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Earnings Presentation – Q2 FY27 | 23rd October 2026 Adani Power Limited

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Home outline Hamburger Menu Icon with solid fill 2 APL: Operating Snapshot – Q2 and H1 FY 2026-27 PPA: Power Purchase Agreement; PLF: Plant Load Factor; BU: Billion Units; EBITDA: Earnings Before Interest Tax Depreciation and Amortization; PBT: Profit Before Tax; Continuing Revenue and EBITDA excludes One-time / Prior Period income recognitions; PPA: Power Purchase Agreement Steady and high plant availability ensured across maintenance cycles through predictive and preventive maintenance practices High PLF across PPA-linked and open capacities achieved by leveraging cost-efficient fleet and logistics cost advantage to gain dispatch priority Improved dispatch performance through high plant uptime to maximise utilization of market opportunity Growing proportion of long and medium-term capacity tie-ups reducing merchant market exposure. Operating Highlights O&M Availability (%) Generation Performance (PLF %) Dispatch Performance (BU) Sales Volume Mix (%) 87% 89% 88% 93% Q2FY26 Q2FY27 H1FY26 H1FY27 63% 70% 65% 74% Q2FY26 Q2FY27 H1FY26 H1FY27 23.7 26.4 48.2 55.1 Q2FY26 Q2FY27 H1FY26 H1FY27 +11.4% +14.3 % 76% 88% 77% 87% 24% 12% 23% 13% Q2FY26 Q2FY27 H1FY26 H1FY27 Contracted (PPA) Merchant/ Short Term Strong operational performance in growing demand environment, supporting grid stability with reliable power supply

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Home outline Hamburger Menu Icon with solid fill 3 APL: Financial Snapshot – Q2 and H1 FY 2026-27 PPA: Power Purchase Agreement; PLF: Plant Load Factor; BU: Billion Units; EBITDA: Earnings Before Interest Tax Depreciation and Amortization; PBT: Profit Before Tax; Continuing Revenue and EBITDA excludes One-time / Prior Period income recognitions; PPA: Power Purchase Agreement Financial Highlights Consistent value creation through highly profitable and liquid operations Continuing Revenue Continuing EBITDA Profit After Tax Higher dispatch volumes [up 11.4% Y-o-Y] combined with higher PPA tariffs [Rs. 6.4/unit, up 12.7% Y-o-Y] and merchant realisations [Rs. 7.2/unit, up 33.1% Y-o-Y] contributed to Continuing Revenue growth. Strong EBITDA performance in line with revenue growth, due to efficient fuel cost recovery under PPAs and higher merchant realisations on Y-o-Y basis. Strong operating profitability and control on leverage leading to high conversion and solid PAT performance 13,639 17,528 27,807 35,464 Q2FY26 Q2FY27 H1FY26 H1FY27 5,333 6,321 11,076 13,304 Q2FY26 Q2FY27 H1FY26 H1FY27 2,906 7,019 6,212 11,886 Q2FY26 Q2FY27 H1FY26 H1FY27 +28.5% +27.5% +18.5% +20.1%

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Earnings Presentation – Q2 FY27 | 23rd October 2026 Adani Power Limited

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Home outline Hamburger Menu Icon with solid fill 4 Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Adani Power Limited (“APL ”) and its subsidiaries , associates, and joint ventures (combine together “Adani Thermal Power Group” or “The Group”) their future outlook and growth prospects, and future developments in their businesses and their competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in the country the business is. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of The Group’s shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of The Group. The Group, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. The Group assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. The Group may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of The Group. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it’s should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom.

