Transcript of post Earnings Call

Date: October 26, 2026 BSE Limited The National Stock Exchange of India Limited P J Towers, “Exchange Plaza”, Dalal Street, Bandra – Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Scrip Code: 541450 Scrip Code: ADANIGREEN Dear Sir, Sub: Transcript of Earnings Call pertaining to the Unaudited Financial Results for the quarter and half year ended September 30, 2026 With reference to above, we hereby inform below link of transcript of the Earnings Call with Equity Investors on Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended September 30, 2026 held on October 22, 2026. Web link to access above transcript is: https://www.adanigreenenergy.com/- /media/project/greenenergy/investor-downloads/results-conference-call- transcript/agelq2fy27earnings-call-transcriptoct-22-2026v1.pdf Kindly take the above on your records. Thanking You Yours Faithfully, For, Adani Green Energy Limited Pragnesh Darji Company Secretary Adani Green Energy Limited Tel +91 79 2555 5555 Adani Corporate House, Shantigram, Fax +91 79 2555 5500 Nr Vaishno Devi Circle, S G Highway investor.agel@adani.com Khodiyar, Ahmedabad 382 421 www.adanigreenenergy.com Gujarat, India CIN: L40106GJ2015PLC082007 Registered Office: Adani Corporate House, Shantigram, Nr. Vaishno Devi Circle, S G Highway, Khodiyar, Ahmedabad – 382 421, Gujarat, India “Adani Green Energy Limited Q2 FY '27 Earnings Conference Call” October 22, 2026 Management: Mr. Ashish Khanna – Chief Executive Officer – Adani Green Energy Limited Mr. Rajat Seksaria – Chief Executive Officer – Battery Storage Mr. Saurabh Shah – Chief Financial Officer – Adani Green Energy Limited Mr. Vijil Jain – Head, Investor Relations – Adani Green Energy Limited Moderator: Mr. Sabri Hazarika – Senior Research Analyst – Emkay Global Page 1 of 18 Adani Green Energy Limited October 22, 2026 Disclaimer: This transcript is provided without express or implied warranties of any kind and should be read in conjunction with the accompanying materials published by the company. The information contained in the transcript is a textual representation of the company's event and while efforts are made to provide accurate transcription, there may be material errors, omissions, or inaccuracies in the reporting of the substance of the event. The transcript has been edited wherever required for clarity, correctness of data or transcription error. This document may contain “forward-looking statements” - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should” or “will.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. Sabri Hazarika: Good morning, everyone. And on behalf of Emkay Global, I welcome you all to the Q2 FY '27 Post Earnings Conference Call of Adani Green Energy Limited. We have with us the top management from the company led by Mr. Ashish Khanna, CEO, Adani Green; Mr. Rajat Seksaria:, CEO, BESS; Saurabh Shah:, CFO; and Vijil Jain, Head, Investor Relations. So today's session would be opening remarks and update on the performance by the management, followed by the question-and-answer round. Now without any further delay, I would request Mr. Khanna for the opening remarks. Over to you, sir. Ashish Khanna: Thank you, Sabri. Good morning, everyone, and thanks for joining this call on our Q2 FY '27 results. As we know, India's energy transition is gaining unprecedented momentum as the country rapidly scales renewable energy and electrification to strengthen energy security and advance its decarbonization and sustainability goals. With about 308 gigawatts of installed non-fossil fuel capacity, representing more than 54% of total installed power capacity, the country is progressing rapidly towards the 500 gigawatt target by 2030. India's peak electricity demand continues to reach new highs, reflecting rising consumption driven by industrial growth, electric mobility, data centers and the broader electrification of the economy. Against this backdrop, Adani Green Energy delivered another strong performance in H1 FY '27, crossing the significant milestone of 20 gigawatts of operational capacity. Our 20.8 gigawatt portfolio supplied clean power equivalent to the needs of more than 4.4 million homes, while helping avoid 17.5 million tons of CO2 emissions during the period. Our operating and financial performance remained robust. Energy sales increased 32% year-on-year to 25.7 billion units in H1, supported by a 24% increase in greenfield capacity additions on Y-o-Y basis. Revenue from power supply in H1 FY '27 increased 36% year-on-year to INR8,299 crores, while EBITDA grew 41% Y-o-Y to INR7,957 crores, enabling us to deliver industry-leading EBITDA margin of 93%. The total EBITDA during H1 FY '27 was INR8,276 crores. If curtailment would not have been there, this EBITDA would have been close to INR9,000 crores. Page 2 of 18 Adani Green Energy Limited October 22, 2026 The performance during quarter 2 was equally strong, with revenue from power supply increasing 45% year-on-year to INR4,019 crores, while EBITDA from power supply ending 51% higher Y-o-Y to INR3,835 crores, resulting in a strong EBITDA margin of 92% during the quarter. Energy storage is becoming the next major pillar of our growth. During the quarter, we commissioned 3 gigawatt hour of battery energy storage at Khavda, taking our total installed storage capacity to 6.6 gigawatt hour. This capacity accounts for more than 50% of India's operational BESS. We remain firmly on track to exceed 10 gigawatt hour during the year. While our maiden 500-megawatt pump storage project at Chitravathi is also progressing towards completion by year-end. At Khavda, the world's largest renewable energy plant, we have commissioned 10.8 gigawatt hour of solar, wind and hybrid capacity. Our focus on technology, digitization and advanced analytics continues to support high asset availability and strong operating performance across the portfolio. Looking ahead, we see significant opportunities emerging from growing needs for firm and dispatchable renewable energy, rising power demand from AI, data centers and hyperscalers alongside growing demand for integrated renewables plus storage solutions from commercial as well as industrial customers. Our investment in BESS is also helping mitigate curtailment challenges at Khavda by providing greater flexibility in managing renewable energy generation and enabling the utilization of power that would have been otherwise wasted. We will continue to closely monitor the developments on transmission infrastructure availability at Khavda. And at the same time, we have significantly accelerated the development of BESS to insulate ourselves from delays, if any, on transmission network. We remain focused on disciplined execution of our INR2.4 lakh crores capex program through FY '30, backed by securing new capacities under long-term contracts and prudent capital allocation. We remain committed to maintaining 13% to 14% ROE threshold by tying up capacities with AA+ counterparties. At AGEL, we remain neutral from a counterparty standpoint and will pursue opportunities that deliver high returns while offering long-term contractual visibility and desired credit quality. On sustainability, AGEL retained its number 1 global ranking in alternative electricity subsector by FTSE Russell for the second consecutive year. Our Khavda BESS project was also recognized as the largest project of the year at India Energy Storage Week 2026. Additionally, our Chitravathi, Gandi [Showing first 8,000 characters — download PDF for full document]