Page 1

Adani Power Limited Tel +91 79 2656 7555 “Adani Corporate House” Fax +91 79 2555 7177 Shantigram, Near Vaishno Devi Circle, info@adani.com S. G. Highway, Khodiyar, www.adanipower.com Ahmedabad-382421, Gujarat India CIN: L40100GJ1996PLC030533 Registered Office: “Adani Corporate House”, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad-382421 Date: October 23, 2026 To BSE Limited 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: 533096 Scrip Code: ADANIPOWER De ar Sir/ Madam, S ub: Outcome of Board Meeting of Adani Power Limited (the “Company”) held on October 23, 2026 In t erms of provisions of Regulation 30 (Part A of Schedule Ill) read with other applicable Regulations of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 (“SEBI Listing Regulations”), as amended, this is to inform that the Board of Directors of the Company (the “ Board”), at its meeting held on October 23 , 2026, which commenced at 12:00 noon and concluded at 02: 25 p.m., has, inter-alia approved and taken on record the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2026 (the “Unaudited Financial Results”), as reviewed and recommended by the Audit Committee. T he Unaudited Financial Results prepared in terms of Regulation 33 of the SEBI Listing Regulations together with the Limited Review Report issued by the Statutory Auditors of the Company thereon and Security Cover Certificate of the Statutory Auditors, are enclosed herewith. T he Unaudited Financial Results are also being uploaded on the Company’s website at www.adanipower.com. Th e press release dated October 23, 2026, on the Unaudited Financial Results, for the quarter and half year ended September 30, 2026, is enclosed herewith. T he above information is also being made available on the website of the Company at www.adanipower.com. K indly take the above on record. Th anking You Y ours Faithfully, For, Adani Power Limited P uneet Bansal Company Secretary

Page 2

SR BC & CO LLP 21st Floor, B Wing, Privilon Ambli BRT Road, Behind lskcon Temple Chartered Accountants Off SG Highway, Ahmedabad • 380 059, India Tel : +91 79 6608 3900 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Adani Power Limited 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Adani Power Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its associate and joint venture for the quarter ended September 30, 2026 and year to date from April 01, 2026, to September 30, 2026, (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and 52 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 and 52 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 oflnterim 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. 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 mentioned in attached Annexure 1. 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 other auditors referred to in paragraph 6 and paragraph 7 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 � . · terial misstatement. /!-j,c •Co ,�ll . ..... \.'-..,. SR BC & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-43 la '- Regd. Office: 22, Camac Street, Block 'B', 3rd Floor, Koikatu-700 016

Page 3

SR 8 C& CO LLP Chartered Accountants 6. The accompanying Statement includes the unaudited interim financial results and other financial information, in respect of: • 9 subsidiaries, whose unaudited interim financial results include total assets of Rs. 7,840.47 Crores as at September 30, 2026, total revenues of Rs 1,261.77 Crores and Rs 2,582.40 Crores, total net profit after tax of Rs. 193.67 Crores and Rs. 307.13 Crores, total comprehensive income of Rs. 193.62 Crores and Rs. 307.17 Crores, for the quarter ended September 30, 2026 and the period ended on that date respectively, and net cash inflows of Rs. 234.99 Crores for the period from April 1, 2026, to September 30, 2026, as considered in the Statement which have been reviewed by their respective independent auditors. • 1 associate, whose unaudited interim financial results include Group's share of net (loss)/ profit of Rs. (3.04) Crores and Rs. 114.65 Crores and Group's share of total comprehensive (loss)/ profit of Rs. (3.01) Crores and Rs. 114.69 Crores for the quarter ended September 30, 2026 and for the period from May 20, 2026 to September 30, 2026, respectively, as considered in the Statement whose interim financial results, other financial information have been reviewed by it's independent auditor. The independent auditor's reports on interim financial results and other 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 associate is based solely on the report 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 in respect of: • 2 subsidiaries, whose interim financial results and other financial information reflect total assets of Rs 18.01 Crores as at September 30, 2026, and total revenues of Rs 0.06 Crores and Rs 0.11 Crores, total net (loss) after tax of Rs. (2.33) Crores and Rs. (4.99) Crores, total comprehensive (loss) of Rs. (3.98) Crores and Rs. (6.39) Crores, for the quarter ended September 30, 2026 and the period ended on that date respectively and net cash inflows of Rs. 5.80 Crores for the period from April 1, 2026 to September 30, 2026. • 1 joint venture, whose interim financial results includes the Group's share of net profit of Rs. Nil and Rs. Nil and Group's share of total comprehensive income of Rs. Nil and Rs. Nil for the quarter ended September 30, 2026 and for the period ended on that date respectively. The unaudited interim financial results and other unaudited financial information of such subsidiaries and joint venture have not been reviewed by any auditor and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries and joint venture, is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these interim financial results are not material to the Group.

Page 4

SR 8 C & CO LLP Chartered Accountants Our conclusion on the Statement in respect of matters stated in paras 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 certified by the Management. For S R B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003 �n�grawal Partner Membership No.: 56102 UDIN: 26056102VGYHQE9915 Place of Signature: Ahmedabad Date: October 23, 2026

Page 5

SR BC & CO LLP Chartered Accountants Annexure 1: List of entities whose financial results are included in the Consolidated financial results of Adani Power Limited for the quarter and six months ended on September 30, 2026 Sr. No Name of entity Relationship 1 Adani Power Limited Holding Company 2 Adani Power Resources Limited Subsidiary 3 Adani Power Global PTE Ltd Wholly Owned Subsidiary 4 Adani Power Middle East Ltd Wholly Owned Subsidiary 5 Alcedo Infra Park Limited Wholly Owned Subsidiary 6 Integrated Power Supply Limited Wholly Owned Subsidiary (w.e.f. May 14, 2026) 7 Mahan Energen Limited Subsidiary 8 Moxie Power Generation Limited Subsidiary 9 Pencl1 Thermal Energy (MP) Limited Wholly Owned Subsidiary 10 Adani Atomic Energy Limited (AAEL) Wholly Owned Subsidiary (w.e.f. February 11, 2026) 11 Coastal-Maha Atomic Energy Limited Wholly Owned Subsidiary of AAEL (w.e.f. April 13, 2026) 12 Progressive-UP Atomic Energy Limited Wholly Owned Subsidiary of AAEL (w.e.f. June 25, 2026) 13 Rawatbhata-Raj Atomic Energy Limited Wholly Owned Subsidiary of AAEL (w.e.f. April 20, 2026) 14 Jaiprakash Power Ventures Limited Associate (w.e.f. May 20, 2026) 15 Wangchhu Hydroelectric Power Limited Joint Venture (w.e.f. October 15, 2025)

Page 6

adani ADANI POWER LIMITED Power (CIN NO. : L40100GJ199 6PLC030533) Regd. Office: "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad 382421, Gujarat. Phone : 079·25557555; Fax : 079-25557177; Email : info@adani.com; Website: www.adanipower.com UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ANO SIX MONTHS ENDED 30TH SEPTEMBER, 2026 Ct in Crores) 3 Months 3 Months 3 Months 6 Months 6 Months For the year Sr. ended ended ended ended ended ended No. Particulars 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 31.03.2026 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) 1 Income (a) Revenue from Operations (Refer note 8) 19,438.68 18,901.89 13,456.84 38,340.57 27,565.99 54,240.52 (b) Other Income (Refer note 8) 511. 92 420.41 850.95 932.33 1.315.50 3,624.76 Total Income 19,950.60 19,322.30 14,307.79 39,272.90 28,881.49 57,865.28 2 Expenses (a) Fuel Cost 10,221.75 9.512.70 7,205.07 19,734.45 14,514.26 29,168.02 (b) Purchases of Stock-in-trade/ Power for resale 7.63 26.42 11.16 34.05 20.78 209.66 (c) Transmission Charges 120.81 139.53 89.22 260.34 204.00 557.42 (d) Employee Benefits Expense 191.10 241.79 186.86 432.89 408.59 855.18 (e) Finance Costs 760.23 901.37 841.63 1,661.60 1,698.56 3,366.83 (f) Depreciation and Amortisation Expenses 1,191.23 1,167.23 1,193.41 2,358.46 2,282.00 4,564.53 (g) Other Expenses 666.09 1,032.77 814.24 1,698.86 1,582.79 3,644.13 Total Expenses 13,158.84 13,021.81 10,341.59 26,180.65 20,710.98 42,365.77 3 Profit before Share of (Loss) / Profit in Associate and Joint 6,791.76 6,300.49 3,966.20 13,092.25 8,170.51 15,499.51 Venture and Tax (1-Z) 4 Share of (Loss)/ Profit in Associate and Joint Venture (net of (3.04) 117.69 114.65 tax) 5 Profit before tax (3+4) 6,788.72 6,418.18 3,966.20 13,206.90 8,170.51 15,499.51 6 Tax Expenses - Current Tax 1,439.98 1,476.14 101.88 2,916.12 120.14 1,560.53 - Tax (Reversal) / Expense relating to earlier years (Refer (1,211.43) 42.59 (1,211.43) 42.59 (16.28) note 17) - Deferred tax (Credit)/ Charge (net) (459.15) 75.44 915.27 (38371) 1,796.19 984.18 Total Tax Expenses (230.60) 1,551.58 1,059.74 1,320.98 1,958.92 2,528.43 7 Net Profit (5·6) 7,019.32 4,866.60 2,906.46 11,885.92 6,211.59 12,971.08 8 Other Comprehensive (Loss) / Income (a) Items that will not be reclassified to profit or loss: Remeasurement (Loss)/ Gain of defined benefit plans (30 62) 8.86 28.57 (21.76) 32.11 35.37 Income Tax impact 7.38 (188) (7.23) 5.50 (8.13) (8.85) Share of Other Comprehensive Income in Associate and Joint 0.03 0.01 0.04 venture (b) Items that will be reclassified to profit or loss: Exchange differences on translation of foreign operations (1.61) 0.24 (0.01) (137) (O 01) (6.85) Net movement on Effective portion of Cash Flow Hedges (11.87) (11.87) Income Tax impact 2.99 2.99 Total Other Comprehensive (Loss)/ Income (a+b) {33.70) 7.23 21.33 (Z6.4n 23.97 19.67 9 Total Comprehensive Income (after tax) (7+8) 6,985.62 4,873.83 2,927.79 11,859.45 6,235.56 12,990.75 Net Profit attributable to: Equity holders of the parent 6,919.45 4,805.69 2,952.78 11,725.14 6,337.64 12,834.30 Non - Controlling interests 99.87 60.91 (46 32) 160.78 (126.05) 136.78 Other Comprehensive (Loss)/ Income attributable to: Equity holders of the parent (33.68) 7.19 21.17 (26.49) 23.87 19.51 Non - Controlling interests (0.02) 0.04 0.16 0.02 0.10 0.16 Total Comprehensive Income attributable to: Equity holders of the parent 6,885.77 4,812.88 2,973.95 11,698.65 6,361.51 12,853.81 Non - Controlling interests 99.85 60.95 (46.16) 160.80 (125.95) 136.94 10 Paid up Equity Share Capital (Face Value t 2 per share) 3,856.94 3,856.94 3,856.94 3,856.94 3,856.94 3,856.94 11 Other Equity excluding Revaluation Reserve 61,079.94 12 Earnings per Share (EPS) (f) (Not annualised for the quarter and six months) (Face Value f 2 per share)# Basic e, Diluted EPS (In i) 3.59 2.49 1.53 6.08 3.26 6.62 #EPS has been calculated on net profit less distribution on unsecured perpetual securities for the period/ year whether declared or otherwise, as applicable. '

Page 7

adani ADANI POWER LIMITED Power (CIN NO. : L40100GJ1996PLC030533) Regd. Office: "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad 382421, Gujarat. Phone: 079-25557555; Fax : 079-25557177; Email : info@adani.com; Website : www.adanipower.com UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2026 Consolidated Statement of Assets and Liabilities as at 30th September, 2026 Particulars ASSETS Non-current Assets (a) Property, Plant and Equipment (b) Right-of-use Assets (c) Capital Work-In-Progress (d) Investment Properties (e) Goodwill (f) Other Intangible Assets (g) Investments accounted for using the equity method (h) Financial Assets (i) U) (i) Investments (ii) Loans (iii) Other Financial Assets Non-Current Tax Assets (Net) Deferred Tax Assets (Net) (k) Other Non-current Assets Current Assets (a) Inventories (b) Financial Assets (i) Investments (ii) Trade Receivables (iii) Cash and Cash Equivalents (iv) Bank Balances other than (iii) above (v) Loans (vi) Other Financial Assets (c) Other Current Assets Total Non-current Assets As at September 30, 2026 (Unaudited) 65,858.91 2,367.65 45,539.42 43.32 204.52 55.85 3,132.74 200.14 7.50 734.22 163.98 866.88 9,645.98 128,821.11 3,996.63 (f in Crores) As at March 31, 2026 (Audited) 66,814.60 2,261.28 35,053.46 92.25 204.52 28.81 24.50 0.14 7.50 690.36 192 06 811.39 7,410.97 113,591.84 3,623.48 5,236.35 1,491.35 13,214.43 11,791.37 3,897.29 927.88 6,767.58 5,998.44 10.34 10.99 1,020.02 2,161.97 2,676.43 2,682.60 Total Current Assets 36,819.07 28,688.08 Total Assets 1-------1- 6- 5""',"'"64-0 -.1-8 -+ ------1-4-'-2 -,2-7_9_, 9- 2 -1 EQUITY AND LIABILITIES EQUITY (a) Equity Share Capital (b) Other Equity Equity attributable to owners of the parent (c) Non - Controlling Interests Total Equity LIABILITIES Non-current Liabilities (a) Financial Liabilities (i) Borrowings (ia) Lease Liabilities (ii) Other Financial Liabilities (b) Provisions (c) Deferred Tax Liabilities (Net) (d) Other Non-current Liabilities Total Non-current Liabilities Current Liabilities (a) Financial Liabilities (i) Borrowings (ia) Lease Liabilities (ii) Trade Payables - total outstanding dues of micro enterprises and small enterprises • total outstanding dues of creditors other than micro enterprises and small enterprises (iii) Other Financial Liabilities (b) Other Current Liabilities (c) Provisions (d) Current Tax Liabilities (Net) Total Current Liabilities T o ta I Liabilities 3,856.94 72,900.69 76,757,63 1,619.84 78,377.47 47,310.26 1,135.16 205.74 401.56 5,490.43 5,097.47 59,640.62 14,550.11 65.58 200.64 4,133.05 6,326.80 1,092.07 62.55 1,191.29 27,622.09 1------------+--- 87,262.71 165,640.18 Total Equity and Liabilities 1--------....:...---+-- 3,856.94 61,079.94 64,936.88 1,465.04 66,401.92 42,829.60 1,049.27 185.69 359.90 5,827.15 5,298.18 55,549.79 10,725.94 65.48 183.98 2,656.55 4,049.65 994.38 96.96 1,555.27 20,328.21 75,878.00 142,279.92 .,

Page 8

adani ADANI POWER LIMITED Power {CIN NO.: L40100GJ1996PLC030533) Regd. Office: "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad 382421, Gujarat. Phone: 079-25557555; Fax : 079-25557177; Email : info@ladani.com; Website: www.adanipower.com UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ANO SIX MONTHS ENDED 30TH SEPTEMBER, 2026 Consolidated Statement of Cash flows for the six months ended 30th September, 2026 Particulars {A) Cash flows from operating activities Profit before Share of Profit in Associate and Joint Venture and Tax Adjustments to reconcile profit before tax to net cash flows: Depreciation and Amor tisation Expenses Unrealised Foreign Exchange Fluctuation loss (Net) Income from Investment valued at FVTPL Loss on Sale/ retirement/ write off of Property, Plant and Equipment (Net) Amortised Government Grant Income Gain on sale of Investment Property Gain on sale of Investments Liability no longer required written back Finance Costs Interest income Provision for Stores and Spares Bad debts/ sundry balance written off (Reversal) of provision for doubtful balances Operating profit before working capital adjustments Working capital adjustments: (Increase)/ Decrease in Inventories (Increase)/ Decrease in Trade Receivables Decrease in Other Financial Assets Decrease / (Increase) in Other Assets Increase/ (Decrease) in Trade Payables Increase in Other Financial Liabilities Increase/ (Decrease) in Other Liabilities (Decrease) in Provisions Cash flows from operating activities Add : Income tax (Paid)/ Refund Net cash flows generated from operating activities (A) {B) Cash flows from investing activities Payment towards acquisition of Property, Plant and Equipment. including Capital advances. Capital work in progress and intangible assets Proceeds from Sale of Property, Plant and Equipment/ Assets classified as held for sale Payment towards investments in Associate Proceeds from Sale of Non-current investments Payment towards Non-current investments Payment towards acquisition of subsidiaries (Net of Cash and Cash Equivalent acquired) Payment towards acquisition of business Proceeds from disposal of subsidiaries Payment towards/ Proceeds from Current investments {Net) Investment in/ Redemption of bank and margin money deposits (having original maturity for more than three months) (Net) Proceeds from Loans given to related party Interest received (including carrying cost and late payment surcharge) Net cash flows {used in) investing activities {B) {C) Cash flows from financing activities Payment towards principal portion of lease liabilities Payment towards Interest portion of lease liabilities Proceeds from Non-current borrowings Repayment of Non-current borrowings Proceeds from Current borrowings (Net) Repayment towards redemption of Unsecured Perpetual Securities Distribution to holders of Unsecured Perpetual Securities Redemption of Optionally Convertible Debenture by subsidiaries Distribution to Non Controlling Interest holders Finance Costs Paid Net cash flows generated from financing activities {C) Net Increase in cash and cash equivalents {A)+{B)+ {C) Net foreign exchange difference on cash and cash equivalents Cash and Cash equivalents at the beginning of the period Ca uivalents at the end of the period For the six months ended 30th September, 2026 {Unaudited) 13,092.25 2,358.46 64,93 (179,57) 11,72 (200,70) (535,76) (5,88) 1,661.60 (269.57) 11.51 4.28 16,013.27 (382,61) (1,533.45) 97.40 70,89 1,559.02 2,276,11 97,70 (18,64) 2,166.42 18,179.69 (2,040.57) 16,139.12 (12,359.53) 0.26 (2,993.59) (1,200.00) 535,69 (3,565.43) {766,52) 91.78 1,224.01 {19,033.33) (22,95) 7,450.00 (2,793.81) 3,734,93 (6 00) (2,498.55) 5,863.62 2,969.41 927,88 3,897.29 {� in Crores) For the six months ended 30th September, 2025 {Unaudited) 8,170,51 2,282.00 8.29 (9.10) 6.40 (200,70) (23.45) (31.74) 1,698.56 (756,78) 3.47 9.48 (27,52) 11,129.42 249,19 3,583.83 40,90 (121.82) (5,90) 197,78 (281,90) (6.23) 3,655,85 14,785.27 153,80 14,939,07 (10,607.59) 15,78 137,32 (76,00) (3,963.87) 1.018,26 211.41 190.73 {13,073.96) (10,87) (10.11) 12,000.00 (3,263.96) 303.49 (3,056.92) (1,385.12) (269,16) (4 37) (1.805,37) 2,497,61 4,362.72 319.86 4,682.58 re denominated with *)

