujarat, India CIN: L40300GJ2013PLC077803 Registered Office: Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421 These results are also being uploaded on the Company's website at www.adanienergysolutions.com. You are requested to take the same on your records. Thanking you, Yours faithfully, For Adani Energy Solutions Limited Jaladhi Shukla Company Secretary Encl: As above
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WalkerChandiok&CoLLP WalkerChandiok&CoLLP BlockNo.D/15thFloor, CabinNo.A8toA10 "WestGate"NearYMCAClub,S.G Highway,SarkhejRoad, Ahmedabad-390015Gujarat,India IndependentAuditor’sReviewReportonStandaloneUnauditedQuarterlyFinancialResultsandYear toDateResultsoftheCompanypursuanttotheRegulation33andRegulation52readwithRegulation 63oftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015(asamended) TotheBoardofDirectorsofAdaniEnergySolutionsLimited 1.Wehavereviewedtheaccompanyingstatementofstandaloneunauditedfinancialresults(‘theStatement') ofAdaniEnergySolutionsLimited('theCompany')forthequarterended30September2026andtheyear todateresultsfortheperiod1April2026to30September2026,beingsubmittedbytheCompanypursuant totherequirementsofRegulation33andRegulation52readwithRegulation63oftheSEBI(Listing ObligationsandDisclosureRequirements)Regulations,2015(asamended)(‘ListingRegulations'). 2.TheStatement,whichistheresponsibilityoftheCompany’smanagementandapprovedbytheCompany’s BoardofDirectors,hasbeenpreparedinaccordancewiththerecognitionandmeasurementprinciples laiddowninIndianAccountingStandard34,InterimFinancialReporting(‘IndAS34’),prescribedunder section133oftheCompaniesAct,2013(‘theAct'),andotheraccountingprinciplesgenerallyacceptedin IndiaandisincompliancewiththepresentationanddisclosurerequirementsofRegulation33and Regulation52readwithRegulation63oftheListingRegulations.Ourresponsibilityistoexpressa conclusionontheStatementbasedonourreview. 3.WeconductedourreviewoftheStatementinaccordancewiththeStandardonReviewEngagements (SRE)2410,ReviewofInterimFinancialInformationPerformedbytheIndependentAuditoroftheEntity, issuedbytheInstituteofCharteredAccountantsofIndia.Areviewofinterimfinancialinformationconsists ofmakinginquiries,primarilyofpersonsresponsibleforfinancialandaccountingmatters,andapplying analyticalandotherreviewprocedures.Areviewissubstantiallylessinscopethananauditconductedin accordancewiththeStandardsonAuditingspecifiedundersection143(10)oftheAct,andconsequently, doesnotenableustoobtainassurancethatwewouldbecomeawareofallsignificantmattersthatmight beidentifiedinanaudit.Accordingly,wedonotexpressanauditopinion. 4.Basedonourreviewconductedasabove,nothinghascometoourattentionthatcausesustobelievethat theaccompanyingStatement,preparedinaccordancewiththerecognitionandmeasurementprinciples laiddowninIndAS34,prescribedundersection133oftheAct,andotheraccountingprinciplesgenerally acceptedinIndia,hasnotdisclosedtheinformationrequiredtobedisclosedinaccordancewiththe requirementsofRegulation33andRegulation52readwithRegulation63oftheListingRegulations, includingthemannerinwhichitistobedisclosed,orthatitcontainsanymaterialmisstatement. ForWalkerChandiok&CoLLP CharteredAccountants FirmRegistratioIo:001076N/N500013 NeerajGoel Partner MembershipNo.:99514 UDIN:26099514MPZRAW2076 Place:Ahmedabad Date:22October2026 CharteredAccountants OfficesinAhmedabad,Bengaluru,Chandigarh,Chennai,Dehradun,Gurugram,Hyderabad,Kochi,Kolkata.Mumbai,NewDelhi, NoidaandPune WalkerChandiok&CoLLPisregisteredwith limitedliabilitywithidentificationnumberAAC- 2085andhasitsregisteredofficeatL-41, ConnaughtCircus,OuterCircle,NewDelhi, 110001,India
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AdaniEnergySolutionsLimited (ClN:L40300GJ2013PLC077803) RegisteredOffice:"AdaniCorporateHouse",Shantigram,NearVaishnoDeviCircle,S.G.Highway, Khodiyar,Ahmedabad382421,Gujarat,India. Phone:079-25557555;Fax:079-25557177;Email:info@adani.com;Website:www.adanienergysolutions.com adaniEnergySolutions STATEMENTOFSTANDALONEUNAUDITEDFINANCIALRESULTSFORTHEQUARTERANDHALFYEARENDED30thSEPTEMBER,2026 (?InCrores) Sr. No.Particulars QuarterEndedHalfYearEndedYearEnded 30-Sep-2630-Jun-263O-Sep-2530-Sep-2630-Sep-2531-Mar-26 (Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Audited) 1Income (a)Revenuefromoperations (b)OtherIncome TotalIncome 768.19 320.41 918.59 285.17 664.82 306.09 1,686.78 605.58 1,490.28 593.41 3,382.89 1,240.07 1.088.601,203.76970.912,292.362,083.694,622.96 2Expenses (a)PurchasesofStock-in-Trade (b)OperatingExpenses (c)Employeebenefitsexpense (d)Financecosts (e)Depreciationandamortisationexpense (f)Otherexpenses TotalExpenses 395.10 316.13 5.54 290.06 0.32 15.66 565.74 279.47 5.49 277.37 0.32 11.58 474.15 149.40 1.09 197.58 0.32 9.79 960.84 595.60 11.03 567.43 0.64 27.24 1,100.98 308.40 2.50 357.31 0.60 25.32 2,103.29 995.12 6.11 826.21 1.23 59.64 1,022.811,139.97832.332,162.781,795.113,991.60 3Profitbeforetaxfortheperiod/year(1-2)65.7963.79138.58129.58288.58631.36 4TaxExpense: CurrentTax DeferredTax TotalTaxexpense 11.45 (2.95) 9.75 4.94 13.97 23.26 21.20 1.99 26.73 4.07 45.94 14.30 8.5014.6937.2323.1930.8060.24 5Profitaftertaxfortheperiod/year(3-4)57.2949.10101.35106.39257.78571.12 6OtherComprehensiveIncome/(Loss)fortheperiod/year (a)Itemsthatwillnotbereclassifiedtoprofitorloss -Remeasurementgain/(loss)ofDefinedBenefitPlan (b)Taxrelatingtoitemsthatwillnotbereclassifiedtoprofitorloss (c)Itemsthatwillbereclassifiedtoprofitorloss -Effectiveportionofgains/(losses)ondesignatedportionof hedginginstrumentsinacashflowhedge (d)Taxrelatingtoitemsthatwillbereclassifiedtoprofitorloss (0.96) 0.24 46.20 (12.10) (22.98) 6.02 0.02 (0.01) 131.64 (31.38) (0.96) 0.24 23.22 (6.08) 0.02 (0.01) 124.70 (31.38) (0.24) 0.06 864.96 (217.75) OtherComprehensiveIncome/(Loss)fortheperiod/year33.38(16.96)100.2716.4293.33647.03 7TotalComprehensiveIncomefortheperiod/year(5+6)90.6732.14201.62122.81351.111,218.15 8Paid-upEquityShareCapital(FaceValueof?10each)1,222.951,201.281,201.281,222.951,201.281,201.28 9Reserves(excludingRevaluationReserve)23,294.5719,747.7918,848.6123,294.5718,848.6119,715.64 10SecuritiesPremiumAccount15,404.9511,948.8111,948.8115.404.9511,948.8111,948.81 11Networth(aspersection2(57)ofCompaniesAct2013)18,468.9114,934.6014,575.6718,468.9114,575.6714,885.51 12PaidupDebtCapital/OutstandingDebt(Totalborrowings)10,635.7711,358.3410,332.7310,635.7710,332.7311,035.18 13OutstandingRedeemablePreferenceShares------ 14Earningspershare(FaceValueof?10each) Basic&Diluted(notannualisedexceptyearend)GO 0.470.410.850.882.154.75 15CapitalRedemptionReserve------ 16DebentureRedemptionReserve----- 17OtherEquityexcludingRevaluationReservesasat31stMarch19,715.64
