Press Release

October 22, 2026 BSE Limited National Stock Exchange of India Limited P J Towers, Exchange plaza, Dalal Street, Bandra-Kurla Complex, Mumbai – 400001 Bandra (E), Mumbai – 400051 Scrip Code: 539254 Scrip Code: ADANIENSOL Dear Sir, Sub: Submission of Media Release on Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026. In continuation to submission of Outcome of Board Meeting dated October, 22, 2026, please find enclosed the Media Release dated October 22, 2026 on the Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2026, as Annexure "A''. The same is also being uploaded on the Company's website at www.adanienergysolutions.com You are requested to take the same on your records. Thanking you, Yours faithfully, For Adani Energy Solutions Limited Jaladhi Shukla Company Secretary Encl: As above Adani Energy Solutions Ltd Tel +91 79 2555 7555 Adani Corporate House Fax +91 79 2555 7177 Shantigram, Near Vaishno Devi Circle, info@adani.com S. G. Highway, Khodiyar, www.adanienergysolutions.com Ahmedabad 382 421 Gujarat, India CIN: L40300GJ2013PLC077803 Registered Office: Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad – 382 421 Media Release AESL Delivers Record Q2 Performance, Sustains Strong Growth Momentum Q2FY27 PAT more than doubles to Rs 1,364 crores on YoY basis EBITDA rose 67% YoY to a record Rs 3,548 crore in Q2FY27 EBITDA crossed a record high of Rs 6,726 crore half yearly mark, ended up 62% higher YoY Editor’s Synopsis Financial Highlights: • In Q2FY27, EBITDA rose 67% YoY to a record Rs 3,548 crore, supported by growth in transmission, smart metering, a significant contribution from energy solutions platform segment and steady performance in the distribution business. • Total income grew by strong 51% YoY to an all-time high of Rs 10,239 crore in the quarter, supported by stronger operating performance across the portfolio, the energy solutions platform, the ongoing smart meter rollout, and higher Service Concession Arrangement (SCA) income reflecting increased capex execution • PAT increased by 145% YoY to Rs 1,364 crore in Q2FY27 from Rs 557 crore in Q2FY26 • Round-the-clock power supply contract of 2,500 MW signed with MSEDCL Capex Execution Performance: • Transmission capex in H1 FY27 increased by 1.7x to Rs 5,542 crore, as against Rs 3,343 crore in H1 FY26 • AESL completed 14.82 million cumulative smart meter installations, demonstrating strong operational efficiency and setting new execution benchmarks in the industry Energy Solutions Platform: • Energy Solutions Platform continues its strong performance with EBITDA of Rs 810 crore in Q2 Growth Opportunity (Locked-in Growth): • During Q2 FY27, AESL secured two transmission projects, Vizag Power Transmission Limited and Satara Power Transmission Limited, the company’s aggregate transmission under construction pipeline stands at ~ Rs 87,000 crore. The company’s smart meter order book remains at 24.6 million meters with a revenue potential of Rs 29,519 crore • The near-term tendering pipeline in the transmission sector remains robust at ~Rs 1.4 lakh crores. Whereas the nationwide market opportunity for smart metering continues at 86 million meters Capital Management: • Raised Rs 3,500 crore via QIP, secured primary and secondary equity investments from marquee investors Ahmedabad, 22 October 2026: Adani Energy Solutions Limited (“AESL”), part of the globally diversified Adani portfolio and the largest private transmission, distribution, smart metering and energy solutions platform company in India, today announced its financial and operational performance for the quarter ended September 30, 2026. “AESL closed the first half of the fiscal year with strong financial and operational momentum, laying a robust foundation for future growth. We significantly expanded our growth pipeline by winning the strategic Vizag and Satara transmission assets, elevating our active order book to ~Rs 87,000 