Page 9

adani ADANI POWER LIMITED Power (CIN No : L40100GJ1996PLC030533} Regd. Office: "Adani Corporate House", Shantigram, Near Vaishno Oevi Circle, S. G. Highway, Khodiyar, Ahmedabad 382421, Gujarat. Phone : 079-25557555; Fax : 079-25557177; Email : info@adani.com; Website : www.adanipower.com UNAUDITED CO NSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2026 Add itional inf ormat ion pur suant to Regulation 52(4) of Se curities and Exchange Board of India (Listing Obligations and Disclosure Requi rement s) Regu lations, 2015, as am ende d for the qua rter and six mont hs ended 30t h September, 20 26. 3 Months 3 Months 3 Months 6 Months 6 Months Particulars ended ended ended ended ended 30.09.2026 30.06.2026 30.09.2025 30.09.2026 30.09.2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Debt Equity Ratio (In Times) 0.79 0.82 0.79 0.79 0.79 Total Borrowings/ Total Equity Debt Service Coverage Ratio (In Times) 6.18 6.03 5.20 6.10 5.33 Earnings Before Interest . Tax, Depreci ation and Amortisation (EBITOA) / (lnterest+Scheduled Principal Repayments of Non- Current Borrowings ) Interest Service Coverage Ratio (In Times) 8.86 8.61 7.71 8.74 8.20 EBI TOA / Inte rest Expense Current Ratio (In Times) 1.33 1.22 1.58 1.33 1.58 Current Assets / Current Liabilities Long Term Debt to Working Capital Ratio (In Times) 4.45 6.60 3.31 4.45 3.31 (Non-Current Borrowings+ Current Maturities of Non-Current Borrowings) / (Current Assets - Current Liabilities excluding Current Maturities of Non- Current Bor rowings) Bad Debts to Account Receivable Ratio (In Times) Bad Debts / Average Trade Receivables Current Liability Ratio (In %) 31.65% 30.03% 25.61% 31. 65% 25.61% Current Liabilities / Total Liabilities Total Debts to Total Assets Ratio (In %) 37.35% 38.17 % 37.64% 37.35% 37.64% Total Borro wings / Total Assets Debtors Turnover Ratio (not annual ised) (In Times) 1.56 1.61 1.38 3.07 2.46 (Revenue from Operations+ Carryi ng Cost) / (Average Trade Receivable s) Inventory Turnover Ratio (not annualised) (In Times) 3.61 3.59 3.11 6.98 6.35 Fuel Cost / Average Fuel In ventory Operating Margin (In %) 42.34% 42.12% 38.34% 42.24% 39.34% (EBITOA excluding Other Income+ Carrying Cost)/ (Revenue from Operations + Carrying Cost) Net Profit Margin (In %) 35.18% 25.19% 20.31% 30.26% 21.51% Net Profit after Tax / Total Income Outstanding Redeemable Preference Shares (Quantity No.) 41.586,207 41,58 6.207 41.586,207 41.586,207 41,586,207 Outstanding Redeemable Preference Shares (t in Crore) 415.86 415.86 415.86 415.86 415.86 Capital Redemption Reserve/Deben ture Redemption Reserve (t In Crore) Net Worth (t In Crore) 78,377.47 71,391.83 59,646.74 78,377.47 59,646.74 Net Profit after Tax (t In Crore) 7,019.32 4,866.60 2,906.46 11,8 85.92 6,211.59 Earnings per Share (Face Value of , 2 each) (Not annualised for the quarter 3.59 2.49 1.53 6.08 3.26 and si• months) (Basic 8, Diluted)# #EPS has been calculated on net profit less distribution on unsecured perpetual securities for the period / year whether declared or otherwise, as applic able. Notes For the year ended 31.03.2026 (Audited) 0.81 4.66 6.85 1.41 4.44 26.79% 37.64% 4.41 11.51 37.06% 22.42% 41,5 86,207 415.86 66,401.92 12,971.08 6.62 (i) In terms of Regulation 54(2) of the SEBI (Listing Obligations and Disclos ure Requirement s) Regulations, 2015, the secured, listed, rated, taxable, non-cumulati ve, redeemable non convertible debentures are secured / to be secured by (i) first mortgage over identified freehold project land of Tiroda TPP, Udupi TPP, Raipur TPP, Raigarh TPP and Solar Bitta Plant. leasehold project land of Mundra TPP, (ii) first charge by deed of hypothecation over movable fixed assets, all current assets (except DSRA) both present and future, excluding investments in equity share capital, unsecured loans, quasi equ ity and Godda TPP: on a pari-passu basis with the lenders of the Company. It carries an interest rate in the range of 8.00% to 8.40% per annum and are repayable from Financial Year 2027-28 to Financial Year 2030-31. ii) The Company has maintained 18 6% asset cover as per the terms of the Debenture Trust Deed in respect of its outstanding Listed Non-Convertible Debentures of � 7,500.00 Crores as on 30th September. 2026. i - . - I - L__ - . ' . r- - I . ,_ - I l -. -. . -- I

Page 10

adani Power ADANI POWER LIMIT ED UNAUDITED CONSOL IDATED FI NANCIAL RESUL TS FOR THE QUARTER AND SIX MO NTHS ENDED 30 th SEP TEMBER , 2 026 1. The abo ve co ns olid ated financial result s have been rev ie wed by the Aud it Commi ttee and appr oved by the Boar d of Dir ector s of Adani Power Li mit ed (the "Co mp an y" together wit h it s su bsi diar i es, the "Grou p") in their res pec tive meetings held on zy ct October , 2026 . 2. Re ve nue fro m Oper ations on account of Force Ma jeur e / Change in Law event s and Int erest Inc ome on acc ount of ca rrying cost in terms of Power Pu rchas e Ag re ement s ("P PAs") / Suppleme ntal Power Pur chase Ag reement s with va rious State Power Di str ibut ion Utilit ies ("Di scom s") is accou nt ed for / rec ogn ised by the Group based on best management esti mat es fol lo wi ng pr inciple s of prud ence, as per the or der s / repo rts of Regulat or y Au thoritie s, the Hon'ble Supreme Cour t of In dia ("Hon'ble Su pr eme Cou rt") and the ou tst anding receiva ble s ther eof in the book s of acc ount may be sub jec t to ad ju stment s on acc ount of cons equential order s of the respect ive Regulat or y Auth ori ti es, the Hon'ble Supr eme Court and final closur e of the mat ter s with the resp ect ive Dis co ms . In cer tain case s, the Gr oup has claimed compen sa tion from the Discoms based on manage ment 's int erpret ation of the re gulat ory or de rs and various tec hn ical par ameter s including pr ovisi onal methodol ogy for coal cost recover y, which ar e sub ject to fi nal verifi cation and co nfirmation by the resp ecti ve Disc oms. The nece ssa ry true-up adjustment s for reve nue claims (i ncluding carr ying cost or lat e / dela yed payment surcharge (" LPS" )) ar e made in the book s based on final ac kno wledgem ent / re gulat or y or der s / settl ement of matter s with respecti ve Discoms or eventual recover y of the clai ms, whiche ver is ea rl ier . 3. In case of PP As go verned by sec tion 62 of Electric it y Act , 200 3, the Gr oup re cog nis es reve nue from sale of po wer based on the mo st re cent ta rif f or der / pr ovi sional ta riff appr oved by the respe ctive Regulat ory Comm is sion, as modi fied by the or der s of Appellat e Tr ibunal for Ele ct ri cit y ("A PTE L") / Regu lator y comm issio ns , and ne ces sa ry pr ovisi ons / ad ju stm ent consider ed on conser vative bas is. This reve nue is recogn ised having reg ar d to the mechan ism pr ovided in appl icable tar iff re gul ations and the bilat eral ar rangement s with the Di scoms . Such ta rif f or der s ar e subject to conclusion of final tarif f or der s in terms of Mul tiy ear Ta rif f ("MY T") Regulat ions at the end of respecti ve ta riff per iod. 4. (a) In the ma tter of no n-av ailabilit y of coal due to cancellation of Lohar a coal block for the Compa ny's 800 MW power ge ne ra tion capac it y at Tir oda thermal power plant ("Ti roda TP P"), the Hon 'ble Sup reme Cour t vide its order dated 20 th Apr il. 202 3, up held the or der s of Maharashtra El ect ri cit y Regula tor y Com mi ssi on (" MERC ") and APTEL , gr ant ing comp ensation (i ncluding carr ying costs ther eon) towa rds additional coal cost for the use of alt er nat e coal. Simila rly, in a mat ter re lating to shor tfall in avail abilit y of domestic coal un der Ne w Coal Distr ibut ion Polic y ("NCD P") and Scheme of Ha rnessi ng and Allocating Koya la (Coal ) Tra ns par ent ly in India ("SHAKTI") pol icy of the go ver nment , for the Comp a ny's 2500 MW power ge ner atio n capacit y at Tiroda TPP, the Hon'ble Su preme Cour t vide it s order s dat ed 3 rd Mar ch, 20 23 and 20 th Apri l, 202 3, upheld the MERC 's and APTE L's or der s gr anting compensation (i ncluding car rying costs th ereon ) towa rds additional cost for the use of al ternate coal. Basis abo ve fav our able reg ulat ory order s, the Com pany has cont i nue d to recogni se tarif f com pens ation claims towards addit ional coal co st of � 683.20 Cr or es and � 1, 581.55 Cr or es during the qu arter and six mont hs ended 30 th Septemb er, 2026 respectively .

Page 11

adani Powe r Fur th er , with respect to computation of ta riff compens ation claim in the abo ve matt er s, APTE L vide it s or der dat ed 19 th Augu st, 2026 has allo wed appeal filed by the Company and al so dir ected MERC to issue cons eq uent ial order in favo ur of the Compan y, in com plianc e with APTE L's ear lier ju dgement s dated 14 th Septemb er, 20 20 and 28 th Septem ber , 2020 in the said matter . The Compan y does not expect an y adver se out come in the ma tter and contin ues to recogn ise the rev enue as per past pr ac tice. (b) Apar t fro m abo ve, in one of the mat ters re lating to cost factor s for comput ation of tarif f comp ensator y claim, on acc ount of cons um ption of alt ernate coal, MSEDCL fi led an appeal with APTEL agai nst MERC order dat ed 28 th November , 2020 in favour of the Compan y and di sm issa l or der dated 11 th Sept ember , 20 21 agai nst rev iew pet it ion filed by MSEDCL . APTEL vide it s or der dat ed 9 th Ju ly, 2024 dism issed the appeal filed by MSED CL . Subs equen tly, MSEDCL filed an appeal wit h the Ho n'ble Su pr eme Court in the ma tter which is pending ad judic ation. Fur ther , MER C vide it s order dated 6 th Oct ober , 2025, allo wed petition fi led by MSEDCL w. r. t. int erpret ation of it s earlier or der re lating to compensation fo r in-land tra nspo rtati on cost factor fo r the transfer of al ternate coal. The Compan y agg rieved with such an or der , had fi led a review petition with MERC on 14 th October , 2025 , which was upheld by MERC vide it s order dat ed 2 nd Dec ember , 2025. MSEDCL has pr efe rred an appeal with APTEL agai nst the sa id MERC order which is pending ad jud ication. The Company does not expect any ad verse out come in the matter and continues to recogn ise change in la w claims as per past pr ac tice. 5. (a) In resp ect to Compan y's Mundr a thermal power plant ("M un dr a TPP "), Gu jar at Urja Vi kas Ni gam Li mi ted ("GUVN L") appr oached CERC to deter mine the base rates for power sales un der Bid 1 8- Bid 2 revised Suppl ement al Powe r Pur ch ase Agr eement s ("SP PAs") dated 30 th Mar ch, 2022, wit h retr ospe ctive effect fro m 15 th October , 2018, for further su bm is si on to the Govern ment of Guja rat ("GoG" ). CERC vide it s order dated 13 th June, 2022 re commende d the base rates fo r fi nal appr oval of GoG. GoG has appr oved the sa id base rates vide it s res olution dat ed 26 th May, 2026. Cons equen tly, the Compan y has en tered int o an amen ded suppl ement al agr eement with GUVN L on 1 st Ju ne, 2026 and GUVNL has submit ted the sa me to CERC fo r appr oval. (b) Pr ior to the appr oval of the Base Ra tes by the GoG, the Company had been supplying power to GUVNL based on ce rta in mechan ism wher eby actual fuel cost incur re d, get s pass thr ough in the billing of ene rgy char ge s, fro m p t Mar ch, 2022 on wa rds . Pur suant to the appr oval of the Base Rate and ex ecution of an amende d suppleme nt al agr eement , ener gy char ge s ar e to be rec omput ed with re tro spec tive effe ct from 15 th October 201 8, based on the appr oved base ener gy rates as esca la ted with appl icable CERC es cal ation inde x. Con sequen tly , the Compan y has ra ised claim s for ener gy char ges for the period from 15 th Oct ober 2018 to 3p t Mar ch, 2026 on GUVN L. GU VNL has paid � 4,1 47. 00 Cr or es by 30 th Septemb er, 2026 and � 2,07 3.79 Cr or es subsequen tl y. Acc or ding ly, the Compan y has recogn ised rev enue s on prudent param eter basis to the extent accept ed and paid / settl ed by GUVNL . 6. The Company has claimed compensation for al ternate coal cost incur red for suppl y of power un der 1,200 MW of Supplement al Power Purch ase Ag re ement (SP PA) wit h Har yana Di sco ms. Har yana Discoms ha ve sou ght cert ain in fo rmation to va lidat e such clai ms. Har yana Di scoms have paid 50% of the claim s made by the Com pan y fro m June 20 23 onw ar ds and revenue was re cogn ised accor di ngly upt o 30 th June , 2026 . The Compan y expect s a favo ur able ou tcome in the ma tter. During the cu rrent quar ter , Har yana Di scoms ha ve again raised concer n in the mat ter . Pe nding res olution of the matter with Har yana Dis coms , the Company has derecogn ized rev enue of � 1,97 1.96 Cror es dur ing �:::=:=:::,..._ cur re nt qu arter on a prudent basis . .. ��- •J -

Page 12

adani Power 7. In respect of the Compan y's Kawa i thermal power plant ("Kawa i TPP" ), in the mat ter relating to sho rtfa ll in availabilit y of do mestic li nk age coal, the Hon'ble Su pr eme Court vide it s or der da ted 31 st Augus t, 2020 has adm itted all tarif f compen sation claims for additional coal costs in cu rred for power generation and the Compan y con tinues to rea li se the claim amount towards compensation. During the financial year 20 23-24 , Rajasth an Urja Vikas and IT Ser vices Li mit ed ("RUVITL ") (fo rmerly kn own as Rajas than Urja Vi kas Nig am Limi ted) had fi led a fresh petition be fore Raj asthan Ele ctrici ty Regulat or y Comm ission (" RER C") primar il y challenging the methodolo gy and oper ating par ame ter s considered while ar rivi ng at the ta rif f compensation claim fo r addit ional coal cost inc ur red for power gener ation by the Compan y which had ear lier been settled by RU VITL in March, 2022 based on the Hon 'ble Supreme Cour t or der dat ed 3p t August , 2020. The RERC vide it s or der dated 1 st Septe mber , 2023 di sm issed the petition of RU VITL . RU VITL had pr eferred an appeal with APTEL in the matter , wh ich is pending ad judic ation. The Compan y continues to rec ogn ise the reve nue based on principle as appr oved in the order pa ssed by the Hon'ble Su preme cour t. 8. Rev enue fro m oper ations and other income (including amount s di sclosed se par ately els ewher e in other no tes ) inc lude s followi ng amou nt s (n et of reve rsa ls) per taining to ear lier yea rs, based on the orders rece ived fro m various re gul a tor y aut ho rities such as MERC / CERC, APTEL, the Hon'ble Supreme Cour t and reco nciliat ion / settl ement with Di scoms re lating to vari ous claims towar d s change in law eve nt s, carr ying cost thereon and de layed paym ent int er est. (i in Cror es) Part icula rs For quar ter For qu arter For qu arter For six For six For year ended ended ended mo nt hs mont hs ended 3Qth 30 th June, 3Qth ended ended 31 st March , Septem ber , 2026 Septemb er, 3Qth 3Qth 2026 2026 2025 September September ,2 026 ,2 025 Re ve nu e fro m 2.424. 62 1,35 1.46 350.50 3,776 .08 756.7 1 459. 07 Op er ations Other Income (2. 37) 34. 89 31 8.03 32.52 31 8.03 1,284.59 Total Income 2,4 22.25 1,386.35 668.5 3 3,808.60 1, 074.74 1, 743.66 9. The Compan y had soug ht cancellation of the Jitpur coal block and re que sted the Nomin ated Authorit y, Minis try of Coal. Ne w Delhi, to cancel the Ves ting Or der , vide its re pr es ent ation dat ed 31 st October , 2020 and al so req ue sted for refu nd of co st s of < 138.66 Cr or es incu rred by it and rele ase of the per for mance bank guar an tee of < 92 .90 Cr ores gi ven to the Nominat ed Authorit y. The Nomi nat ed Authorit y concluded the fresh e-auction of Jitpur Coa l Block on 13 th Septemb er, 2022. Pur suant to this, the Coa l Mine s Dev elopment and Prod uction Agr eement (" CMDP A") has been signed bet ween the ne w bidder and the Nom in ated Aut horit y, Minis try of Coal on 13 th October 2022. The Nomin ated Author it y has is su ed the Final Compen sation Or der dat ed 13 th No vember , 202 4. The Com pan y has recei ved < 32.70 Crores and is confi dent of re cove ri ng the re maining amount . 10 . The National Green Tr ibunal ("NG T") in a matter re lat ing to non- complia nce of envi ronment al no rms relating to Udupi thermal po wer plant ("U dup i TP P") dir ec ted the Compan y vide it s order dated 14 th March, 2019. to mak e paym ent of < 5. 00 Cr ores as an int erim envir onm ent al compens ation to Cen tral Pol lut ion Con trol Boar d ("CPCB ").