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AdaniEnergySolutionsLimited (CIN:L40300GJ2013PLC077803) RegisteredOffice:"AdaniCorporateHouse",Shantigram,NearVaishnoDeviCircle,S.G.Highway, Khodiyar,Ahmedabad382421,Gujarat,India. Phone:079-25557555;Fax:079-25557177;Email:info@adani.com;Website:www.adanienergysolutions.com adaniEnergySolutions STANDALONESTATEMENTOFASSETSANDLIABILITIES (?InCrores) Sr. No. AsatAsat Particulars30-Sep-2631-Mar-26 (Unaudited)(Audited) ASSETS 1NonCurrentAssets Property.PlantandEquipment9.399.89 CapitalWork-In-Progress35.7034.65 RightofUseAssets FinancialAssets 0.040.17 (i)Investments15,730.2715,394.22 (ii)Loans11,779.9010,847.76 (iii)OtherFinancialAsset4,874.163,955.14 IncomeTaxAssets(net)82.5248.30 OtherNonCurrentAssets0.030.51 TotalNonCurrentAssets32,512.0130,290.64 2CurrentAssets Inventories13.0726.71 FinancialAssets (i)Investments860.55- (ii)TradeReceivable3,817.212,597.87 (iii)CashandCashEquivalents404.0544.96 (iv)BankBalancesotherthan(iii)above1,025.071,321.40 (v)Loans0.12- (vi)OtherFinancialAssets746.48931.33 OtherCurrentAssets873.19624.88 TotalCurrentAssets7,739.745,547.15 TotalAssets40,251.7535,837.79 EQUITYANDLIABILITIES 1Equity EquityShareCapital1,222.951,201.28 OtherEquity23,294.5719,715.64 TotalEquity24,517.5220,916.92 Liabilities 2NonCurrentLiabilities FinancialLiabilities (i)Borrowings10,635.779,777.45 (ii)LeaseLiabilities1.361.39 (iii)OtherFinancialLiabilities623.01147.52 OtherNon-CurrentLiabilities62.5769.94 Provisions3.010.71 Deferredtaxliabilities(net)236.97231.99 TotalNonCurrentLiabilities11,562.6910,229.00 3CurrentLiabilities FinancialLiabilities (i)Borrowings-1,218.02 (ii)LeaseLiabilities0.050.05 (iii)TradeAcceptance (iv)TradePayables 2,228.481,725.43 i.Totaloutstandingduesofmicroenterprisesandsmallenterprises1.215.87 ii.Totaloutstandingduesofcreditorsotherthanmicroenterprisesandsmallenterprises687.01934.05 (v)OtherFinancialLiabilities1,084.63543.20 OtherCurrentLiabilities155.43251.43 Provisions14.7313.82 TotalCurrentLiabilities4,171.544,691.87 TotalLiabilities15,734.2314,920.87 TotalEquityandLiabilities40,251.7535.837.79
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AdaniEnergySolutionsLimited (CIN:L40300GJ2013PLC077803) RegisteredOffice:"AdaniCorporateHouse",Shantigram,NearVaishnoDeviCircle.S.G.Highway, Khodiyar,Ahmedabad382421,Gujarat,India. Phone:079-25557555;Fax:079-25557177;Email:info@adani.com;Website:www.adanienergysolutions.com adaniEnergySolutions STANDALONESTATEMENTOFCASHFLOWS (?InCrores) ParticularsFortheHalfYear ended30-Sep-26 FortheHalfYear ended30-Sep-25 A.Cashflowsfromoperatingactivities(Unaudited)(Unaudited) Profitbeforetax Adjustmentsfor: -DepreciationandAmortisationExpense -Gainonsale/fairValueofInvestmentmeasuredatFVTPL -Gainonsale/fairValueofMutualfund -FinanceCosts -OtherIncome -Interestincome 129.58 0.64 (67.85) (11.98) 567.43 (6.10) (519.65) 288.58 0.60 (7135) (0.33) 357.31 (5.08) (516.65) OperatingProfit/(Loss)beforeworkingcapitalchanges MovementinWorkingCapital: (Increase)/DecreaseinAssets: -Otherfinancialassetsandotherassets -Inventories -Tradereceivables Increase/(Decrease)inLiabilities: -Otherfinancialliabilities,otherliabilitiesandprovisions -TradePayables 92.07 (655.74) 13.64 (1,219.34) 1,593.37 (277.22) 53.08 (191.19) 3.19 (1,216.41) 182.78 80.39 Cashusedinoperations(453.22)(1,088.16) Incometaxespaid(Net)(51.02)(38.30) Netcashflowsusedinoperatingactivities(A)(504.24)(1,126.46) 8.Cashflowsfrominvestingactivities PurchaseofProperty,PlantandEquipment(includingcapitaladvanceandcontractassetsunderServiceConcession Arrangement) Paymentforpurchaseofnon-currentfinancialassets -AcquisitionofSubsidiary -InvestmentinApplicationmoneyofOptionallyConvertibleDebenturependingforallotementofSubsidiaryCompanies -InvestmentinEquitysharesofSubsidiaryCompanies -InvestmentinOptionallyConvertibleDebenturesofSubsidiaryCompany -InvestmentinCompulsoryConvertibleDebenturesofSubsidiaryCompany -InvestmentinOptionallyConvertibleDebenturesreceivedback(includinginterestandequitycomponent) -RedempitonofinvestementinthenatureofEquityofSubsidiaryCompany Bankdeposits(net)(IncludingMarginmoneydeposit) (Purchasein)/Proceedsfromshortterminvestments(net) Non-currentloansgiven Non-currentloansreceivedback CurrentLoans(given)/receivedback(Net) Interestreceived (0.45) (18.66) (10.18) (203.83) (131.16) (34.79) (848.57) (3,874.23) 2,942.08 101.31 (3.86) (17.90) (25.06) (505.41) (561.05) (693.50) 359.04 26.21 (7.14) 81.57 (3,667.49) 3,250.64 0.02 252.24 Netcashflowsusedininvestingactivities(B)(2,078.48)(1,511.69) C.Cashflowsfromfinancingactivities Proceedsfromissueofshares(includingsharepremium) Paymenttowardsshareissueexpenses ProceedsfromLong-termborrowings RepaymentofLong-termborrowings Proceeds/(Repayment)fromShort-termborrowings(net) Financecostspaid Paymentforleaseliability(includinginterestonleaseliabilities) 3,500.00 (4.19) 1,390.78 (531.93) (1,218.02) (194.66) (0.17) 1,782.16 (777.99) 1,404.73 (164.61) (0.06) Netcashflowsgeneratedfromfinancingactivities(C)2.941.812,244.23 -Netincrease/(decrease)incashandcashequivalents(A+B+C)359.09(393.92) -Cashandcashequivalentsatthebeginningoftheperiod(D)44.96470.31 -Cashandcashequivalentsattheendoftheperiod(A+B+C+D)404.0576.39
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AdaniEnergySolutionsLimited (CIN:L40300GJ2013PLC077803) RegisteredOffice:"AdaniCorporateHouse",Shantigram,NearVaishnoDeviCircle,S.G.Highway, Khodiyar,Ahmedabad382421.Gujarat,India. Phone:079-25557555;Fax:079-25557177;Email:info@adani.com;Website:www.adanienergysolutions.com adaniEnergySolutions AdditionalinformationpursuanttoRegulation52(4)ofSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirementsRegulations,2015,asamendedforthequarterand halfyearended30thSeptember,2026. Sr. No.Particulars QuarterEndedHalfYearEndedYearEnded 30-Sep-2630-Jun-2630-Sep-2530-Sep-263O-Sep-2531-Mar-26 (Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Audited) 1Debt-EquityRatio(intimes) (TotalBorrowingsexcludingTradeacceptances/TotalEquity)0.430.540.520.430.520.53 2 DebtServiceCoverageRatio(intimes)-excludingGroupICD (NetProfitbeforetax+Depreciationandamortisationexpense+ Financecosts'*/Financecosts"+PrincipalRepaymentsofLongTerm Borrowings*) "excludingrepayment:ofGroupICDandinterest:onGroupICD 1.721.733.131.733.743.43 3 DebtServiceCoverageRatio(intimes) (NetProfitbeforetax+Depreciationandamortisationexpense+ Financecosts/Financecosts+PrincipalRepaymentsofLongTerm Borrowings) 1.231.231.701.231.031.77 4 InterestServiceCoverageRatio(intimes)-excludingintereston GroupICD (NetProfitbeforetax+Financecost*)/Financecost*) "excludinginterestonGroupICD 1.721.733.121.723.743.43 5 InterestServiceCoverageRatio(intimes) (NetProfitbeforetax+Financecost)/Financecost)1.231.231.701.231.811.76 6CurrentRatio(intimes) (CurrentAssets/CurrentLiabilities)1.861.261.331.861.331.18 7 Longtermdebttoworkingcapital(intimes) (LongTermBorrowings+CurrentMaturitiesofLongTerm Borrowings)/(CurrentAssets-CurrentLiabilitiesexcludingCurrent MaturitiesofLongTermBorrowings)2.987.936.532.986.5311.43 8BaddebtstoAccountreceivableratio (TotalBaddebt/AverageTradeReceivables)NANANANANANA 9Currentliabilityratio(intimes) (CurrentLiabilities/Totalliabilities)0.270.310.310.270.310.31 10Totaldebtstototalassets(intimes) (TotalBorrowingsexcludingTradeacceptances/TotalAssets)0.260.310.320.260.320.31 11 Debtorsturnover(intimes) (RevenuefromOperations(excludingconstructionrevenuerelatingto SCA/AverageTradeReceivablesincludingunbilled)0.791.091.180.901.591.59 12Inventoryturnover(intimes) (NetSales/AverageInventory)NANANANANANA 13 Operatingmargin(%) (EBIDTAexcludingOtherIncome&non-recurringexpense/Revenue fromOperations)4.66%6.13%4.57%5.46%3.56%6.47% 14Netprofitmargin(%) (ProfitafterTax/TotalIncome)5.26%4.08%10.44%4.64%12.37%12.35%
