Interim report
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Adani Green Energy Limited Tel +91 79 2555 5555 “Adani Corporate House”, Shantigram, Fax +91 79 2555 5500 Nr. Vaishno Devi Circle, S G Highway, investor.agel@adani.com Khodiyar, www.adanigreenenergy.com Ahmedabad – 382 421 Gujarat, India CIN: L40106GJ2015PLC082007 Registered Office: “Adani Corporate House”, Shantigram, Nr. Vaishno Devi Circle, S G Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India Date: October 21, 2026 To BSE Limited The National Stock Exchange of India Limited P J Towers, “Exchange Plaza”, Dalal Street, Bandra – Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 541450 Scrip Code: ADANIGREEN Dear Sir/ Madam, Sub: Outcome of Board Meeting held on October 21, 2026 and s ubmission of Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 202 6 as per SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 With reference to above, we hereby submit / inform that: 1. The Board of Directors (“Board”) at its meeting held on October 21, 2026, which commenced at 12:30 p.m. and concluded at 02:00 p.m. , has approved and taken on record the Una udited Financial Results (Standalone and Consolidated) of the Company for the q uarter and half year ended September 30, 202 6, as reviewed and recommended by the Audit Committee. We would like to state & declare that M/s. S R B C & Co. LLP and M/s. Shah Dhandharia & Co. LLP, Joint Statutory Auditors of the Company have issued Limited Review R eports on the Una udited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2026. 2. The Unaudited Financial Results (Standalone and Consolidated) of the Company for the q uarter and half year ended September 30, 2026 prepared in terms of Regulation 33 of the SEBI Listing Regulations together with the Limited Review Report of the Statutory Auditors along with the Statement of Assets and Liabilities and Cash Flow Statement for the quarter and half year ended September 30, 2026 are enclosed herewith. adani Renewables
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Adani Green Energy Limited Tel +91 79 2555 5555 “Adani Corporate House”, Shantigram, Fax +91 79 2555 5500 Nr. Vaishno Devi Circle, S G Highway, investor.agel@adani.com Khodiyar, www.adanigreenenergy.com Ahmedabad – 382 421 Gujarat, India CIN: L40106GJ2015PLC082007 Registered Office: “Adani Corporate House”, Shantigram, Nr. Vaishno Devi Circle, S G Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India The results are also being uploaded on the Company’s website at www.adanigreenenergy.com. 3. Press Release dated October 21, 2026 on the Unaudited Financial Results of the Company for the q uarter and half year ended September 30, 2026 is enclosed herewith. The above information is also being made available on the website of the Company at www.adanigreenenergy.com. You are requested to take the same on your record. Thanking You Yours Faithfully, For, Adani Green Energy Limited Pragnesh Darji Company Secretary adani Renewables
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SRBC & COLLP Chartered Accountants, 21st Floor, B Wing, Privilon, Ambli BRT Road, Behind Iskcon Temple, Off SG Highway, Ahmedabad 380 059 Shah Dhandharia & Co LLP Chartered Accountants, Abhijeet-1, 507, 5th Floor, Nr. Mithakali Cross Roads, Navrangpura, Ahmedabad 380 009 Independent Auditor's Review Report on the Quarterly and Year to date Unaudited Standalone Financial Results of Adani Green Energy Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Adani Green Energy Limited 1. We have reviewed the accompanying statement of unaudited standalone financial results of Adani Green Energy Limited (the "Company") for the quarter ended September 30, 2026, and year to date from April O 1, 2026, to September 30, 2026 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted and procedures performed as stated above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. The comparative financial information of the Company for the corresponding quarter ended September 30, 2025 and year to date from April 01, 2025 to September 30, 2025, included in these unaudited standalone financial results, were reviewed by one of the Joint auditor, SRBC & Co LLP and predecessor joint auditor and the financial statements of the Company for the year ended March 31, 2026, were audited by one of the Joint auditor, SRBC & Co LLP and predecessor joint auditor who expressed an unmodified conclusion/opinion on the same. For S R B C & CO LLP Chartered Accountants I~I:: ,egistcaUon numbe< :24982E/E300003 per Santo Partner Membershi o.: 093669 UDIN: 26093669MSQOLJ9355 Place of Signature: Ahmedabad Date: October 21, 2026 For Shah Dhandharia & Co LLP Chartered Accountants !CAI Firm registration number: l 18707W/Wl00724 per Karan Amlani Partner embership No.: 193557 6 l 93557LKTNNC9660 "tJ f Signature: Ahmedabad Date: October 21, 2026
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a d a n i ADAN! GREEN ENERGY LIMITED U,:;:nc:•.s,;,c,1~:; (CIN: L40106GJ2015PLC082007) Regd. Office: "Adoni Corporate House", Shontigrom, Near Voishno Devi Circle, S. G. Highway, Khodiyar, Ahmcdabad • 382421, Gujarat (Indio) Phone: 079-25555555; Fax: 079-26565500; Email: investor .ogel@odani.c om; Website : www.adanigreenenergy .com UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ANO HALF YEAR ENDED 30TH SEPTEMBER, 2026 (t in Crores) Standalone Sr. Particulars 3 Months ended 3 Months ended 3 Months ended 6 Months ended 6 Months ended For the year ended No. 30.09.2026 30.06.2026 30.09.2025 30.09 .2026 30.09.2025 31.03.2026 (Unaudited) (Audited) 1 Income (a) Revenue from Operations i. Power Supply 4 4 3 8 6 10 ii. Sale of Goods/ Equipments and related 7,841 6,162 3,788 14,003 8,548 18,017 Services iii. Others (refer note 7) 45 40 156 85 182 313 (b) Other Income 291 266 251 557 484 1,120 Total Income 8,1 81 6,472 4,198 14,653 9,220 19,460 2 Expenses (a) Cost of Equipments / Goods sold 5,322 5,080 2,648 10.402 6.436 18,938 (b) Changes in inv ent ories 2,275 866 725 3,141 1.438 (2,114) (c) Employee benefits expense (net) 17 17 35 34 59 106 (d) Finance Costs (net) 446 389 318 835 660 1.332 (e) Depreciation and amortisat io n expense 29 35 23 64 46 103 (f) Other Expense s (net) 70 171 118 241 177 470 Total Expenses 8,1 59 6,558 3,867 14,717 8,816 18,835 3 Profit/ (Loss) before exceptional items and tax (1-2) 22 (86) 331 (64) 404 625 4 Exceptional Items (refer note 3) (37) (202) 5 Profit/ (Loss) before tax (3+4) 22 (86) 331 (64) 367 423 6 Tax Expense - Current Tax • Deferred Tax (Credit) (11) (35) (144) (46) (142) (181) 7 Profit / (Loss) after tax (5-6) 33 (51) 475 (18) 509 604 8 Othe r Comprehensive Income Items that will not be reclassified to profit or loss in subsequent periods: Remeasurement Gain of defined benefit plans 6 1 6 1 0 (Less): Income Tax Effect (1) (0) (1) (0) (0) Items that will be reclassified to profit or loss in subsequent periods: Effective portion of Gain on Cash Flow Hedges 47 47 (Less): Income Tax Effect (12) (12) Total Other Comprehensive Income (Net of tax) 40 1 40 1 0 9 Total Comprehensive Income/ (Loss) (Net of taic) (7+8) 73 (51) 476 22 510 604 10 Paid up Equit y Share Capita l (Face Value f 10 per share) 1,647 1,647 1,647 1,647 1,647 1,647 11 Other Equity excludina Revaluation Reserves 13,243 12 Earnings Per Share (EPS) (t) (Not annualised) (Face Value t 10 per share) Basic and Diluted EPS (Inf) 0.20 (0.31) 2.92 (0.11) 3.03 3.59
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adani ADANI GREEN ENERGY LIMITED ---- - (CIN : L40106GJ2015PLC082007) Rcncw.'.J b!c :. Regd. Office : "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382421 , Gujarat (India) Phone: 079-25555555; Fax: 079-26565500; Email : investor.agel@adani.com; Website : www.adanigreenenergy.com UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2026 Balance sheet (f in Crores) As at As at Particulars 30th September, 2026 31st March, 2026 (Unaudited) (Audited) ASSETS Non • Current Assets (a) Property, Plant and Equipment 2.560 2,509 (b) Right of Use Assets 764 855 (c) Capital Work In Progress 1.419 938 (d) Intangible Assets 17 20 (e) Intangible assets under development 24 15 (f) Financial Assets (i) Investments 37,623 28,995 (ii) Loans 4,587 3,762 (iii) Other Financial Assets 1,167 971 (g) Non• Current Tax Assets (net) 122 98 (h) Deferred Tax Assets (net) 450 417 (i) Other Non • Current Assets 187 228 Total Non • Current Assets 42,920 38,SOB Current Assets (a) Inventor ies 3,859 7,000 (b) Financial Assets (i) Trade Receivables 3,603 2,654 (ii) Cash and Cash Equivalents 742 130 (iii) Bank balances other than (ii) above 190 129 (iv) Loans 838 366 (v) Other Financial Assets 797 703 (c) Other Current Assets 1,731 2,165 Total Current Assets 11,160 13,147 Total Assets 54,080 51,955 EQUITY AND LIABILITIES Equity (a) Equity Share Capital 1.647 1,647 (b) Instrument entirely equity in nature (c) Other Equity 13,265 13,243 Total Equity 14,912 14,890 Liabilities Non • Current Liabilities (a) Financial Liabilities (i) Borrowings 10,751 10,366 (ia) Lease Liabilities 1.123 1,105 (ii) Other Financial Liabilities 1,108 618 (b) Provisions 21 33 (c) Other Non-Current Liabilities 4,834 3,405 Total Non• Current Liabilities 17,837 15,527 Current Liabilities (a) Financial Liabilities (i) Borrowings 10,920 8,918 (ia) Lease Liabilities 106 64 (ii) Suppliers' Credit 3,032 2,105 (iii) Trade Payables - Total outstanding dues of micro enterprises and small enterprises 117 143 - Total outstanding dues of creditors other than micro enterprises and small enterprises 1,911 3,346 (iv) Other Financial Liabilities 780 506 (b) Other Current Liabilities 4,442 6,440 (c) Provisions 23 16 Total Current Liabilities 21,331 21,538 Total Liabilities 39,168 37,065 Total Equity and Liabilities 54,080 51,955