Page 13

adani Power NG T vide it s order dat ed 3p t Ma y, 20 22 dir ec ted the Com pan y to deposit an addit ional amount of t 47. 02 Cr or es. The Co mp any has reco gnised expe nse pr ovision in the book s on a conser vative basis, alt hough , the Compan y ha s filed an app eal with the Hon 'ble Supr eme Cour t dated 26 th Augu st, 2022 agai nst the abo ve refe rred NG T or der . Pur suant to or der of the Hon'ble Su preme Cour t (SC) dated 6 th Januar y, 2026, the Compan y ha s de posited t 26 crores with the Regist ry of Supr eme Cour t to gr ant stay order to re main in force unt il fur ther order s. The Udupi TPP contin ue s to oper ate in complia nce with all the condit ions un der Envir onment Clearance as at re por ti ng dat e. 11. The Gr ou p's busi ness ac tivi tie s revo lve ar ound de velopment and oper ations of power ge ner at ion plant s including related act ivi tie s and trad ing , in vest ment and other ac tiviti es. The seg ment s ar e largel y or gan ised and managed se parat ely ac cor ding to the or gan is ation str uctur e that is des igned based on the nat ur e of Gr ou p's busi ness and oper ation s, as well as based on revi ews of op er ating result s by the ch ie f oper ati ng de cision mak er to make decisions about re sou rce all ocation and per form anc e me asur ement . Foll owi ng ar e the details of seg ment wise reve nu e, resul ts, seg ment assets and se gment li abi li ties: Particulars For quar ter For quarter For qu arter ended ended ende d 3Qth 30 th Ju ne, 3 Qth Septem ber, 2026 Septembe r, 2026 2025 (U naud ited) (Unaud ited) (Unaudit ed) Segment Revenue Power Gener ation 18 ,902.92 18 ,901.89 13 ,456.84 and related acti vities Tradin g, in vestment 535.76 - - and other activi tie s Total 19,4 38 .68 18 ,901 .89 13,456.84 Less: Inter Seg ment - Transfer Reve nue from 19 ,43 8.68 18 ,90 1 .89 13,456.84 Operations Segment Resu lts Power Gener ation 6,1 24.5 4 6,502.68 4,0 30.8 7 and related ac tivities Tradi ng, investment 645 .70 37.27 (0. 12 ) and other ac tivi ties Unallocable 18 .4 8 (1 21.7 7) (64. 55) Profit before tax 6,788.72 6,41 8. 18 3,966.20 Segment Assets Power Gener ation 15 8,39 4.4 7 14 6,67 3.38 12 3,91 1. 44 and related acti vities Tradi ng, in vestment 6,173 .98 5,2 84.40 1, 30 8.78 and other activit ies Unalloc able 1, 071 .73 988. 22 330.31 Total Assets 16 5,640.1 8 15 2,9 46.00 12 5,550.5 3 Segment Liabilit ies Power Gener at ion 79,1 41 .64 72,172 .32 58,689.92 and related acti vities Tradin g, in vestmen t 1, 36 4.76 1. 262.69 1,164 .47 and other activities Unallocable 6.756.31 8,119 .1 5 6,049.39 Total Liabi lities 87,262 .71 81, 554.1 6 65,903.7 8 For six mont hs ended 3Qth September, 2026 (Unaudit ed) 37 ,8 04.8 1 535.76 38 ,340.5 7 - 38 ,340.5 7 12 ,627.22 682.9 7 (1 03.29) 13,206.90 15 8,394.4 7 6,173.98 1. 071 .73 16 5,640 .18 79,1 41.64 1, 36 4.76 6,756.31 87,262.71 For six mont hs ende d 3Qth September, 2025 (Unaudit ed) 27,565.99 27,565,99 - 27,5 65.99 8,293 .8 7 13.8 1 (1 37. 17 ) 8,170.51 12 3,911 .44 1, 308.7 8 330.31 125 ,550. 53 58,6 89.92 1, 1 64.4 7 6,049.39 65,903.78 ('t in Crores ) For year ende d 3, st March, 2026 (Audit ed) 54,2 40. 52 - 54,240.52 - 54,240.52 15 ,757. 55 13.68 (271 . 72) 15 ,499.51 139, 777. 31 1.354.52 1, 148.09 14 2,27 9.92 67, 240.97 1,209.98 7.427. 05 75,87 8.00

Page 14

'· adani Power 12 . The Gr oup has det er m ine d the recover able amount s of it s ther mal power plant s over their useful li ves un der Indian Acc ounting St an dar ds ("Ind AS") Ind AS 36 "Imp air ment of Assets" based on the esti mates relating to tarif f, demand for power , oper ational per formance of the plant s, li fe extension pla ns , mar ket pr ic es of coal and other fue ls, ex change vari atio ns, inflation, term inal va lue, climat e change impa ct . etc. which ar e co nsider ed reas onable by the Management . On a car eful eval uat ion of the afor esa id factor s, the Management of the Gr oup has conclude d that the reco ve ra ble va lue of all the thermal po wer plant s is higher than th eir carr yi ng amount s. 13 . In Sept ember 20 24, Coastal En er gen Private Li mit ed ("CEP L"), havi ng capac it y of 1,200 MW (2x 600 MW) coal fired power plant in the state of Ta mil Nadu was acqu ired by a Consor tium, including the Compan y being a par t of the Cons or ti um. Fur ther , the appr oved res olut ion plan, al so inclu ded the amalg amation of CEPL with Moxie Powe r Gener ation Li mited ("MPG L"), a Special Pur pose Ve hicle ("S PV") incor por at ed by the Consortium, in which the Compan y hold s 49% equit y stake. The Compa ny, having de-facto con trol over oper ations of MP GL, has accounted for the sa me unde r Ind AS 110 as subsidi ary and residual stake of 51% has been refle cted as no n-co nt rolling inter est . Further , upon appeal filled by the er stwh ile dir ector of CE PL, Nat ional Company Law Ap pellat e Tr ibun al (" NCL AT") vi de it s or der dat ed 6 th Sept ember , 202 4, had in structed that fo r the time being the status quo to be mai nt ained and resolution pr ofes sional will cont inue to op erate the plant . In response to the petition filed by the Compan y agai nst the said NCL AT order , the Hon'ble Supr eme Court ("SC" ) vide it s or der dated 12 th Septem ber , 2024 , had order ed that status quo, as was oper ating be for e NCL AT order was passed on 6 th Septembe r, 20 24, shall continue to re main in oper ation until the matter is di spo sed of by the NCL AT. 14. In the fi nancial year 20 22-23, a sh or t se ller repor t ("SSR ") was publ ished ha ving cer tain al legat ions on some of the Ada ni Group Compani es, inc luding Ad ani Power Li mit ed ("the Holding Compa ny") and it s subs idiar ie s. The Hon'ble Supreme Cour t of India ("SC") by it s or der dat ed yd Janu ary, 2024, disp osed of all ma tter s of app eal rel at ing to the al legations in the SSR and in var ious petitions including th ose re lating to separ ate ind ep endent in vesti gation s. The SEBI vide its or der dated 18 th Sept ember , 2025, concluded two Show Cause Not i ces (SCNs ) and found no non- compl ianc e of pr ovisions of the Listi ng Ag ree ment and SEB I LO DR Regu lat ions per taining to relat ed pa rty transactions with re gar d to cer tain tran sactions wit h thir d par tie s in earlier financial year s. All allegation s men tione d in the said SCNs and the pr oceedings were clos ed wit h no penalt y or further di re ctio ns. The SEBI had also issued SCN( s) per taining to all egatio ns, of wrongful categor is ation of shar eholding of cer ta in ent itie s with resp ect to SEBI public shar eholding no rms. Dur ing the cur re nt quar ter , pur suant to the acc eptanc e of the ter ms of sett lement by the Secur it ies and Exchange Boar d of India ("S EBI" ), a Settl ement Or der dated 28 th Septemb er, 2026 has been passed in respect of the sett lement applic ations filed by the Compan y, and it s dir ector s, without adm ission or denial of the findi ngs of fa ct and conclusions of law in respect of the all eged violations , by payi ng settl ement amount join tly and seve ra ll y along with it s dir ector s. The matter sta nds conc lude d. Based on abo ve, no adju stm ent s ar e re quir ed in the consol idat ed fi nanc ial resu lt s as at and for the quar ter and six mo nths ended 30 th Sept emb er , 2026 . �<.:,. �\�::-:.:>

Page 15

adani Power 15 . During the financial year 20 24-25 , the Compa ny's man agement became awa re of an indic tment filed by Unit ed States Department of Ju stice (US DO J) and a civil complaint by Securities and Exc hange Comm ission (US SEC ) in the Unit ed States Di strict Cour t fo r the Easter n Di strict of Ne w York (EDNY ) agai nst a non- execu tive dir ector of the Compan y. The dir ector is indic ted on three count s namely (i) alleged securi tie s fraud consp ir acy (i i) alleged wire fra ud cons pir ac y and (iii) all eged securities fraud for making fa lse and misleading sta tement s and as per US SEC ci vil complaint , di re ctor omit ting material fact s that re nd ered cert ain state ment s mislead ing to US in vesto rs under Securities Act of 19 33 and the Securit ies Act of 19 34. The Company has not been name d in the se ma tter s. As at 31 st Ma rch, 20 26, pur suant to var ious fi li ngs made by the dir ector thr ough their legal couns el s, the mat ter re mai ne d pending det er mi nat ion be fo re the cour t. Having re gar d to the status of the abo ve mentioned mat ter s as at re po rti ng da te, and the fa ct that the mat ter s stated abo ve did not pert ain to the Compa ny, ther e were no impact on the Company as at pr evious year ende d 3 , st Mar ch, 2026 . Up on filing of reque st for en try of final judgement by US SEC be fore ED NY on 15 th May, 2026 , EDNY has ent ered int o final judgement on 10 th Augu st, 2026 in the civil complaint filed by US SEC agai nst the dir ector of the Compa ny, pur suant to his cons ent and without adm itting the al legat i ons . Pur su ant to such final judg ement s, (i) EDNY ha s di sposed of the civil com plaint , and (ii) the dir ector is pe rm anent ly restr ained and enjoined fro m violating specified sections of Securit ies Act of 19 33 and the Secur it i es Act of 19 34. Such final judge me nt s req uir ed the dir ect or to pay cer ta in civil mon etar y penalt y and the same has been paid. Further , upon fi ling of motion of di smis sal by US DOJ with EDNY on 18 th May, 2026 , the indict ment fi le d by US DOJ agai nst such dir ector ha s been di sm issed and all the char ges again st him ha ve been dr op ped by EDNY with pr eju dic e in the ma tter pur suant to it s or der da ted 10 th Aug ust. 2026 , which means a complet e dism issal wher e the def endant has been pr otected aga in st futur e pr osec ut ion for the sa me allegat ions . Based on the ab ove, the ma tter is concluded an d accor din gly ther e ar e no chan ge s to the abo ve conclusions as at and for the quar ter and six months ended 30 th September , 2026 . 16 . Godda therm al power plant ("G odda TP P"), is ha ving a long -te rm Power pur chas e agr eement (PP A) wit h Ban gladesh Po we r De velopment Boar d (" BPD B") for supply of power from it s 16 00 MW thermal power stati on. Since inception of the sa id PPA, Godda TPP has been su ppl ying power and ra isi ng mont hl y in voice in complianc e wit h PP A and Godda TPP has been receiving pa ym ent s on a re gular basis . Pur suant to the Compa ny's req uest. Singap ore In te rna tional Arbitr ation Cen tre has select ed and app oint ed an exper t to resolve cer ta in ma tter s pending in reconciliation. Dur ing the quar ter , the Compan y and BPDB have made their re pr ese nt ations to the expert based on which re commendation has been re cei ved which is unde r evaluation. The management is confi dent of recov ering the balance re ceivables and do es not expect an y ad ver se out come in the mat ter . 17 . The Ahmedabad bench of the Na tional Compan y Law Tri bun al (" NCL T") vide it s order dated 4th August , 2026 and th e Mumb ai Bench of the NCL T vi de its order dated 24 th Septemb er, 2026 have appr oved the sch eme of am alg amat ion of wholl y own ed subsidi ar ie s of Ada ni Power Li mi ted ("A PL"), viz. (i) Ad ani Power Dahe j Li mit ed ("A PDL "); (ii) Kutchh Power Gen er ation Li mit ed (" KPGL ") (a step do wn wholl y owned subsidi ary of APL , as 10 0% equit y shar es of KPGL ar e held by APDL ); (i ii ) Resur gent Fuel Management Li mi ted (" RF ML "); (iv) Mahan Fuel Management Limi ted ("M FM L") ; (v) Oris sa Thermal Ener gy Li mi ted ("OTE L") ; (vi) Korba Power Li mit ed (" KP L") ; (vii ) Anuppur Thermal Ener gy (M P) Private Li mi ted ("ATEMPPL ") ; (vi ii ) Mir za pur Thermal Ener gy (U P) Private Limi ted ("MT EU PPL ") ; (ix) Ember iza In fra Par k �:::=::=, ...... c & • ed (" EIPL ") ; and (x) Vida rbha In dus tries Power Li mit ed ("VIPL ") with APL , with app oint ed dat e of , st � <c .----- {!(' 025, in terms of the pr ovi sions of sections 230 to 232 and other applic able pro visions of the ;' • r-....} Co � ies Act , 2013. The said Scheme has become effec tive from 25 th Sept em ber , 2026 on co . 1•� � \:::f of a � e cond itions pr eceden t ment ioned ther ein. Cons equentl y, ab ove mentioned wh ly e wne <_,, ;7 A ub &'.If ries of the Company got amalgam ated with the Company w. e.f . , st April, 2025 ;Ei ce the � :1\ -� 0 --j �-· �. ,,::·n 6- rr, \� .. 'A,'. f'-.. . - ("'- 'J .�/ C) '-:: '·.�, ::_- ( l /J (' ( .. 1// ... -::;·�::::-::.::::;.;..:.-:·• *

Page 16

adani Power amalgam ated entit ies are un der common con trol, the accou nting of the said amal gamation has been done appl ying Pool ing of inter est method as pr escr i bed in Appendix C of Ind AS 10 3 'Busi ness Combin ations ' w.e.f the first day of the earlie st period pr esented i.e. pt April, 2025 or the date fro m which the wh oll y owned subsidiar y came un der the common contr ol of the Group. While appl yi ng Po oling of Inter est met hod, the Company has recorded all asse ts, liabil ities and reser ves attributable to the wholly own ed su bsi diar ie s of Compan y at their ca rryi ng va lue as appe aring in the consol idated fi nancial statement s of the Compan y imm edi at el y prior to the amalg amation as per gu idance gi ven in ITFG Bulletin 9. The aforesaid scheme has no impa ct on the cons ol idat ed fi nancial results of the Group, since the scheme of am algam ation was wit hin the parent com pan y and wholl y own ed subsidiarie s. Cons equent to the amalgama ti on of the wholl y own ed subsi diar ie s int o the Compan y, the cur rent and de ferred tax expe nse for the year ended 31 st March, 2026 and for qu ar ter ende d 30 th June , 2026 as re cog nised in the bo oks by the Compan y and abo ve who ll y owned subsidiarie s have been reco mput ed. Acc or ding ly, tax expens es for the cur re nt quar ter include reve rsa l of curr ent tax expe nses of � 1.2 11.4 3 Crores. 18 . In res pect of the Compa ny's Udupi Thermal Power Plant (Ud upi TPP" ), CE RC. vide it s order dat ed 7th Januar y 2026, allo wed the Compa ny's pe tition for re cove ry of car rying co st on account of change in ta riff and dela yed pay ment surchar ge on the ca rrying cost clai ms . Accor dingl y, the Compan y had re cogn ised ot her inc ome of � 1.00 7.31 Cror e dur ing the pr evi ous ye ar , which has al so been real ized. The Powe r Comp any of Karnatak a Li mit ed (PCKL ) and Karna tak a Escom·s ha ve fi led an appeal be for e APTEL against the said order . The Compan y doe s not expect an y adverse out come in the matter . 19 . The National Com pany Law Tri bunal (" NCL T") vide it s order dat ed 17 th Mar ch. 2026 , app roved the res olution plan related to Jaipr ak ash Associa tes Li mi ted ("JAL") under the In solvency and Bankrup tcy Code, 201 6. The res olution pl an ena bles Ad ani Enter pr ises Lim ited to nomin at e one or mo re 'Imp lem enti ng Ent iti es' to im plement the res ol ution plan or any par t thereo f, by acqu iring assets fro m JAL . The Com pany expr essed in-p ri nciple in ter est in becoming one of the 'Impl ementing Ent it ies' under the res olution plan fo r acquiring cer ta in power assets and in vestm ent s fro m JAL. Dur ing the quar ter ende d 30 th Ju ne, 2026, the Company has ent ered int o the fo llo wing def init ive agr eement s with JAL on 20 th Ma y. 2026: (a) Shar e Pu rchase Agr eement for acq uisi tion of 24 % equit y shar es of Jaipr akash Powe r Ve ntur es Li mi ted ("J PVL") (a li sted entit y). held by JAL for a consider ation of t 2,993 Cro res. JP VL has been accounted as "Associate" of the Com pan y in accor danc e with Ind AS 28 "I nvestm ent s in Associ ates and Joint Ve nt u res", wher eb y the dif fer e nce bet ween cost of in vestm ent and the Compa ny's shar e of the net fair va lue of the in veste e's id ent ifiable asset s and assu med liabilit ie s (i ncluding potential claims and contingent li abili ti es) has been consider ed as Goo dwi ll. Ther e ar e cer tain obser va tions which wer e the sub ject mat ter of modi fication by the In dependent au ditor of JP VL on the consol idat ed quar terly financial result s pub lished by JP VL. In the view of manageme nt , ther e is no additiona l imp act ther eof on the cons olid ated financial resu l ts. (b) Busi ne ss Tran sfer Agr eement for acqui sition of the 180 MW thermal power plant of JAL locat ed in Chur k and rela ted assets . including 11.4 9% sha res of Pr ayag raj Power Generation Company Li mit ed. held by JA L for a consideration of t 1.200 Cr or es. The transaction has been ac counted for in accor danc e with Ind AS 10 3 "Busine ss Combin ati ons" on pr ovisi onal basis w.e.f . p t June . 2026 using pr acti cal ex pedient and Ind AS 109 "Financial In stru ment s" as applicable. • the cur rent qua rter , the Compan y has di sposed off it s in vestm ent in it s subs idiar y, Chand enva lle ':0� ��R -.. rk Li mit ed ("CIPL "), by execution of Shar e Pu rchas e Ag ree ment da ted 27 th Au ust 2026 with nnex Private Li mit ed. The net gain on such sale of in vestm ent amount ing to is ed as other op erati ng rev enue pe rtaining to tr adi ng, in vestm ent and other ac n ncial resul ts.