crore. Operationally, our Mumbai distribution business grew by ~11% in MUs sold, while our smart metering platform scaled its installation base to ~15 million meters. A significant 2.5 GW RTC power supply contract with MSEDCL reinforced AESL’s core competencies in multi-source energy aggregation and power supply optimization for its customers. Backed by robust quarter-on-quarter performance across all business segments and strict financial prudence, we are well-positioned to convert this massive project pipeline into long-term stakeholder value.” said Kandarp Patel, CEO, Adani Energy Solutions Q2 & H1 FY27 Highlights: Consolidated Financial Performance: (Rs crore) Particulars H1 FY27 H1 FY26 YoY % Q2 FY27 Q2 FY26 YoY % Total Income 20,092 13,793 46% 10,239 6,767 51% Operational Revenue 14,351 9,548 50% 7,167 4,740 51% Operating EBITDA 5,878 3,463 70% 3,070 1,825 68% EBITDA 6,726 4,144 62% 3,548 2,126 67% PAT 2,600 1,096 137% 1,364 557 145% Notes: Total Income = Operational revenue + income from Service Concession Agreement (SCA) assets / EPC / traded goods + One time income/expense + Other Income; Total EBITDA = Operating EBITDA plus other income, one-time regulatory income, adjusted for CSR exp. Revenue: • The total income of Rs 10,239 crore in Q2FY27 grew by 51% and operational revenue of Rs 7,167 crore in Q2FY27 was up 51%; driven by healthy contribution from transmission and energy solutions platform EBITDA: • All time high EBITDA of Rs 6,726 crore in H1FY27 and Rs 3,548 crore in Q2FY27, showing robust growth by 62% and 67% respectively; • Operational EBITDA rose strongly to Rs 5,878 crore during the half year, up by 70% and Rs 3,070 crore up by 68% in the quarter Segment-wise Financial Highlights: (Rs crore) H1 H1 Q2 Q2 Segment Particulars YoY % YoY % FY27 FY26 FY27 FY26 Operating Revenue 3,117 2,474 26% 1,521 1,305 17% Transmission Operating EBITDA 2,871 2,285 26% 1,394 1,216 15% EBITDA margin % 92% 92% - 92% 93% - Distribution Operating Revenue 6,702 6,478 3% 3,181 3,118 2% (AEML and MUL) Operating EBITDA 1,192 994 20% 605 492 23% Operating Revenue 428 185 131% 267 117 129% Smart Metering Operating EBITDA 352 145 143% 226 92 146% (Ind AS) EBITDA margin % 82% 78% 85% 79% Operating Revenue 4,103 410 - 2,197 201 - Energy Solutions Operating EBITDA 1,393 28 - 803 11 - Operating Revenue 474 176 - 318 90 - Others Operating EBITDA 70 21 - 42 12 - Operating Revenue 731 294 149% 384 182 111% Smart Metering Operating EBITDA 654 253 158% 343 154 123% (Non Ind AS) EBITDA margin % 89% 86% - 89% 85% - AEML: Adani Electricity Mumbai Ltd; MUL: MPSEZ (Mundra) Utility Ltd. Segment-wise Key Operational Highlights: Particulars H1 FY27 H1FY26 Q2 FY27 Q2 FY26 Transmission business Average Availability (%) 99.6% 99.7% 99.8% 99.6% Total Transmission Network (ckm) 29,739 26,705 29,739 26,705 Distribution business (AEML) Supply reliability (%) 9.99% 9.99% 9.99% 99.99% Distribution loss (%) 4.29% 4.30% 3.30% 4.36% Units sold (MU's) 6,190 5,589 2,930 2,650 Distribution business (MUL) Units sold (MU's) 885 635 460 364 Smart metering business Meters Installed (in millions) 3.5 4.2 1.3 1.8 Cumulative Meters Installed (in millions) 14.8 7.4 14.8 7.4 Meters billed (in millions) 3.7 4.6 1.8 1.6 Cumulative Meter months (in millions) 74.5 27.9 40.0 17.1 Segment-wise Progress and Outlook: Transmission: • Robust project pipeline of 15 projects worth ~ Rs 87,000 crore to be executed • The near-term transmission tendering opportunity at ~Rs 1.4 lakh crore remains solid • The company reported strong operational parameters during the quarter, with an average system availability of over 99.8%. Robust line availability resulted in an incentive income of Rs 61 crore in H1FY27, reflecting the best O&M practices Distribution business (AEML Mumbai and MUL): • The distribution business recorded a steady business performance. Adani Electricity Mumbai Ltd.’s (AEML) Regulat [Showing first 8,000 characters — download PDF for full document]