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adani ADANI GREEN ENERGY LIMITED Rcr:cw.:>01c:; (CIN : L40106GJ2015PLC082007) Regd. Office : "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382421, Gujarat (India) Phone : 079-25555555; Fax : 079·26565500; Email : investor.agel@adani.com; Website: www .adanigreenenergy.com UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2026 Statement of Cash Flows (? in Crores) Particulars For the period ended For the period ended 30th September, 2026 30th September, 2025 (Unaudited) (A) Cash flows from operating activities (Loss) I Profit before tax (after exceptional items) : (64) 367 Adjustment to reconcile the Profit before tax to net cash flows: Interest Income (353) (281) Net gain on sale/ fa ir valuati on of investments measured at Fair Value through Profit and Loss (68 ) (65) Sundry balances written off/ (Liabilities no longer required written bac k) 3 (4) Loss on sale / discard of Property . Plant and Equipment (net) 1 0 Acc rual of Financial Guarantee Obligation Income (107) (93) Unrealized Foreign Exchange Fluctuation Loss (net ) 0 0 Depreciation and amortisation expenses 64 46 Gain on derecognition of ROU due to sublease (8) (0) Impairment of Financial asset 31 Loss on exceptional Items (other than Operating activities) 37 Finance Costs (including derivative costs) 835 660 Operating Profit before working capital changes 303 698 Work ing Capital Changes : (Increase)/ Decrease in Operating Assets Inventories 3.337 1.586 Trade Receivables (949) 1,012 Other Assets 440 (130) Other Financial Assets (55) (309) Increase/ (Decrease) in Operating Liabilities Suppliers' Credit 927 997 Trade Payables (1,463) (698) Provisions 0 (1) Other Financial Liabilities 122 31 Other Liabilities (551) (765) Net Working Capital Changes 1,808 1,723 Cash generated from operations 2,111 2,421 (Less)/ Add : Income Tax (Paid)/ Refund (net) (24) 18 Net cash generated from operating activities (A) 2,087 2,439 (B) Cash flows from investing activities Payment made for acquisition of Property, Plant and Equipment and Intangible assets (589) (982) (including for capital advances , capital creditors. capital work in progress and Intangible assets under development) Proceeds from Sale of Property, Plant and Equipment 0 Payment made for Investment in Subsidiary Companies, including perpetual debt (2,612) (4,966) Proceeds from Perpetual debt funds received back from Subsidiary Companies 517 3,237 Proceeds from Sale of units of Mutual Funds (net) 1 30 Payment made for fixed/ margin money deposits placed with banks (95) (174) Proceeds from fi xed I margin money deposits Withdrawn from banks 0 232 Payment made for Loans given to related parties and others (3.663) (3,021) Proceeds from Loans received back from related parties and others 2,376 1,097 Proceeds from Interest received 97 155 Net cash (used in) investing activities (B) (3,968) (4,392) (C) Cash flows from financing activities Funds received against share warrants 7,012 Repayment towards redemption of Unsecured Perpetual Debt (749) Distribution to holders of Unsecured Perpetual Debt (188) Proceeds from Non - Current borrowings 1,337 2,357 Repayment of Non· Current borrowings (921) (5,153) Proceeds from I (Repayment of) Current borrowings (net) 1,936 (998) Finance Costs Paid (including hedging cost and derivative (loss) on rollover and maturity (net)) (459) (701) Interest paid on lease liabilities (0) (0) Net cash generated from financing activities (C) 1,893 1,580 Net increase I (decrease) in cash and cash equivalents (A)+(B)+(C) 12 (373) Cash and cash equivalents at the beginning of the period 130 625 Cash and cash equivalents at the end of the period 142 252
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adani Rcnc w oblc s ADANI GREEN ENERGY LIMITED UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30 th SEPTEMBER 2026. Notes: 1. The above standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 2,st October. 2026. 2. The Statutory Auditors have carried out a limited review of the standalone financial results of the Company for the quarter and half year ended 30 th September, 2026. 3. Exceptional Items: The Company, based on the assessment of recoverability of the investments made (including unsecured perpetual debt) and loans (including outstanding accrued interest) given in various subsidiaries including step down subsidiaries, made an impairment provision of t 202 Crores during the previous year ended 3,sc March, 2026, including t 37 Crores, during the half year ended 30 th September , 2025. The impairment provision has been disclosed as an exceptional item in standalone financial results. 4. During the half year ended 30 th September, 2026, the Company has invested t 2,574 Crores in Unsecured Perpetual Debt and received back t 517 Crores from Unsecured Perpetual Debt of/ from various subsidiaries (including step down subsidiaries) . Distribution on Unsecured Perpetual Debt amounts received back during the period from various subsidiaries (including step down subsidiaries) are at the discretion of the issuer and thus the Company account the income on the declaration basis. The Company's investments in Unsecured Perpetual Debt are perpetual in nature with no maturity or redemption and are callable only at the option of the issuer. The distribution on these securities are cumulative and at the discretion of the issuer at the rate ranging from 10.00 % p.a. to 10.60% p.a. As these securities are perpetual in nature, ranked senior only to the share capital of issuer and the issuer does not have any redemption obligation, these are considered to be in the nature of equity instruments. 5. During the financial year 2024-25, the Company became aware of an indictment filed by United States Department of Justice (US DOJ) against two of the executive directors and one of the non-executive directors of the Company, and a civil complaint filed by Securities and Exchange Commission (US SEC), against one executive director and one non-executive director of the Company. The indictment and civil complaint both were filed in the United States District Court for the Eastern District of New York (EDNY). As per the indictment filed earlier, these directors had been charged on three counts in the criminal indictment. namely (i) alleged securities fraud conspiracy (ii) alleged wire fraud conspiracy and (iii) alleged securities fraud for making false and misleading statements, and as per US SEC civil complaint, directors omitting material facts that rendered certain statements misleading to US investors under Securities Act of 1933 and the Securities Act of 1934. The Company has not been named as Defendant in the indictment and civil complaint. Further, the Company confirms that it has made all appropriate disclosures in the past including in bond offering circulars. To uphold the principles of good governance, the Company had appointed independent law firms to perform an independent review to assess and evaluate related non-compliance, if any, in this . Such independent review was completed in financial year 2024-25 and did not identify -compliances or irregularities in the matter(s) .
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adani Rcncwoblcs As at 3pt March, 2026, pursuant to various filings made by the directors through their legal counsels, the matter remained pending determination before the court. Pending the outcome of the proceedings , the standalone financial statements for the year ended 3,st March , 2026 had been concluded without any mater ial impact or adjus tments, based on legal advice received and management 's assessment of compliance of app licable laws and regulations (including independent review made earlier) . Upon filing of request for entry of final judgement by US SEC before EDNY on 15th May, 2026, EDNY has entered into final judgement on 10th August, 2026 in the civil complaint filed by US SEC against both the directors of the Company, pursuant to their consent and without admitting the allegations. Pursuant to such final judgements, (i) EDNY has disposed of the civil complaint, and (ii) the directors are permanently restrained and enjoined from violating specified sections of Securities Act of 1933 and the Securities Act of 1934. Such final judgements required the directors to pay certain civil monetary penalties and the same has been paid. Further, upon filing of motion of dismissal by US DOJ with EDNY on 18th May, 2026 , the indictment filed by US DOJ against the three Directors has been dismissed and all the charges against them have been dropped by EDNY with prejudice in the matter pursuant to its order dated 10th August , 2026, which means a complete dismissal where the defendants have been protected against future prosecution for the same allegations. Based on the above , the matter has been concluded with no further proceedings pending in this regard, and accordingly no adjustments are required in the standalone financial results as at and for the quarter and half year ended 30th September , 2026. 6. During the previous year ended 3pt March, 2026 and comparative quarter ended 30 th September , 2025, the Company had recognised deferred tax assets/ credit of~ 191 Crores and~ 160 Crores respectively on its unused tax credits on past periods business losses since it has become probab le that the Company will have taxable profit in the future years aga inst which such tax credits can be utilised. 7. Other revenue from operations for the quarter and half year ended 30 th September, 2026 and comparative periods includes Income from Project Management Consultancy services, income from Infrastructure usage , Operation and Maintenance services income and generation based incentive . 8. The Company's activities involve sale of solar 8- wind power equipments (including sale to subsidiaries), renewable power generation and other related ancillary activities. Considering the nature of Company's business, as we ll as based on review of operating results by the Chief Operating Decision Maker to make decisions about resource allocation and performance measurement, there is only one reportable business segment in accordance with the requirements of Ind AS - 108 - "Operating Segments". 9. Employee benefits expense, finance cost and other expenses are net of costs allocated on projects and inventory of traded goods which are sold/ to be sold to subsidiaries and are also net of costs allocated to subsidiaries based on cost sharing arrangements. During the current period, to enhance operational efficiency, the Company has outsourced resources leading to reduction in manpower and other operating cost. 10. The comparative figures for the corresponding quarter ended 30 th September, 2025, year to date April, 2025, to 30 th September, 2025 , were reviewed by one of the Joint auditor, SRBC 8- nd predecessor joint auditor and the audited figures for the year ended 3pt March , 2026, dited by one of the Joint au • LP and predecessor joi