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Home outline Hamburger Menu Icon with solid fill 7 Adani Portfolio: A World Class Infrastructure & Utility Portfolio 1. ATGL: Adani Total Gas Ltd, JV with Total Energies | 2. Ambuja Cement’s shareholding does not include Global Depository Receipt of 0.04% but includes AEL shareholding of 0.35% received as part of the consideration against transfer of Adani Cementation Limited as per NCLT order dated 18th July’25 | 3. Cement includes 67.29% (67.33% on Voting Rights basis) stake in Ambuja Cements Ltd . as on 30 th Sep’ 26 which in turn owns 50.05% in ACC Limited . Adani directly owns 6.64% stake in ACC Limited & Ambuja Cements Ltd . holds 72.66% stake in Orient Cement Ltd . | 4. Data center, JV with EdgeConnex | 5. AAHL has entered into binding agreements to raise INR 9,825 crore (~USD 1 Bn) of primary equity capital from marquee Global Investors in the month of Sep’26, once completed, investors will hold 5.54% stake in AAHL | 6. Includes the manufacturing of Defense and Aerospace Equipment | AEL : Adani Enterprises Limited | APSEZ : Adani Ports and Special Economic Zone Limited | AESL : Adani Energy Solutions Limited | T&D : Transmission & Distribution | APL : Adani Power Limited | AGEL : Adani Green Energy Limited | AAHL : Adani Airport Holdings Limited | ARTL : Adani Roads Transport Limited | ANIL : Adani New Industries Limited | IPP : Independent Power Producer | NDTV : New Delhi Television Ltd | PVC : Polyvinyl Chloride | GCC : Global Capability Centre l Promoter’s holdings are as on 30 th September, 2026 . (%): Adani Family equity stake in Adani Portfolio companies (%): AEL equity stake in its subsidiaries (%): Ambuja equity stake in its subsidiaries A multi-decade story of high growth centered around infrastructure & utility core AGEL Renewables AESL T&D ATGL1 Gas Discom APL IPP (62.43%) (73.39%) (37.40%) (74.96%) APSEZ Ports & Logistics (66.03%) ANIL New Industries AdaniConneX4 Data Centre (100%) (50.00%) AAHL5 Airports ARTL Roads (100%) (100%) Energy & Utility Transport & Logistics NDTV (69.02%) Materials, Metal & Mining Ambuja Cements3 (67.29%)2 ACC2 (50.05%) Primary Industry Specialty Other AEL (71.97%) Incubator Flagship Copper, Aluminum Mining Services & Com. Mining (100%) (100%) PVC (100%) Listed cos Direct Consumer Infrastructure & Utility Core Portfolio Specialist Manufacturing6 (100%) GCC (100%) Orient2 (72.66%)

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Home outline Hamburger Menu Icon with solid fill 9 PERFORMANCE 55%31% 14% Note : 1. Cemindia Projects Ltd. (formerly known as ITD Cementation India Ltd.): the total shareholding stands at 67.46%. PSP Projects Ltd.: the total shareholding stands at 34.41%.| 2. Adani Environmental Resource Management Services Ltd. (additional company is being proposed) | O&M: Operations & Maintenance l HVDC: High voltage direct current l PSU: Public Sector Undertaking (Public Banks in India) l GMTN: Global Medium-Term Notes l SLB: Sustainability Linked Bonds l AEML: Adani Electricity Mumbai Ltd. l AIMSL : Adani Infra Mgt Services Pvt Ltd l IG: Investment Grade l LC: Letter of Credit l DII: Domestic Institutional Investors l COP26: 2021 United Nations Climate Change Conference l AGEL: Adani Green Energy Ltd. l NBFC: Non-Banking Financial Company l AIIL: Adani Infra (India) Ltd. | AOCC : Airport Operations Control Center ACTIVITY CONSUMERS • Delivering exceptional products & services for elevated engagement • Differentiated and many P&Ls Inspired Purpose & Value Creation New C.E.O. Consumer I Employees I Other Stakeholders OPERATIONS • Life cycle O&M planning • Asset Management plan Operation Operations (AIMSL) 2 DEVELOPMENT1 • Site acquisition • Concessions & regulatory agreements • Engineering & design • Sourcing & quality • Project Management Consultancy (PMC) Site Development Construction Adani Infra (India) Limited | Cemindia Projects Ltd. | PSP Projects Ltd. Origination • Analysis & market intelligence • Viability analysis India’s Largest Commercial Port (at Mundra) Longest Private HVDC Line in Asia (Mundra - Mohindergarh) World’s largest Renewable Cluster (at Khavda) CAPITAL MANAGEMENT Strategic value Mapping Investment Case Development Growth Capital – Platform Infrastructure Financing Framework Duration Risk Matching Risk Management – Rate & Currency Governance & Assurance Diversified Source of Capital March 2016 Energy Network Operation Center (ENOC) Policy, Strategy & Risk Framework Human Capital Development • Leadership Development Initiatives • Investment in Human Capital AI enabled Digital Transformation • Power Utility Business - ENOC • City Gas Distribution - SOUL • Transportation Business - AOCC Continued Focus & Investment ENABLER Adani Portfolio: Repeatable, robust & proven transformative model of investment Adani’s Core Infra. Platform – 375 Mn Userbase 9 9% 22% 22%1% 24% 3% 19% Mar’26 PSU Banks Pvt. Banks USD Bonds DII Global Int. Banks NBFCs & FIs Long Term Debt Capex LC

