Analysts/Institutional Investor Meet/Con. Call Updates

October 25, 2026 BSE Limited National Stock Exchange of India Limited Floor 25, P J Towers, Exchange Plaza, Dalal Street, Bandra Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 533096 Scrip Code: ADANIPOWER Dear Sirs, Sub.: Results Presentation for Post Results Conference Call dt. October 26, 2026 Ref.: Our intimation dt. October 19, 2026 w.r.t. interaction with Investors / Analysts pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 In furtherance to our above-referred intimation, the presentation for the earnings conference call to be held at 11:30 a.m. IST tomorrow, i.e. October 26, 2026 is attached herewith and also being uploaded on the website of our Company. You are requested to kindly take the above on your record. For Adani Power Limited Puneet Bansal Company Secretary Encl.: As above 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 Adani Power Limited Earnings Presentation – Q2 FY27 | 23rd October 2026 APL: Operating Snapshot – Q2 and H1 FY 2026-27 Operating Highlights O&M Availability (%) Generation Performance (PLF %) 87% 89% 88% 93% 63% 65% Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Steady and high plant availability ensured across maintenance High PLF across PPA-linked and open capacities achieved by cycles through predictive and preventive maintenance practices leveraging cost-efficient fleet and logistics cost advantage to gain dispatch priority Dispatch Performance (BU) Sales Volume Mix (%) +14.3 % Contracted (PPA) Merchant/ Short Term +11.4% 55.1 24% 12% 23% 13% 48.2 23.7 26.4 88% 87% 76% 77% Q2FY26 Q2FY27 H1FY26 H1FY27 Q2FY26 Q2FY27 H1FY26 H1FY27 Improved dispatch performance through high plant uptime to Growing proportion of long and medium-term capacity tie-ups maximise utilization of market opportunity reducing merchant market exposure. Strong operational performance in growing demand environment, supporting grid stability with reliable power supply PPA: Power Purchase Agreement; PLF: Plant Load Factor; BU: Billion Units; EBITDA: Earnings Before Interest Tax Depreciation and Amortization; PBT: Profit Before Tax; Continuing Revenue and EBITDA excludes One-time / Prior Period income recognitions; PPA: Power Purchase Agreement Home outline Hsoalmid bfiullrger Menu Icon with 2 APL: Financial Snapshot – Q2 and H1 FY 2026-27 Financial Highlights Continuing Revenue +27.5% +28.5% 35,464 27,807 Higher dispatch volumes [up 11.4% Y-o-Y] combined with higher PPA 17,528 13,639 tariffs [Rs. 6.4/unit, up 12.7% Y-o-Y] and merchant realisations [Rs. 7.2/unit, up 33.1% Y-o-Y] contributed to Continuing Revenue growth. Q2FY26 Q2FY27 H1FY26 H1FY27 Continuing EBITDA +20.1% +18.5% 13,304 11,076 6,321 Strong EBITDA performance in line with revenue growth, due to 5,333 efficient fuel cost recovery under PPAs and higher merchant realisations on Y-o-Y basis. Q2FY26 Q2FY27 H1FY26 H1FY27 Profit After Tax 11,886 7,019 6,212 Strong operating profitability and control on leverage leading to high 2,906 conversion and solid PAT performance Q2FY26 Q2FY27 H1FY26 H1FY27 Consistent value creation through highly profitable and liquid operations PPA: Power Purchase Agreement; PLF: Plant Load Factor; BU: Billion Units; EBITDA: Earnings Before Interest Tax Depreciation and Amortization; PBT: Profit Before Tax; Continuing Revenue and EBITDA excludes One-time / Prior Period income recognitions; PPA: Power Purchase Agreement Home outline Hsoalmid bfiullrger Menu Icon with 3 Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Adani Power Limited (“APL”) and its subsidiaries , associates, and joint ventures (combine together “Adani Thermal Power Group” or “The Group”) their future outlook and growth prospects, and future developments in their businesses and their competitive and regulatory environment, and statements which contain words or phrases such as ‘will’, ‘expected to’, etc., or similar expressions or variations of such expressions. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes or developments in their business, their competitive environment, their ability to implement their strategies and initiatives and respond to technological changes and political, economic, regulatory and social conditions in the country the business is. This presentation does not constitute a prospectus, offering circular or offering memorandum or an offer, or a solicitation of any offer, to purchase or sell any shares and should not be considered as a recommendation that any investor should subscribe for or purchase any of The Group’s shares. Neither this presentation nor any other documentation or information (or any part thereof) delivered or supplied under or in relation to the shares shall be deemed to constitute an offer of or an invitation by or on behalf of The Group. The Group, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this presentation, unless otherwise specified is only current as of the date of this presentation. The Group assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this document, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. The Group may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. No person is authorized to give any information or to make any representation not contained in and not consistent with this presentation and, if given or made, such information or representation must not be relied upon as having been authorized by or on behalf of The Group. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it’s should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration therefrom. Home outline Hsoalmid bfiullrger Menu Icon with 4 Contents 1 About Adani Portfolio 2 About Adani Power Limited (APL) 3 APL Quarterly Performance Highlights 4 Debt Profile 5 Progress in Capacity Expansion Projects 6 ESG Practice at APL 7 APL: Investment Case Home outline Hsoalmid bfiullrger Menu Icon with 5 About Adani Portfolio Adani Portfolio: A World Class Infrastructure & Utility Portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Other Materials, Metal Incubator Energy & Utility Transport & Logistics Specialty & Mining (71.97%) (62.43%) (74.96%) (66.03%) (67.29%)2 AGEL APL APSEZ AEL Ambuja Cements3 Renewables IPP Ports & Logistics (73.39%) (37.40%) (50.05%) (72.66%) AESL ATGL1 ACC2 Orient2 T&D Gas Discom (100%) (50.00%) (100%) (100%) (100%) (69.02%) ANIL AdaniConneX4 AAHL5 ARTL Copper, Alumi [Showing first 8,000 characters — download PDF for full document]