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adani RcnC W ;Jblcs 11. The Standalone Financial Results of the Company are presented int and all values are rounded to the nearest crores, except when otherwise indicated . Amounts less than t 50,00,000 have been presented as "0" . Place: Ahmedabad Date: 21 st October, 2026 For and on behalf of the Board of Directors V ,-1;/ll&J: y,~--- Vneet S. Jaain Managing Director
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SRB C & COLLP Chartered Accountants, 21 st Floor, B Wing, Privilon, Ambli BRT Road, Near Iskcon Temple, Off SG Highway, Ahmedabad 380 059 Shah Dhandharia & Co LLP Chartered Accountants, Abhijeet-1, 507, 5th Floor, Nr. Mithakali Cross Roads, Navrangpura, Ahmedabad 380 009 Independent Auditor's Review Report on the Quarterly and Year to date Unaudited Consolidated Financial Results of Adani Green Energy Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Adani Green Energy Limited I. We have reviewed the accompanying statement of unaudited consolidated financial results of Adani Green Energy Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as the "Group"), its associates and joint venture for the quarter ended September 30, 2026 and year to date from April 1,2026 to September 30, 2026 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). 2. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down "in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all sigi:iificant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable . 4. The Statement includes the results of the entities as mentioned in attached Annexure I. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of one of the joint auditors and other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. The accompanying statement includes unaudited interim financial results and other unaudited financial information (before consolidation related adjustments) in respect of: • 38 subsidiaries, whose unaudited interim financial results and other unaudited financial information reflects total assets of Rs 1,08,904 Crores as at September 30, 2026, total revenue of Rs 2,800 Crores and Rs 5,456 crores, total net profit after tax of Rs 409 Crores and Rs 1,073 Crores and total omprehensive inco ¼,f~ ;,,&,C and 1,088 Crores for the quarter ended September 30, 2026, nd year to date fro .......,,,.__---,::a,. o September 30, 2026, respectively, and net cash inflow of
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SRBC&COLLP Chartered Accountants Shah Dhandharia & Co LLP Chartered Accountants Rs. 105 Crores for the period from April 0 1, 2026, to September 30, 2026, as considered in the Statement, which have been reviewed by one of the joint auditor(s), individually or together with another auditor. • 65 subsidiaries , whose unaudited interim financial results and other unaudited financial information reflects total assets of Rs 76,142 Crores as at September 30, 2026, total revenue of Rs 1,405 Crores and Rs 2,260 crores, total net profit after tax of Rs 163 Crores and Rs 324 Crores and total comprehensive income of Rs 197 Crores and Rs 345 Crores for the quarter ended September 30, 2026, and year to date from April O I, 2026, to September 30, 2026, respectively, and net cash inflow of Rs. 89 Crores for the period from April 01 , 2026, to September 30, 2026, as considered in the Statement, which have been reviewed by their respective independent auditor(s); • I associate , whose interim financial results includes the Group's share ofnet profit of Rs 80 Crores and Rs 137 Crores and Group's share of total comprehensive income of Rs 80 crores and Rs 137 Crores for the quarter ended September 30, 2026, and year to date from April O 1, 206 to September 30, 2026, respectively , as considered in the Statement, which have been reviewed by its independent auditor. The independent auditor's and other auditors reports on interim financial results and other unaudited financial information of these entities have been furnished to us by the Management and our conclusion on the Statement , in so far as it relates to the amounts and disclosures in respect of these subsidiaries and an associate is based solely on the reports of such auditors and procedures performed by us as stated in paragraph 3 above. 7. The accompanying statement includes unaudited interim financial results and other unaudited financial information (before consolidation related adjustments) in respect of: • 79 subsidiaries , whose interim financial results and other financial information reflects total assets of Rs 94 Crores as at September 30, 2026, total revenue of Rs Nil and Rs Nil, total net profit after tax of Rs 17 Crores and Rs 15 Crores and total comprehensive income of Rs 15 Crore and 13 Crores for the quarter ended September 30, 2026, and year to date from April 01 , 2026, to September 30, 2026, respectively , and net cash inflow of Rs 16 Crores for the period from April 0 1, 2026, to September 30, 2026 , whose financial statements and other financial information have not been audited by any auditor(s). • I joint venture and I associate, whose interim financial results includes the Group's share of net profit of Rs 2 Crore and Rs 3 Crores and Group's share of total comprehensive income of Rs 2 Crore and Rs 3 Crores for the quarter ended September 30, 2026, and year to date from April 0 1, 2026, to September 30, 2026, respectively, whose financial statement and other financial information have not been audited by any auditor. The unaudited interim financial results and other unaudited financial information of these subsidiaries, joint venture and an associate have not been reviewed by any auditors and have been furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries, joint venture and associate is based solely on such unaudited interim financial results and other financial information as certified by the Management. According to the information and explanations given to us by the Management , the interim financial results of these entities are not material to the Group. Our conclusion on the Statement in respect of matters stated in para 6 and 7 above is not modified with respect to our reliance on the work done and the reports of the other auditors and the financial results and other financial information certi ~===:::,,.__ agement. Page 2 of 8
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SRBC&COLLP Chartered Accountants Shah Dhandharia & Co LLP Chartered Accountants 8. The comparative financial information of the Group for the corresponding quarter ended September 30, 2025 and year to date from April 01, 2025 to September 30, 2025, included in these unaudited consolidated financial results, were reviewed by one of the Joint auditor, SRBC & Co LLP and predecessor joint auditor and the financial statements of the Group for the year ended March 3 1, 2026, were audited by one of the Joint auditor, SRBC & Co LLP and predecessor joint auditor who expressed an unmodified conclusion /opinion on the same. For S R B C & CO LLP Cha red Accountants IC I irm registration number: 324982E/E300003 per Santosh Partner Membership .: 093669 UDIN: 26093669UFFNVY4389 Place of Signature: Ahmedabad Date: October 21, 2026 For Shah Dhandharia & Co LLP Chartered Accountants ICAI Firm registration number: l 18707W/Wl00724 c.--;- per Karan Amlani Partner Membership No.: 193557 ODIN : 26193557LKCOCQ1579 Place of Signature: Ahmedabad Date: October 21, 2026 Page 3 of 8
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SRBC&COLLP Chartered Accountants Shah Dhandharia & Co LLP Chartered Accountants Annexure I: List of entities whose financial results are included in the Consolidated financial results of Adani Green Energy Limited for the quarter and half year ended September 30, 2026 A) Holding Company Sr. No. Name of the En tit B) Wholly - Owned Subsidiaries Sr. No. Name of the Entity 1 Adani Renewable Energy (MH) Limited 2 Adani Renewable Energy (KA) Limited 3 Adani Renewable Energy Holding Five Limited 4 Adani Solar Enern:v Kutchh Two Limited (formerly Adani Solar Energy Kutchh Two Private Limited) 5 Adani Wind Energy Kutchh One Limited 6 Adani Renewable Energy Holding One Limited 7 Adani Wind Energy Kutchh Four Limited 8 Adani Renewable Energy Holding Two Limited 9 Adani Renewable Energy Holding Eleven Limited 10 Adani Renewable Energy Holding Seven Limited 11 Adani Renewable Energy Holding Eight Limited 12 Adani Renewable Energy Holding Nine Limited 13 Adani Renewable Energy Holding Six Limited 14 Adani Renewable Energy Holding Four Limited 15 Adani Green Energy Two Limited 16 Adani Renewable Energy Holding Three Limited 17 Adani Green Energy Pte Limited 18 Adani Renewable Energy Holding Twelve Limited 19 Adani Renewable Energy Holding Fifteen Limited 20 Adani Wind Energy (Gujarat) Limited (formerly known as Spine! Energy & Infra Limited) 21 Dinkar Technologies Limited 22 Adani Energy Holdings Limited 23 Wind One Renergy Limited (formerly known as Wind One Renergy Private Limited) 24 Wind Three Renergy Limited (formerly known as Wind Three Renergy Private Limited) 25 Wind Five Renergy Limited (formerly known as Wind Five Renergy Private Limited) 26 Adani Renewable Energy Five Limited 27 Adani Renewable Energy Six Limited 28 Adani Green Energy Fifteen Limited 29 Adani Green Energy Sixteen Limited 30 Adani Saur Urja (KA) Limited 31 Adani Renewable Energy Middle East Limited 32 AGEL Global IFSC Limited C Wholl - Owned Ste -Down Subsidiaries Sr. No. Name of the Entit 3 Adani Wind Ener0 4 Adani Wind Ener ni Green En Page 4 of 8