Page 17

adani Power 21. During the cur rent quar ter , the res olution plan to acquir e GVK En ergy Li mit ed ("G VKEL "), a compan y und er going Cor porat e In solvenc y Res olution Process ("CIR P") unde r the In solve ncy and Bankrupt cy Code 2016 (" IBC ") has been appr oved by Commi ttee of Credi tor s ("COC" ) of GVK EL . In this re gar d, the Company has received a Letter of Int ent ("LO I") from the Res ol ution Profes sional (" RP") on 7th Sept ember , 2026. GVK EL owns and oper ates a 330 MW hydr oel ectric power plant located in Ut tar akhand through it s sub sidiar y Alaknand a Hydro Power Com pan y Li mit ed. The impleme ntation of the res olutio n plan is sub ject to the terms of the LOI and re qu isit e app rova ls fro m the Nat ional Com pan y Law Tribu nal, Hyder abad and / or an y other reg ula tor y au thor i ty under applicable la ws. 22. On 5 th Octob er , 2026 , the Compan y and Oruk Green Powe r Cor p. Ltd. ("DG PC"), Bhut an 's state-owned utilit y, have signed the shar eholder s agr eement ("SHA" ) for setting up a 770 MW Chamkhar ch hu Hydropower Proj ect (Chamk har chhu HEP ) in Thimpu , Bhut an ("Pr oj ec t"), Pur suant to the SHA, the Company and DGPC shall joint ly in corpor ate a public compan y (with 49:5 1 shar eholdi ng ) in Bh utan, to un der take th e sa id Proj ect . For , Adani Power Lim ited Place: Ahme dabad Date: 23rd Oc tober, 2026 Chai rman \-;

Page 18

SR BC & CO LLP 21st Floor, B Wing , Privilon Ambli BRT Road, Be hind lskcon Te mple Char tered Ac countants Off SG Hig hway, Ahm edab ad • 380 059, India Tel : +91 79 6608 3900 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Adani Power Limited 1. We have reviewed the accompanying statement of unaudited standalone financial results of Adani Power Limited (the "Company") for the quarter ended September 30, 2026 and year to date from April 01, 2026 to September 30, 2026 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and 52 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 and 52 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 opm1on. 4. Based on our review conducted as 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 13 3 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. Empha sis of Matter 5. The comparative financial information of the Company for the quarter ended June 30, 2026, quarter and six months ended September 3 0, 2025 and year ended March 31, 2026, included in these standalone financial results have been restated to give effect to the adjustments arising � <c:{' m the amalgamation between the Company and its ten wholly owned subsidiaries as fully cribed in the Note 17 to the accompanying standalone financial results. r conclusion is not modified in respect of this matter. SR BC & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4313 Regd. Office : 22, Camac Street. Block 'B', 3rd Floor, Koikata-700 016 ,f..... .c, Acco'3-:- 0 s

Page 19

SR BC & CO LLP Char tered Accountants Other matter 6. The comparative restated financial information of the Company for the corresponding quarter and period ended September 30, 2025, includes total revenues of Rs. 553 .70 crores and Rs. 920.91 crores, net loss of Rs. 108.46 crores and Rs. 69.82 crores, total comprehensive loss of Rs. 105 .95 crores and Rs. 67 .92 crores, respectively for the quarter and period ended September 30, 2025, and net cash outflows of Rs. 13.79 crores for the period from April 01, 2025, to September 30, 2025, which is based on unaudited interim financial statements of erstwhile ten subsidiaries of the Company, which got amalgamated with the Company during the quarter. The aforesaid numbers were reviewed by their respective statutory auditors whose reports for the quarter and period ended September 30, 2025, pertaining to these ten subsidiaries expressed an unmodified conclusion on those unaudited interim financial statements. For S RB C & CO LLP Chartered Accountants ICAI Firm registration number: ph Navin Agrawal Partner Membership No.: 56102 UDIN: 260561 02YUZPTM2681 Place of Signature: Ahmedabad Date: October 23, 2026 - , --:1/>� AC' - .' .... ::..-::::-

Page 20

adani ADAN I POWER LIMITED --- (CIN No : L40100G J19 96PL C030533) Power Regd. Office: "Adani Corporate House•, Shantigram, Near Vaishno Devi Circle, S. G. High way, Khodiyar, Ahmedabad 382421, Gujarat. Phone : 079-25557555; Fax : 079-2 55571n: Email : info@adani.com: Website : www.adani power.com UNAUDITED STANDALONE FINANCIAL RESU LTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2026 (t In Crores) 3 Months 3 Months 3 Months 6 Months 6 Months For the year Sr. ended ended anded ended anded anded Particulars 30.06.2026 30.09.2025 30.09.2025 31.03.2026 No. 30.09.2026 (Restated) (Restated) 30.09.2026 (Restated) (Restated) (Unaudited) (Unaudit ed) (Unaudit ed) (Unaudit ed) (Unaudi ted) (Unaudited) 1 Income (a) Revenue from Operations (Refer note B) 17,415.64 16,643.19 11.784.60 34,058.83 24,576.59 47.785,76 (b) Other Income (Refer note 8) 687.83 634.74 947.08 1,322.57 1,508.56 4,062.24 Total Income 18,103.47 11.2n.93 12,731.68 35,381.40 26,085.15 51.848.00 z Expanses (a) Fuel Cost 8,945.13 8,219.21 6,225.46 17,164.34 12,781.75 25,358.91 (b) Purchases of Stock-in-trade / Power for resale 7.63 189,26 11.16 196.89 20.78 251.90 (c) Transmission Charges 83.36 80.29 76.91 163.65 173.49 491.30 (d) Empl oyee Benefits Expense 172.96 222.62 171.52 395.58 368,94 777,77 (e) Finance Costs 782,09 869.48 859,89 1,651.57 1,717.00 3,428.37 (f) Depreciation and Amortisation Expenses 1,070.15 1,049.18 1,077.91 2,119.33 2,052.71 4,105.42 (g) Other Expenses 539.03 921.46 695,19 1.460.49 1,324.43 2,951.28 Total Expenses 11,600.35 11,551.50 9,118.04 23,151.85 18,439.10 37,364.95 3 Profit before tax (1-2) 6,503.12 5,726.43 3,613.64 12,229.55 7,646.05 14,483.05 4 Tax expense - Current Tax 1.439,98 1.476,14 101.88 2,916.12 120.14 1,560.53 - Tax (reversal) / expense relating to earlier years (Refer note 17) (1,211.43) 42,59 (1,211.43) 42.59 (16.28) - Deferred Tax Charge (Net) 12 .39 39.80 915.27 52,19 1,806.76 1,397.24 Total Tax Expenses 240.94 1,515.94 1,059.74 1,756.88 1,969.49 2,941.49 5 Nat Profit (3-4) 6,262.18 4,210.49 2,553.90 10.472.67 5,676.56 11,541.56 6 Other Comprehensive (Loss) / Income (a) Items that will not be reclasslflad to Profit or Loss : Remeasurement (Loss) / Gains of defined benefit plans (30,05) 8.23 26.57 (21.82) 30,55 32.88 Income Tax impact 7.52 (2.03) (6.65) 5.49 (7,66) (8.04) (b) Items that will be reclassl fled to Profit or Loss : Net movement on Effective portion of Cash Flow Hedges (11. 87) (11.8 7) Income Tax Impact 2.99 2.99 Total Other Comprehensive (Loss) / Income (31.41) 6.20 19.92 (25.21 22.89 24.84 7 Total Comprehensive Income (after tax) (5+6) s,230.n 4,216.69 2,573.82 10,447.46 5,699.45 11,566.40 B Paid up Equity Share Capital (Face Value � 2 per share) 3,856.94 3,856.94 3,856.94 3,856.94 3,856.94 3,856.94 9 Other Equ ity excluding Revaluation Reser ve 53,885.08 10 Earnings Par Share (EPS) (t) (Not annualised for. the quarter and six months) (Face Value � 2 per share)# Basic 8- Diluted EPS (In �) 3.25 2.18 1.32 5.43 2.91 5.95 #EPS has been calculated on net profit less distribution on unsecured perpetual securities for the period / year whether declared or otherwise, as appl icable. I '

Page 21

adani ADANI POWER LIMITED Power (CIN No : L4 01 00GJ1 996PLC0305 33) Regd. Office: "Adani Corporate House•, Shantigr am, Near Vaishno Devi Circle, S. G. High way, Khodiy ar. Ahmedabad 382421. Gujarat. Phone : 079-25557555; Fax : 079-255571n; Email : lnfo@a dani.com; Website : www.adanip ower.com UN AUDITED STAN DALONE FIN ANCIAL RE SULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2026 Stand alone Statement of Assets and Lia bilitie s as at 30th September, 2026 Particulars ASSETS Non-current Assets (a) Prop ert y, Plant and Equipment (b) Right -of -use Asset s (c) Capital Work In Pr og ress (d) Goodwill (e) Other Intangible Assets (f) Fi nancial Assets (i) In vestments (ii) Loans (iii) Other Fina nc ial Assets (g) Non- Cur rent Tax Assets (Net ) (h) Other No n-current Assets Total Non-current Assets Curr ent Assets (a) In ventories (b) Financial Assets (i) Inves tments (ii ) Trade Recei vables (iii) Cash and Cash Equi vale nts (iv) Bank balan ces other than (i ii ) ab ove (v) Loans (vi) Other Financial Assets (c) Cu rrent Tax Asset s (d) Other Cu rrent Assets EQUI TY AND LIABILI TIES EQU ITY (a) Equit y Shar e Cap ital (b) In str ument s entir ely equit y in nat ure (c) Ot her Equ it y Total Current Assets Total Assets Total Equity LIABILITIES Non-current Liabilitie s (a) Financial Liabili ties (i) Borrowi ngs (ii) Lease Li abil ities (i ii ) Ot her Financial Li abilit ie s (b) Provi sions (c) Deferred Tax Li ab ilit ies (Net ) (d) Ot her Non -current Li abilit ies Total Non-current Li abi lit ies Current Liab ilit ies (a) Financial Li abili tie s (i) Bo rrowi ngs (ii) Lease Lia bilit ies (iii) Trade Paya ble s - Total outstanding due s of mi cro ent erprises and small ent erprises - Total outstanding dues of credi tor s other than micr o ent erpr ises and small ent erpr ise s r Financial Li abilit ies ent Liabili ties x Li abilities (Net ) As at September 30, 2026 (Unaudited) 57,971 .86 2,332. 29 33,611.59 190.61 49.75 5,498.70 8,516.65 859.98 14 0.34 8,432.85 1,17,604. 62 3,232. 66 5,235.32 12 ,560.56 3,625.69 6,3 66.8 2 8.75 524.79 2,31 3.52 33,868.11 (? in Crores) As at March 31, 2026 (Restated) (Audited) 58,7 93.45 2,225.68 25 ,11 0.50 19 0.61 24.49 2,026. 13 6,779 .6 2 651 .75 16 6.37 6,538. 02 1,02 ,506.62 3,025.93 1,491.35 11 ,039. 16 880.39 5,778.55 10 .72 1,551 02 2,365.69 26,142.81 l----------+----------1 1,51,4 72.73 1,28,649.43 3,85 6.94 3,856.94 64,454. 69 53,885.08 68,31 1.6 3 57,742.02 47,190.85 41,76 4.90 1,135 .16 1,049.2 7 193.8 7 222.73 25150 214.66 5, 461.58 5,417.88 5, 09 7.4 7 5, 298.18 59,330.43 53,967.62 12 ,475. 36 8,888. 16 65.58 65.48 16 3.35 11 8.49 3,68 4.19 2,364.56 5,2 38.61 2, 959.39 96 5.78 911.5 5 46. 51 76.89 1,191.2 9 1, 555.27 23,83 0.67 16,939.79 83,161.10 70,907.41 1,51 .472.73 1,28,649.43 otal Current Liabilitie s ) Total Liabilit ies �===========:t:=== '.a1 Equit y and Liabilities

Page 22

adani ADANI POWER LIMITED Power (CIN No : L40100GJ1996PL C030533) Regd. Office: "Adan! Corporate House", Shantlgram, Near Valshno Devi Circle, S. G. Hig hway, Khodlyar, Ahmadabad 382421, Gujarat. Phone : 079-25557555: Fax : 079-25557177; Email : lnfo(ladanl.com: Website : www.adanlp awer.com UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2026 Standalone Statement of Cash Flows far the year ended 30th September, 2026 Particulars (A) Cash flows from op erating activities Profit before tax Adjustments to reconcile profit before tax to net cash flows: Depreciation and Amortisation Expenses Unr ealis ed Foreign Exchange Fluctuation (gain) (net) Gain on sale of Investment Income from In vestment valued at FVTPL Loss on Sale / retir eme nt / write off of Proper ty, Plant and Equipment (net) Amortised Government Grant Income Liabilit ies no longer required written back Finance Costs Interest income Financial Guar antee Commission Provisi on / (Reversal of provision) for Stores and Spares Bad debt s / sundry balance written off Provision for do ubtful balances Operating profit before working capital adjustments Working capital adjustments: (I ncrease) / Decrease in Inventories (In crease) / Decr ease in Trade Receivables (I ncrease) / Decr ease in Other Financial Assets Decrea se / (Incr ease) in Other Assets Increase in Trade Payables Incr ease in Other Financial Liabilit ies Incr ease / (Decr ease) in Other Liabilities (Decrease) in Provisions Cash flows from oper ating activities Add : Income tax (Paid) / Refund Net cash flows generated from operating activities (A) (B) Cash flows from Investing activities Payment towards acquis ition of Prope rty, Plant and Equipme nt, including capital advances, capital work-in-progress and inta ngibl e assets Proceeds from Sale of Prope rty, Plant and Equipm ent Payment towards / Proceeds from Current investments (net) Payment towards acquisition of business Payment towards investments in Associa tes / Joint Venture Payment towards Non-current investments Proceeds from Sale of Non-current investments Payment towards equit y investment in subsidiaries Payment towards Non-current investment in Optionall y Convertible Debenture of subsidiaries Proceeds from redemption of Optionally Conver tible Debentures of subsi diary Proceeds from disposal of subsidiaries Investment in bank and margin money depos its (having original matur ity for more than three months) (net) Payment towards Non-current Loans given to subsidi aries Proceeds from Non-current Loans received back from subsidiaries Inter est received (includ in g carrying cost and late payment surcharge) Net cash flows (used in) investing activities (B) (C) Cash flows from financing activities Payment towards principal portion of lease liabil ities Payment towards interest portion of lease liabil ities Proceeds from Non-current borrowings Repayment of Non-current borrowings Proc ee ds/ (Repayment) of Current borrowings (net) Repayment towards redemption of Unsecured Perpetual Securities Distri but ion to holders of Unsecured Perpetual Securities Redempt ion from issue of Optionally Conv ert ible Debenture by subsid iary Finance Costs Paid Net cash flows from financing activities (C) Net Increase in cash and cash equivalents (A)+(B)+(C) Net foreign exchange difference on cash and cash equivalents Cash and cash equi valents at the beginning of the period equivalents at the end of the period 50,000 are denominated with ') For the six months ended September 30, 2026 Unaudited 12,229.55 2,119.33 67.03 (535.68) (175.57) 11 .59 (200.70) (5.21) 1,651 .57 (641 .18 ) (39.84) 9.50 4.26 14,494,65 (214.18 ) (1,631.79) (23.81) 11 6.92 1,428.92 2,285.77 54.22 (1 9.49) 1,996.56 16,491.21 (2,042.65) 14,448.56 (1 0,031.33) 0.26 (3,568.40) (1,200.00) (2,993.59) (0.05) (344.30) 90.46 535.69 (574.65) (3,376.13) 1,640.57 1,397.58 (18,423.89) (22.95) 7,450.00 (1,845.98) 3,496.51 (2,356.95) 6,720.63 2,745.30 880.39 (t in Crores) For the six months ended September 30, 2025 Restated Unaudited 7,646.05 2,052.71 4.79 (23.45) (7 93) 6.36 (200.70) (31.84 ) 1,717.00 (957.19) (1.23) 3.54 9.48 (26.75) 10,190.84 236.29 3,689.57 12.04 (72. 51) 10 8.2 5 19 8.77 (352.43) (9.39) 3,810.59 14,001.43 156.6 3 14,158.06 (7,972.95) 15 .78 1, 051.6 3 (3,963.87) (76. 00) 125.24 (249.14) (1,250.85) 16 7.61 225. 94 (11,926.61) (1 0. 87) (10.11) 12 ,000. 00 (3,264.24) (127. 42) (3,056.92) (1,385.12) (269.16) (1,765.12) 2,111,04 4,342.49 200.4 8 4,542.97

Page 23

adani ADAN! POWER LIMITED (CIN Na : L40100GJ199 6PLC030 533) Power Regd. Office: "Adanl Corporate Hause·, Shantlgram, Near Valshna Devi Circle, S. G. High way, Khad lyar, Ahmedabad 382421, Gujarat. UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2026 Additional information pursuant to Regulation 52( 4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requir ements) Regulations, 2015, as amended for the quarter and six months ende d 30th September, 2026. 3 Months 3 Months 3 Months 6 Months ended ended 30.09.2026 ended 30,06,2026 ended 30.09.2025 30.09.2026 Particulars (Restated) (Restated) (Unaudited) (Unaudited) (Unaudit ed) (Unaudit ed) Debt Equity Ratio (In Times) 0.87 0.91 0.88 0.87 Total Borrowi ngs / Total Equity Debt Service Coverage Ratio (In Times) Earnings Before Interest, Tax, Depreciation and Amortisation (EBff DA) / 5.90 5.57 4.93 5.74 (Interest + Scheduled Principal Repayments of Non-Current Borrowings) Int erest Service Coverage Ratio (In Times) B.47 7.99 7.39 8.23 EBITDA / Interest Expense Current Ratio (In Times) 1.4 2 1.24 1.61 1.42 Current Assets / Current Liabilities Lang Term Debt to Working Capital Ratio (In Times) (Non-Current Borrowings + Current Maturities of Non-Current 4.13 5.46 3.32 4.13 Borrowings) / (Current Assets Less Current Liabilities excluding Current Maturities of Non - Current Borrowings) Bad Debts to Account Receivable Ratio (In Times) Bad Debts / Average Trade Receivables Current Liability Ratio (In ") 28.66% 32. 27% 24.45% 28.66% Current liabilities / Total Liabil ities Total Debts to Total Assets Ratio (In ") 39.39% 40.24% 39.46% 39.39% Total Borrowings / Total Assets Debtors Turnover Ratio (not annua lised) (In Times) 1.4 8 1.51 1.3 0 2.B9 (Revenue from Operations + carrying cost) / Average Trade Receivables Inventory Turnover Ratio (not annual ised) (In Times) 3.86 3.69 3.10 7.37 Fuel Cost / Average Fuel Inventory Operating Margin (In ") (EBITDA (excluding Other Inc ome)+ carrying cost) / (Revenue from 44.03% 42.20% 39.14% 43.14% Operations + carrying cost) Net Profit Margin (In ") 34.59% 24.37% 20.06% 29.60% Net Profit after Tax / Total Income Outstanding Redeemable Preference Shares (Quantity No.) 4,15,86,207 4,15,86,207 4,15,86,207 4,15,86,207 Outstanding Redeemable Preference Shares (t In Crore) 475.86 475.B6 41 5.86 415.86 Capital Redemption Reserve/Debentur e Redemption Reserve (t In Crores) Net Worth (f In Crore) 68,371.63 62,080.74 57,875.07 68,317.63 Net Profit after Tax (t In Crore) 6,262.18 4,210.49 2,553.90 10,472.67 Earnings per Share (Face Value of t 2 each) (Nat annualised for the quarter and six months) (Basic S DIi uted)# 3.25 2.18 1.32 5.43 #EPS has been calculated on net profit less distribution on unsecured perpetual securities for the period / year whether declared or oth erwise, as applicable. Notes: 6 Months ended For the year 30.0 9.2025 ended 31.03.2026 (Restated) (Restated) (Unaud ited) (Audited) O.B8 O.BB 5.13 4.69 7.99 7.13 1.61 1.54 3.32 4.00 24.45% 23.89% 39.46% 39. 37% 2.32 4.11 6.19 11.4 5 40.35% 38.18% 21.76% 22.26% 4,15,86,207 4,15,86,207 415. B6 475.86 57, 875.07 57,74 2.02 5,676.56 17,547.56 2.91 5.95 (i) In terms of Regulation 54(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the secured, listed, rated, taxable, non-cumulati ve, redeemable non-convertible debentur es are secured I to be secured by (i) first mortgage over identified freehold project land of Tiroda TPP, Udupi TPP, Raipur TPP, Raigarh TPP and Solar Bitta Plant, leasehold project land of Mundra TPP, (ii) first charge by deed of hypothecation over movable fixed assets, all current assets (except DSRA) both present and future, excluding investments in equ ity share capit al, unsecured loans, quasi equit y and Godda TPP: on a pari-passu basis with the lenders of the Compa ny. It carries an interest rate in the range of 8.00% to 8.40% per ann um and are repayable from Financial Year 2027-28 to Financial Year 2030-31. (ii) The Company has maintained 186 % asset cover as per the terms of the Debenture Trust Deed in respect of its outsta nding Listed Nan-Convertible Debentures of � 7.500.00 Crores as on 30th Septem ber, 2026 . I I l I L I l I I I I I - l - I I I I I . 1 I I - I 1 I l - I I - I - I I l - - � I I I I T - - - - I I I - - - I I I - - I - I - I -I I I l l - I l I l I I - J