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adani AdaniEnergySolutionsLimitedEnergysolutions (CIN:L40300GJ2013PLC077803) RegisteredOffice:"AdaniCorporateHouse",Shantigram,NearVaishnoDeviCircle, S.G.Highway,Khodiyar,Ahmedabad382421,Gujarat,India.Phone:079-25557555;Fax:079-25557177; Email:info@adani.com;Website:www.adanienerqysolutions.com 1.TheabovefinancialresultshavebeenreviewedbytheAuditCommitteeandsubsequentlyapprovedby theBoardofDirectorsofAdaniEnergySolutionsLimited("theCompany")("AESL”)attheirmeetings heldon22ndOctober,2026.TheStatutoryauditorshavecarriedoutlimitedreviewofthefinancial resultsoftheCompanyforthequarterandhalfyearendedon30thSeptember,2026. 2.Duringthepreviousquarter,AdaniEnergySolutionsLimited("AESL")hasexecutedabindingsecurities purchaseandsubscriptionagreement("SPSA”)toacquirea100%equitystakeinIntelliSmart InfrastructurePrivateLimited,aleadingsmartmeteringJVbetweenNationalInvestmentand InfrastructureFund("NIIF")andEnergyEfficiencyServicesLimited("EESL").Theproposedacquisition willstrengthenAESL'spositionasIndia'slargestsmartmeteringplatformwithover4.7+croresmart meters.Totalconsiderationvalueforthetransactionis?3,050crore,andtransactionclosingissubject toregulatoryandothercustomaryapprovals. 3.Duringthefinancialyear2024-25,theCompany'smanagementbecameawareofanindictmentfiled byUnitedStatesDepartmentofJustice(USDOJ)andacivilcomplaintbySecuritiesandExchange Commission(USSEC)intheUnitedStatesDistrictCourtfortheEasternDistrictofNewYork(EDNY) againstanon-executivedirectoroftheCompany.Thedirectorisindictedonthreecountsnamely(i) allegedsecuritiesfraudconspiracy(ii)allegedwirefraudconspiracyand(iii)allegedsecuritiesfraud formakingfalseandmisleadingstatementsandasperUSSECcivilcomplaint,directoromitting materialfactsthatrenderedcertainstatementsmisleadingtoUSinvestorsunderSecuritiesActof1933 andtheSecuritiesActof1934.TheCompanyhasnotbeennamedinthesematters. AsatMarch31,2026,pursuanttovariousfilingsmadebythedirectorthroughtheirlegalcounsels,the matterremainedpendingdeterminationbeforethecourt.Havingregardtothestatusoftheabove- mentionedmattersasatreportingdate,andthefactthatthemattersstatedabovedidnotpertainto theCompany,therewerenoimpactontheCompanyasatpreviousyearendedMarch31,2026. UponfilingofrequestforentryoffinaljudgementbyUSSECbeforeEDNYonMay15,2026,EDNYhas enteredintofinaljudgementonAugust10,2026inthecivilcomplaintfiledbyUSSECagainstthe directoroftheCompany,pursuanttohisconsentandwithoutadmittingtheallegations.Pursuantto suchfinaljudgements,(i)EDNYhasdisposedofthecivilcomplaint,and(ii)thedirectorispermanently restrainedandenjoinedfromviolatingspecifiedsectionsofSecuritiesActof1933andtheSecurities Actof1934.Suchfinaljudgementsrequiredthedirectortopaycertaincivilmonetarypenaltyandthe samehasbeenpaid.Further,uponfilingofmotionofdismissalbyUSDOJwithEDNYonMay18,2026, theindictmentfiledbyUSDOJagainstsuchdirectorhasbeendismissedandallthechargesagainst himhavebeendroppedbyEDNYwithprejudiceinthematterpursuanttoitsorderdatedAugust10, 2026,whichmeansacompletedismissalwherethedefendanthasbeenprotectedagainstfuture prosecutionforthesameallegations. Basedontheabove,thematterisconcludedandaccordinglytherearenochangestotheabove conclusionsasatandforthequarterandperiodendedSeptember30,2026.
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adani AdaniEnergySolutionsLimitedEnergySolutions (CIN:L40300GJ2013PLC077803) RegisteredOffice:"AdaniCorporateHouse",Shantigram,NearVaishnoDeviCircle, S.G.Highway,Khodiyar,Ahmedabad382421,Gujarat,India.Phone:079-25557555;Fax:079-25557177; Email:info(6)adani.com;Website:www.adanienerqvsolutions.com 4.DuringtheQuarter,theCompany,hassuccessfullycompletedits?3,500croresQualifiedInstitutional Placement("QIP").TheManagementCommitteeoftheBoardofDirectorsoftheCompany,atits meetingheldon30thJuly2026,approvedtheallotmentof2,16,71,826equitysharesoffacevalue?10 eachtoeligibleinvestorsataprice?1,615perequityshare(includingapremiumof?1,605perequity share). Pursuanttotheallotmentofthesesharesthepaid-upequitysharecapitaloftheCompanyincreased from?1,201.28Crorecomprising120,12,82,642fullypaid-upequitysharesto?1,222.95Crore comprising122,29,54,468fullypaid-upequityshares. 5.AsperIndAS108-OperatingSegment('IndAS108'),ifafinancialreportcontainsbothconsolidated financialstatementsofaparentthatiswithinthescopeofthisIndASaswellastheparent'sseparate financialstatements,segmentinformationisrequiredonlyintheconsolidatedfinancialstatements. Accordingly,informationrequiredtobepresentedunderIndAS108-OperatingSegmenthasbeen givenintheconsolidatedfinancialresults. 6.Previousyear/periodfiguresareregrouped/reclassifiedwherevernecessarytocorrespondwiththe currentyear/periodclassification. Date:22ndOctober,2026 Place:Ahmedabad
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WalkerChandiok&CoLLP WalkerChandiok&CoLLP BlockNo.D/15thFloor, CabinNo.A8toA10 “WestGate"NearYMCAClub, S.GHighway,SarkhejRoad, Ahmedabad-390015Gujarat, India IndependentAuditor’sReviewReportonConsolidatedUnauditedQuarterlyFinancial ResultsandYeartoDateResultsoftheCompanypursuanttotheRegulation33and Regulation52readwithRegulation63oftheSEBI(ListingObligationsandDisclosure Requirements)Regulations,2015(asamended) TotheBoardofDirectorsofAdaniEnergySolutionsLimited 1.Wehavereviewedtheaccompanyingstatementofunauditedconsolidatedfinancialresults(‘the Statement’)ofAdaniEnergySolutionsLimited(‘theHoldingCompany’)anditssubsidiaries(the HoldingCompanyanditssubsidiariestogetherreferredtoas‘theGroup'),(referAnnexure1 forthelistofsubsidiariesincludedinthestatement)forthequarterended30September2026 andtheconsolidatedyeartodateresultsfortheperiod1April2026to30September2026, beingsubmittedbytheHoldingCompanypursuanttotherequirementsofRegulation33and Regulation52readwithRegulation63oftheSEBI(ListingObligationsandDisclosure Requirements)Regulations,2015(asamended)(‘ListingRegulations’). 