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SRBC&COLLP Chartered Accountants Shah Dhandharia & Co LLP Chartered Accountants Sr. No. Name of the Entity 10 Adani Solar Energy Jodhpur Two Limited 11 Adani Hybrid Energy Jaisalmer Five Limited 12 Adani Renewable Energy Two Limited 13 Adani Renewable Energy Four Limited 14 Adani Renewable Energy Ten Limited 15 Adani Renewable Energy Eleven Limited 16 Adani Green Energy Twenty Four Limited 17 Adani Green Energy Twenty Four A Limited 18 Adani Green Energy Twenty Four B Limited 19 Adani Green Energy Twenty Four C Limited 20 Adani Green Energy Twenty Five A Limited 21 Adani Green Energy Twenty Five C Limited 22 Adani Green Energy Twenty Six Limited 23 Adani Green Energy Twenty Six A Limited 24 Adani Green Energy Twenty Six B Limited 25 Adani Green Energy Twenty Six C Limited 26 Adani Green Energy Twenty Seven Limited 27 Adani Green Energy Twenty Seven A Limited 28 Adani Green Energy Twenty Seven B Limited 29 Adani Green Energy Twenty Seven C Limited 30 Adani Green Energy Thirty One Limited 31 Adani Green Energy Thirty Two Limited 32 Adani Wind Energy Kutchh Three Limited 33 Adani Wind Energy Kutchh Five Limited 34 Adani Green Energy Six Limited 35 Adani Hybrid Energy Jaisalmer Two Limited 36 Adani Solar Energy Kutchh One Limited 37 Adani Solar Energy AP One Limited 38 Adani Solar Energy AP Two Limited 39 Adani Solar Enern:v AP Three Limited 40 Adani Solar Energy AP Four Limited 41 Adani Solar Enern:v AP Five Limited 42 Adani Renewable Energy Seven Limited 43 Adani Renewable Energy Eight Limited 44 Adani Renewable Energy Fifteen Limited (formerly known as Adani Renewable Energy Fifteen Private Limited) 45 Adani Renewable Energy Devco Limited (formerly Adani Renewable Energy Devco Private Limited) 46 Adani Solar Energy Jodhpur Three Limited 47 Adani Solar Energy AP Six Limited ( formerly known as Adani Solar Energy AP Six Private Limited) 48 Adani Solar Energy Jodhpur Four Limited 49 Adani Solar Energy Jodhpur Five Limited 50 Adani Solar Energy KA Nine Limited (formerly known as Adani Solar Energy KA Nine Private Limited) 51 Adani Solar Energy RJ One Limited (formerly Adani Solar Energy RJ One Private Limited) 52 Adani Solar Energy AP Seven Limited ( formerly known as Adani Solar Energy AP Seven Private Limited) 53 Adani Renewable Energy Holding Nineteen Limited (formerly Adani Renewable Energy Holding Nineteen Private Limited) 54 Adani Solar Energy Jaisalmer One Limited (formerly Known as Adani Solar Energy Jaisalmer One Private Limited) 55- Adani Renewable Energy Sixteen Limited (formerly Known as Adani Renewable Energy Sixteen Private n Limited)* S ~ ~~ ~ dani Renewable E~ .-"'. Ml<':J}j~ imited (formerly Known as Adani Renewable Energy Twelve Private f 5~ ) , ited)* <)~Cl _ * I( *- ~ FRN O 1 ~ l 'v F- I l~-m1n7071r✓ / J::: J y, I ~ ~ V' ' .o, 724 "b ~ ~ - * ~ ~ 0 ~ ~~ - Q~~ '''%red cCO~,;,•,f' 'f:o ACC - Page 5 of 8
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SRBC&COLLP Chartered Accountants Shah Dhandharia & Co LLP Chartered Accountants Sr. No. Name of the Entity 57 Adani Solar Energy Jaisalmer Two Limited (formerly Adani Solar Energy Jaisalmer Two Private Limited) 58 Adani Renewable Energy Fourteen Limited (formerly Known as Adani Renewable Energy Fourteen Private Limited) * 59 Adani Renewable Energy Holding Eighteen Limited (formerly Known as Adani Renewable Energy Holding Eighteen Private Limited) 60 Adani Renewable Energy Holding Sixteen Limited (formerly Known as Adani Renewable Energy Holding Sixteen Private Limited) 61 Adani Solar Energy RJ Two Limited (formerly Adani Solar Energy RJ Two Private Limited) 62 Adani Renewable Energy Holding Seventeen Limited 63 Adani Solar Energy Barmer One Limited (formerly Known as Adani Solar Energy Barmer One Private Limited) 64 Adani Renewable Energy Eighteen Limited (formerly Known as Adani Renewable Energy Eighteen Private Limited)* 65 Adani Renewable Energy Nineteen Limited (formerly Known as Adani Renewable Energy Nineteen Private Limited)* 66 Adani Renewable Energy Twenty Limited (formerly Known as Adani Renewable Energy Twenty Private Limited till October 24, 2025) 67 Adani Renewable Energy Twenty One Limited (formerly Known as Adani Renewable Energy Twenty One Private Limited till October 26, 2025)* 68 Adani Wind Energy MP One Limited (formerly Known as Adani Wind Energy MP One Private Limited) 69 Adani Cleantech Two Limited 70 Adani Cleantech Two Holdings Limited 71 Adani Six Limited 72 Adani Six A Limited 73 Adani Seven Limited 74 Adani Seven A Limited 75 Adani Thirteen Limited 76 Adani Thirteen A Limited 77 Adani Fifteen Limited 78 Adani Fifteen A Limited 79 Adani Seventeen Limited 80 Adani Seventeen A Limited 81 Adani Energy Cleantech Two Holdings Limited 82 Adani Fifteen A Holdings Limited 83 Adani Seventeen A Holdings Limited 84 Adani Energy Two Holdings Limited 85 Adani Fifteen Holdings Limited 86 Adani Seventeen Holdings Limited 87 Adani Green Energy SL Limited 88 Vento Energy Infra Limited 89 Adani Solar Energy Jodhpur Seven Limited (Formerly Known as Adani Solar Energy Jodhpur Seven Private Limited) 90 Adani Solar Energy Jodhpur Eight Limited (Formerly Known as Adani Solar Energy Jodhpur Eight Private Limited) 91 Adani Solar Energy Jodhpur Nine Limited (Formerly Known as Adani Solar Energy Jodhpur Nine Private Limited till October 21, 2025) 92 Adani Solar Energy Jodhpur Ten Limited (Formerly Known as Adani Solar Energy Jodhpur Ten Private Limited) 93 Adani Renewable Energy Thirty Five Limited 94 Adani Renewable Energy Thirty Seven Limited 95 Adani Renewable Energy Forty Two Limited c ~4- •-~ Adani Renewable,.E~ ~ID Three Limited ~ ~ '7, 1'.() :,,.Adani RenewaQ~~jle rgy-r'--'.'~~~ine Limited !' / Q'1~ ~ / FRN J~~ n '-rt)_ <1> 111 11a101w. 1 i: I :I: ~ u, 1(;ui2l "'t1 Jl' 1/ i. o/! '' 1)~ ~ c.·,. --- /'. '! ~~ ' ,'' I(: { I I~ )' ~~0Acc O ' Page 6 of 8
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SRBC&COLLP Chartered Accountants Sr. No. Name of the Entity 98 Adani Renewable Energy Thirty Six Limited 99 Adani Renewable Energy Forty Limited 100 Adani Renewable Energy Forty Four Limited 101 Adani Renewable Energy Forty Seven Limited 102 Adani Renewable Energy Sixty Limited 103 Adani Renewable Energy Sixty Two Limited 104 Adani Renewable Energy Sixty Three Limited 105 Adani Renewable Energy Fifty Eight Limited 106 Adani Renewable Energy Sixty One Limited 107 Adani Renewable Energy Fifty Seven Limited 108 Adani Renewable Energy Fifty One Limited 109 Adani Renewable Energy Fifty Five Limited 110 Adani Renewable Energy Fifty Two Limited 111 Adani Renewable Energy Fifty Three Limited 112 Adani Renewable Energy Fiftv Four Limited 113 Adani Renewable Energy Fifty Nine Limited 114 Adani Renewable Energy One Limited 115 Adani Hydro Energy Five Limited 116 Adani Hydro Energy Two Limited l I 7 Adani Hydro Energy Three Limited 118 Adani Hydro Energy One Limited 119 Adani Hydro Energy Four Limited 120 Adani Green Energy Sixty Five Limited 121 Adani Green Energy Sixty Six Limited 122 Adani Green Energy Sixty Seven Limited 123 Adani Green Energy Sixty Eight Limited 124 Adani Green Energy Sixty Nine Limited 125 Adani Hydro Energy Ten Limited 126 Adani Hydro Energy Six Limited 127 Adani Hydro Energy Seven Limited 128 Adani Hydro Energy Eight Limited 129 Adani Hydro Energy Nine Limited 130 Adani Ecogen One Limited 131 Adani Ecogen Two Limited 132 Adani Ecogen Three Limited 133 Uriasetu Renewables Limited 134 Hydrobloom Power Limited 135 Adani Hydro Energy Eleven Limited 136 Adani Hydro Energy Twelve Limited 137 Adani Hydro Energy Fourteen Limited 138 Adani Hydro Energy Fifteen Limited 139 Adani Hvdro Energy Seventeen Limited 140 Adani Ecogen Four Limited 141 Ecothrive Renewables Limited 142 Adani Hydro Energy Thirteen Limited 143 Adani Hydro Energy Sixteen Limited 144 Adani Ecogen Five Limited 145 Adani Ecogen Six Limited 146 Adani Ecogen Seven Limited 147 Adani Ecogen Eight Limited 148 Windrix Energy Limited 9;49~ Skyspin Energy LimiteQn H..a~ ~ ~ '--~~•u>e , • the process ofstrijj,'tJfff---~<f~ 0 (--<> FRN 0 * ~ * I~ 11 (; 707W / r ) I ~ I /. ) ~ I ~ W1 (00724 *r; }1'\ 'I ~ Q,; ~ 1l "'I;{'. .;>,7, °l,..'1>~ ~ ~ fired 1ccou<;< !?~DAcc O-s - Page 7 of 8 Shah Dhandharia & Co LLP Chartered Accountants
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SRBC&COLLP Chartered Accountants Shah Dhandharia & Co LLP Chartered Accountants D) Step-Down Subsidiaries Sr. No. Name of the Entity Adani Renewable Energy Forty One Limited 1 (Wholly - Owned Step-Down Subsidiary of Adani Green Energy Limited till October 31, 2025, and Steo-Down Subsidiary of Adani Green Energy Limited with effect from November O 1, 2025) Adani Solar Energy Jodhpur Six Limited (formerly known as Adani Solar Energy Jodhpur Six Private 2 Limited) (Wholly - Owned Step-Down Subsidiary of Adani Green Energy Limited till October 31, 2025, and Step-Down Subsidiary of Adani Green Energy Limited with effect from November O 1, 2025) Adani Green Energy Twenty Five B Limited 3 (Wholly - Owned Step-Down Subsidiary of Adani Green Energy Limited till January 15, 2026, and Step-Down Subsidiary of Adani Green Energy Limited with effect from January 16, 2026) 4 Adani Renewable Energy Three Limited E) Controlled Entity & its Wholly owned subsidiaries, includin2 step down subsidiaries Sr. No. Name of the Entity 1 Adani Green Energy Twenty Three Limited (Controlled Entity) 2 Adani Green Energy (UP) Limited 3 Prayatna Developers Limited (formerly known as Prayatna Developers Private Limited) 4 Parampujya Solar Energy Limited (formerly known as Parampujya Solar Energy Private Limited) 5 Wardha Solar (Maharashtra) Limited (formerly known as Wardha Solar (Maharashtra) Private Limited) 6 Kodangal Solar Parks Limited (formerly known as Kodangal Solar Parks Private Limited) 7 Adani Renewable Energy (RJ) Limited 8 Adani Renewable Energy Nine Limited (Controlled Entity) 9 Adani Hybrid Energy Jaisalmer Three Limited 10 Adani Green Energy Twenty Five Limited 11 Adani Renewable Energy Forty Five Limited 12 Adani Renewable Energy Sixty Four Limited (Controlled Entity) 13 Adani Renewable Energy Fifty Six Limited 14 ARE64L Step-One Renewable Energy Limited 15 ARE64L Step-Two Renewable Energy Limited F) Joint Venture Company Sr. No. Name of the En tit I Adani Renewable Ener Park Ra'asthan Limited G) Associate Companies Sr. No. Name of the Entity I Mundra Solar Energy Limited 2 Minerva Renewables Holding RSC Limited Page 8 of 8