Page 24

adani Power ADANI POWER LIMITED UNAUDITED STAND ALONE FIN ANCIAL RESUL TS FOR THE QUARTER AND SIX MONTHS ENDED 30 th SEPTEMBER, 2026 1. The ab ove sta ndalone financial re sult s have been revi ewed by the Aud it Commi ttee and appr oved by the Boar d of Dir ect ors of Adani Powe r Li mit ed (the "Com pan y") in their respective me et ing s held on 23 rd October , 2026. 2. Rev enue from Oper ati ons on accou nt of For ce Majeur e / Change in Law even ts and In terest In come on account of ca rryi ng cost in terms of Power Pu rchase Agr eement s (" PP As") / Supple mental Powe r Pur chas e Ag reement s with vari ous State Power Di stri bution Utilit ies ("Discerns ") is ac count ed for I reco gn ised by the Company based on best management esti mat es fo llo wing pr inc ip les of pr udence, as per the order s / repo rts of Regul ator y Aut hor it ies, the Hon'ble Supr eme Cour t of India ("Hon 'ble Supr eme Cou rt") and the outst anding receiva ble s th ereof in the book s of account may be subject to ad justment s on account of cons equent ial or der s of the respec tive Regul ator y Author iti es, the Hon'ble Supreme Cour t and fi nal clo sur e of th.e ma tter s wit h the respective Dis coms. In cert ain cases . the Compan y has claimed com pensation from the Discoms based on manageme nt's int erpret ation of the regulat ory or der s and various te chnical par amet er s including pr ovisional methodol ogy for coal cost re cove ry, which ar e sub ject to final verifi cation and conf i rmation by the resp ec tive Discom s. The nec essar y tr ue-up ad jus tm ent s for reven ue claims (i ncluding car rying cost or late / dela yed pay ment sur char ge ("LPS")) ar e made in the book s based on final ackno wledgem ent / re gula tor y or der s / set tlement of ma tter s wit h resp ect ive Discerns or eventual recover y of the clai ms. wh iche ver is earlier . 3. In case of PPAs go verned by sec tion 62 of El ec tri cit y Act . 200 3, the Com pan y recogn ises reve nue from sale of po wer based on the most re cent tar iff order / pr ovisional ta rif f appr oved by the respect ive Regula tor y Commis sion. as modified by the order s of Appellat e Tribunal for Electricit y ("APTE L") / Regula tor y commi ssi ons and nec essar y pr ovisi ons / adjust ment consider ed on cons ervat ive basis. This reven ue is re cogn ised ha vi ng reg ar d to the mechan ism pr ovi ded in appl icable ta rif f re gulation s and the bilat eral ar rangement s wit h the Disco ms. Such tarif f or der s ar e subject to conclusion of fi nal ta rif f order s in terms of Mult iyear Ta riff ("MYT") Regulat ion s at the end of respec tive tarif f period. 4. (a) In the ma tter of no n- ava ilabilit y of coal due to cancellat ion of Loh ar a coal block for the Compa ny's 800 MW power gener ation capacit y at Tiroda thermal power plant ("Ti roda TP P"), the Ho n'ble Su preme Cour t vide it s or der dat ed 20 th April, 202 3, upheld the or der s of Mahar ash tra Elec tri cit y Regulat ory Comm is sion ("MER C") and APTEL . granting compensation (i ncluding carr ying co sts thereon ) towards addi tional coal co st for th e use of alter nate coal. Similar ly, in a matter relating to shor tfa ll in availabil it y of dome stic coal under Ne w Coal Di str ibution Polic y ("N CD P") and Scheme of Har nes sin g and Allocating Koyala (Coal ) Tra nspar en tly in India ("S HAK TI" ) polic y of the go vernme nt, for the Compa ny's 2500 MW power ge nerat ion capacit y at Tiroda TPP , the Ho n'ble Supr eme Cour t vide its order s dat ed 3 rd March, 202 3 and 20 th April, 20 23, upheld the ME RC's and APTEL's order s granting compen sation (i ncluding car rying costs ther eon) tow a rd s addit ional cost for the use of alter nat e coal. Basis abo ve favoura ble reg ulat ory order s. the Company has cont in ued to rec ogn ise ta riff compe nsa tion claims tow a rd s additional coal cost of { 683.20 Cro res and { 1.581.55 Cr ores dur ing the quar ter and six months ended 30 th Sept em ber . 202 6 respe ctively.

Page 25

adani Power Furt her , with respect to comp ut ation of ta rif f compen sation claim in the abo ve mat ter s, AP TEL vide it s order dated 19 th Aug us t, 2026 has al lowed app eal filed by the Company and al so dir ected MERC to issue cons eque ntial or der in favour of the Compa ny, in compli anc e with APTE L's ear lier judg eme nts dated 14 th Sept ember , 2020 and 28 th Sept ember , 2020 in the sa id ma tter. The Company does not expect an y ad ver se outcome in the ma tte r and contin ues to rec og nise the reve nue as per past pr act ice. (b) Apart fro m ab ove, in one of the ma tters re lating to cost fa ctor s for comput ation of tarif f comp ensator y claim, on acc ount of consu mp tion of alternat e coal, MSEDCL filed an app eal with APTE L again st MERC or der dated 28 th No ve mber , 2020 in favour of the Company and dismis sal or der dated Wh September , 2021 against revi ew petition fi led by MSEDCL . APTEL vide it s or der dated 9 th Jul y, 2024 dism issed the ap peal fi le d by MSEDCL . Subsequen tly , MSEDCL file d an appeal with the Hon 'ble Su pr eme Cour t in the ma tter which is pending ad judic ation. Fu rth er , MERC vide it s or der dat ed 6th Oct ober , 2025 , allo wed petition filed by MSEDCL w. r.t. int erpr eta tion of it s ea rl ier or der re lat ing to compensation for in-land tra nspo rta tion cost factor for the transfer of alter nate coal. The Company agg rieved with such an order , had fi led a rev ie w petition with MER C on 14 th Octo ber , 2025, which was upheld by MERC vide it s or der dat ed 2 nd Decem ber , 2025 . MSEDCL has pr eferred an appeal with APTEL agains t the sa id MERC or der which is pending ad jud ication. The Compan y do es not expect any adver se outcome in the ma tter and continue s to re cognise change in law claim s as per past pr ac tice. 5. (a) In respect to Compan y's Mun dr a thermal po wer plant ("Mundr a TP P"), Gujar at Ur ja Vikas Nigam Li mi ted ("GU VN L") appr oached CERC to deter mine the bas e rates for power sales un der Bid 1 e, Bid 2 revised Supplement al Powe r Pur ch ase Agr eem ent s ("SP PAs") dated 30 th March, 202 2, with re trospec tive ef fe ct from 15 th Oct ober , 201 8, fo r furth er subm ission to the Go vern ment of Gujarat ("Go G"). CERC vide its order da ted 13 th Ju ne , 2022 re commended the base rates for fi nal appr ova l of GoG . GoG has appr oved the said base rates vide it s res olution dat ed 26 th Ma y, 2026 . Co nseq uen tly , the Compan y has ent er ed int o an amende d supplemental agr eement with GUV N L on 1 st Ju ne, 2026 and GUVN L has su b mit ted the same to CER C for ap pr ova l. (b) Pri or to the appr oval of the Base Ra tes by the GoG, the Compan y had been suppl ying power to GUVNL based on certa in mechani sm whereb y actual fuel cost incu rre d, get s pass thr ough in the billing of ener gy charges , from pt March, 2022 on wa rds. Pu rsu ant to the appr oval of the Base Rate and execution of an amended supplement al agr eement , ener gy char ges ar e to be reco mp ut ed with re tro spect iv e effe ct from 15 th October 201 8, based on the app roved base ener gy rates as es calat ed with applic able CER C esca lat ion inde x. Cons equent ly, the Compan y has raised claim s for ener gy char ges for the period from 15 th Octob er, 201 8 to 3p t March, 2026 on GU VN L. GUVN L ha s paid < 4,1 47. 00 Crores by 30 th Septemb er, 2026 and < 2, 073.7 9 Cr or es su bseq uent ly. Accor ding ly, the Company ha s re cogn ised rev enues on pr udent par amet er basis to the extent ac cept ed and paid / settled by GUVN L. 6. The Compan y has clai med compen sation for alt er nat e coal cost inc u rred for suppl y of po wer under 1, 200 MW of Supple mental Power Pu rchase Ag re ement (SP PA) with Har yana Di sco ms . Har yana Discoms have so ught cer ta in in for matio n to vali dat e such clai ms. Har yana Discoms ha ve paid 50% of the claims made by the Compan y from June 2023 onwa rds and rev enue was re cogn ised accor dingl y up to 30 th June , 2026 . The Comp an y expect s a fav our able outcome in the matt er. he cu rr ent quar ter , Har yana Di scoms ha ve again ra ised concern in the matter . Pen ding of the mat ter wit h Har yana Di sco ms, the Com pany has de recog niz ed revenue of < 1, 97 1.96 ng the cur re nt qu ar ter on a prudent basis.

Page 26

adani Po wer 7. In res pect of the Compan y's Kawa i ther mal power plant ("Kawa i TP P"), in the ma tter re lating to shor tfa ll in availabili ty of do me stic li nk age coal. the Hon'ble Su pr eme Cour t vide it s or der dated 3p t August . 2020 has adm itted all ta rif f compen sation claims for additional coal costs incur red for po wer ge neration and the Company co ntinue s to real ise the claim amount towa rds compens ation. During the fi nan cial year 202 3-24, Rajasthan Urja Vi kas and IT Ser vi ces Li mit ed (" RUV ITL") (fo rmer ly kn own as Ra jas than Urja Vikas Nig am Lim it ed) had fi led a fresh peti tion be for e Raj asthan El ectri cit y Regulat ory Comm issi on ("RER C") primar ily challenging the methodol ogy and oper ating parameter s cons ider ed whil e ar rivi ng at the ta rif f com pensation claim for additional coal cost inc u rred for power ge ner ation by the Compan y which had earlier been settled by RU VITL in March, 202 2 based on the Hon 'ble Supreme Co ur t or der dated 37 st Aug ust , 2020. The RERC vide it s order dat ed 1 st September . 2023 dismissed the petition of RUV ITL . RU VITL had pr eferred an appeal with APTEL in the matter . which is pending adjudication. The Compan y contin ues to recogn ise the reve nue based on principle as appr oved in the order pa ssed by the Hon'ble Supr eme cour t. 8. Re ve nue fro m oper ations and other income (i ncluding amount s di scl osed separately elsewhere in other no tes) includes fo llo wing amount s (net of reve rsa ls) pert aining to earl ier yea rs, based on the order s received fro m var iou s reg ula tor y author ities such as MERC / CE RC. APTEL . the Hon 'ble Supr eme Cour t and re con ciliat ion / sett lement with Discerns re lat ing to vari ous claims towards change in la w even ts. carr ying cos t ther eon and de la yed paym ent in ter est. Particulars For quar ter For For quar ter ended quar ter ended 3Qth ended 3Qth September . 30th Ju ne, Septemb er, 2026 2026 2025 (Restated) (Restated) Re ve nue from 2,424. 62 1, 351.46 350,50 Oper ations Other Income (2 .37 ) 34. 89 31 8.03 Total Income 2.422.25 1,386. 35 668.5 3 For six months ended 3Qth September . 2026 3, 776. 08 32.5 2 3,808. 60 (t in Crores) For six months ended 3Qth Septem ber. 2025 (Restated) 756,7 1 318.03 1,074.74 For year ended 3,st March, 2026 (Restated) 426. 19 1,27 8.05 1.704.25 9. The Compan y had soug ht cancellation of the Ji tpur coal block and requ ested the Nomi nat ed Authorit y, Min istr y of Coal. Ne w Delhi, to cancel the Ves ting Or der , vide it s rep res entation dat ed 31 st October , 2020 and also re qu est ed for refund of co sts of z 138. 66 Cr or es incur red by it and releas e of the per for mance bank gu arantee of z 92. 90 Cror es gi ven to the Nominat ed Auth ori ty. The Nomi nated Author it y concluded the fresh e-auction of Jitpur Coal Bl ock on 13 th Septemb er. 2022. Pursuant to this , the Coal Mine s Dev elopment and Production Ag re ement ("CMD PA") has been signed be tween the ne w bidder and the Nominat ed Authori ty, Min istr y of Coal on 13 th October 2022. The Nomin ated Auth ori ty has issued the Final Com pensation Order dat ed 13 th No vember . 20 24. The Compan y has received z 32.7 0 Crores and is confi dent of reco veri ng the re maining amount . 10 . The National Gr een Tribunal ("N GT") in a matter re lating to no n- comp liance of envir onm ent al nor ms re lat ing to Udup i thermal power plant ("Udupi TP P") dir ected the Company vide its order dated 14 th March. 2019, to mak e pa ym ent of z 5.00 Cr or es as an int erim en vironmental compe nsation to Cen tra l Pol lut ion Contr ol Boar d ("CPC B").

Page 27

adani Power NG T vide it s or der dat ed 31 st Ma y, 202 2 dir ected the Company to dep osit an add it ional amount of t 47. 02 Crores. The Compan y has rec ogn ised expe nse pr ovision in the books on a conser vative basis , although, the Compan y has filed an appeal with the Hon'ble Supreme Cour t dated 26 th Au gu st, 2022 against the abo ve refe rred NG T or der . Pur suant to or der of the Hon'ble Supr eme Cour t (SC) dated 6th Januar y, 2026 the Company has deposited t2 6 crores with the Regis try of Supreme Cour t to gr ant stay order to re main in force until furth er or der s. The Udupi TPP contin ues to oper ate in compl iance with all the condit ions un der Envir onment Clear ance as at re por ting dat e. 11. As per par a 4 of Ind AS 10 8 "Oper ating Seg ment s", in fo rmation related to di sclosur e of oper ating se gment s under Ind AS 108 is gi ven in consolidated financial result s. 12. The Compan y has det er mined the re cover able amount s of it s ther mal power pla nts over their useful li ves under Indian Acco unting Stand ards ("Ind AS") In d AS 36 "Imp air ment of Asse ts" based on the esti mat es re lating to tari ff, demand for power , oper ational per for mance of the plant s, lif e extens ion pla ns , mar ket pr ices of coal and other fu els , ex change var iations , in flation, ter minal val ue, clim ate change im pact etc. which ar e cons ider ed rea sonable by the Management . On a car eful eval uation of the aforesa id factor s, the Management of the Compan y has concluded that the recover able value of all the the rmal pow er plant s is higher than their car rying amou nt s. 13. In Septe mber 20 24, Coastal Energen Private Limi ted ("C EPL "), havi ng capa cit y of 1,200 MW (2x600 MW) coal fired power plant in the stat e of Ta mil Nadu was acquir ed by a Co nso rti um, including the Compan y being a part of the Co nso rti um. Fur ther , the appr oved res olution plan also inclu ded the amalga mation of CEPL with Moxie Power Gener ation Li mit ed ("MP G L"), a Special Pu rpose Ve hicle ("SPV") incor por ated by the Con sorti um, in which the Compan y holds 49% equit y stake. Further , upon ap peal fi ll ed by the erst whi le dir ector of CEPL , Na tional Compan y Law Appel late Tr ibunal ("NC LAT") vide it s or der dat ed 6th Sept emb er, 20 24 , had in structed that fo r the time bein g the status quo to be mai nt ained and res olution pr ofes sional will continue to oper ate the pla nt. In resp ons e to the petition file d by the Company agai nst the said NCL AT order , the Hon'ble Supr eme Court ("SC") vide it s order da ted 12 th Se ptembe r, 2024 , had ordered that status quo as was oper ati ng be for e NCL AT or der was passed on 6th Sept emb er , 2024 shall continue to re main in oper ation until the ma tter is di sposed of by the NCL AT. 14 . In the fi nancia l yea r 2022- 23, a shor t se ller re por t ("SSR") was publis hed having cer ta in al legat ions on some of the Ada ni Gr oup Companie s, including Ada ni Power Li mi ted (" the Compan y") and it s subsidiar ie s. The Hon 'ble Su preme Cour t of India ("SC") by it s order dat ed 3'd Januar y, 20 24, dis posed of all matter s of appeal re lating to the al legations in the SSR and in various petitions including thos e relating to separ ate in dep endent in vest igations. The SEBI vide it s order dat ed 18 th Sept em ber , 2025 concluded two Show Cause No tices (S CNs ) and fo und no non-complia nce of pr ovi sions of the Listi ng Agr eement and SEBI LODR Reg ula tion s per taining to re lated pa rty tran sacti ons wit h regar d to ce rta in tran sacti ons with thir d pa rtie s in ear lier fi nancial year s. All al legation s mentioned in the sa id SCNs and the pr oc eedings wer e cl osed with no penalt y or fu rth er dir ect io ns. The SEBI had als o issued SCN (s) pe rtaining to allegatio ns, of wr ongful categ orisa tion of shar eholding of cer tain entit ies with respect to SEBI public shar eholding nor ms. Dur ing the cur re nt qu ar ter , pur suant to the acc eptanc e of the terms of sett lement by the Securitie s and Excha nge Boar d of In dia ("SEBI" ), a _., ttl ement Or der dat ed 28 th Sept ember , 2026 has been passed in resp ect of the settl ement s fi led by the Compan y, and it s dir ect or s, without admi ssi on or denial of the findings of fa ct sions of la w in resp ect of the al leged violat ions , by payi ng settl ement • • and c, �:::::::====� long with it s dir ec tor s. The ma tter st ands conclude d.