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Home outline Hamburger Menu Icon with solid fill 11 24 GW Locked-in Capacity Adani Power Limited (“APL ”): India’s Largest Private Base Load Power Company India’s largest private sector thermal IPP portfolio m: million | Cr: Crores | k: Thousand | MT: Million Tonnes | EBITDA: Earning before Interest, Tax, Depreciation & Amortization | MW: Mega Watts | GW: Giga Watts | PPA: Power Purchase Agreement | IPP: Independent Power Project | BTG: Boilers, Turbines, and Generators | BU: Billion Units | RoA: Return on Assets | RoCE: Return on Capital Employed | RoE: Return on Equity | DISCOM: Distribution Company | | (1) Includes Letter of Award received from Uttarakhand Power Corporation Ltd. in October 2026 | Gross Assets includes CWIP Existing power plant Greenfield project site States with long term PPAs 60%+ Supercritical / Ultra- Supercritical Operating Capacity 14,640 MW (1) New PPAs Tied up Locked-in Capacity 95%+ PPAs Tied up Operating Capacity 23,720 MW 13 Projects by FY32 Locked-in Capacity Continuing EBITDA ₹45,846 Cr Net Debt ₹45,022 Cr (FY26) Key Financial Metrics H1 FY27 FY26 18,330 MW 13 Assets Installed Capacity ₹153k Cr 18.7% Gross Assets Sep’26 Operating Metrics Asset Details ₹21,285 Cr Continuing EBITDA -1% YoY 1.91x Net Debt to Cont. EBITDA: Sep’26 (TTM) 22.1% RoCE Sep ‘26 (TTM) ₹23,431 Cr EBITDA -2% YoY ₹57,865 Cr Revenue -2% YoY RoA (TTM) Sep26 ₹12,971 Cr PAT +2% YoY ₹39,273 Cr Revenue +36% YoY ₹17,112 Cr EBITDA +41% YoY ₹13,304 Cr +20% YoY ₹11,886 Cr PAT +91% YoY 27.0% RoE Sep’26 (TTM) Mundra 4,620 MW Kawai 1,320 MW + 1,600 MW Udupi 1,200 MW Mutiara 1,200 MW Tiroda 3,300 MW Butibori 600 MW Raipur 1,370 MW + 3,200 MW Korba 600 MW + 2,920 MW Raigarh 600 MW + 3,200 MW Godda 1,600 MW Mirzapur 1,600 MW Mahan 1,200 MW + 3,200 MW Dahanu 500 MW Operating Capacity 18 GW 45 GW Target Capacity Legend Bitta 40 MWp Mahan Energen Ltd. (94.43%) Moxie Power Generation Ltd. (49%) Capacity housed in subsidiaries is Indicated by boxes+ Pirpainti 2,400 MW = Anuppur 2,400 MW Chapar 3,200 MW Churk 180 MW 3 GW Proposed Addition+ Continuing EBITDA