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adan i ADANI GREEN ENERGY LIMITED Ri;,r,~w.jbJ,;.,;, (CIN : L40106GJ2015PLC082007) Regd. Office: "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421, Gujarat (India) Phone : 079 -25555555; Fax: 079-26565500; Email: investor.agel@adani.com; Website: www.adanigreenenergy.com UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2026 Cf in Crores) Consolidated Sr. Particulars 3 Months ended 3 Months ended 3 Months ended 6 Months ended 6 Months ended For the year ended No. 30.09 .2026 30.06.2026 30.09.2025 30.09.2026 30.09 .2025 31.03 .2026 (Unaudited) (Audited) 1 Income (a) Revenue from Operations i. Powe r Supply 4,019 4,280 2,776 8,299 6,088 11,602 ii. Sale of Goods/ Equipments and Related Services 104 43 48 147 477 724 iii. Others (Refer note 14) 135 108 184 243 243 602 (b) Other Income 262 232 241 494 447 891 Total Income 4,520 4,663 3,249 9,183 7,255 13,819 2 Exp·enses (a) Purchase of Power 23 23 (b) Cost of Equipments/ Goods Sold 99 35 47 134 468 708 (c) Employee benefits expense (net) 28 22 47 50 80 150 (d) Finance Costs (net) 2,119 2,001 1.635 4,120 3,1 60 6,484 (e) Depreciation and amortisation e><pense 1,084 1,026 834 2,1 10 1,601 3,372 (f) Other Expenses (net) 311 389 311 700 615 1.302 Total Expenses 3,664 3,473 2,874 7,137 5,924 12,016 3 Profit before share of profit from Associate and Joint 856 1,190 375 2,046 1,331 1,803 Venture, Exceptional Items and Tax (1 ·2) 4 Exceptional items (Refer note 5) (2) (83) (2) (100) (219) 5 Profit before share of profit from Associate and Joint 856 1,188 292 2,044 1,231 1,584 Venture, and Tax (3+4) 6 Tax charge/ (credit) - Current Tax charge/ (credit) (Refer note 15) 71 49 (24) 120 70 180 • Tax relating to earlier periods charge 0 0 12 - Deferred Tax charge/ (credit) (Refer note 15) 120 214 (213) 334 (75) (178) 7 Profit after tax and before share of profit from Associate 665 925 529 1,590 1,236 1,570 and Joint Venture (5-6) 8 Share of Profit from Associate and Joint Venture 82 58 115 140 232 417 (net of tax ) 9 Profit for the period/ year (7+8) 747 983 644 1,730 1,468 1,987 10 Other Comprehens ive Income/ (Loss) Items that will not be reclassified to profit or loss in subsequent periods: (a) Remeasurement gain of defined benefit plans 6 1 6 1 0 Add/ Less: Income Tax effect (1) (0) (1) (O) (O) Items that will be reclassified to profit or loss in subsequent periods: (a) Exchange differen ces on translation of foreign 1 (4) 3 (3) 2 7 operations (b) Effective portion of gain/ (loss) on cash flow hedges 239 (82) 65 157 30 165 (net) Add/ Less: Income Tax effect (60) 21 (17) (39) (8) (42) Total Other Comprehensive Income/ (Loss) (net of tax) 185 (65) 52 120 25 130 11 Total Comprehensive Income (net of tax) (9+10) 932 918 696 1,850 1,493 2,117 Net Income Attributable to : Equity holders of the parent 673 845 583 1,518 1.296 1.652 Non-Controlling Interest 74 138 61 212 172 335 Other Comprehensive Income/ (Loss) Attributable to : Equity holders of the parent 163 (54) 36 109 14 101 Non-Controlling Interest 22 (11) 16 11 11 29 Total Comprehensive Income Attributable to : Equity holders of the parent 836 791 619 1,627 1.310 1,753 Non-Controlling Inter est 96 127 77 223 183 364 12 Paid up Equity Share Capital (Face Value f 10 per share) 1,647 1,647 1,647 1.647 1,647 1,647 13 Other Equity excluding Revaluation Reserves 17,643 14 Earnings Per Share (EPS) (fl (Not annualised) (Face Value f 1 O per share) Basic EPS (In r) 4.00 5.05 3.44 9.05 7.70 9.65 Diluted EPS (Inf) 4.00 5.05 3.44 9.05 7.70 9 .65
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adani ADANI GREEN ENERGY LIMITED -- (CIN : L40106GJ2015PLC082007) Rcncw.:JOIC:l Regd. Office: "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad - 382421, Gujarat Phone : 079-25555555; Fax : 079-26565500; Email : investor.agel@adani.com; Website : www.adanigreenenergy.com UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2026 Consolidated Balance Sheet ~ in Crores) As at As at Particulars 30th September, 2026 31st March , 2026 (Unaudited) (Audited) ASSETS Non - Current Assets (a) Property, Plant and Equipment 1.09,074 97,070 (b) Right of Use Assets 4,869 4,979 (c) Capital Work In Prog ress 21,968 19,016 (d) Goodwil l 3 3 (e) Other Intang ible As sets 80 86 (f) Inta ngible asset un der deve lopment 24 15 (g) Investme nts acco unted using Equity Method 1.461 1.282 (h) Financial Assets (i) Investment s 74 74 (ii) Trade Receivables 62 51 (iii) Loans 282 273 (iv) Other Financial Assets 6,866 6,258 (i) Non - Current Tax Assets (net) 230 216 U) Defe rred Tax Assets (net) 1.442 1.109 (k) Othe r Non - Current Assets 2,355 2,204 Total Non - Current Assets 1,48,790 1,32,636 Current Assets (a) Inventories 144 136 (b) Financial Assets (i) Investme nts 2,218 1.627 (ii) Trade Receiv ables 2,070 2,129 (iii) Cash and Cash Equiv alents 1.859 1.735 (iv) Bank balances other than (iii) above 1.607 1.031 (v) Loans 424 237 (vi) Other Financial Assets 2,780 2,341 (c) Other Curren t Assets 2,021 2,225 Total Current Assets 13,123 11,461 Total Assets 1,61,913 1,44,097 EQUITY AND LIABILITIES Equity (a) Equity Share Capital 1.647 1.647 (b) Inst ruments enti rely equity in nat ure 675 675 (c) Other Equity 19,270 17,643 Total Equity attributable to Equity Holders of the Parent 21,592 19,965 (d) Non - Controlling Interests 9,945 9,914 Total Equity 31,537 29,879 Liabilities Non - Current Liabilities (a) Financial Liabilities (i) Borrowi ngs 1.00.484 87,897 (ia) Lease Liabilities 2,775 2,858 (ii) Other Financi al Liabilities 132 97 (b) Provisions 484 43 2 (c) Deferred Tax Liabilities (Net) 2,176 1.468 (d) Other Non - Current Liabi lities 1.302 1,316 Total Non - Current Liabilities 1,07,353 94,068 Current Liabilities (a) Financia l Liabilities (i) Borrowing s 11.827 10.476 (ia) Lease Liabil itie s 254 209 (ii) Supp lier's Credit 3,032 2,105 (iii) Trade Payables - tota l outst anding dues of micro enterprises and small enter prises 48 43 •otal outst anding dues of creditors other than micro enter pri ses and C & Cs(!) nterprises 470 364 - ij~ (iv) 0 ancial Liabi lities 5,814 E ~ 5,623 C., (b) Ot er Cu '%, Liabili ties ~ ~HAR~ 1,245 n en ne~ 1,124 * (c !,cions t 124 (j ~ 18 IQ (d~ ent T, ~ abilities (net) ~ Cl -- ("' l . 209 ~ 3· 188 ~, \ Total Curren 1/IA'l it lities I ''.5( !.:;.'~ •• I \ f""' \ 23,023 \~_\.. /i£"' i:!0,150 ~ ~~tal Liab~ ~ /,~ I ~ \ :::•::n-n'7?4 /-0 J 1,30,376 ~ - '(~ ,14,218 ... Tv- I __ .,, Y""bilities ~ ~ \.. • {ff_ / ,: 1, 1,61,913 ~ 1.44,097 - - , .... - . L~ :-,_'Ii
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adani ADANI GREEN ENERGY LIMITED PcnCW7b1c~ (CIN : L40106GJ2015PLC082007) Regd. Office: "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad • 382421, Gujarat (India) Phone : 079-25555555; Fax : 079-26565500; Email : investor.agel@adani.com; Website : www .adanigreenenergy .com UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2026 Consolidated Statement of Cash Flows ~ in Crores) For the period ended For the Period ended Particulars 30th September , 2026 30th September, 2025 (Unaudited) (A) Cash flows from operating activities Profit before tax (Excluding share of Profit in Associate and Joint Venture and after 2,044 1,231 exceptional items): Adjustments to reconcile profit before tax to net cash flows: Interest Income (382) (275) Gain on sale/ fair valuation of investments measu red at Fair value through profit and (57) (75) loss (net) (Gain)/ Loss on sale discard of Proper ty, plant and equip ment (net) (3) 29 Depreciation and amort isat ion expenses 2,110 1,601 Loss on Exceptional items (other than Operating activit ies) 2 100 Provision/ Liabilities no longer required written back (0) (54) Bad debt written off 14 Finance Costs (including derivative cost) 4,120 3,160 Provis ion for Advances 31 Gain on modification of lease (12) Unrealised Foreign Exchange Fluc tua tion loss I (gain) (net) 0 (4) Operating profit before working capital changes 7,822 5,758 Working Capital Changes: (Increase) / Decrease in Operating Assets Other Assets (8 9) (243) Other Financ ial Assets (20) (723) Inventories (8) (4) Trade Receivables 48 (382) Increase / (Decrease) in Operating Liabilities Suppliers · Credit 927 997 Provisions 103 (0) Other Liabilities 107 109 Trade Payables 111 15 Other Financial Liabilities (17) (25) Net Working Capital Changes 1,162 (256) Cash flows generated from operations 8,984 5,502 Less : Income Tax (Paid) (net) (113) (129) Net cash generated from operating activities (A) 8,871 5,373 (B) Cash flows from investing activities Payment made for acquis ition of Property , Plant and Equipment and Intangible assets (16,012) (12'.297) (including capital advances . capital work in progress and capi tal creditors) Proceeds from sale of Property , Plant and Equipment 28 75 Payment made for Non Current investment in Associate (38) Payment made for/ Proceed from Sale of (Investment in) Units of Mutual Fund (net) (534) 6 Payment made for fixed/ margin money deposits placed with banks (8,785) (3.421) Proceeds from fixed/ margi n money deposits Withdrawn from banks 6,619 3,083 Payment made for Non Current Loans given to related parties and others (28) (158) Proceeds from Non Current Loans received back from related parties and others 19 21 Payment made for Current Loan given to related parties and others (net) (188) (62) Interest received 115 160 Net cash flows (used in) investing activities (B) (18,804} (12,593) (C) Cash flows from financing activities Proceeds from Equity Share issue against Share warrants . 7,012 Repayment towards redemption of Unsecu red Perpetual Debt (749) Distribution to holde rs of Unsecured Perpetual Debt . (188) Payment towards principal portion of Lease Liabilities (45) Proceeds from Non - Current borrowings 15,834 17,604 Repayment of Non - Current borrowings (including USO bonds in previous year) (2,989) (10.421) Proceeds from/ (Repayment of) Current - borrowings (net) 838 (1 ,122) Distribution to Non Controlling shareholders (192) (383) Finance Costs Paid (including hedging cost and derivative (loss)/ gain on rollover and (3,353) (3,732) maturity (ne t)) Interes t paid on lease liabi lit ies (8 1) (113) Net cash flows generated from financing activities (C) 10,057 7,863 Net increase in cash and cash equivalents (A)+(B)+(C) 124 643 Cash and cash equivalents at the beginning of the period 1,735 2,212 Cash and cash equivalents at the end of the period 1,859 2,855