2.ThisStatement,whichistheresponsibilityoftheHoldingCompany'smanagementand approvedbytheHoldingCompany'sBoardofDirectors,hasbeenpreparedinaccordancewith therecognitionandmeasurementprincipleslaiddowninIndianAccountingStandard34, InterimFinancialReporting('IndAS34’),prescribedundersection133oftheCompaniesAct, 2013(‘theAct’),andotheraccountingprinciplesgenerallyacceptedinIndiaandisin compliancewiththepresentationanddisclosurerequirementsofRegulation33andRegulation 52readwithRegulation63oftheListingRegulations.Ourresponsibilityistoexpressa conclusionontheStatementbasedonourreview. 3.WeconductedourreviewoftheStatementinaccordancewiththeStandardonReview Engagements(SRE)2410,ReviewofInterimFinancialInformationPerformedbythe IndependentAuditoroftheEntity,issuedbytheInstituteofCharteredAccountantsofIndia.A reviewofinterimfinancialinformationconsistsofmakinginquiries,primarilyofpersons responsibleforfinancialandaccountingmatters,andapplyinganalyticalandotherreview procedures.Areviewissubstantiallylessinscopethananauditconductedinaccordancewith theStandardsonAuditingspecifiedundersection143(10)oftheAct,andconsequently,does notenableustoobtainassurancethatwewouldbecomeawareofallsignificantmattersthat mightbeidentifiedinanaudit.Accordingly,wedonotexpressanauditopinion. WealsoperformedproceduresinaccordancewiththecircularissuedbytheSEBIunder Regulation33(8)oftheListingRegulations,totheextentapplicable. 4.Basedonourreviewconductedandproceduresperformedasstatedinparagraph3aboveand uponconsiderationofthereviewreportsoftheotherauditorsreferredtoinparagraph5below, nothinghascometoourattentionthatcausesustobelievethattheaccompanyingStatement, preparedinaccordancewiththerecognitionandmeasurementprincipleslaiddowninIndAS 34,prescribedundersection133oftheAct,andotheraccountingprinciplesgenerallyaccepted inIndia,hasnotdisclosedtheinformationrequiredtobedisclosedinaccordancewiththe requirementsofRegulation33andRegulation52readwithRegulation63oftheListing Regulations,includingthemannerinwhichitistobedisclosed,orthatitcontainsanymaterial misstatement. OfficesinAhmedabad,Bengaluru,Chandigarh,Chennai,Dehradun, NoidaandPune CharteredAccountants folkata,Mumbai,NewDelhi, limitedliabilitywithidentificationnumberAAC- 2085andhasitsregisteredofficeatL-41, ConnaughtCircus,OuterCircle,NewDelhi, WalkerChandiok&CoLLPisregisteredwith 110001,India
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WalkerChandiok&CoLLP 5.Wedidnotreviewtheinterimfinancialresultsof87subsidiariesincludedintheStatement, whosefinancialinformationreflectstotalassetsofRs.70,178.99croresasat30September 2026,andtotalrevenuesofRs.6,757.64croresandRs.12,496.18crores,totalnetprofitafter taxofRs.899.29croresandRs.1,554.27crores,totalcomprehensiveincomeofRs.979.38 croresandRs.1,608.06crores,forthequarterandsix-monthperiodendedon30September 2026,respectively,andnetcashinflowsofRs.528.90croresfortheperiodended30 September2026,asconsideredintheStatement.Theseinterimfinancialresultshavebeen reviewedbyotherauditorswhosereviewreportshavebeenfurnishedtousbythe management,andourconclusioninsofarasitrelatestotheamountsanddisclosuresincluded inrespectofthesesubsidiariesisbasedsolelyonthereviewreportsofsuchotherauditorsand theproceduresperformedbyusasstatedinparagraph3above. Ourconclusionisnotmodifiedinrespectofthismatterwithrespecttoourrelianceonthework donebyandthereportsoftheotherauditors. 6.TheStatementincludestheinterimfinancialresultsof9subsidiaries,whichhavenotbeen reviewed/auditedbytheirauditors,whoseinterimfinancialresultsreflecttotalassetsofRs.nil asat30September2026,andtotalrevenuesofRs.nilandRs.nil,netprofitaftertaxofRs.nil andRs.nil,totalcomprehensiveincomeofRs.nilandRs.nilforthequarterandsix-month periodended30September2026respectively,andnetcashinflowsofRs.nilfortheperiod ended30September2026asconsideredintheStatement.OurconclusionontheStatement, insofarasitrelatestotheamountsanddisclosuresincludedinrespectofthesesubsidiaries arebasedsolelyonsuchunaudited/unreviewedinterimfinancialresults.Accordingtothe informationandexplanationsgiventousbythemanagement,theseinterimfinancialresultsare notmaterialtotheGroup. Ourconclusionisnotmodifiedinrespectofthismatterwithrespecttoourrelianceonthe financialresultscertifiedbytheBoardofDirectors. NeerajGoel Partner MembershipNo.99514 UDIN:26099514ERTSJP7678 ForWalkerChandiok&CoLLP CharteredAccountants FirmRegistration[^o:001076N/N500013 Place:Ahmedabad Date:22October2026 CharteredAccountants
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WalkerChandiok&CoLLP Annexure1totheIndependentAuditor’sreviewreportonConsolidatedUnauditedQuarterly FinancialResultsandYeartoDateResultsoftheCompanypursuanttotheRegulation33 andRegulation52readwithRegulation63oftheSEBI(ListingObligationsandDisclosure Requirements)Regulations,2015(asamended) ListofentitiesincludedintheStatement S.no.Nameofentities AHoldingCompany 1AdaniEnergySolutionsLimited BSubsidiaries 1MaharashtraEasternGridPowerTransmissionCompanyLimited(step-down subsidiary) 2AdaniTransmission(India)Limited(step-downsubsidiary) 3SipatTransmissionLimited 4Raipur-Rajnandgaon-WaroraTransmissionLimited 5Chhattisgarh-WRTransmissionLimited 6AdaniTransmission(Rajasthan)Limited 7NorthKaranpuraTranscoLimited 8MaruTransmissionServiceCompanyLimited 9AravaliTransmissionServiceCompanyLimited 10Fatehgarh-BhadlaTransmissionLimited 11GhatampurTransmissionLimited 12HadotiPowerTransmissionServiceLimited 13BarmerPowerTransmissionServiceLimited 14TharPowerTransmissionServiceLimited 15WesternTranscoPowerLimited 16WesternTransmission(Gujarat)Limited 17Obra-CBadaunTransmissionLimited 18AdaniTransmissionBikanerSikarLimited(formerlyknownasAdaniTransmission BikanerSikarPrivateLimited) 19Bikaner-KhetriTransmissionLimited 20WRSSXXI(A)TranscoLimited 21LakadiaBanaskanthaTranscoLimited 22JamKhambaliyaTranscoLimited 23ArasanInfraLimited(formerlyknownasArasanInfraPrivateLimited) 24SunraysInfraSpaceLimited(formerlyknownasSunraysInfraSpacePrivate Limited) 25KhargharVikhroliTransmissionLimited 26AlipurduarTransmissionLimited 27AdaniTransmissionStep-OneLimited 28WaroraKurnoolTransmissionLimited 29MPPowerTransmissionPackage-llLimited 30ATLHVDCLimited 31MPSEZUtilitiesLimited