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Home outline Hamburger Menu Icon with solid fill 13 Coal is Critical for India’s Base load power needs: Strong growth potential as India Catches Up 1 of which Adani Power’s current Project Pipeline Note: Baseload Power includes Thermal and Gas; Source: 20th EPS, NPP, CEA, CEA Optimal mix and NEP-II Transmission); BU: Billion Units; GW: Giga Watts; MTPA: Million Tonnes Per Annum); SHAKTI: Scheme for Harnessing and Allocating Koyala (Coal) Transparently in India; DISCOM: Distribution Company; PPA: Power Purchase Agreement (1) Cumulative allocations as of September ’25 | (2) Includes 625 MW long term PPA awarded by Karnataka DISCOM | (3) Includes Letter of Award received from Uttarakhand Power Corporation Ltd. in October 2026 State Population (Mn) Per capita GDP (USD) Per capita power consumption (kWh) Uttar Pradesh 241 1,257 617 Bihar 131 776 317 Maharashtra 129 3,715 1,610 West Bengal 100 1,933 674 Madhya Pradesh 89 1,806 1,116 Rajasthan 83 2,170 1,293 Tamil Nadu 77 4,110 1,630 Gujarat 74 3,917 1,983 Karnataka 69 4,377 1,370 Andhra Pradesh 54 3,105 1,497 Assam 32 1,545 383 ✓ Population equivalent to the US in the two largest states with 1/3rd of India’s average power consumption ✓ Tremendous potential of growth for power sector as Indian economy expands ✓ Government boosting thermal and renewable investments to meet rising demand from manufacturing, infrastructure, e -mobility & digitalization ✓ Affordable domestic and renewable power fuels economic growth as a prosperity multiplier. 6,400 BUEnergy demand 4x Power Demand in next 2 decades 708 GWPeak demand 2,100 GWInstalled Capacity Electricity Consumption per capita across states (kWh) 22.2 GW PPAs awarded by State Discoms with pre-indicated coal linkages under SHAKTI Policy 15.3 GW Of which PPAs awarded to APL Thermal PPA surge by State Discoms 500 GWIndia’s Renewable Energy Target by 2030 Additional Coal based capacity required by FY35 23.7 GW c. 30% of India’s requirement Base load power critical for renewables 97 GW India average 1,460 kWh per person Vision 2047 Base load, 260 Renewables, 247 Others, 52 Capacity Mix (GW) – Sept ‘26 Base load, 309 Renewables, 571 Others, 118 Capacity Mix (GW) - FY32E 559GW 997 GW 30 GW(1) Coal allocations to State DISCOMs for fresh PPA bids under SHAKTI Policy clause B(iv) Ongoing Long-term thermal PPAs bids of 16,660 MW among various States to meet projected demand. States PPAs Awarded (MW) PPAs Awarded to APL (MW) Madhya Pradesh 5,320 2,920 Bihar 2,400 2,400 Uttar Pradesh 1,600 1,600 Maharashtra 3,200 3,200 West Bengal 3,200 - Karnataka (2) 2,000 625 Assam 3,200 3,200 Uttarakhand (3) 1,320 1,320 Total 22,220 15,265