Page 28

adani Pow er Based on ab ove, no adjus tment s ar e re quir ed in the standalone financial resu lt s as at and for the qu ar ter and six months ended 30 th Septemb er , 2026 . 15 . Dur ing the financial year 20 24-25, the Compan y's management beca me awar e of an indic tm ent fi led by Unit ed States Depar tm ent of Ju stice (US DO J) and a civil complaint by Se curitie s and Ex change Comm ission (US SEC ) in the Unit ed States District Court for the Easter n Dis trict of Ne w York (E DNY ) agai nst a non -e xec:; uti ve dir ect or of the Compa ny. The dir ector is indic ted on three cou nt s namely (i) al leged securities fra ud consp ir ac y (ii ) alle ged wir e fra ud consp ir ac y and (iii ) al lege d secur ities fraud fo r making fa lse and mi sleading st atement s and as per US SEC civil complaint , dir ector omit ting ma terial facts that re nder ed certain state ment s mislead ing to US in vestor s un der Secur it ies Act of 1933 and the Securities Act of 19 34. The Compan y has not been named in these matt er s. As at 3p t March, 2026 , pur suant to vari ous fi lings made by the dir ect or thr ough their le gal couns els, the matter re mained pen ding det er min ation be fore the cour t. Ha vi ng regar d to the status of the abo ve ment ione d matt ers as at re por ti ng dat e, and the fa ct th at the matt er s stated abo ve did not perta in to the Compan y, ther e wer e no im pact on the Compan y as at pr evious year ended 3p t Mar ch, 2026. Upon fi ling of reque st for en try of fi nal judgement by US SEC before EDNY on 15 th Ma y, 20 26, EDNY ha s ent ered int o final judgement on 10 th August , 2026 in the ci vi l complaint filed by US SEC agai nst the dir ector of the Compa ny, pur suant to his consent and without adm itting the all eg ations . Pur su ant to such final ju dg ement s, (i) EDNY has di spo sed of the civil complaint , and (ii) the dir ector is per ma nent ly restr aine d and en joi ned from violat ing spe cified sections of Sec urit ies Act of 19 33 and the Securitie s Act of 19 34. Suc h fi nal judgement s re quir ed the dir ector to pay cer ta in ci vil monet ary penalt y and the same has been paid. Fu rth er , upon fi ling of motion of dism issal by US DOJ with ED NY on 18 th Ma y, 2026, the in dictment fi le d by US DO J agai nst such dir ector has been di sm issed and all the char ges again st him have been dr opped by EDNY wit h pre judi ce in the ma tter pur suant to it s or der dated 10 th Augus t, 2026 , which me ans a complet e dism issal wher e the def endant has been pr ot ect ed agai nst future pr osecution fo r the same al legat ions. Based on the abo ve, the matter is concl uded and accor dingly ther e ar e no change s to the ab ove conclusions as at and for the quar ter and six months ende d 30 th Sept ember , 2026. 16 . Godda thermal power plant ("Godda TP P"), is having a long-t er m Power pur cha se agr eement (PP A) with Bang ladesh Power De velopment Boar d (" BPD B") fo r suppl y of power from it s 16 00 MW thermal power sta tion. Since in ception of the said PP A, Godda TPP has been sup plying po wer and raising mont hly in voice in compl ianc e with PP A and Godda TPP has been re ce ivi ng pa ym ent s on a re gular basis. Pur su ant to the Compan y's re que st, Singapor e Int ernational Arbit ration Cen tre has selected and appoint ed an expert to resolve certa in matter s pending in re conciliation. Dur ing the qua rter , the Compan y and BPDB ha ve made their re prese nt ations to the expert based on which recommendation has been rece ived which is under evalu ation. The management is confident of re cove ring the balance rece iva ble s and does not expect an y adver se out come in the matter . 17 . The Ahmedabad bench of the Nat ional Company Law Tri bunal (" NCL T') vide it s or der dated 4 th Augu st, 2026 and the Mumbai Bench of the NCL T vide it s or der dated 24 th Sept embe r, 2026 have appr oved th e sch eme of amalgamat ion of wholl y owned subsi dia ries of Ad ani Power Li mit ed ("AP L"), viz . (i) Ad ani ahe j Li mit ed ("APDL ") ; (ii) Kut chh Powe r Gener ati on Li mit ed ("KPG L") (a step do wn wholl y owned of AP L, as 100% equit y shar es of KPGL ar e held by APDL ); (iii ) Resur gent Fuel Management "RF M L") ; (iv) Mahan Fuel Management Li mit ed ("MFML "); (v) Or issa Thermal Ene rgy Li mit ed (vi) Korba Power Li mi ted ("KPL "); (vii) Anuppur Thermal Ener gy (MP • • • L") ; (vii i) Mir zapur Thermal Ener gy (U P) Private Li mited ("M TEUPPL "); (ix) E k

Page 29

adani Power Li mit ed (" EIPL ") ; and (x) Vidarbha In dus tries Power Li mit ed ("VI PL") with APL , with appoint ed dat e of pt April, 2025 , in terms of the pr ovis ions of sections 230 to 232 and other applicable pr ovisi ons of the Companie s Act , 2013. The sa id Scheme has become effec tive from 25 th Septemb er, 2026 on complia nce of all the condit ions pr eced ent ment ioned therein. Cons equen tly , abo ve ment ioned wholly own ed subs idiar ies of the Compan y got amalgam at ed with the Compan y w. e.f . 1 st April, 2025. Since the amalg amat ed ent i ties ar e under common con tro l, the accounting of the said amalgama tion has been done appl ying Pooling of int erest method as pr escr i bed in Appendix C of Ind AS 10 3 'Busi ne ss Combi nation s' w. e.f the first da y of the earl ie st period pr ese nt ed i.e . p t April, 2025 or the date fro m which the who lly owned subs idiar y came under the common contr ol of the Group. Wh ile appl ying Po oling of Inter est meth od, the Compan y has recor ded all as se ts, liabil ities and reser ves attr ibut able to the wholly owned su bsi diar ies of Company at their car rying va lue as appearing in the consol idat ed financial st atement s of the Compan y imm ediat ely prior to the amalgam ation as per gu idance given in ITFG Bulletin 9. The pr evi ous pe riod's re por ted figur es have been rest a ted consider ing that the amalga ma tion has ta ken place fro m the first da y of the earlie st period pr ese nt ed i.e., pt April, 2025 as re quir ed under Ap pendix C of Ind AS 10 3. Below is the summar y of resta te ment of pr evi ous ye ar / qu ar ter fi gur es: (t in Crores) Particulars Quarter ended Six Months ended Year ended 30 th June, 2026 30th September, 2025 30 th September, 2025 31st March, 2026 (Unaudi ted) (Unaudi ted) Unaudited (Audi ted) Reported Restated Reported Restated Repor ted Restated Reported Restated Total Income 16 ,427. 03 17 ,277. 93 12 ,319.08 12 ,731.68 25,346. 90 26,085.1 5 49,56 0.4 8 51,848.00 Total Expen ses 10 ,893.36 11,551 .50 8,53 0.05 9, 11 8.04 17 ,5 37 . 95 18 ,439.1 0 35,254.01 37, 364.95 Pr ofit Before 5,5 33.6 7 5,7 26.4 3 3,78 9.03 3,613.64 7,8 08.95 7,6 46.05 14 ,306.4 7 14 ,48 3.05 tax Net Profit after 4,1 05.4 3 4,210.49 2,7 34.92 2,55 3.90 5,854 .18 5,6 76. 56 10 ,987.6 7 11,541 .5 6 tax Total 4,1 10.4 1 4,216.69 2,752.33 2,57 3.82 5,875.17 5,699.45 11, 007.6 1 11,566.4 0 com prehensi ve income after tax Earnings Per 2.13 2.18 1.4 2 1. 32 3.00 2,91 5.67 5,95 shar e St andalone Balance Sheet: (t in Crores) Particular s Year ended 31st March, 2026 (Audi ted) Reported Restated Non -cur rent Assets (Exc ludin g Good will ) 95 ,1 32.38 1, 02, 316.0 1 Goodwi ll 19 0,61 19 0,61 Cur rent Assets 24,224.83 26,142.81 Total Assets 1,1 9,547.82 1,28,649.43 Total Equ it y 53,0 14 .5 3 57,74 2.02 Non-cur rent Li ab ilities 52,4 76.8 7 53,967.62 Cur rent Li abilit ie s 14 ,056.4 2 16 ,939 .79 1.1 9,547.82 1,28,649.43 '

Page 30

adani Power St andalone statement s of Cash Fl ows: (f in Crores) Particular s Six Months ended 30 th September, 2025 Unaudi ted Reported Restated Ne t cash flows ge ner a ted fro m oper ating ac tivities 13 ,967.36 14 ,158.06 Net cash flows (used in ) in vesting ac tivities (1 2,339.13 ) (1 1, 926. 61) Net cash flows from fi nancing acti vities 2,7 28.05 2, 111 .04 Co nseq uent to the am alg amation of the who ll y owned subsidiar ies int o the Com pa ny, the cur re nt and de ferred tax expens e for the year en ded 3p t Mar ch, 2026 and for quar ter ended 30 th June , 2026 as rec ogn ised in the bo oks by the Comp an y and abo ve wholl y own ed subsidi ar ies have been re comput ed. Accor dingl y, tax expens es for the cur rent qu ar ter in clude reversal of cur rent tax expe nses of t 1,211.43 Cr or es. 18 . In respect of the Compa ny's Udup i Thermal Power Plant (Udu pi TPP" ), CE RC, vide it s or der dat ed 7th Januar y 2026, allo wed the Compa ny's petit ion for reco ve ry of carr ying co st on accou nt of change in ta rif f and del ayed pa ym ent surcharge on the carr ying cost claims . Acco rd ing ly, the Company had recog nis ed other inc ome of t 1, 00 7.31 Crore dur ing the previo us year , which ha s als o been re al ized. The Powe r Comp any of Karna taka Li mited (PCKL ) and Karna taka Escom' s have filed an appeal be fore APTE L agai nst the sa id order . The Comp an y doe s not expect an y ad verse outcome in the mat ter. 19 . The National Compan y Law Trib un al ("NCL T") vide it s or der dat ed 17 th March, 2026 , appr oved the res olut ion plan re la ted to Jaipr ak ash Asso ciat es Li mit ed ("JA L") un der the In solvency and Ban kru pt cy Code , 2016. The res olution plan enab les Ad ani En terp rises Li mit ed to nomin ate one or mor e 'Imp lementing Entit ie s' to im plement the reso lu tion plan or an y par t ther eof , by acquir ing as sets fro m JAL . The Com pan y exp ressed in-princi ple int er est in bec oming one of the 'Im plementing En titi es' under the res olution plan for ac quir ing certa in power assets and in vestm ent s from JAL , Dur ing the quar ter ended 30 th June , 2026 , the Compan y has enter ed int o the fo llo wing def init ive ag ree ment s with JAL on 20 th Ma y, 2026 (a) Shar e Purcha se Ag reem ent fo r ac qui sition of 24 % equit y shar es of Jaipr akash Po we r Ve nt ur es Li mi ted ("J PVL") (a li sted ent i ty), held by JAL fo r a consider ation of t 2,993 Cr or es. JP VL has been accounted as "As sociat e" of the Com pa ny in ac cor danc e with Ind AS 28 "I nvestm ent s in Associ ates and Joint Ventu res". (b) Busi ness Tr ans fe r Ag re ement for ac qui sition of the 180 MW ther mal power plant of JAL located in Chur k and related asse ts, including 11.4 9% shar es of Pr ayag raj Power Gener ation Compan y Li mit ed, held by JAL for a consider ation of t 1, 200 Cr or es. The transa ction has been acc ount ed for in accor dance with Ind AS 10 3 "Busi ne ss Com binatio ns" on pr ovis ional basis w. e.f . p t Ju ne, 2026 usi ng pr actical expe dient and Ind AS 109 "Fi nancial In stru ment s" as appli cable. 20. During the current quar ter , the Company ha s di sposed off it s in vestm ent in its su bsidiar y, Chanden valle In fra Par k Li mit ed ("CI PL"), by exe cution of Shar e Pu rchase Agreem ent dated 27 th Aug ust . 2026 , with Adan iConne x Pr iva te Lim it ed. The net gain on such sale of in vestm ent amounting to t 535. 68 Crores is accounted as ot her operating reve nue per taining to trading, in ve stment and other activities seg ment in �==::;:i::, ...... �; cial resul ts.

Page 31

adani Power 21. Dur ing the current quar ter , the reso lu tion plan to acquir e GVK En er gy Li mit ed ("GV KE L"), a company und er going Cor por a te In solv enc y Res olution Proces s (" CIRP ") under the Ins olvenc y and Bankrup tcy Code 201 6 (" I BC" ) has been appr oved by Co mmit tee of Credi tor s ("CO C") of GVKEL . In this re gar d, the Compan y has rece ived a Le tter of In te nt ("LOI" ) from the Res olut ion Pr ofessi onal ("R P") on 7th Sept ember , 20 26. GVK EL owns and oper at es a 330 MW hydr oele ctric power plant locat ed in Ut tar akhand thr ough it s subsidiar y Alaknanda Hydr o Power Company Li mit ed. The imple ment ation of the reso lut ion pl an is subject to the terms of the LOI and requisite appr ovals fro m the Nat io nal Compan y Law Tribuna l, Hy der abad and / or an y other re gulator y author it y un der applic able la ws. 22. On 5th Oct ober , 2026 , the Compan y and Dr uk Gr een Power Co rp. Ltd. (" DG PC" ), Bhut an 's sta te-owned utilit y, have signed the shar eholder s agr eement ("SHA" ) for sett ing up a 770 MW Chamkhar chhu Hydr opo wer Pr oject (Cham kha rch hu HE P) in Th imp u, Bhut an ("P roj ect "). Pur suant to the SH A, the Compan y and DGPC shall join tly incorporat e a public company (with 49:51 shar eh oldi ng) in Bhut an, to under take the said Pr oj ect . For, Adani Power Limit ed Place: Ahmeda bad Date: 23rd Octob er, 2026 Chairman .,

Page 32

\ SR BC & CO LLP 21s t Floor, B Wing, Privilon Ambli BRT Road, Behind lsk con Temple Char tered Accountants Off SG High way, Ahmedabad - 380 059, India Tel : +91 79 6608 3900 Independent Auditor's Report on Security Cover, Compliance with Covenants and Book Value of Assets as at September 30, 2026 pursuant to Regulation 54 read with Regulation 56(1)(d) of the Securities and Exchange Board oflndia (" SEBI") (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Master Circular dated May 16, 2024 (as amended) for submission to Catalyst Trusteeship Limited (the "Debenture Trustee") To The Board of Directors, Adani Power Limited, Adani Corporate House Shantigram, S G Highway Ahmedabad -3 82421 Gujarat, India 1. This Report is issued as per Company's request letter dated October 13, 2026, and in accordance with the terms of the service scope letter dated July 13, 2026, and master engagement agreement ("MEA") dated July 13, 2026, with Adani Power Limited (hereinafter the "Company"). 2. We SR BC & CO LLP, Chartered Accountants, are the Statutory Auditors of the Company and have been requested by the Company to examine the accompanying Statement showing 'S ecurity Cover as per the terms of Debenture Trust Deed, Compliance with Covenants and Book Value of Assets for Secured, Rated, Listed, Redeemable Non-Convertible Debentures as at September 30, 2026 (hereinafter the "Statement") which has been prepared by the Company from the Board approved unaudited standalone financial results, underlying books of account and other relevant records and documents maintained by the Company as at and for the period ended September 30, 2026 pursuant to the requirements of the Regulation 54 read with Regulation 56(l )(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, and SEBI Circular dated May 16, 2024 for Debenture Trustees (hereinafter the "SEBI Regulations and SEBI Circular"), and has been initialed by us for identification purposes only. This Report is required by the Company for the purpose of submission with Catalyst Trusteeship Limited (hereinafter the "Debenture Trustee") of the Company to ensure compliance with the SEBI Regulations and SEBI Circular in respect of Secured, Rated, Listed, Redeemable Non-Convertible Debentures amounting to Rs. 7,500 Crores ('Debentures'). The Company has entered into an agreement with the Debenture Trustee vide agreement dated January 27, 2026, in respect of such Debentures (' Debenture Trust Deed'). Management's Responsibility 3. The preparation of the Statement is the responsibility of the Management of the Company including the preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of ion; and making estimates that are reasonable in the circumstances. SR BC & CO LLP, a Limiteo Liability Partnership with LLP Identity No. AAB-4318 Regd. Orfrce : 22. Camac Slreet, Block 1 8', 3rd floor, Kolkaia·700 016

Page 33

SR BC & CO LLP Chartered Accountants Adani Power Limited Page 2 of 4 4. The Management of the Company is responsible for ensuring that the Company complies with all the relevant requirements of the SEBI Regulations and SEBI Circular including maintenance of hundred per cent security cover or higher security cover as per the terms of Debenture Trust Deed sufficient to discharge the principal amount and the interest thereon at all times for the non-convertible debt securities issued. The management is also responsible for providing all relevant information to the Debenture Trustee and for complying with all the covenants as prescribed in the Debenture Trust Deed. Auditor's Responsibility 5. It is our responsibility to provide a limited assurance and conclude as to whether the: (a) Company has maintained hundred percent Security cover or higher Security cover as per the terms of the Debenture Trust deed; (b) Company is in compliance with the covenants (including financial covenants) as mentioned in the Debenture Trust Deed as on September 30, 2026; and ( c) Book values of assets as included in the Statement are in agreement with the books of account underlying the unaudited standalone financial results of the Company as at September 30, 2026. 6. a) The last consolidated financials of the Company for the year ended March 31, 2026 have been audited by us on which we have issued an unmodified audit opinion vide our report dated April 29, 2026. Our audit of these consolidated financial statements was conducted in accordance with the Standards on Auditing, as specified under Section 143(10) of the Companies Act, 2013. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. b) We have performed a limited review of the unaudited consolidated and standalone financial results of the Company for the period ended September 30, 2026, prepared by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended and issued an unmodified conclusion with emphasis of matter paragraph dated October 23, 2026. Our review of those financial results was conducted in accordance with the Standard on Review Engagements (SRE) 2410, "Review of lnterim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India ("ICAI'') . 7. We conducted our examination of the Statement in accordance with the Guidance Note on Reports or Certificates for Special Purposes issued by the ICAI (the "Guidance Note"). The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI. 8. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements. 9. Our scope of work did not involve us performing audit tests for the purposes of expressing an opinion .�::::::=;=� the fairness or accuracy of any of the financial information or the financial results of the Company ,.,---..J:,1At10. as a whole. We have not performed an audit, the objective of which would be the expression of an ion on the financial results, specified elements, accounts or items thereof, for the purpose of ,-../ this rt. Accordingly, we do not express such opinion. 'P' .....y :z 1),A � ....:--,......, ---� :S ''.rfo ACCO =-

Page 34

SR BC & CO LLP Chartered Accountants Adani Power Limited Page 3 of 4 10. A limited assurance engagement includes performing procedures to obtain sufficient appropriate evidence on the applicable criteria, mentioned in paragraph 5 above. The procedures performed vary in nature and timing from, and are less extent than for, a reasonable assurance. Consequently, the level of assurance obtained is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Accordingly, our procedures included the following in relation to the Statement: a) Obtained and read the Debenture Trust Deed and noted that as per such debenture trust deed the Company is required to maintain 100% security cover throughout the tenure of the debentures. b) Obtained the Board approved audited standalone and consolidated financial statements of the Company for the year ended March 31, 2026. c) Obtained the Board approved unaudited standalone and consolidated financial results of the Company for the period ended September 30, 2026. d) Traced and agreed the principal amount and the interest thereon of the secured, rated, listed, redeemable non-convertible debentures outstanding as at September 30, 2026 to the Board approved unaudited standalone financial results of the Company and the underlying books of accounts maintained by the Company as at September 30, 2026. e) Obtained and read the list of security cover in respect of secured, rated, listed, redeemable non convertible debentures outstanding as per the Statement. Traced the book value of such assets from the Statement to the books of accounts of the Company underlying the unaudited standalone financial results of the Company as at September 30, 2026. f) Obtained the list of security created in the register of charges maintained by the Company and "Form No. CHG-9" filed with Ministry of Corporate Affairs ("MCA"), and traced the value of charge created for debentures in favour of SBICAP Trustee Company Limited on behalf of Catalyst Trusteeship Limited. g) Tested the arithmetical accuracy of the computation of Security Cover, in the accompanying Statement. h) With respect to compliance with covenants included in the Statement, we have performed following procedures in relation to the Statement: i. Read the Clause 5.7 of the Debenture Trust Deed regarding financial covenant and reporting thereof. We have relied on management's interpretation of definition as per Debenture Trust Deed of the financial covenants in the Statement. 11. Traced and agreed the components considered in the computation of Total Net External Debt and EBITDA for the trailing twelve months ended September 30, 2026, as detailed in the Statement, to the compiled unaudited consolidated books of accounts and other underlying supplementary records and documents maintained by the Company. 111. Tested the arithmetical accuracy of the computation of the Total Net External Debt to EBITDA ratio in the Statement. ( < Performed necessary inquiries with the management and obtained necessary representations � om the management.