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WalkerChandiok8cCoLLP S.no.Nameofentities 32KarurTransmissionLimited 33Khavda-BhujTransmissionLimited 34PowerDistributionServicesLimited 35AdaniElectricityMumbaiLimited 36AdaniElectricityNaviMumbaiLimited(formerlyknownasAEMLInfrastructure Limited) 37AdaniElectricityMumbaiInfraLimited(Step-downsubsidiary) 38AEMLSeepzLimited(Step-downsubsidiary) 39AdaniElectricityJewarLimited 40AdaniTransmissionMahanLimited(Step-downsubsidiary) 41AdaniTransmissionStep-TwoLimited 42BESTSmartMeteringLimited 43AdaniCoolingSolutionsLimited 44WRSRPowerTransmissionLimited 45AdaniTransmissionStep-ThreeLimited 46AdaniTransmissionStep-FourLimited 47AdaniTransmissionStep-SixLimited 48AdaniTransmissionStep-SevenLimited 49AdaniTransmissionStep-EightLimited 50NESmartMeteringLimited(formerlyknownasAdaniTransmissionStepNine Limited) 51AdaniElectricityMarathwadaLimited(formerlyknownasAdaniElectricity AurangabadLimited) 52AdaniElectricityNashikLimited 53KhavdaIl-ATransmissionLimited 54AdaniGreenEnergyThirtyLimited(Step-downsubsidiary) 55KPS1TransmissionLimited 56HalvadTransmissionLimited 57SangodTransmissionServiceLimited 58SunraysInfraSpaceTwoLimited 59ArasanInfraTwoLimited 60AdaniEnergySolutionsStep-TwelveLimited 61PowerpulseTradingSolutionsLimited(formerlyknownasAdaniEnergySolutions Step-ThirteenLimited) 62AdaniEnergySolutionsMahanLimited(formerlyknownasEssarTransco Limited)(Step-downsubsidiary) 63PointleapProjectsPrivateLimited(Step-downsubsidiary) 64KhavdaIVAPowerTransmissionLimited 65NavinalTransmissionLimited 66JamnagarTransmissionLimited 67ProgressiveGridNetworkLimited(Step-downsubsidiary) 68PuneIIITransmissionLimited 69AESLProjectsLimited(formerlyknownasAdaniEnergySolutionsStep-Ten Limited) CharteredAccountants
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WalkerChandiok&CoLLP S.no.Nameofentities 70AdaniEnergySolutionsStep-ElevenLimited 71SuperheightsInfraspacePrivateLimited 72RajasthanPartIPowerTransmissionLimited 73MundraITransmissionLimited 74MahanTransmissionLimited 75WRNESTalegaonPowerTransmissionLimited 76AdaniElectricityKalyanDombivliLimited 77AdaniElectricityPuneLimited 78AdaniElectricityVidharbhaLimited 79AdaniElectricityVasai-VirarLimited 80AdaniEnergySolutionsStep-SixteenLimited 81AdaniElectricityPuducherryLimited 82AdaniEnergySolutionsStep-FifteenLimited 83AdaniEnergySolutionsStep-FourteenLimited 84KPSIIIHVDCTransmissionLimited 85ATSOLGlobalIFSCLimited 86A-OneEnergyNetworksLimited 87NextgenEnergyNetworksLimited 88SouthKalambPowerTransmissionLimited 89BlushConstruction(Opc)PrivateLimited(step-downsubsidiary) (w.e.f.20April2026) 90LeadvisionConsultingPrivateLimited(step-downsubsidiary) (w.e.f.20April2026) 91SubrahaandConstructionPrivateLimited(step-downsubsidiary) (w.e.f.24April2026) 92SthiravaasEstatesPrivateLimited(step-downsubsidiary)(w.e.f.15May2026) 93MaaGomtiNivasPrivateLimited(step-downsubsidiary)(w.e.f.11June2026) 94ArasanStepILimited(w.e.f.1June2026) 95ArasanStepIILimited(w.e.f.1June2026) 96ArasanStepIIILimited(w.e.f.1June2026) 97ArasanStepIVLimited(w.e.f.1June2026) 98SunraysStepILimited(w.e.f.1June2026) 99SunraysStepIILimited(w.e.f.1June2026) 100SunraysStepIIILimited(w.e.f.1June2026) 101VastuvardhanInfraPrivateLimited(w.e.f.22July2026) 102ArushikhaInfraconPrivateLimited(w.e.f.24July2026) 103KainchiDhamConstructionsPrivateLimited(w.e.f.22July2026) 104SKGPrintingAndPackagingPrivateLimited(w.e.f.24July2026) 105MahakaleshwarBuildPrivateLimited(w.e.f.3September2026) 106SreenikaRealconPrivateLimited(w.e.f.3September2026) 107VizagPowerTransmissionLimited(w.e.f.14August2026) 108SunspanInfraconPrivateLimited(w.e.f.3September2026) CharteredAccountants
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WalkerChandiok&£oLLP S.no.Nameofentities 109ArasanStepVLimited(w.e.f.24September2026) 110ArasanStepVILimited(w.e.f.24September2026) 111ArasanStepVIILimited(w.e.f.24September2026) 112ArasanStepVIIILimited(w.e.f.24September2026) 113ArasanStepIXLimited(w.e.f.24September2026) 114ArasanStepXLimited(w.e.f.24September2026) 115ArasanStepXILimited(w.e.f.24September2026) 116ArasanStepXIILimited(w.e.f.24September2026) 117FlorixRealtyPrivateLimited(w.e.f.4September2026) 118MerimatiInfraConPrivateLimited(w.e.f.4September2026) CPartnershipFirm 1Adani-LCCJV CharteredAccountants
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AdaniEnergySolutionsLimited (CIN:L4O3OOGJ2O13PLCO778O3) RegisteredOffice:AdaniCorporateHouse.Shantigram,NearVaishnoDeviCircle.S.G.Highway. Khodiyar.Ahmedabad3S2421.Gujarat.India Phone:079-25557555;Fax:079-25557177;Email:info@adani.com; Website:www.adanienergysolutions.com adaniEnergySolutions STATEMENTOFCONSOLIDATEDUNAUDITEDFINANCIALRESULTSFORTHEQUARTERANDHALFYEARENDED30THSEPTEMBER,2026 Sr. No.Particulars Consolidated QuarterEndedHalfYearEndedYearEnded 30-Sep-2630-Jun-263O-Sep-2530-Sep-2630-Sep-2531-Mar-26 (Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Audited) 1Income (a)Revenuefromoperations(refernote2) (b)OtherIncome TotalIncome 10,075.54 163.79 9,711.08 141.12 6.59583 171.32 19,786.62 304.91 13,415.11 377.53 27,588.03 737.13 10,239.339,852.206,767.1520,091.5313,792.6428,325,16 2Expenses (a)CostofPowerPurchased (b)ConstructionExpensesrelatingtoServiceConcessionArrangements (c)PurchasesofStock-in-Trade (d)Employeebenefitsexpense (e)Financecosts (f)Depreciationandamortisationexpense (g)Otherexpenses TotalExpenses 3,244.17 2.255.80 172.81 289.83 1,180.33 600.58 1.012.21 3,560.70 2.137.67 67.22 227.97 1.151.73 585.35 709.07 1,600.51 1,624.76 189.47 236.26 871.66 509.41 655.76 6,804.87 4.39347 240.03 517.80 2.332.06 1.185.93 1.721.28 3,324.18 3,366.63 381.51 467.49 1,765.69 974.23 1,271.65 6,347.88 7,135.35 1.004.14 1,092.64 3,632.90 1,978.23 2,923.62 8.755.738,439.715.687.8317,195.4411,551.3824,114.76 3Profit/(Loss)BeforeRateRegulatedActivities.TaxandDeferredAssets recoverable/adjustablefortheperiod/year(1-2)1.483.601,412.491.079,322.896.092.241.264,210.40 4NetMovementinRegulatoryDeferralAccountBalances-lncome/(Expenses)(refer note2)283.5528.55(333.65)312.10(837.54)(1,095.56) 5Profit/(Loss)BeforeTaxanddeferredassetsrecoverable/adjustableforthe period/year(3+4)1,767.151,441.04745.673.208.191,403.723,114.84 6TaxExpense CurrentTax DeferredTax TotalTaxexpense 307.10 (1,581.35) 250.48 (94.57) 86.93 100.51 557.58 (1,675.92) 167.17 137.39 392.80 378.91 (1,274.25)155.91187.44(1,118.34)304.56771.71 7Profit/(Loss)AfterTaxfortheperiod/yearbutbeforeDeferredAssets recoverable/adjustable(5-6)3.041.401.285.13558.234,326.531,099.162,343.13 8Deferredassetsrecoverable/adjustable(1.677.48)(48.57)(1.13)(1.726.05)(3.12)49.62 9Profit/(Loss)AfterTaxfortheperiod/year(7+8)1,363.921.236.56557.102,600.481,096.042,392.75 10OtherComprehensiveIncome/(Loss) (a)Itemsthatwillnotbereclassifiedtoprofitorloss -Remeasurementgain/(loss)ofDefinedBenefitPlan -MovementinRegulatoryDeferralBalance (b)TaxrelatingtoitemsthatwillnotbereclassifiedtoProfitorLoss (c)Itemsthatwillbereclassifiedtoprofitorloss -Effectiveportionofgain/(loss)ondesignatedportionofhedging instrumentsinacashflowhedge (d)TaxrelatingtoitemsthatwillbereclassifiedtoProfitorLoss OtherComprehensiveIncome/(Loss)(netoftax) 114.90 (119.95) 0.16 73.80 2.36 (12.19) 12.19 (202.66) 26.06 (1.62) 2.12 (0.02) 29980 (67.36) 102,71 (107.76) 0.16 (128.86) 28.42 (7.46) 7.96 (0.02) 391.38 (98.35) 9.93 (4.24) (0.15) 1,453.10 (337.01) 71.27(176.60)232.92(105.33)293,511,121.63 11TotalComprehensiveIncome/(Loss)fortheperiod/year(9+10)1,435.191,059.96790.022,495.151,389.553,514.38 12Profit/(Loss)attributableto: OwnersoftheCompany Non-ControllingInterest 1,322.85 41.07 1.149.06 87.50 533.97 23.13 2,471.91 128.57 1,046.45 49.59 2,28254 110.21 1,363.921,236.56557.102,600.481,096.042,392.75 