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Home outline Hamburger Menu Icon with solid fill 17 ▪ Power demand growth and incrementally higher capacity under PPAs (Q2 FY27 vs Q2 FY26) leading to higher PPA dispatch volumes (23.2 BU vs 18 BU), while merchant volumes have reduced (3.2 BU vs 5.6 BU), but with higher realisations (Rs. 6.4/kWh under PPAs and Rs. 7.2/kWh under merchant). ▪ Strong EBITDA performance despite higher fuel prices on back of improved realizations. ▪ Net One-time prior period revenue recognition of Rs. 2,422 Crore in Q2 FY27 on account of realisation of past dues from customer. APL: Resilience of business model reflected in stable revenues and robust profitability Particulars (Rs. in Crores) Unit Q2 FY27 Q2 FY26 % Change H1 FY27 H1 FY26 % Change FY26 Installed Capacity (MW) MW 18,330 18,150 0.99% 18,330 18,150 0.99% 18,150 Power Sales Volume (MU) MU 26,385 23,663 11.50% 55,147 48,267 14.25% 99,148 Continuing Operating Revenue INR Cr 17,014 13,106 29.82% 34,564 26,809 28.93% 53,781 Continuing Other Income INR Cr 514 533 (3.50%) 900 998 (9.79%) 1,801 Total Continuing Revenue INR Cr 17,528 13,639 28.51% 35,464 27,807 27.54% 55,582 One-time Prior Period Income INR Cr 2,422 669 262.33%. 3,809 1,075 254.37% 2,283 Reported Revenue INR Cr 19,951 14,308 39.44% 39,273 28,881 35.98% 57,865 Fuel cost (Includes purchase of traded goods and alternate power) INR Cr 10,229 7,216 41.76% 19,769 14,535 36.01% 29,378 Other Operating expenses (Excl. of One time) INR Cr 978 1,090 (10.3%) 2,392 2,195 8.96% 4,920 One-time Prior Period Expense INR Cr - - - - - - 137 Continuing EBITDA (Adjusted for one-time income) INR Cr 6,321 5,333 18.53% 13,304 11,076 20.11% 21,285 Reported EBITDA INR Cr 8,743 6,001 45.69% 17,112 12,151 40.83% 23,431 Depreciation INR Cr 1,191 1,193 (0.18%) 2,358 2,282 3.35% 4,565 Finance cost INR Cr 760 842 (9.67%) 1,662 1,699 (2.18%) 3,367 Continuing Profit Before Tax INR Cr 4,370 3,298 32.50% 9,284 7,096 30.83% 13,354 Profit Before Tax INR Cr 6,792 3,966 71.24% 13,092 8,171 60.24% 15,500 Profit After Tax INR Cr 7,019 2,906 141.51% 11,886 6,212 91.35% 12,971 EBITDA: Earning before Interest, Tax, Depreciation & Amortization; MW: Mega Watts; GW: Giga Watts; PPA: Power Purchase Agreement; FSA: Fuel Supply Agreement; O&M: Operations & Maintenance; kWh: kilo Watt hours (units); TTM: Trailing Twelve Months; CSR: Corporate Social Responsibility; MU: Million Units; BU: Billion Units

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Home outline Hamburger Menu Icon with solid fill 29 Targets Key ESG Initiatives/Achievements UN SDGsMaterial Topic APL: ESG Highlights SUP: Single Use Plastics l MWp: Mega Watt Peak l O&M: Operation & Maintenance l GHG : Green House Gas l APJL: Adani Power Jharkhand Limited l MEL: Mahan Energen Limited UNSDG: United Nations Sustainability Development Goals l ESG : Environment Social Governance l APL: Adani Power Limited | tCO2e: Tonnes of Carbon Dioxide Equivalent Climate Change Adaptation and mitigation • Average Emission intensity - 0.86 tCO2e/MWh for FY26. • Climate Change Risk Assessment carried out. • Greater emphasis on decarbonization aligning with Nation’s goal. • Signed IBBI 2.0 declaration reaffirming our commitment to biodiversity conservation Water Management • Water Intensity: 2.28 m3/MWh for Q2 FY27 for inland plants and 2.18m3/MWh for all plants. • Maintained Zero Liquid Discharge at all our hinterland TPPs. Waste Management • All 13 APL operating locations certified with Single-use Plastic Free certification Health, Safety and Well-being • All Plants and Offices assessed on working conditions and health and safety • Zero health and safety related injuries • 1.82 Millions beneficiaries benefited under various CSR programs. ESG Rating Highlights • APL achieved an exceptional score of 71/100 in Corporate Sustainability Assessment (CSA) by S&P Global in Aug 2026 against sector average of 41/100. • APL has received an ESG rating of 66 for FY26 from NSE Sustainability Ratings & Analytics (NSRA) holding an ‘Leadership’ position. • Improved ESG Risk Rating of 31.7 assigned by Sustainalytics against industry average of 36.6 (Lower is better). • Scored 4.3/5.0 in FTSE Russel ESG rating June 2026. • For FY26, ESG rating of 80/100 (CareEdge ESG 1+, ‘Leadership’ position) awarded by CareEdge ESG Ratings, outperforming the industry median by 35%. • Achieved score of B (Management) both in CDP-Climate and CDP-Water for FY25. Single-use-Plastic-Free (SuPF) Certified Company for 100% of operating locations Health and Safety Waste Management Climate Change Adaptation and Mitigation 0 Zero health & safety related injuries Reduction in GHG emission intensity to 0.84 tCO2e/MWh by FY27 Updated