Page 35

SR BC & CO LLP Chartered Accountants Adani Power Limited Page 4 of 4 Conclusion 11. Based on the procedures performed by us, as referred to in paragraph 10 above and according to the information and explanations received 'and management representations obtained, nothing has come to our attention that causes us to believe that the: a) Company has not maintained at least hundred percent (100%) security cover as per the terms of the Debenture Trust deed; and b) Company is not in compliance with all the covenants (including financial covenants) as mentioned in the Debenture Trust Deed as on September 30, 2026; and c) Book values of assets as included in the Statement are not in agreement with the books of account underlying the unaudited standalone financial results of the Company as at September 30, 2026. Restriction on Use 12. The Repoti has been issued at the request of the Company, solely in connection with the purpose mentioned in paragraph 2 above and to be submitted with the accompanying Statement to the Debenture Trustee and is not to be used or referred to for any other person. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this report is shown or into whose hands it may come. We have no responsibility to update this Report for events and circumstances occurring after the date of this report. For SR BC & CO LLP Chartered Accountants ICAI Firm Registration Number: 324982E/E300003 6er Navin Agrawal Partner Membership Number: 56102 UDIN: 26056102OQ SQHN8708 Place of Signature: Ahmedabad Date: October 23, 2026

Page 36

adani Power Annexure I Statement showing Securitv Cover as per the terms of Debenture Trust Deed by the Company as on 30 September 2026 (Amount in Crores) Column A ColumnB Column C Iii Column Dlii] Cohunn Eliiil Column Flh-1 Column Glv] Cohunn Hlvi] Particulars E:s:clusive Cllargc- Es.elusive C.1Iarge Paii-Passu Charge Pari-Passu Charge- Pari-Passu Charge Assets not offered as Security Description of asset for which this ce11ificate Assets shared by pari relate passu Other assets on which Debt for which this Debt for 'ft'hich this debt holder (includes there is pari- Passu certificate being Other Secured Debt certificate being debt for which this charge (excluding items issued issued certificate is issued & covered in column F) other debt with paripassu Book Value Book Value Yes/ No Book Value Book Value ASSETS First ranking pari passu charge on: Property. Plant and Equipment - - Yes 53,376 1,641 2,955 I. Identified Land parcel 2. the movable fixed assets Capital Work-in-Proircss including those under Yes 22,796 7,151 3.665 Right of Use Assets CWIP Yes 123 62 2,148 Goodwill No 191 Int.angible Assets No 50 Intangible Assets under DcYclopmcnt - No - - Investments First ranking: pari passu - Yes 5,235 5,499 Loans charge on : No - 8,525 Inventories 1. All current Assets - Yes 3,1 18 11 5 Trade Rcccirnbles (excluding DSRA) Yes 12,231 329 Cash and Cash Equivalents 2. Excluding Investment in Yes 3,623 2 Bank Balances other than Cash and Cash Equivalents Equit)· Share Capital Yes 4,378 189 1, 800 Other Current Assets Yes 2,719 120 - 0lhcrs -Non Current Assets No 9-433 Total - 1,07,598 9,607 34,267 LIABILITIES Debt securities to which this certificate pertains Yes 7,502 - Other debt sharing pari-passu char-ge with aboYe debt Yes 50.486· 1,621 Other debt No - - Subordinated dcbl No - - 149 Borrowings No - - Bank No - - Debt Securities Not to be Filled No - - Others - Non Current No - 10,753 Trade payables No - 3.848 Lease Liabilities No - - 1. 201 Provisions No - - 298 Others No - - 75,615 Tot.I 57,988 1,621 91,864 Cover on Book Value E,i:clusive Security Co,·er Pari-Pusu Security 1.86 Ratio Cover Ratio 1. Borrowings includes urrnmortised borrowing cost and accrued interest of Rs. 92 Crores as at Sept 30, 2026. 2. The Company is required to maintain I 00% security coyer on Pari-Passu basis with existing lenders. 3. Also refer attached lumexure for details of security given. 4. During the period_. ten wholly o\\ned subsidiaries were amalgamated with the Company pursuant to the Scheme of Amalgamation approved by the Ahmcdabad and Mumbai Benches of the NCL T, which became effective on 25 September 2026 with an appointed date of 1 April 2025. Accordingly, the assets and liabilities of the nmalgamated entities have vested in the Company and have been considered in the assets for the purpose of computing the Security Cover Ratio. However, the assets pertaining to the Korba TPP haYe been excluded from the security cover computation, as such assets are subject to existing security interests created in favour of lenders of the Korba TPP borro\\ings (refer column G). Adani Power Limited �s.\� Auirised Signato1y Place: Ahmedabad Date: Oct 23, 2026 Column HI Column 11,iil ColumnJ Debt not backed by any assets offered as security(Oause 1.9 of Elimination (amount (Total C to II) SEBI DT master innegatin) Circular dated August 13, 2025. debt amount conside1·cd more d1an once (due to exclusin plus pari passu charge) 57,972 33,612 2,332 191 50 10,734 8,525 3,233 12,561 3,626 6,367 2,838 9A33 1,51, 473 7,502 52,107 149 J0,753 3,848 1,201 298 75,615 1,51 ,473 - Column K ColumnL ColumnM Column N Rdated to only those items covered by this certificate Canying /book ,,a]ue for Carrying value/book Market nclusivc charge assets Market value for pari passu Value fo1· Assets where market value is not Value for charge assets where charged on ascertainable or Pari passu market value is not Exclusive applicable (For Eg.Bank charge ascertainable applicable Balance, DSR-1. market Assets viii (ForEg. Bank basis ,·alue is not applicable) Balance, DSRA Relating to Cohunn F SI �! i;:T =oR IDE NTIFI CATION P'• .i; ' · -�!LY SRB C & C O L LP 53,376 22,796 123 - 5,235 3, 118 12,231 3,623 4,378 2,719 1,07,598 - - - Cohunn 0 Total Value(=K+L+M+ N) 53,376 22,796 123 - - 5,235 3,118 12,231 3,623 4,378 2,719 1,07,598 T I I T . I n.

Page 37

adani Power Deemed Date of ISIN allotment INE81 4H0719 0 27-Jan-26 INE8 J 4H07208 27-Jan-26 INE8 1 4H0718 2 27-Jan-26 INE8 l 4H072 l 6 27-Jan-26 Total Adani Power Limited � '7\� "' - \ Authorised Signatory Place: Ahmedabad Date: October 23, 2026 Annexure I - A List of Secured, Rated, Listed, Redeemable Non-convertible deben tures (NCD) Amount Raised Principal Amount Accrued Interest Type of Charge (Rs. in Crores) Outstanding (Rs. in Crores) (Rs. in Crores) Pari Passu 2,860 2,860 I Pari Passu 2,690 2,690 I Pari Passu 675 675 0 Pari Passu 1, 275 1, 275 0 7,500 7,500 2 Asset Cover Security given Required 100% (i) First mortgage over identified freehold project land of Tiroda TPP, Udupi TPP, Raipur TPP, Raigarh TPP and Solar Billa Plant, leasehold project land ofMundra TPP, (ii) First charge by deed of hypothecation over movable fixed assets (including those under CWIP), all current assets (except DSRA) both present and future, excluding investments in equity share capital, unsecured loans and quasi equity; on a pari-passu basis with the lenders of the Company SiG 1 - n -::oR IDEN TIFICATION PURC • ' QJ ' I y , - & S , B C & C O LLP

Page 38

adani Annexure I - B Power Statement of Compliance with Financial Covenants for Adani Power Limited (the "Company") in respect of Non-Convertible Debentu res for the trailing twelve months period from October 01, 2025 to September 30, 2026, as at September 30, 2026 Particulars Amount Ratio (Rs. In Crores) Net External Debt/EBIDTA Net External Debt (refer note I) (A) 55,339.60 EBIDTA (refer note 2) (B) 28,171. 38 Net External Debt/EBIDTA (A)/(B) 1. 96 Note 1. Net External Debt (As at September 30, 2026) Amount (Rs. In Crores) Non-current Borrowings 47,310.26 Add Unamortized Upfront Fees 80.3 1 Add: Current Borrowings 14,55 0. 11 Less : Cash and Bank Balances (Current and Non current) (refer note 1.1) (6,582 12) Less: Current Investments (Mutual funds) (1 8.96) Net External Debt (A) 55,339.60 "Total Net External Debt" means the aggregate amount of all outstanding borrowings,excluding any borrowing extended by related parties/ Adani Family, and further as reduced by cash and bank balances (both current and non-current) and Current Investments as reported in half yearly limited review of consolidated financial statements. Provided that, the outstanding borrowings referred to above shall additionally include any liabili ty in respect of any guarantee or other similar financial obligation by whatever name called, provided by the Company to any Person (additionally, to avoid double counting, such additional liability provided on behalf of its subsidiaries, joint ventures and associates shall be excluded to the extent it has already been included in the consolidated financial statements) Current Investments means investments in: (i) Treasury Bills or debt instruments issued by the Government of India, government-owned entities or entities backed by a full Government of India guarantee; (ii) liquid debt securities issued by banks or public financial institutions; (iii) deposits with, or certificates of deposit issued by, scheduled commercial banks or public financial institutions recognised by the Reserve Bank of India; (iv) liquid or short-term debt mutual fund schemes; and (v) overnight mutual fund schemes. Note 1. 1 (a) Cash and Bank Balances (Current and Non-current) includes Balances with Bank in Current Account, Bank deposits and deposits held with bank for liquidity reserve. Note 2. EBITDA (For Trailing 12 months consol data) Amount (Rs. In Crores) Profit before tax 20,535.90 Less: Government Grant Income (400.3 1) Add: Depreciation and amortisation Expense 4,640.99 Add Finance Cost 3,329.87 Add Unrealised Foreign Exchange Fluctuation loss (net) 64.93 Total EBITDA (B) 28,171.38 EBITDA" means the earnings before interest, taxes, depreciation, amortization adjusted by unrealised foreign exchange fluctuation gain/loss and amortized government grant income of the Company for the trailing 12 (twelve) month period calculated on each Calculation Date basis half yearly limited review of consolidated financial statements of the Company" For Adani Power Limited Authorised Signatory Place: Ahmedabad Date: October 23, 2026 - � '·· -::DF r. ..;\.!S • 'LbfflFICATION '8 L��r � • CO LLP

Page 39

1 Media Release Adani Power announces Q2 FY27 results Record Revenue and Profitability Mark Strong Q2 FY27 Performance 142% Y-o-Y growth in PAT to ₹7,019 Crore, Driven by Strong Operating Performance Amid Rising Power Demand 46% Y-o-Y growth in Q2 FY27 Reported EBITDA at Rs. 8,743 Crore (Continuing EBITDA Rs. 6,321 Crore) 39% Y-o-Y growth in Q2 FY27 Reported Revenue at Rs. 19,951 Crore (Continuing Revenue Rs. 17,528 Crore) Editor’s Synopsis Q2 FY27 Highlights • Receipt of Letter of Award from the Uttarakhand Power Corporation Limited for a 25- year Power Supply Agreement (“PSA”) of 1,320 MW (1,234 MW net). • Adani Power Limited (“APL”) selected as Successful Resolution Applicant under the Corporate Insolvency Resolution Process of GVK Energy Limited, which owns and operates the 330 MW Alaknanda Hydroelectric power plant in Uttarakhand. • Grid synchronization of first 660 MW Supercritical Unit of Korba Phase -II project achieved . • Signing of Shareholders’ Agreement between APL and Druk Green Power Corporation Limited for setting up the 770 MW Chamkarchhu Hydropower Project in Thimphu , Bhutan through a 49:51 jointly incorporated entity. • Consolidated power sale volume higher by 11.5% at 26.4 BU in Q2 FY27 vs 23.7 BU in Q12FY26; on back of strong power demand growth. • Strong 28.5% growth in Consolidated Continuing Total Revenue for Q 2 FY27 at Rs. 17,528 Crore vs Rs. 13,639 Crore in Q2 FY26; in line with volume growth and improved power selling rates. • Solid 18.5% growth in Consolidated Continuing EBITDA for Q2 FY27 at Rs. 6,321 Crore, vs Rs. 5,333 Crore for Q2 FY26; underscoring core profitability strength despite higher fuel costs. • Sharp growth of 141.5% in Consolidated Profit After Tax at Rs. 7,019 Crore for Q2 FY27, vs Rs. 2,906 Crore for Q2 FY26; due to strong continuing EBITDA and higher one-time prior period revenue recognition. Ahmedabad, 23rd October 2026: Adani Power Ltd. [“APL”] , a part of Adani portfolio of companies and India’s private sector largest thermal power generator , today announced the financial results for the second quarter of financial year 2026-27.

Page 40

2 Commenting on the results, Mr. S B Khyalia, CEO of Adani Power Limited, said , “Adani Power continues to grow from strength to strength, achieving newer milestones in profitability and project execution. As India’s leading private thermal power producer, our vision is focused on ensuring the timely availability of high quality and reliable power supply to meet the country’s growing baseload requirements. The primacy of domestic coal-based power in meeting India’s long-term power needs has become clearer every day in light of geopolitical events and climate vagaries. We are proud to be the leaders in capacity addition to address the need of 100 GW new thermal power capacities by 2032. We are ensuring, with the determined support of our experienced teams and capable partners, that India will always have access to the power supply it needs round -the-clock to meet its growth aspirations.” Power market update: During Q2 FY27, India’s power demand grew by 11.5% at 502 BU as compared to Q2 FY26, driven by rapid economic growth and a weak monsoon. G rowing demand resulted in 11% higher power generation year-on-year to reach 536 Billion Units (“BU”), which coupled with lower hydropower potential resulted in higher contribution in power supply from Coal and Lignite-fired power generation at 66% as compared to 65% in Q2 FY26. Coal and Lignite- based power accounted for 73% of the incremental power generation in the quarter. Aggregate Plant Load Factor (“PLF”) of coal-based power plants in India rose to 68% in Q2 FY27, as compared to 62% in Q2 FY26. Peak power demand reached 270 GW in Q2 FY27, up 18% from 230 GW recorded in the previous year. Large states like Uttar Pradesh and Maharashtra accounted for 27 GW of peak demand each during Q2 FY27, followed by Gujarat, Tamil Nadu, and Karnataka with 23 GW, 20 GW, and 16 GW respectively. During Q2 FY27, the Day-Ahead Market Clearing Price on the Indian Energy Exchange rose by 46% year-on-year to Rs. 5.7/unit. The Real-Time Market Clearing Price also increased by 49% year-on-year to Rs. 5.2/unit. Operating performance: Parameter Q2 FY27 Q2 FY26 H1 FY27 H1 FY26 FY26 Operating Capacity (MW) (1) 18,150 18,150 18,150 18.150 18,150 Plant Load Factor (PLF) 70.1% 62.8% 74.1% 64.8% 66.5% Units Sold (BU) 26.4 23.7 55.1 48.3 99.1 MW: Mega Watts; BU: Billion Units (1) Excludes the 180 MW Churk thermal power plant, which is under revival post-acquisition • Higher power demand under PPAs as well as in the merchant and short -term markets drove higher volumes in Q2 FY27 as compared to Q2 FY26. • Power sales under PPAs grew by 29.7% to 23.4 Billion Units (BU), while tariff realization improved by 12.7% to Rs. 6.4/kWh on continuing basis in Q2 FY27 over Q2 FY26.

Page 41

3 • Merchant and short-term realization improved by 33 .1% to Rs. 7.2 /kWh in Q2 FY27 as compared to Q2 FY26 due to stronger demand, while volumes supplied were 43% lower due to incremental tie-ups of open capacity in medium-term contracts. Business updates: • APL has been declared the Successful Resolution Applicant for the resolution plan submitted by it for GVK Energy Limited (“GVKEL”), a company undergoing the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code. GVKEL owns and operates the 330 MW Alaknanda Hydro electric Power Plant in Uttarakhand. The acquisition of GVKEL will allow APL to enter the hydroelectric power generation sector. • APL has received an LOA from the Uttarakhand Power Corporation L imited for power supply from a 1,320 MW (1,234 MW net) Supercritical Thermal Power Capacity under a 25-year Power Supply Agreement. This PSA will take total tie -ups for APL’s upcoming 23.72 GW thermal power capacity to 62%. • APL and Druk Green Power Corporation Limited (“DGPC”), a State-owned entity of the Government of Bhutan, have entered into a Shareholders Agreement for setting up the 770 MW Chamkarchhu Hydropower Project in Thimp hu, Bhutan through a jointly incorporated entity with a 49:51 shareholding respectively. This is the second hydropower project to be undertaken by the two partners after the 570 MW Wangchhu Hydropower Project in Bhutan. • CARE Ratings and India Ratings have upgraded APL’s credit rating from “AA; Stable” to “AA+; Stable ”, reflecting the Company’s sustained strong financial and operational performance, its market leadership position with a diversified operating portfolio, and strong revenue visibility. The ratings also factor in APL’s healthy financial flexibility and adequate liquidity in view of its capital commitments towards its capacity expansion plans. • Following the fulfilment of conditions pertaining to the Scheme of Amalgamation of APL with its 10 wholly owned subsidiaries, which was approved by the Hon’ble National Company Law Tribunal, Ahmedabad and Mumbai benches, the Scheme has become effective on 25 th September 2026. As a result, 10 wholly owned subsidiaries including Korba Power Limited and Vidarbha Industries Power Limited have been amalgamated with APL.