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adan i Rcncw.:::iblcs ADANI GREEN ENERGY LIMITED UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2026. Notes : 1. The above consolidated financial results have been reviewed by the Audit Committee and approved by the Board of Directors of Adani Green Energy Limited (the "Holding Company ") in their respect ive meetings held on 2,st October, 2026 . 2. The Statutory Auditors have carr ied out a limited review of the consolidated f inancial resu lts of the Holding Company and its subsidiaries (togethe r referred to as the "Group "), and its share of net profit after tax and total comprehensive income of its joint ventu re and associates for t he quarter and half year ended 30 th September, 2026 . 3. Ten (10) subsidiaries and step down subsidiaries of the Group have commissioned 5,143 MW of projects (inc luding 343 MW commissioned in current quarter ended 30 th September, 2026, 150 MW commissioned in previous quarter ended 30 th June, 2026, 2,763 MW commissioned till financial year 2024-25 and 1,887 MW commissioned during the financial year 2025-26) in terms of Power Purchase Agreement ('PPA') with Solar Energy Corporation of India ('SECI'). However pending avai labi lity of Long term access/ connect ivity to access the interstate transmiss ion system (ISTS) by Centra l Transm ission Ut ility (CTU) to evacuate power from generat ion project to the delivery point(s) / benefic iary, these subsidiaries are selling contracted capac ity power in open access market since capitalisation of projects pending Scheduled Commercial Operation Date (SCOD) as per PPA. 4. The Group has renewable generation operational capacity of 20,763 MW as at 30 th September , 2026, whereas the same was 16,680 MW as at 30 th September, 2025 . As at 3pt March, 2026, the Group 's operational capacity was 19,294 MW. 5. Exceptiona l items: (i) Dur ing the quarter ended 30 th June, 2026 and half year ended 30 th September , 2026, Wind Five Renergy Limited , a subsidiary of the Holding Company, refinanced / repa id its borrowings . On account of such prepayment of its borrowings , the Group recognised a onetime expense amounting tot 2 Crores, pertaining to unamortised borrowing cost and prepayment charges . Similarly, during the previous year ended 31 st March, 2026, the Group had recognised a onetime expense amounting tot 178 Crores (including t 83 Crores during the quarter and half year ended 30 th September, 2025) pertaining to unamort ised borrowing cost and prepayment charges on refinancing/ repayment of borrowings incurred by 4 subsidiaries and 7 step down subs idiaries of the Holding Company. Such amounts are disc losed as an exceptiona l item in the conso lidated financia l resu lts. (ii) During the comparative half year ended 30 th September, 2025 and year ended 31 st March, 2026, the Group had decided not to proceed with execution of projects in 5 subsidiaries and accordingly capital costs incurred by the Group amounting tot 17 crores in relation to underlying projects had been written off in the books of accounts of the 5 subsidiaries and the same was disclosed as an exceptional item in the consolidated financial results of half year ended 30 th September, 2025 and year ended 3pt March, 2026. During the year ended 31 st March, 2026, Adan i Solar Energy Jaisalmer Two Private Limited " , a subsid iary of the Hold ing Comp • uidated damages oft 24 Crores on xiting out of the Power Purchas ~ Solar Energy Corporation of India . d damages incurred were disclo s I items in the co • • cial year ended 31 st March , 2026 . ( u
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adani Rcncwob!cs 6. (i) During financial year 2023-24 , in a matter relating to differential tariff dispute with Gulbarga Electricity Supply Company Limited and Hubli Electric ity Supply Company Limited (DISCOMs), on account of delayed comm issioning of 10 MW and 40 MW projects , pending with Appel late Tribunal for Electric ity ("APTEL") since 2021, relating to Parampujya Solar Energy Limited ("PSEL") and Adani Green Energy (UP) Limited ("AGEUPL") - wholly owned subsidiaries of controlled Company, Adani Green Energy Twenty Three Limited, received funds from DISCOM under protest, towards differential rate tariff (including late payment surcharge and refund of liquidity damages) and subsequently continues to realise entire energy supply charges at PPA rates. During the financial year 2023-24, PSEL and AGEUPL have determined collection as "probable" for "revenue recognition purpose" in line with relevant Ind AS 115 - Revenue from Contracts with Customers and had recognized the incremental revenue and related late payment surcharge, including pertaining to past periods. The cumulative revenue recognised by PSEL and AGEUPL till 30 th September, 2026 towards differentia l rate tariff oft 46 Crores, including t 1 Crore for the current quarter and t 3 crore for the half year ended 30 th September, 2026. Further, basis favourable order received from Karnataka Electricity Regulatory Commission ("KERC"), AGEUPL has recognised Late Payment Surcharge ("LPS") income of~ 2 crores during the quarter , pertaining to earlier periods, also realised . The management bel ieves that the favourable order as passed by the Karnataka Electricity Regulatory Commission ("KERC") will continue to be upheld at APTEL, a forum where DISCOMs have filed an appeal in the matter , expecting a favourable outcome in future . (ii) In case of AGEUPL, in a matter relating to tariff dispute with Uttar Pradesh Power Corpo rat ion Limited (DISCOM) on account of delayed commiss ioning of the 50MW project beyond the contractually agreed as per power purchase agreement, AGEUPL has received a favourable order from Appellate Tribunal for Electr icity ("APTEL") on 28 th November, 2022 directing DISCOM to make payment against supply of energy by the Company at tariff rate oft 7.02 I kWh upto October, 2022 instead of reduced tariff rate oft 5.07 I kWh against which DISCOM had filed an appeal in Hon 'ble Supreme Court. Hon'ble Supreme Court via order dated 27th February, 2023 directed DISCOM to make payment at tariff oft 7.02/kWh for power sale for all past periods and upto October. 2022 including late payment surcharge. For subsequent period, Hon 'ble Supreme Court had directed DISCOM to make payments at tariff rate on 5.07 I kWh and make provision for tariff rate difference, pending final hearing of Hon'ble Supreme Court. During the financial year 2022-23, AGEUPL, based on the assessment of Hon'ble Supreme Court order, ascertained collect ion of revenue for the differential tariff rate , as "probable" for "revenue recognit ion purpose" in line with 'Ind AS 115 - Revenue from Contracts with Customers' and re_cognised the incremental revenue including those perta ining to past periods. The cumulative revenue recognised by the Company till 30 th September , 2026 is t 133 Crores towards differential rate tariff (the unrealised amount since October. 2022 is t 69 Crores) , including r 3 Crores for the current quarter and t 8 crore for the half year ended 30 th September, 2026. 7. In the matter relating to tariff dispute with Tamilnadu Generation and Distribution Corporation (TANGEDCO) on account of delayed commissioning of 288 MW projects in severa l entities, Appel late Tribuna l for Electric ity ("APTEL") vide its order dated 7th October, 2022 all owed entitlement of higher PPA tariff oft 7.01 I kWh as against the reduced tariff oft 5.10 / kWh for power supply to TANGEDCO by Kamuthi Solar Power Limited (KSPL) and Ramnad Renewable Energy Limited (RREL) (Since merged with Controlled Company, Adani Green Energy Twenty Three Limited) against which the TANGEDCO had filed an appeal in Hon'ble Supreme Court (SC). The Hon'ble Supreme Court refused the interim relief by its order dated 17th February, 2023 against the Appellate Tribunal for Electricity ("APTEL") order . The Company continues to recognise and collect revenue during the subsequent periods towards power sale to TANGEDCO at higher PPA tariff of r 7.01 / kWh as it expects a favourable outcome against the appeal in Hon'ble Supreme Court . ~ :::=!i~:9.Ul ative revenue recognised by Adan i Green Energy Twenty Three Limited from the financial _ ,,- .,,_02, 6-17 till 30 th September, 2026 towards differential tariff is r 1.132 crores (including r 23 for fJ t quarter and r 47 crore for the half year ended 30 th September, 2026) . ~oHARl4 <::>v;-~ <IC'_ .::t' FRN O ~ 118707W / J:. ell W1~ 24 "tJ * * °" -*