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Home outline Hamburger Menu Icon with solid fill 30 APL: Board of Directors and Management Overview 100% IDs Chaired By IDs Chaired By NID Chairman of Audit committee; Chairman of Nomination and Remuneration committee; ID: Independent Director I NID: Non-Independent Director | Information is as on Date | CEO: Chief Executive Officer Pathway to strengthen Corporate Governance • Tenure of IDs – up to 3 years for max. 2 terms • Management Ownership – CEO and member of executive committees to have share ownership • Related Party Transactions – Independent 3rd party review & certification • Training & Education – Min. 4 sessions in a year for education of IDs Statutory Committees - Audit 🗹 - Nomination & Remunerations 🗹 - Stakeholder Relationship 🗹 - Corporate Social Responsibility 🗹 - Risk Management 🗹 Non-statutory Committees - IT & Data Security 🗹 - Corporate Responsibility 🗹 - Mergers and Acquisition Risk Committee 🗹 - Legal, Regulatory & Tax Risk Committee 🗹 - Reputation Risk 🗹 - Commodity Price Risk 🗹 40% Comprised of only Independent Directors 100% of Statutory Committees Chaired by Independent Directors 6 Additional Business specific committees 17% Fully comprised of Independent Directors 83% Chaired by Independent Directors Non-Independent Directors Independent Directors Shailesh Haribhakti 50+ Yrs of Experience Skill & Expertise • Accounting & Finance • ESG, CSR, and Sustainability Sangeeta Singh 35+ Yrs of Experience Skill & Expertise • Taxation • Strategy Formulation Gautam Adani Chairman Skill & Expertise • Entrepreneurial vision • Business Leadership Rajesh Adani Director Skill & Expertise • Business relationship • Execution Anil Sardana Managing Director 40+ Yrs of Experience Skill & Expertise • Industry veteran • Strategic leadership • Transition & Development Shersingh Khyalia Whole-time Director and CEO 35+ Yrs of Experience Skill & Expertise • Industry expert • Strategic management • Growth & Change management Manmohan Srivastava 40+ Yrs of Experience Skill & Expertise • Energy & Finance • General Management Narendra Nath Misra 45+ Yrs of Experience Skill & Expertise • Projects & Contracting • Human Resources & Operations Services Board of Directors