Page 42

4 Financial performance: Particulars Q2 FY27 Q2 FY26 Change +/- H1 FY27 H1 FY26 Change +/- FY 26 (Rs. in Crore) Continuing Revenue from Operations(1) 17,014.06 13,106.34 29.8% 34,564.49 26,809.28 28.9% 53,781.45 Continuing Other Income(2) 514.29 532.92 (3.5%) 899.81 997.47 (9.8%) 1,801.18 Total Continuing Revenue 17,528.35 13,639.26 28.5% 35,464.30 27,806.75 27.5% 55,582.63 Total Reported Revenue 19,950.60 14,307.79 39.4% 39,272.90 28,881.49 36.0% 57,865.28 Continuing EBITDA 6,320.97 5,332.71 18.5% 13,303.71 11,076.33 20.1% 21,285.35 Reported EBITDA 8,743.22 6,001.24 45.7% 17,112.31 12,151.07 40.8% 23,430.87 Continuing Profit Before Tax(3) 4,369.51 3,297.68 32.5% 9,283.66 7,095.77 30.8% 13,353.99 Reported Profit Before Tax 6,791.76 3,966.20 71.2% 13,092.25 8,170.51 60.2% 15,499.51 Share of Profits from Associate(4) (3.04) - 114.65 - - Tax Charge / (Credit) (230.60) 1,059.74 (121.8%) 1,320.98 1,958.92 (32.6%) 2,528.43 Profit After Tax 7,019.32 2,906.46 141.5% 11,885.92 6,211.59 91.4% 12,971.08 (1), (2), (3): Continuing Operating Revenues and Continuing Other Income exclude prior period income recognition. Continuing EBITDA and Continuing Profit Before Tax exclude prior period income and expenses . | (4): Results for Q1 and H1 FY27 include share of profits from Associate following the acquisition of stake in Jaiprakash Power Ventures Ltd. EBITDA: Earnings Before Interest, Taxes, Depreciation, and Amortization | nm: Not Meaningful Key financial highlights: • Continuing Operating Revenues: For Q2 FY27, continuing operating revenue increased by 29.8% to Rs. 17,014.06 Crore from Rs. 13,106.34 Crore in Q2 FY26. This growth was driven by higher volumes on account of a significant increase in power demand and higher PPA tariffs due to a sharp increase in import coal prices, and improved merchant realisation. • Continuing Operating Revenues for H1 FY27 grew by 28.9% to Rs. 34,564.49 Crore from Rs. 26,809.28 Crore in H1 FY26 for similar reasons. • Fuel cost for Q2 FY27 was higher by 41.8% at Rs. 10,229.38 Crore vs Rs. 7,216.23 Crore for Q1 FY26 due to higher volumes and 50% higher landed cost of imported coal. • Fuel cost for H1 FY27 similarly increased by 36% to Rs. 19,768.50 Crore as compared to Rs. 14,535.04 Crore for H1 FY26. • Strong Continuing EBITDA performance of Rs. 6,320.97 Crore in Q2 FY27, 18.5% higher as compared to Rs. 5,332.71 Crore in Q2 FY26; due to higher volumes, improved tariffs and merchant realization, and control on operating expenses despite an increase in fuel costs. • Continuing EBITDA for H1 FY27 similarly increased by 20.1% to Rs. 13,303.71 Crore as compared to Rs. 11,076.33 Crore in H1 FY26. • One-time prior period revenue recognition of Rs. 2,422.25 Crore in Q2 FY27, primarily due to revision in historic energy charges under certain PPAs, as compared to Rs. 668.53 Crore in Q2 FY26.

Page 43

5 • Prior period revenue recognition for H1 FY27 is Rs. 3,808.60 Crore as compared to prior period revenue recognition of 1,074.74 Crore in H1 FY26. • Finance costs were lower by (-) 9.7% at Rs. 760.23 Crore for Q2 FY27 as compared to Rs. 841.63 Crore due to strong operating cash flow generation and controlled utilization of operational debt. • Similarly, Finance costs for H1 FY27 were lower by ( -) 2.2% at Rs. 1,661.60 Crore as compared to Rs. 1,698.56 Crore for H1 FY26. • Continuing Profit Before Tax , before one- time items, registered a strong increase of 32.5% at Rs. 4,369.51 Crore in Q2 FY27 vs Rs. 3,297.68 Crore in Q2 FY26 on account of strong operating earnings performance and tight control on finance costs. • Similarly, Continuing Profit Before Tax for H1 FY27 is 30.8 % higher at Rs. 9,283. 65 Crore as compared to Rs. 7,095.77 Crore for H1 FY26. • Reported Profit Before Tax for Q2 FY27 is sharply higher by 71.2%at Rs. 6,791.76 Crore in Q2 FY27 as compared to Rs. 3,966.20 Crore in Q2 FY26 on account of strong continuing profitability, further supplemented by higher one-time prior period income recognition during the quarter. • Similarly, Reported Profit Before Tax for H1 FY27 is 60.2% higher at Rs. 13,092.25 Crore as compared to Rs. 8,170.51 Crore for H1 FY26. • Consequently, Profit After Tax for Q2 FY27 also rose sharply by 141.5% to Rs. 7,019.32 Crore as compared to Rs. 2,906.46 Crore in Q2 FY26. • Similarly, Profit After Tax for H1 FY27 is also 91.4% higher at Rs. 11,885.92 Crore as compared to Rs. 6,211.59 Crore in H1 FY26. • Total debt outstanding as of 30th September 2026 is Rs. 61,860.37 Crore as compared to Rs. 53 ,555.54 Crore as of 31 st March 202 6. Net debt outstanding as of 30 th September 2026 is Rs. 45,845.92 Crore as compared to Rs. 45,022.02 Crore as of 31st March 2026. Project Updates: APL is progressing rapidly on its capacity expansion program to add 23,720 MW of new thermal power capacity. The execution of the 1,320 MW Korba Phase -II Supercritical Thermal Power Project and the 1,600 MW Mahan Phase -II Ultra -Supercritical Thermal Power Project (“USCTPP”) is in advanced stages of completion. The first Supercritical 660 MW Unit of Korba Phase II has been synchronized with the grid, with commissioning expected shortly. The second unit is expected to be commissioned in Q4 FY27. The Mahan Phase-II project is expected to be fully commissioned in the early part of FY 2027 -28. Similarly, the 1,600 MW Raipur Phase -II USCTPP and the 1,600 MW Raigarh Phase -II USCTPP have achieved more than 6 5% progress within less than 30 months from commencement and are slated to be commissioned in FY 2028-29.

Page 44

6 Apart from these projects, the execution of the 1,600 MW Mirzapur greenfield USCTPP , 1,600 MW Mahan Phase -III USCTPP, and Anuppur greenfield 2,400 MW USCTPP has commenced and achieved satisfactory progress. APL will expand the capacity of the Raipur site to 4,570 MW by further undertaking a 1,600 MW Phase-III USCTPP, which will supply power to a 1,600 MW PSA it has signed the Maharashtra Electricity Distribution Co. Ltd. (“MSEDCL”) in July 2026. This PSA is in addition to the 1,600 MW PSA signed by APL with MSEDCL in FY 2024- 25, which will be supplied from the upcoming Raipur Phase-II USCPP. ESG performance: • APL has achieved Specific Water Consumption of 2. 28 m³/MWh for inland Thermal Power Plants, which is 35 % lower than the statutory limit of 3.50 m³/MWh while All- TPP average Specific Water Consumption is 2.18 m³/MWh • APL has achieved an ESG score of 66, placing it in the Aspiring category, in the annual assessment carried out by NSE Sustainability, reflecting APL’s continued commitment towards ESG principles and reinforcing its position as a ‘leading player’ in the Thermal Power Generation sector. • S&P Global has revised APL’s Corporate Sustainability Assessment (CSA) score to 71/100 for FY 2025-26, placing it well above the utilities sector average of 41/100. About Adani Power: Adani Power (APL), a part of the Adani portfolio, is the largest private thermal power producer in India. The Company has an operating thermal power capacity of 18 ,110 MW spread across twelve power plants in Gujarat, Maharashtra, Karnataka, Rajasthan, Chhattisgarh, Madhya Pradesh, Jharkhand, and Tamil Nadu, in addition to a 180 MW thermal power plant under revival in Uttar Pradesh, and a 40 MW solar power plant in Gujarat. With the help of a world-class team of experts in every field of power, Adani Power is on course to achieve its growth potential. The company is harnessing technology and innovation to transform India into a power -surplus nation and provide quality and affordable electricity for all. For more information, please visit www.adanipower.com Follow us on: \AdaniOnline For media queries, contact: Roy.paul@adani.com

Sign in to continue

Your watchlist and earnings event details are available after you sign in.

Page 1

Page 2

Page 3

Page 4

Page 5

Page 6

Page 7

adani ADANI POWER LIMITED Power (CIN NO. : L40100GJ1996PLC030533) Regd. Office: "Adani Corporate House", Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad 382421, Gujarat. Phone: 079-25557555; Fax : 079-25557177; Email : info@adani.com; Website : www.adanipower.com UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2026 Consolidated Statement of Assets and Liabilities as at 30th September, 2026 Particulars ASSETS Non-current Assets (a) Property, Plant and Equipment (b) Right-of-use Assets (c) Capital Work-In-Progress (d) Investment Properties (e) Goodwill (f) Other Intangible Assets (g) Investments accounted for using the equity method (h) Financial Assets (i) U) (i) Investments (ii) Loans (iii) Other Financial Assets Non-Current Tax Assets (Net) Deferred Tax Assets (Net) (k) Other Non-current Assets Current Assets (a) Inventories (b) Financial Assets (i) Investments (ii) Trade Receivables (iii) Cash and Cash Equivalents (iv) Bank Balances other than (iii) above (v) Loans (vi) Other Financial Assets (c) Other Current Assets Total Non-current Assets As at September 30, 2026 (Unaudited) 65,858.91 2,367.65 45,539.42 43.32 204.52 55.85 3,132.74 200.14 7.50 734.22 163.98 866.88 9,645.98 128,821.11 3,996.63 (f in Crores) As at March 31, 2026 (Audited) 66,814.60 2,261.28 35,053.46 92.25 204.52 28.81 24.50 0.14 7.50 690.36 192 06 811.39 7,410.97 113,591.84 3,623.48 5,236.35 1,491.35 13,214.43 11,791.37 3,897.29 927.88 6,767.58 5,998.44 10.34 10.99 1,020.02 2,161.97 2,676.43 2,682.60 Total Current Assets 36,819.07 28,688.08 Total Assets 1-------1- 6- 5""',"'"64-0 -.1-8 -+ ------1-4-'-2 -,2-7_9_, 9- 2 -1 EQUITY AND LIABILITIES EQUITY (a) Equity Share Capital (b) Other Equity Equity attributable to owners of the parent (c) Non - Controlling Interests Total Equity LIABILITIES Non-current Liabilities (a) Financial Liabilities (i) Borrowings (ia) Lease Liabilities (ii) Other Financial Liabilities (b) Provisions (c) Deferred Tax Liabilities (Net) (d) Other Non-current Liabilities Total Non-current Liabilities Current Liabilities (a) Financial Liabilities (i) Borrowings (ia) Lease Liabilities (ii) Trade Payables - total outstanding dues of micro enterprises and small enterprises • total outstanding dues of creditors other than micro enterprises and small enterprises (iii) Other Financial Liabilities (b) Other Current Liabilities (c) Provisions (d) Current Tax Liabilities (Net) Total Current Liabilities T o ta I Liabilities 3,856.94 72,900.69 76,757,63 1,619.84 78,377.47 47,310.26 1,135.16 205.74 401.56 5,490.43 5,097.47 59,640.62 14,550.11 65.58 200.64 4,133.05 6,326.80 1,092.07 62.55 1,191.29 27,622.09 1------------+--- 87,262.71 165,640.18 Total Equity and Liabilities 1--------....:...---+-- 3,856.94 61,079.94 64,936.88 1,465.04 66,401.92 42,829.60 1,049.27 185.69 359.90 5,827.15 5,298.18 55,549.79 10,725.94 65.48 183.98 2,656.55 4,049.65 994.38 96.96 1,555.27 20,328.21 75,878.00 142,279.92 .,

Page 8

Page 9

Page 10

Page 11

Page 12

Page 13

Page 14

Page 15

Page 16

Page 17

Page 18

SR BC & CO LLP 21st Floor, B Wing , Privilon Ambli BRT Road, Be hind lskcon Te mple Char tered Ac countants Off SG Hig hway, Ahm edab ad • 380 059, India Tel : +91 79 6608 3900 Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended Review Report to The Board of Directors Adani Power Limited 1. We have reviewed the accompanying statement of unaudited standalone financial results of Adani Power Limited (the "Company") for the quarter ended September 30, 2026 and year to date from April 01, 2026 to September 30, 2026 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and 52 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 and 52 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 opm1on. 4. Based on our review conducted as 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 13 3 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. Empha sis of Matter 5. The comparative financial information of the Company for the quarter ended June 30, 2026, quarter and six months ended September 3 0, 2025 and year ended March 31, 2026, included in these standalone financial results have been restated to give effect to the adjustments arising � <c:{' m the amalgamation between the Company and its ten wholly owned subsidiaries as fully cribed in the Note 17 to the accompanying standalone financial results. r conclusion is not modified in respect of this matter. SR BC & CO LLP, a Limited Liability Partnership with LLP Identity No. AAB-4313 Regd. Office : 22, Camac Street. Block 'B', 3rd Floor, Koikata-700 016 ,f..... .c, Acco'3-:- 0 s

Page 19

Page 20

Page 21

Page 22

Page 23

Page 24

Page 25

adani Power Furt her , with respect to comp ut ation of ta rif f compen sation claim in the abo ve mat ter s, AP TEL vide it s order dated 19 th Aug us t, 2026 has al lowed app eal filed by the Company and al so dir ected MERC to issue cons eque ntial or der in favour of the Compa ny, in compli anc e with APTE L's ear lier judg eme nts dated 14 th Sept ember , 2020 and 28 th Sept ember , 2020 in the sa id ma tter. The Company does not expect an y ad ver se outcome in the ma tte r and contin ues to rec og nise the reve nue as per past pr act ice. (b) Apart fro m ab ove, in one of the ma tters re lating to cost fa ctor s for comput ation of tarif f comp ensator y claim, on acc ount of consu mp tion of alternat e coal, MSEDCL filed an app eal with APTE L again st MERC or der dated 28 th No ve mber , 2020 in favour of the Company and dismis sal or der dated Wh September , 2021 against revi ew petition fi led by MSEDCL . APTEL vide it s or der dated 9 th Jul y, 2024 dism issed the ap peal fi le d by MSEDCL . Subsequen tly , MSEDCL file d an appeal with the Hon 'ble Su pr eme Cour t in the ma tter which is pending ad judic ation. Fu rth er , MERC vide it s or der dat ed 6th Oct ober , 2025 , allo wed petition filed by MSEDCL w. r.t. int erpr eta tion of it s ea rl ier or der re lat ing to compensation for in-land tra nspo rta tion cost factor for the transfer of alter nate coal. The Company agg rieved with such an order , had fi led a rev ie w petition with MER C on 14 th Octo ber , 2025, which was upheld by MERC vide it s or der dat ed 2 nd Decem ber , 2025 . MSEDCL has pr eferred an appeal with APTEL agains t the sa id MERC or der which is pending ad jud ication. The Compan y do es not expect any adver se outcome in the ma tter and continue s to re cognise change in law claim s as per past pr ac tice. 5. (a) In respect to Compan y's Mun dr a thermal po wer plant ("Mundr a TP P"), Gujar at Ur ja Vikas Nigam Li mi ted ("GU VN L") appr oached CERC to deter mine the bas e rates for power sales un der Bid 1 e, Bid 2 revised Supplement al Powe r Pur ch ase Agr eem ent s ("SP PAs") dated 30 th March, 202 2, with re trospec tive ef fe ct from 15 th Oct ober , 201 8, fo r furth er subm ission to the Go vern ment of Gujarat ("Go G"). CERC vide its order da ted 13 th Ju ne , 2022 re commended the base rates for fi nal appr ova l of GoG . GoG has appr oved the said base rates vide it s res olution dat ed 26 th Ma y, 2026 . Co nseq uen tly , the Compan y has ent er ed int o an amende d supplemental agr eement with GUV N L on 1 st Ju ne, 2026 and GUVN L has su b mit ted the same to CER C for ap pr ova l. (b) Pri or to the appr oval of the Base Ra tes by the GoG, the Compan y had been suppl ying power to GUVNL based on certa in mechani sm whereb y actual fuel cost incu rre d, get s pass thr ough in the billing of ener gy charges , from pt March, 2022 on wa rds. Pu rsu ant to the appr oval of the Base Rate and execution of an amended supplement al agr eement , ener gy char ges ar e to be reco mp ut ed with re tro spect iv e effe ct from 15 th October 201 8, based on the app roved base ener gy rates as es calat ed with applic able CER C esca lat ion inde x. Cons equent ly, the Compan y has raised claim s for ener gy char ges for the period from 15 th Octob er, 201 8 to 3p t March, 2026 on GU VN L. GUVN L ha s paid < 4,1 47. 00 Crores by 30 th Septemb er, 2026 and < 2, 073.7 9 Cr or es su bseq uent ly. Accor ding ly, the Company ha s re cogn ised rev enues on pr udent par amet er basis to the extent ac cept ed and paid / settled by GUVN L. 6. The Compan y has clai med compen sation for alt er nat e coal cost inc u rred for suppl y of po wer under 1, 200 MW of Supple mental Power Pu rchase Ag re ement (SP PA) with Har yana Di sco ms . Har yana Discoms have so ught cer ta in in for matio n to vali dat e such clai ms. Har yana Discoms ha ve paid 50% of the claims made by the Compan y from June 2023 onwa rds and rev enue was re cogn ised accor dingl y up to 30 th June , 2026 . The Comp an y expect s a fav our able outcome in the matt er. he cu rr ent quar ter , Har yana Di scoms ha ve again ra ised concern in the matter . Pen ding of the mat ter wit h Har yana Di sco ms, the Com pany has de recog niz ed revenue of < 1, 97 1.96 ng the cur re nt qu ar ter on a prudent basis.

Page 26

Page 27

Page 28

Page 29

Page 30

Page 31

adani Power 21. Dur ing the current quar ter , the reso lu tion plan to acquir e GVK En er gy Li mit ed ("GV KE L"), a company und er going Cor por a te In solv enc y Res olution Proces s (" CIRP ") under the Ins olvenc y and Bankrup tcy Code 201 6 (" I BC" ) has been appr oved by Co mmit tee of Credi tor s ("CO C") of GVKEL . In this re gar d, the Compan y has rece ived a Le tter of In te nt ("LOI" ) from the Res olut ion Pr ofessi onal ("R P") on 7th Sept ember , 20 26. GVK EL owns and oper at es a 330 MW hydr oele ctric power plant locat ed in Ut tar akhand thr ough it s subsidiar y Alaknanda Hydr o Power Company Li mit ed. The imple ment ation of the reso lut ion pl an is subject to the terms of the LOI and requisite appr ovals fro m the Nat io nal Compan y Law Tribuna l, Hy der abad and / or an y other re gulator y author it y un der applic able la ws. 22. On 5th Oct ober , 2026 , the Compan y and Dr uk Gr een Power Co rp. Ltd. (" DG PC" ), Bhut an 's sta te-owned utilit y, have signed the shar eholder s agr eement ("SHA" ) for sett ing up a 770 MW Chamkhar chhu Hydr opo wer Pr oject (Cham kha rch hu HE P) in Th imp u, Bhut an ("P roj ect "). Pur suant to the SH A, the Compan y and DGPC shall join tly incorporat e a public company (with 49:51 shar eh oldi ng) in Bhut an, to under take the said Pr oj ect . For, Adani Power Limit ed Place: Ahmeda bad Date: 23rd Octob er, 2026 Chairman .,

Interim report

Page 1

Page 2

Page 3

Page 4

Page 5

Page 6

Page 7

Page 8

Page 9

Page 10

Page 11

Page 12

Page 13

Page 14

Page 15

Page 16

Page 17

Page 18

Page 19

Page 20

Page 21

Page 22

Page 23

Page 24

Page 25

Page 26

Page 27

Page 28

Page 29

Page 30

Page 31

Page 32

Page 33

Page 34

Page 35

Page 36

Page 37

Page 38

Page 39

Page 40

Page 41

Page 42

Page 43

Page 44

Sign in to continue

Interim report

Page 1

Page 2

Page 3

Page 4

Page 5

Page 6

Page 7

Page 8

Page 9

Page 10

Page 11

Page 12

Page 13

Page 14

Page 15

Page 16

Page 17

Page 18

Page 19

Page 20

Page 21

Page 22

Page 23

Page 24

Page 25

Page 26

Page 27

Page 28

Page 29

Page 30

Page 31

Page 32

Page 33