13OtherComprehensiveIncome/(Loss)attributableto: OwnersoftheCompany Non-ControllingInterest 77.85 (6.58) (153.15) (23.45) 219.03 13.89 (75.30) (30.03) 267.76 25.75 1,074.13 47.50 71.27(176.60)232.92(105.33)293.511,121.63 14TotalComprehensiveIncome/(Loss)attributableto: OwnersoftheCompany Non-ControllingInterest 1,400.70 34.49 995.91 64.05 753.00 37.02 2,396.61 98.54 1,314.21 75.34 3,356.67 157.71 1,435.191,059.96790.022,495.151,389.553,514.38 15Paid-upEquityShareCapital(FaceValueof?10each)1,222.951.201.281.201.281,222.951.201.281,201.28 16Reserves(excludingRevaluationReserve)30.080.5625,222.9522,182.5530.080.5622,182.5524,226.26 17SecuritiesPremiumAccount15.404.9511.948.8111.948.8115,404.9511,948.8111,948.81 18Networth(aspersection2(57)ofCompaniesAct2013)30.212.1025.418.4123,054.7530,212.1023,054.7524,271.24 19PaidupDebtCapital/OutstandingDebt(Totalborrowings)51,520.0950.841.6745.373.6551,520.0945,373.6548,898.45 20OutstandingRedeemablePreferenceShares----- 21 Basic/DilutedEarningsperEquityShare(FaceValueof?10each)afternet MovementinRegulatoryAccountDeferralBalance(notannualizedexceptyear end)(?) 11.019.574.4420.588.7119.00 22 Basic/DilutedEarningsperEquityShare(FaceValueof?10each)beforenet MovementinRegulatoryAccountDeferralBalance(notannualizedexceptyear end)(?) 9.409.446.1918.8413.0724.68 23CapitalRedemptionReserve2,436.532.436.532,436.532,436.532,436.532,436.53 24DebentureredemptionReserve22.4122.7323.6622.4123.6623.07 25|otherEquityexcludingRevaluationReservesasat31stMarch24,226.26
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AdaniEnergySolutionsLimited (CIN:L4O3OOGJ2O13PLCO778O3) RegisteredOffice:AdaniCorporateHouse.Shantigram,NearVaishnoDeviCircle.S.G.Highway, Khodiyar,Ahmedabad382421.Gujarat.India Phone:079-25557555;Fax:079-25557177;Email:info@adani.com; Website:www.adanienergysolutions.com adaniEnergySoludons CONSOLIDATEDSTATEMENTOFASSETSANDLIABILITIES ConsolidatedConsolidated Sr. No.ParticularsAsat 3O-Sep-26 Asat 31-Mar-26 (Unaudited)(Audited) 1 ASSETS NonCurrentAssets Property,PlantandEquipment RightofUseAssets CapitalWorkInProgress Goodwill IntangibleAssets IntangibleAssetsUnderDevelopment FinancialAssets (i)Investments (li)TradeReceivable (iii)Loans (iv)OtherFinancialAsset DeferredTaxAssets(Net) NonCurrentTaxAssets(net) OtherNonCurrentAssets 43,781.54 821.93 3,103.38 598.29 1,151.79 0.18 385.59 97.45 8.35 12,457.21 913.70 235.76 16.866.83 44,227.08 833.04 2,053.60 598.29 1,145.53 407.29 101.97 10.58 11,891.28 78.17 159.63 11,486.78 2 TotalNonCurrentAssets CurrentAssets Inventories FinancialAssets (i)Investments (ii)TradeReceivable (iii)CashandCashEquivalents (iv)BankBalancesotherthan(iii)above (v)Loans (vi)OtherFinancialAssets OtherCurrentAssets 80,422.00 520.15 3,073.98 7,441.20 2.364.04 2,287.17 4.43 911.07 4,129.41 72,993.24 669.45 2,236.32 5,733.75 1,734.57 2,212.77 5.77 1,525.59 3,707.54 TotalCurrentAssets20,731.4517,825.76 TotalAssetsbeforeRegulatoryDeferralAccount1,01,153.4590,819.00 RegulatoryDeferralAccountAssets2,146.942,015.92 TotalAssets1,03,300.3992,834.92 1 EQUITYANDLIABILITIES Equity EquityShareCapital OtherEquity 1,222.95 30,080.56 1,201.28 24,226.26 TotalEquityofEquityHoldersoftheCompany NonControllingInterests 31,303.51 1,195.11 25,427.54 1,098.10 2 TotalEquity Liabilities NonCurrentLiabilities FinancialLiabilities (i)Borrowings (ii)LeaseLiabilities (iii)TradePayables i.Totaloutstandingduesofmicroenterprisesandsmallenterprises ii.Totaloutstandingduesofcreditorsotherthanmicroenterprisesandsmall (iv)OtherFinancialLiabilities OtherNonCurrentLiabilities Provisions DeferredTaxLiabilities(net) 32,498.62 49,145.49 262.61 40.06 1,098.59 1,475.76 557.04 1,618.32 26,525.64 45,367.32 260.60 40.06 1,247.41 654.91 680.99 2,490.14 3 TotalNonCurrentLiabilities CurrentLiabilities FinancialLiabilities (I)Borrowings (ii)LeaseLiabilities (iii)TradeAcceptances (iv)TradePayables i.Totaloutstandingduesofmicroenterprisesandsmallenterprises ii.Totaloutstandingduesofcreditorsotherthanmicroenterprisesandsmall (v)OtherFinancialLiabilities OtherCurrentLiabilities Provisions CurrentTaxLiabilities(net) 54,197.87 2.374.60 17.84 3.364.33 64.00 5.588.95 3.943.42 850.73 196.52 159.45 50.741.43 3,491.41 17.38 2,455.64 95.86 4,897.79 3,382.07 870.27 206.87 28.99 TotalCurrentLiabilities16,559.8415,446.28 TotalLiabilitiesbeforeRegulatoryDeferralAccount70,757.7166,187.71 RegulatoryDeferralAccount-Liabilities44.06121.57 TotalEquityandLiabilities1,03.300.3992,834.92
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AdaniEnergySolutionsLimited (CIN:L4O3OOGJ2O13PLCO778O3) RegisteredOffice:AdaniCorporateHouse.Shantigram.NearVaishnoDeviCircle.S.G.Highway, Khodiyar.Ahmedabad382421.Gujarat.India Phone:079-25557555;Fax:079-25557177;Email:info@adani.com; Website:www.adanienergysolutions.com adaniEnergySolutions CONSOLIDATEDSTATEMENTOFCASHFLOWS Sr.N 0. Particulars Forthehalfyearended 30thSept,2026 Forthehalfyearended 30thSept,2025 (Unaudited)(Unaudited) A.Cashflowfromoperatingactivlties:- Profit/(Loss)BeforeTaxandDeferredAssetsrecoverable/adjustablefortheperiod Adjustmentsfor: DepreciationandAmortisationExpenses AmortisationofServiceLineContribution GainonSale/FairValueofCurrentInvestmentsmeasuredatFVTPL FinanceCosts InterestIncome Gainonbuy-backofbond Unclaimedliabilities/Excessprovisionwrittenback BadDebtWrittenOff Loss/(Gain)onsale/scrappingofProperty.PlantandEquipment ForeignExchangeFluctuationLoss BadDebtrecovery 3,208.19 1.185.93 (13.66) (71.27) 2.332.06 (208.48) (3.05) 7.50 (0.66) 4.27 (7.52) 1,403.72 974.23 (12.23) (59.91) 1,765.69 (209.23) (72.22) (20.24) 7.92 6.85 0.11 (7.97) Operatingprofitbeforeworkingcapitalchanges ChangesinWorkingCapital: (Increase)/DecreaseinOperatingAssets: Inventories TradeReceivables OtherFinancialAssetsandOtherAssets RegulatoryDeferralAccount-Assets Increase/(Decrease)inOperatingLiabilities: TradePayables OtherFinancialLiabilities,TradeAcceptances,OtherLiabilitiesandProvisions RegulatoryDeferralAccount-Liabilities 6,433.31 149.30 (1,702.91) 107.62 (131.02) 638.21 1,346.23 (77.51) 3,776.72 (85.38) (1,914.32) (123.43) 813.78 1,354.86 344.29 31.60 Cashgeneratedfromoperations IncomeTaxespaid(Net) 6,763.23 (506.10) 4,198.12 (191.29) Netcashgeneratedfromoperatingactivities(A)6,257.134,006.83 B.Cashflowsfrominvestingactivities PurchaseofProperty.PlantandEquipment(includingcapitaladvanceandcontractassetsunderServiceConcession Arrangement) AcquisitionofSubsidiaries PurchaseofInvestments(ContingencyReserve)(net) (Purchase)/ProceedsofCurrentInvestment(net) DepositsinBankdeposits(net)(IncludingMarginmoneydeposit) Non-currentLoansreceivedback CurrentLoanreceivedback(net) InterestReceived (9,441.88) (131.53) (13.28) (731.41) (779.61) 2.23 1.34 178.56 (6,798.07) (17.90) (15.55) 915.57 (162.90) 3.22 155.62 Netcashusedininvestingactivities(B)(10,915.58)(5,920.01) C.Cashflowfromfinancingactivities IncreaseinServiceLineContribution Proceedsfromissueofshares Paymenttowardsshareissueexpense ProceedsfromLong-termborrowings RepaymentofLong-termborrowingsincludingderivative ProceedsZ(Repayment)fromShort-termborrowings(net) FinanceCostspaid PaymentofLeaseLiabilities(includinginterestpaidonleaseliabilities) 25.44 3,500.00 (4.19) 11,851.80 (6,444.24) (1,594.91) (2,052.89) (9.44) 92.06 10,547.03 (7,154.01) 1,135.83 (2,265.88) (10.05) Netcashgeneratedfromfinancingactivities(C)5,271.572,344.98 Net(decrease)/Increaseincashandcashequivalents(A+B+C) Cashandcashequivalentsatthebeginningoftheperiod Cashandcashequivalentsreceivedonaccountofacquisitionofbusiness 613.12 1.734.57 16.35 431.80 2,190.38 0.05 Cashandcashequivalentsattheendoftheperiod2,364.042,622.23