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adani Rcncw::ib!cs Although the matter is pending in appeal with the Hon'ble Supreme Court ("SC"), the management believes that the favourable order as passed by APTEL will continue to be upheld by the SC and it does not expect adjustments to the revenue recognised in the books . 8. In a matter relating to commissioning of 50 MW project by Wind Five Renergy Limited ("WFRL" wholly owned subsidiary Company), the Bihar Discom refused to accept the commissioning date falling within the contractually agreed timelines under PPA as certified by Solar Energy Corporation of India Limited (SECI). Whereby receivables of r 32 Crores against supply of energy during March, 2021 to July, 2022 was disputed by DISCOM. As per WFRL, this stand of DISCOM resulted into automatic termination of the PPA. WFRL vide letter dated 10th November, 2022 communicated the automatic termination of PPA w.e.f. 4th July, 2019, based on the stand taken by Bihar Discom. WFRL also filed a petition in January, 2023 before Central Electricity Regulatory Commission (CERC) claiming the differential tariff of average power exchange price vis-a-vis what has been paid so far from PTC India Limited (PTC), along with interest. WFRL is presently selling power to third parties under open access pending the aforesaid petition before CERC. The management expects a favourable outcome in the matter and considers the receivable of r 32 Crores accounted in the books towards energy supplied to DISCOM to be good for recovery. 9. During the financial year 2024-25, the Holding Company became aware of an indictment filed by United States Department of Justice (US DOJ) against two of the executive directors and one of the non-executive directors of the Holding Company, and a civil complaint filed by Securities and Exchange Commission (US SEC), against one executive director and one non-executive director of the Holding Company. The indictment and civil complaint both were filed in the United States District Court for the Eastern District of New York (EDNY). As per the indictment filed earlier, these directors had been charged on three counts in the criminal indictment, namely (i) alleged securities fraud conspiracy (ii) alleged wire fraud conspiracy and (iii) alleged securities fraud for making false and misleading statements, and as per US SEC civil complaint, directors omitting material facts that rendered certain statements misleading to US investors under Securities Act of 1933 and the Securities Act of 1934. The Holding Company has not been named as Defendant in t_he indictment and civil complaint. Further, the Holding Company confirms that it has made all appropriate disclosures in the past including in bond offering circulars. To uphold the principles of good governance, the Holding Company had appointed independent law firms to perform an independent review to assess and evaluate related non-compliance, if any, in this matter. Such independent review was completed in financial year 2024-25 and did not identify any non-compliances or irregularit ies in the matter(s). As at 31st March, 2026, pursuant to various filings made by the directors through their legal counsels, the matter remained pending determination before the court. Pending the outcome of the proceedings, the consolidated financial statements for the year ended 31st March, 2026 had been concluded without any material impact or adjustments, based on legal advice received and management's assessment of compliance of applicable laws and regulations (including independent review made earlier). Upon filing of request for entry of final judgement by US SEC before EDNY on 15th May, 2026, EDNY has entered into final judgement on 10th August, 2026 in the civil complaint filed by US SEC against both the directors of the Company, pursuant to their consent and without admitting the allegations. Pursuant to such final judgements, (i) EDNY has disposed of the civil complaint, and (ii) the directors are permanently restrained and enjoined from violating specified sections of • • ct of 1933 and the Securities Act of 1934. Such final judgements required the directors ~=-::=:::::::,..__ • civil monetary penalties and the same has been paid. Further, upon filing of motion y US DOJ with EDNY on 1 -~=-:c=~ , the indictment filed by US D rs has been dismissed an s against them have been dr rr "'t1
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adan i Rcncw.:iblcs with prejudice in the matter pursuant to its order dated 10th August , 2026, which means a complete dismissal where the defendants have been protected against future prosecution for the same allegations. Based on the above, the matter has been concluded with no further proceedings pending in this regard, and accordingly no adjustments are requ ired in the consolidated financial results as at and for the quarter and period ended 30th September, 2026. 10. During the half year ended 30 th September, 2026, the Holding Company has incorporated following entities as step down subsidiaries: Sr. Name of Company No. 1 ARE64L Step-One Renewable Energy Limited 2 ARE64L Step-Two Renewable Energy Limited 3 AGEL Global IFSC Limited 11. Considering the nature of Group's business, as well as based on review of operating results by the Chief Operating Decision Maker ("CODM") to make decisions about resource allocation and performance measurement, the Group has identified two reportable segments viz. (a) renewab le power generation and other related ancillary activities (refer note 14 for description of such ancillary activities) and (b) sale of goods and renewable power equipment . Sale of goods and renewable power equipment segment also includes sales by an associate viz. Mundra Solar Energy Limited, which is accounted for as per the equity method under relevant Ind AS.
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adan i Rcncwz:iblcs Following are the details of segment wise revenue, results, segment assets and segment liabilities. fin crores 3 Months 3 Months 3 Months 6 Months 6Months For the Particulars ended ended ended ended ended year ended 3009,2026 3006.2026 3009,2025 3009,2026 3009 .2025 31.03.2026 Revenue from 011erations Renewable power generation and 4,159 4,394 2,966 8,553 6,342 12,227 other related ancillary activities Sale of Goods/ Equipments and Related Services 534 341 349 875 1,167 2,007 Elimination/ Adjustments (435) (304) (307) (739) (701) (1,306) Total 4,258 4,431 3,008 8,689 6,800 12,928 Profit before tax Renewable power generation and other related ancillary activities 854 1,182 296 2,036 1,228 1,578 Sale of Goods/ Equipments and Related Services 121 77 137 198 284 516 Elimination/ Adjustments (119) (71) (141) (190) (281) (510) Total 856 1,188 292 2,044 1,231 1,584 Profit aftEr tax Renewable power generation and other related ancillary activities 661 919 530 1,580 1,231 1,561 Sale of Goods/ Equipments and Related Services 86 64 114 150 237 426 Elimination/ Adjustments - - - - Total 747 983 644 1,730 1,468 1,987 Segment Assets Renewable power generation and 1,60,346 1,51,304 1,24,315 1, 60,346 1,24,315 1,42,540 other related ancillary activities Sale of Goods/ Equipments and 1,567 1,744 1,562 1,567 1,562 1,557 Related Services Total 1,61,913 1,53,048 1,25,877 1,61,913 1,25,877 1,44,097 Segment Liabilities Renewable power generation and 1,30,376 1,22,443 95,840 1,30,376 95,840 1,14,179 other related ancillary activities Sale of Goods/ Equipments and 278 - 278 39 Related Services Total 1,3Q376 1,22,443 96,118 1,3Q376 96,118 1, 14,218
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adani Rcncwoblcs 12. Pursuant to the Joint Venture Agreement ("JVA") dated 8th April 2026 entered between t he Holding Company and Minerva Holding RSC Limited, Abu Dabhi, the Holding Company, through its wholly owned subsidiary, Adani Renewable Energy Middle East Limited, invested in Minerva Renewable Holding RSC Lim ited ("Investee") by acquiring 12,500 ordinary shares for an aggregate consideration of USO 2,525,000 ('{ 24 Crores). During the current quarter, the Group made a further investment in the Investee through the acquisition of an additional 20,125 ordinary shares for an aggregate consideration of USO 1,515,000 ('{ 14 Crores), taking the total investment to USO 4,040,000 ('{ 38 Crores) . Based on the evaluation of the governance structure, decision-making rights, and other relevant terms of the arrangement, the Group has determined that it has signif icant influence over the Investee and accordingly, the investment has been classified and accounted for as an associate in accordance with the applicable Ind AS requirements. 13. Dur ing the half year ended 30 th September, 2026, Adani Green Energy Twenty Three Limited and Adani Renewable Energy Nine Limited, the Controlled entities of the Holding Company have distributed'{ 181 Crores and'{ 11 Crores respectively to TotalEnergies Renewables Singapore Pte Limited (TOTAL) on Compulsory Convertible Debentures (CCD) held by TOTAL. Considering the CCD instrument is considered as equity in nature, the payment of'{ 192 Crores is netted off from Non controlling Interest (NCI) attributable to TOTAL in above unaudited consolidated financial results . 14. Other revenue from operations for the quarter and half year ended 30 th September, 2026, and comparative periods includes Income from Viability Gap Funding and Change in Law, Income from Carbon Credit (net) / Renewab le Energy Cert ificate , Generation based incentive , Income from Project Management Consultancy services, income from Infrastructure usage and Operat ion and Maintenance services income. 15. During the half year ended 30 th September , 2026 and year ended 31 st March, 2026, the current tax charge of controlled entities is adjusted considering distribution made to Compulsory Convertible Debentures (CCD). During the previous year ended 3pt March, 2026 and comparative quarter ended 30 th September, 2025, the Group had recognised deferred tax assets/ credit of'{ 191 Crores and'{ 160 Crores respect ively on its unused tax credits on past years business losses relating to its Holding Company since it has become probable that the Holding Company wil l have taxable prof it in future years against which such tax credits can be utilised. 16. Employee benefits expense, finance cost and other expenses are net of amounts allocated to project entities (including project inventories). Interest costs are also allocated to projects (qualifying assets) in consolidated financial results as per Ind AS 23: Borrowing Costs, considering qualifying assets in project entities are financed by intra-group loans, which are eliminated in consolidation. During the current period, to enhance operational efficiency, the Holding Company has outsourced resources leading to reduction in manpower and other operating cost. 17. The comparative figures for the corresponding quarter ended 30 th September, 2025, year to date from pt April. 2025, to 30 th September, 2025 were reviewed by one of the Joint auditor, SRBC e,. Co LLP and predecessor joint auditor and the audited figures for the year ended 3pt March, 2026, were audited by one of the Joint auditor, SRBC e,. Co LLP and predecessor joint auditor.