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Home outline Hamburger Menu Icon with solid fill 32 APL: Key Investment Highlights m: million | Cr: Crores | k: Thousand | MT: Million Tonnes | EBITDA: Earning before Interest, Tax, Depreciation & Amortization | MW: Mega Watts | GW: Giga Watts | PPA: Power Purchase Agreement | O&M: Operations & Maintenance | IPP: Independent Power Project | BU: Billion Units | ENOC: Energy Network Operations Center | BTG: Boilers, Turbines, and Generators Key Investment Highlights Efficient and Diversified Asset Portfolio • India’s largest private thermal power producer with portfolio of 18.33 GW spread across 9 states • Successful acquisition and turnaround of 7.5 GW stressed assets • Adani Power drives meaningful economies of scale as a result Operational Excellence • Consistent 90%+ plant availability maintained over many years, aided by strong digital focus • Highest EBITDA margin in the sector (40% in Thermal power) • Decades of in-house coal sourcing and end to end logistics management experience Robust Capital Structure • Effectively unlevered capital structure provides APL with significant free cashflow to equity • Strong liquidity provides financial flexibility to take advantage of market opportunities. • Majority of the capital expenditure will be funded through Internal Accruals. Locked-in growth executed by Adani Execution engine • Fully Locked-in Land & Equipment → 100% land availability and 100% BTG sets ordered for 23.7 GW Brownfield/Greenfield projects • Execution model → 60% of upcoming capacity is brownfield, enabling faster project execution • Adani Execution engine led by Project Management and Assurance Group (PMAG) Massive Addressable Market with strong Policy thrust • 97 GW of additional thermal capacity needed by 2035 to meet India’s growing base load and peak demand • Derisked PPAs interlinked with assured fuel supply through domestic coal linkages • Two-part, availability-based tariff structure under PPAs ensure capital charge recovery Coal is Critical for India’s Base load power needs • Abundant domestic coal availability and scalability • Enduring part of the fuel mix based on policy, economic rationale and actual on ground action • Insulates base load generation from global volatility and geopolitical risk, ensuring energy security Locked-in growth + Vast addressable market + Derisked PPA structure → Unique long-term growth access → Well-funded capital plan for APL APL is a market leader for baseload power in India, delivering industry leading return on capital

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Home outline Hamburger Menu Icon with solid fill 35 APL: Historical Financials | Profit and Loss Account Particulars Unit FY22 FY23 FY24 FY25 FY26 H1 FY27 CAGR (FY22-26) Operating Metrics Effective Capacity MW 12,450 13,650 15,051 16,545 18,000 18,150 10% Plant Availability % 95% 94% 92% 91% 89% 93% PLF % 52% 48% 65% 71% 67% 74% PPA Realisation ₹/ kWh 4.75 6.46 6 5.6 5.53 6.06 Merchant Realisation ₹/ kWh 3.83 6.98 6.92 5.93 5.3 7.12 Profit and Loss Statement Revenue from Operations INR Cr 27,711 38,773 50,351 56,203 54,241 38,341 18% Other Income INR Cr 3,975 4,267 9,930 2,703 3,625 932 -2% Total Income INR Cr 31,686 43,041 60,281 58,906 57,865 39,273 16% Fuel Cost INR Cr 14,762 25,481 28,453 30,273 29,168 19,734 19% Purchase of Stock-in-Trade and Power INR Cr 546 214 222 357 210 34 -21% Transmission Charges INR Cr 643 520 504 459 557 260 -5% Employee Benefit Expenses INR Cr 470 570 644 784 855 433 16% Other Expenses INR Cr 1,476 1944 2,348 3,024 3,644 1,699 25% Total Operating Expenses INR Cr 17,897 28,728 32,171 34,897 34,434 22,161 18% EBITDA INR Cr 13,789 14,312 28,111 24,008 23,431 17,112 14% EBITDA Margin % % 43% 33% 47% 41% 40% 44% Share of profit from Associate / JV 115 Depreciation and Amortization INR Cr 3,118 3,304 3,931 4,309 4,565 2,358 10% Finance Costs INR Cr 4,095 3,334 3,388 3,340 3,367 1,662 -5% Current Tax INR Cr 768 1 0 55 1561 2916 19% Tax Expense Relating to earlier years INR Cr - -768 14 2 -16 -1211 Deferred Tax Charge/ (Credit) INR Cr 977 -2,500 -51 3,553 984 -384 0% Sub-total INR Cr 8,958 3,371 7,282 11,259 10,460 5,341 4% Profit After Tax (PAT) INR Cr 4,912 10,727 20,829 12,750 12,971 11,886 27% Earnings Per Share ₹/ Share 1.93 4.91 10.32 6.46 6.62 6.08 36% 18,330 MW Operating Capacity ₹ 19,439 Cr Revenue from Operations ₹ 8,743 Cr EBITDA 44% EBITDA Margin ₹ 7,019 Cr Profit After Tax Q2 FY27 Insights MW: Megawatt; kWh: Kilowatt Hour; PLF: Plant Load Factor; PPA: Power Purchase Agreement; EBITDA: Earnings before Interest, Tax, Depreciation and Amortization; Cr: Crore; CAGR: Compounded Annual Growth Rate 18% 3Y CAGR 7% 3Y CAGR