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AdaniEnergySolutionsLimited (CIN:L4O3OOGJ2O13PLCO778O3) RegisteredOffice:AdaniCorporateHouse,Shantigram,NearVaishnoDeviCircle.S.G.Highway, Khodiyar,Ahmedabad382421,Gujarat.India Phone:079-25557555;Fax:079-25557177;Email:info@adani.com; Website:www.adanienergysolutions.com adaniEnergySolutions CONSOLIDATEDSEGMENTWISEREVENUE.RESULTS.ASSETSANDLIABILITIES (?inCrores) Sr. No,Particulars Consolidated QuarterEndedHalfYearEndedYearEnded 30-Sep-2630-Jun-2630-Sep-2530-Sep-263O-Sep-2531-Mar-26 (Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Audited) 6SegmentRevenue Transmission Distribution SmartMeter(NonIndAS-refernotec) EnergySolutionsPlatform Others GrossTurnover* 3.598.71 3.181.43 384.14 2,196.94 318.28 3.335.26 3.520.43 346.99 1.906.83 156.02 2,371.96 3.117.91 181.64 200.61 90.22 6,933.97 6.701.86 731.13 4.103.77 474.30 4,560.15 6.477.75 293.64 410.32 176.20 9,823.88 12.450.02 828.25 1.091.01 648.22 9,679.499,265.535,962.3418,945.0211,918.0624,841.38 ioSegmentResults Profit/(Loss)beforeInterestandTax Transmission Distribution SmartMeter(NonIndAS-refernotec) EnergySolutionsPlatform Others TotalSegmentResults UnallocableIncome TotalProfit/(Loss)BeforeInterestandTax Less:FinanceCost TotalProfit/(Loss)BeforeTax* 1,319.96 371.35 172.80 802.23 42.30 1,327.46 356.92 152.61 590.27 27.75 1.045.77 260.85 72.43 11.00 12.28 2.647.42 728.27 325.41 1,392.50 70.05 1.972.95 563.64 119.95 28.46 20.95 3.964.84 1,238.75 367.99 83.86 132.05 2,708.64 163.79 2,455.01 141.12 1,402.33 171.32 5,163.65 304.91 2,705.95 377.53 5,787.49 737.13 2,872.43 (1.180.33) 2,596.13 (1.151.73) 1,573.65 (871.66) 5,468.56 (2,332.06) 3,083.48 (1.765.69) 6,524,62 (3,632.90) 1,692.101,444.40701.993,136.501,317.792,891.72 noSegmentAssets Transmission Distribution SmartMeter(NonIndAS-refernotec) EnergySolutionsPlatform Others Unallocable TotalAssets* 59,079.34 20,983.37 6.133.56 2,470.52 604.54 14,031.38 53,194.19 21,959,11 5,934.87 2,443.12 471.17 13.677.77 43.558.08 20.491.82 5,119.19 1.865.52 485.79 11.574.86 59,079.34 20,983.37 6.133.56 2,470.52 604.54 14,031.38 43.558.08 20,491.82 5,119.19 1,865.52 485.79 11,574.86 49,626.90 21,148.01 5.395.78 2.038.90 654.29 13,862.68 1,03,302.7197,680.2383,095.261,03,302.7183,095.2692,726,56 iv)SegmentLiabilities Transmission Distribution SmartMeter(NonIndAS-refernotec) EnergySolutionsPlatform Others Unallocable TotalLiabilities* 3.653.91 5.704.87 2.045.89 2,474.56 166.26 57,944.85 3,993.22 5,799.88 1.977.76 2,330.35 139.63 56,931.97 2.380.24 4.704.50 2,010.41 1,872.89 244.03 47.707.95 3,653.91 5,704.87 2.045.89 2.474.56 166.26 57,944.85 2,380.24 4,704.50 2,010.41 1.872.89 244.03 47,707.95 3,371.87 5,384.03 1,863.57 2,074.96 443.90 54,134.17 71,990.3471,172.8158.920.0271,990.3458,920.0267.272.50 RECONCILIATIONOFCONSOLIDATEDSEGMENTWISEREVENUE,RESULTS.SEGMENTASSETSANDLIABILITIESWITHRECOGNITIONINFINANCIALSTATEMENT (?inCrores) Sr. No.Particulars Consolidated QuarterEndedHalfYearEndedYearEnded 30-Sep-2630-Jun-2630-Sep-2530-Sep-2630-Sep-2531-Mar-26 (Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Audited) oSegmentRevenue Segmentrevenueasreportedabove Add/(Less):Reconcilingitemforsmartmetersegment(refernotec) Revenuefromoperations 9,679.49 396.05 9,265.53 445.55 5.962.34 633.49 18.945.02 841.60 11,918.06 1,497.05 24,841.38 2,746.65 10,075.549,711.086,595.8319,786.6213,415.1127,588.03 ioSegmentResults Profit/(Loss)beforeTax Segmentresultsasreportedabove Add/(Less):Reconcilingitemforsmartmetersegment(refernotec) TotalProfit/(Loss)BeforeTax 1,692.10 75.05 1.444.40 (3.36) 701.99 43.68 3,136.50 71.69 1,317.79 85.93 2,891.72 223.12 1,767.151.441.04745.673,208.191,403.723,114.84 iii)SegmentAssets Totalassetsasreportedabove Add/(Less):Reconcilingitemforsmartmetersegment(refernotec) Totalassets 1,03,302.71 (2.32) 97.680.23 (11.14) 83,095.26 (422.51) 1,03,302.71 (2.32) 83,095.26 (422.51) 92,726.56 108.36 1,03,300.3997.669.0982,672.751,03,300.3982,672.7592,834.92 iv)SegmentLiabilities Totalliabilitiesasreportedabove Add/(Less):Reconcilingitemforsmartmetersegment(refernotec) TotalLiabilities 71.990.34 (1,188.57) 71,172.81 (1,089.33) 58.920.02 (648.08) 71,990.34 (1,188.57) 58,920.02 (648.08) 67,272.50 (963.22) 70,801,7770.083.4858,271.9470,801.7758,271.9466,309.28 Notes a.ThereportablesegmentsoftheGroupareprovidingtransmissionlinefortransmissionofpower(Transmission);TransmissionandDistributionofPowerbusinessforMumbaicityandMundradistributionbusiness(Distribution);smartmeter business(SmartMeter);PowersolutionstoCommercialBIndustrialconsumersandtradingactivityofgoods(EnergySolutionsPlatform)andOtherincludesEPCContracts.Thesegmentsarelargelyorganisedandmanagedseparately accordingtotheorganisationstructurethatisdesignedbasedonthenatureofservice.OperatingsegmentsarereportedinamannerconsistentwiththeinternalreportingprovidedtotheChairmanaswellasManagingDirectorjointly regardedastheChiefOperatingDecisionMaker("CODM"). b.TheGrouptobetteralignwithitsevolvingbusinessobjectivesandmarketopportunities,thesegmentpreviouslydesignatedas"Trading”hasbeenrenamedasthe"EnergySolutionsPlatform."ThisreflectstheGroup'sexpandedfocuson thebroaderenergysolutionsmarket,optimizingthesynergybetweensustainablepowerinfrastructureandresourceoperations. c.InlinewithIndAS108,operatingsegmentshavebeendisclosedasregularlyreviewedbytheCODM.EffectiveQ2FY2025-26,theGrouphasidentifiedanewsegment'SmartMeter'business,previouslyincludedunder"Others"tillFY2024- 25.ForreviewofCODM.smartmeters&itsrelatedinstallationcostarecapitalizedasProperty,PlantandEquipment(PPE)anddepreciatedoverthecontractperiod,whilemonthlybilling(permonthpermeter)andamortisedportionof lumpsumbillingoverthetenorofcontractisrecognisedasrevenue.UnderIndAS.thearrangementisaccountedforasaserviceconcessionarrangementinaccordancewithAppendixDtoIndAS115accordingtowhichtheGroup recognizestherightsgrantedarisingfromthesearrangementsasafinancialassetfortheservicesperformedovertimeandrecognisethecorrespondingcostasexpenseinprofitandlossaccount,ratherthancapitalisingitasaPPEand recognisingdepreciation.