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adani Rcncwob lcs 18. The Consolidated Financial Results of the Group are presented int and all values are rounded to the nearest crore, except when otherwise indicated. Amounts less than t 50,00,000 have been presented as "0" . Place: Ahmedabad Date: 21st October, 2026 For and on behalf of the Board of Directors V er1.J1J'1~ w~:---- vneet S. Jaain Managing Director
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1. EBITDA from Power Supply = Revenue from Power Supply + Carbon credit income (part of Other Operating Income) + prompt payment discount - Employee Benefit Expenses – Other Expenses excluding loss on sale of assets and such one-off expenses 2. B attery storage capacity on installed basis 3. Cash Profit = PAT + Depreciation + Deferred Tax + Exceptional Items 4. MUs: million units Media Release Adani Green Energy’s energy sales grew 32% YoY to 25.8 billion units resulting into EBITDA1 growth of 41% in H1 at Rs. 7,957 crore Q2 EBITDA of Rs 3,835 crore registered strong growth of 51% YoY Operational capacity of 20.8 GW in H1FY27 represents capacity addition growth of 24% YoY further strengthening our leadership position in the sector With 3.08 GWh2 of BESS capacity addition in Q2, the cumulative BESS capacity of 6.63 GWh2 accounts for more than 50% of India’s operational BESS capacity EDITOR’S SYNOPSIS - Energy sales: Grew by 32% YoY to 25,747 MUs in H1 and 33% YoY in Q2 to 12,090 MUs - Revenue from power supply: Grew by 36% YoY in H1 to Rs. 8,299 crore and ended 45% higher to Rs. 4,019 crore YoY in Q2 - EBITDA from power supply : Surged 41% YoY in H1 to Rs. 7,9 57 crore and up 51% YoY to Rs . 3,835 crore in Q2 - Cash profit: Up 35% YoY to Rs. 4,176 crore in H1 and grew by 45% YoY to Rs. 1,951 crore in Q2 - Capex of Rs 17,160 crore in H1 grew by 38% YoY; Net debt to run-rate EBITDA stands at 5.6x Ahmedabad, 21 October 2026: Adani Green Energy Ltd (AGEL), India’s largest and fastest-growing pure-play renewable energy (RE) company, has announced financial results for the period ending 30 September 2026, showcasing operational and financial performance. FINANCIAL PERFORMANCE – Q2 and H1 FY27: (Rs. in crore) - The stellar growth in revenue and EBITDA is driven by consistent capacity expansion, deployment of advanced RE technologies and strong operating performance across all our sites. The sale of energy increased by 32% YoY to 25,747 million units in H1 backed by robust capacity addition of 4,083 MW, which grew by 24% YoY - Installed BESS (battery storage) capacity of 3,081 MWh in Khavda in Q2 FY27 to reach total capacity of 6,632 MWh which accounts for more than 50% of India’s operational BESS capacity. This capacity also makes it world's largest single-location BESS deployments - With robust capacity addition in battery storage so far , AGEL may surpass 10 GWh of BESS capacity guidance in FY27 Particulars QoQ Performance Half Yearly Performance Q2 FY26 Q2 FY27 % change H1 FY26 H1 FY27 % change Revenue from Power Supply 2,776 4,019 45% 6,088 8,299 36% EBITDA from Power Supply 1 2,543 3,835 51% 5,651 7,957 41% EBITDA margin (%) 90.5% 92.0% 91.8% 92.9% Cash Profit 3 1,348 1,951 45% 3,094 4,176 35%
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Mr. Ashish Khanna , CEO, Adani Green Energy , stated: “ As India’s largest renewable energy company, we take pride in driving the sector’s momentum. This is reflected in our strong execution in H1 FY27, with our operational renewable energy portfolio growing 24% year-on-year to 20.8 GW and energy sales increasi ng 32%, supporting robust operating performance across our solar, wind and hybrid assets. Performance during the quarter was equally strong with energy sales increasing 33% year -on-year and revenue from power supply increasing 45% year-on-year to Rs. 4,019 crore while EBITDA from power supply grew 51% YoY. We also achieved a significant milestone in energy storage, expanding our operational BESS capacity at Khavda to 6.63 GWh —the world’s largest single- location battery storage installation. This makes AGEL India’s largest BESS operator, accounting for more than half of the country’s operational capacity. We remain focused on scaling up storage deployment while closely monitoring the availability of transmission infrastructure.” CAPACITY ADDITION & OPERATIONAL PERFORMANCE – H1 FY27: • Operational Capacity: The operational capacity grew by robust 24% YoY to 20.8 GW, putting us on track to achieve 50 GW target by 2030 AGEL added 4,083 MW greenfield capacity on YoY basis including 2,957 MW of solar capacity (2,568 MW in Khavda, Gujarat and 389 MW in Rajasthan); 805 MW wind capacity (666 MW in Khavda and 139 MW in Mundra) and 321 MW of solar-wind hybrid capacity in Khavda • Energy Sales: Surged by 32% YoY to 25,747 mn units on the back of capacity expansion and strong operating performance across our renewable sites • O&M Efficiency: AGEL’s O&M is driven by advanced technology with Energy Network Operation Center enabling real time monitoring of the renewable plants across the country. This has not only enabled consistent higher plant availability in turn resulting in higher electricity generation but also led to reduction in O&M cost resulting in industry-leading EBITDA margin of 93%. adani Renewables ■ H ybri d ■ Wi n d ■ Solar Operational Capacity (in MW AC) H1 FY26 H1 FY27 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY27 --Solar --Wind --Hybrid Sale of Energy (mn units) ■ H y b rid ■ W i n d ■ Solar H1 FY26 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H1 FY27 --Solar --Wind --Hybrid H1 FY27 FY20 FY21 FY22 FY23 FY24 FY25 FY26 H 1 FY27 - Solar --Wind --Hybrid
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• Capex Efficiency: During H1 FY27, we invested approximately Rs. 17,160 crore of capex, representing a 38% YoY increase, demonstrates our continued commitment to disciplined capital deployment and long-term growth DEVELOPMENT OF THE WORLD’S LARGEST RE PLANT AT KHAVDA: • World’s largest power plant: AGEL is steadily progressing in the develop ment of the massive 30 GW renewable energy plant at Khavda in Gujarat. This is spread over an area of 538 sq km, almost 5 times the city of Paris. This project will set a global benchmark for the development of ultra large-scale renewable energy plants. The operational capacity in Khavda has increased to 10.8 GW 4 from 7.1 GW a year back. Our investment in BESS is also helping address curtailment challenges at Khavda by enabling greater flexibility in managing renewable energy generation. • Rapid execution: Now, the operational portfolio at Khavda stands at 10,752 MW4 solar, wind and hybrid capacity. With robust manpower deployment, localized supply chain and advanced technologies like robotic solar module installation, AGEL is on track to achieve 30 GW RE capacity in Khavda by 2029 setting a global benchmark for the speed of execution at such a large scale. 4. This includes 10,002 MW RE capacity that is AGEL’s generation capacity, and remaining 750 MW capacity set up for other Adani group companies. ESG LEADERSHIP: • Consistently recognized for ESG commitment: o Largest Project of the Year Award at India Energy Storage Week (IESW) 2026 for the Khavda Battery Energy Storage System (BESS) project o Ranked amongst the Top 10 companies globally in ESG evaluation undertaken by seven leading ESG rating agencies o Ranked no. 1 in the Utility sector by NSE Sustainability Ratings and Analytics for the second consecutive year o Ranked no. 1 globally in the alternative electricity subsector by FTSE Russell for the second consecutive year o Received Clean Power Generation Award at the Reuters Energy Industry Awards 2026 held in New York o Achieved CareEdge-ESG 1+ Rating with a record-high score of 87.3, the highest ever assigned across all sectors for second consecutive year o Ranked no. 1 in the Power Generation sector by CRISIL for the fifth consecutive year adani Renewables Renewab le Energy Capacity in Khavda (MW) 30,000 10,752 Operational • 1 HFY27 Target - 2029
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About Adani Green Energy Limited Adani Green Energy Ltd. (AGEL) is India’s largest and one of the leading renewable energy companies in the world enabling the clean energy transition. AGEL develops, owns, and operates utility -scale, grid - connected solar, wind, hybrid, and energy storage solutions . AGEL currently has an operating renewable portfolio of 20.8 GW and 6.63 GWh of battery energy storage, the largest in India, spread across 12 states. The company has set a target of achieving 50 GW of capacity including 5 GW of pump storage by 2030 and 50 GWh battery energy storage in the next five year, aligned to India’s decarbonization goals. AGEL is focused on leveraging technology to reduce the Levelized Cost of Energy (LCOE) in pursuit of enabling large-scale adoption of affordable clean energy. AGEL is developing the world’s largest renewable energy plant (30 GW) on barren land at Khavda, Gujarat, covering 538 square kilometers, an area five times larger than Paris. AGEL’s operating portfolio is certified as water positive, single-use plastic free and zero waste- to-landfill, a testament to the company’s commitment to power sustainable growth . For more information, visit: www.adanigreenenergy.com Disclaimer: No representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained in this release. Certain statements made in this release may be "forward- looking statements" based on currently held beliefs and assumptions of the management of Adani Energy Solutions Limited, which may involve known and unknown risks and uncertainties that may cause actual results to differ materially from projected results. This release is for general information purposes only and does not constitute an offer or invitation to purchase or subscribe for any securities. Past performance is not necessarily indicative of future results. The company disclaims any obligation to update forward-looking statements to reflect future events or developments. Media Contact: Investor Relations Contact: Roy Paul Vijil Jain Adani Group Head of IR, Adani Green Energy Ltd. roy.paul@adani.com vijil.jain@adani.com adani Renewables