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Home outline Hamburger Menu Icon with solid fill 36 APL: Historical Financials | Balance Sheet Particulars Unit 31st Mar 2022 31st Mar 2023 31st Mar 2024 31st Mar 2025 31st Mar 2026 30th Sep 2026 Assets Non-Current Assets Gross Fixed Assets (Incl. CWIP) INR Cr 84,214 88,208 91,634 1,13,215 1,40,501 1,52,705 (-) Accumulated Depreciation INR Cr (20,670) (23,878) (27,693) (31,813) (36,046) (38,635) Net Fixed Assets (Incl. CWIP) INR Cr 63,544 64,331 63,941 81,402 1,04,455 1,14,070 Of which- CWIP INR Cr 10,270 12,880 925 12,104 35,053 45,539 Other Non-Current Assets INR Cr 2,209 1,937 2,797 5,186 9,137 14,638 Total Non-Current Assets INR Cr 65,753 66,268 66,738 86,588 1,13,592 1,28,708 Current Assets Cash and Cash Equivalents INR Cr 2,365 1,873 7,212 6,120 8,418 16,014 Other Current Assets INR Cr 13,863 17,679 18,375 20,209 20,270 20,918 Total Current Assets INR Cr 16,228 19,553 25,587 26,329 28,688 36,932 Total Assets INR Cr 81,981 85,821 92,325 1,12,918 1,42,280 1,65,640 Liabilities Equity Equity Share Capital INR Cr 3,857 3,857 3,857 3,857 3,857 3,857 Instrument Entirely Equity in nature INR Cr 13,215 13,215 7,315 3,057 - 0 Other Equity INR Cr 1,632 12,804 31,973 49,433 61,080 72,901 Non-Controlling Interest INR Cr - - - 1,326 1,465 1,620 Total Equity INR Cr 18,703 29,876 43,145 57,674 66,402 78,377 Liabilities Long Term Borrowings INR Cr 37,871 33,703 26,595 27,647 44,493 49,158 Short Term Borrowings INR Cr 10,924 8,549 7,862 10,688 9,063 12,703 Other Liabilities INR Cr 14,482 13,694 14,723 16,909 22,322 25,402 Total Liabilities INR Cr 63,278 55,946 49,180 55,244 75,878 87,263 Total Equity and Liabilities INR Cr 81,981 85,821 92,325 1,12,918 1,42,280 1,65,640 Return on Assets (RoA) % 17.1% 16.6% 31.3% 23.4% 18.5% 18.7% Return on Capital Employed (RoCE) % 16.0% 15.8% 32.3% 22.7% 17.5% 22.1% Return on Equity (RoE) % 30.9% 44.2% 57.0% 25.3% 20.9% 27.0% Q2 FY27 Insights INR 1,52,705 Cr Fixed Assets Base incl CWIP INR 16,014 Cr Cash and Cash Equivalents including deposits and current investments CWIP: Capital Work in Progress | RoA = Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)/ Average Gross Fixed Assets | RoCE = Earnings before Interest and Tax (EBIT)/ Average Capital Employed; Capital Employed = Total Equity + Long-Term Borrowings + Short-Term Borrowings | RoE = Profit After Tax (PAT)/ Average Total Equity | Cr: Crore | TTM: Trailing Twelve Months Month | Cash and Cash Equivalents includes current investments, other bank balances and non-current bank balances including margin money 18.7% Return on Assets (Sep ’26 TTM) 22.1% Return on Capital Employed (Sep ’26 TTM) 27% Return on Equity (Sep ’26 TTM)

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