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AdaniEnergySolutionsLimited (CIN:L4O3OOGJ2O13PLCO778O3) RegisteredOffice:AdaniCorporateHouse.Shantigram,NearVaishnoDeviCircle,S.G.Highway, Khodiyar,Ahmedabad382421.Gujarat.India Phone:079-25557555:Fax:079-25557177;Email:info@adani.com; Website:www.adanienergysolutions.com adaniEnergySolutions AdditionalInformationpursuanttoRegulation52(4)ofSecuritiesandExchangeSoardofIndia(ListingObligationsandDisclosureRequirementsRegulations.2015.asamended)forthequarterandhalfyearended30thSeptember,2026. Sr. No.Particulars Consolidated QuarterEndedHalfYearEndedYearEnded 30-Sep-2630-Jun-263O-Sep-2530-Sep-263O-Sep-2531-Mar-26 (Unaudited)(Unaudited)(Unaudited)(Unaudited)(Unaudited)(Audited) 1Debt-EquityRatio(intimes) (TotalBorrowingsexcludingTradeacceptances/TotalEquity) 1.591.841.861.591.861.84 2DebtServiceCoverageRatio(intimes)excludingGroupICD (ProfitBeforeTax+Depreciation&AmortizationExpenses+FinanceCosts*5/ FinanceCosts*5+ScheduledRepaymentsofLongTermBorrowings'®) 'ExcludingRepayment:ofGroupICDandInterestonGroupICD 'NetofffinancecosttransferredtoCWIPasperIndAS23. @ Scheduledrepaymentsmadeduringtheyearexcludesprepaymentofloans availed. 2.332.021.932.171.821.89 3DebtServiceCoverageRatio(intimes) (ProfitBeforeTax+Depreciation&AmortizationExpenses+FinanceCosts5/ FinanceCosts5+ScheduledRepaymentsofLongTermBorrowings®) 5NetofffinancecosttransferredtoCWIPasperIndAS23. ®Scheduledrepaymentsmadeduringtheyearexcludesprepaymentofloans availed. 2.332.021.932.171.821.89 4InterestServiceCoverageRatio(intimes)excludingGroupICD (ProfitBeforeTax+FinanceCosts*5/FinanceCosts'5) 'ExcludingInterestonGroupICD sNetofffinancecosttransferredtoCWIPasperIndAS23. 2.502.251.862.381.791.86 5InterestServiceCoverageRatio(intimes) (ProfitBeforeTax+FinanceCosts5/FinanceCosts5) 5NetofffinancecosttransferredtoCWIPasperIndAS23. 2.502.251.862.381.791.86 6CurrentRatio(intimes) (CurrentAssets/CurrentLiabilities) 1.251.161.371.251.371.15 7LongTermDebttoWorkingCapital(intimes) (LongTermBorrowings+CurrentMaturitiesofLongTermBorrowings(excluding TradeAcceptances)/CurrentAssets-CurrentLiabilitiesexcludingCurrent MaturitiesofLongTermBorrowings) 8.3810.457.488.387.4812.25 8BadDebtstoAccountReceivableRatio(intimes) (TotalBadDebt/AverageTradeReceivablesincludingunbilledrevenue) 0.000.000.000.000.000.00 9CurrentLiabilityRatio(intimes) (CurrentLiabilities/TotalLiabilities) 0.230.250.220.230.220.23 10TotalDebttoTotalAssets(intimes) (TotalBorrowings(excludingTradeAcceptances)/TotalAssets) 0.500.520.550.500.550.53 11DebtorsTurnover(intimes) (RevenuefromOperationsexcludingConstructionIncomerelatingtoService ConcessionArrangements/AverageTradeReceivablesincludingunbilled Revenue) 4.084.583.044.423.673.89 12InventoryTurnover(intimes) (NetSales/AverageInventory) NANANANANANA 13OperatingMargin(in%) (EBIDTAexcludingOtherIncome/RevenuefromOperations) 33.59%31.27%29.65%32.45%28.07%28.96% 14NetProfitMargin(in%) (NetProfitafterTax/TotalIncome) 13.32%12.55%8.23%12.94%7.95%8.45%
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adaniEnergySolutions AdaniEnergySolutionsLimited (CIN:L40300GJ2013PLC077803) RegisteredOffice:AdaniCorporateHouse,Shantigram,NearVaishnoDeviCircle,S.G.Highway, Khodiyar,Ahmedabad382421,Gujarat,India Phone:079-25557555;Fax:079-25557177;Email:info@adani.com; Website:www.adanienergysolutions.com 1.TheaboveconsolidatedfinancialresultshavebeenreviewedbytheAuditCommitteeandsubsequently approvedbytheBoardofDirectorsofAdaniEnergySolutionsLimited(the"Company"togetherwithits subsidiaries,the"Group”)attheirmeetingsheldon22ndOctober,2026.Thestatutoryauditorshavecarried outlimitedreviewofthefinancialresultsoftheGroupforthequarterandhalfyearendedon30th September,2026. 2.TheimpactofrecoveryofpastyearsRegulatoryassetcharges(RAC)onRevenuefromoperationsandNet MovementinRegulatoryDeferralAccountBalances-IncomeI(Expenses)forthereportingperiod/yearis asstatedbelow: A.RevenuefromOperations (?inCrores) Particulars Consolidated QuarterEndedHalfYearEndedYearEnded 30-Sep-2630-Jun-2630-Sep-2530-Sep-2630-Sep-2531-Mar-26 Revenuefrom operationsfor currentperiod/year 10,202.289,837.826,380.5720,040.1012,984.5926,727.00 RecoveryofRACfor pastyears(126.74)(126.74)215.26(253.48)430.52861.03 Revenuefrom operation10,075.549,711.086,595.8319,786.6213,415.1127,588.03 B,NetMovementinRegulatoryDeferralAccountBalances-Income/(Expenses) (?inCrores) Particulars Consolidated QuarterEndedHalfYearEndedYearEnded 30-Sep-2630-Jun-2630-Sep-2530-Sep-2630-Sep-2531-Mar-26 Regulatorygap/ (surplus)forcurrent period/year 156.81(98.19)(118.39)58.62(407.02)(234.53) RecoveryofRACfor pastyears 126.74126.74(215.26)253.48(430.52)(861.03) NetMovementin RegulatoryDeferral AccountBalances- IncomeZ(Expenses) 283.5528.55(333.65)312.10(837.54)(1,095.56)
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EnergySolutions AdaniEnergySolutionsLimited (CIN:L40300GJ2013PLC077803) RegisteredOffice:AdaniCorporateHouse,Shantigram,NearVaishnoDeviCircle,S.G.Highway, Khodiyar,Ahmedabad382421,Gujarat,India Phone:079-25557555;Fax:079-25557177;Email:info@adani.com; Website:www.adanienergysolutions.com 3.DuringthepreviousquarterAdaniEnergySolutionsLimited("AESL")hasexecutedabindingsecurities purchaseandsubscriptionagreement(“SPSA”)toacquirea100%equitystakeinIntelliSmartInfrastructure PrivateLimited,aleadingsmartmeteringJVbetweenNationalInvestmentandInfrastructureFund("NHF") andEnergyEfficiencyServicesLimited("EESL").TheproposedacquisitionwillstrengthenAESL'sposition asIndia'slargestsmartmeteringplatformwithover4.7+croresmartmeters.Totalconsiderationvaluefor thetransactionis?3,050crore,andtransactionclosingissubjecttoregulatoryandothercustomary approvals. 4.Duringthefinancialyear2024-25,theCompany'smanagementbecameawareofanindictmentfiledby UnitedStatesDepartmentofJustice(USDOJ)andacivilcomplaintbySecuritiesandExchangeCommission (USSEC)intheUnitedStatesDistrictCourtfortheEasternDistrictofNewYork(EDNY)againstanon¬ executivedirectoroftheCompany.Thedirectorisindictedonthreecountsnamely(i)allegedsecurities fraudconspiracy(ii)allegedwirefraudconspiracyand(iii)allegedsecuritiesfraudformakingfalseand misleadingstatementsandasperUSSECcivilcomplaint,directoromittingmaterialfactsthatrendered certainstatementsmisleadingtoUSinvestorsunderSecuritiesActof1933andtheSecuritiesActof1934. TheCompanyhasnotbeennamedinthesematters. Asat31stMarch,2026,pursuanttovariousfilingsmadebythedirectorthroughtheirlegalcounsels,the matterremainedpendingdeterminationbeforethecourt.Havingregardtothestatusoftheabove- mentionedmattersasatreportingdate,andthefactthatthemattersstatedabovedidnotpertaintothe Company,therewerenoimpactontheCompanyasatpreviousyearended31stMarch,2026. UponfilingofrequestforentryoffinaljudgementbyUSSECbeforeEDNYon15thMay,2026,EDNYhas enteredintofinaljudgementon10thAugust,2026inthecivilcomplaintfiledbyUSSECagainstthedirector oftheCompany,pursuanttohisconsentandwithoutadmittingtheallegations.Pursuanttosuchfinal judgement,(i)EDNYhasdisposedofthecivilcomplaint,and(ii)thedirectorispermanentlyrestrainedand enjoinedfromviolatingspecifiedsectionsofSecuritiesActof1933andtheSecuritiesActof1934.Such finaljudgementsrequiredthedirectortopaycertaincivilmonetarypenaltyandthesamehasbeenpaid. Further,uponfilingofamotionfordismissalbyUSDOJwithEDNYon18thMay,2026,theindictmentfiled byUSDOJagainstsuchdirector,hasbeendismissedandallthechargesagainsthimhavebeendroppedby EDNYwithprejudiceinthematterpursuanttoitsorderdated10thAugust,2026,whichmeansacomplete dismissalwherethedefendantshasbeenprotectedagainstfutureprosecutionforthesameallegations. Basedontheabove,thematterisconcludedandaccordinglytherearenochangestotheaboveconclusions asatandforthequarterandperiodended30thSeptember,2026.
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adaniEnergySolutions AdaniEnergySolutionsLimited (CIN:L40300GJ2013PLC077803) RegisteredOffice:AdaniCorporateHouse,Shantigram,NearVaishnoDeviCircle,S.G.Highway, Khodiyar,Ahmedabad382421,Gujarat,India Phone:079-25557555;Fax:079-25557177;Email:info@adani.com; Website:www.adanienergysolutions.com 5.DuringtheQuarter,theCompany,hassuccessfullycompletedits?3,500croresQualifiedInstitutional Placement("QIP").TheManagementCommitteeoftheBoardofDirectorsoftheCompany,atitsmeeting heldon30thJuly2026,approvedtheallotmentof2,16,71,826equitysharesoffacevalue?10eachtoeligible investorsataprice?1,615perequityshare(includingapremiumof?1,605perequityshare). Pursuanttotheallotmentofthesesharesthepaid-upequitysharecapitaloftheCompanyincreasedfrom ?1,201.28Crorecomprising120,12,82,642fullypaid-upequitysharesto?1,222.95Crorecomprising 122,29,54,468fullypaid-upequityshares. 6.Previousyear/periodfiguresareregrouped/reclassifiedwherevernecessarytocorrespondwiththecurrent year/periodclassification/disclosure. Date:22ndOctober,2026 Place:Ahmedabad ForandonbehalfoftheBoard