Analysts/Institutional Investor Meet/Con. Call Updates

30th October 2026 BSE Limited National Stock Exchange of India Limited P J Towers, Exchange plaza, Dalal Street, Bandra-Kurla Complex, Mumbai – 400 001 Bandra (E), Mumbai – 400051 Scrip Code: 539254 Scrip Code: ADANIENSOL Sub: Transcript of Earnings call pertaining to the Unaudited Financial Results of the Company for Q2 FY 27. Dear Sir/ Madam, In continuation to our intimation dated 13th October 2026, please find below web link of transcript of the Earnings Call on Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended 30th September 2026. Weblink to access above transcript is as under-: Transcript Link aesl-earnings-call-transcript--q2fy27.pdf Copy of the said transcript is also attached herewith. Kindly take the same on your records. Yours faithfully, For Adani Energy Solutions Limited Jaladhi Shukla Company Secretary 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 “Adani Energy Solutions Limited Q2 & H1 FY ‘27 Earnings Conference Call” October 23, 2026 MANAGEMENT: MR. KANDARP PATEL – CHIEF EXECUTIVE OFFICER MR. ASHOK JAGETIYA – CHIEF FINANCIAL MR. RAJ KUMAR JAIN – BUSINESS HEAD, ENERGY SOLUTIONS PLATFORM MR. PRASHANT SONI – HEAD FINANCE Page 1 of 16 Adani Energy Solutions Limited October 23, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Q2 and H1 FY '27 Earnings Conference Call, hosted by Adani Energy Solutions Limited. From AESL side, we have the following on the call as main speakers, Mr. Kandarp Patel, CEO, AESL; Mr. Ashok Jagetiya, CFO, AESL; Mr. Raj Kumar Jain, Business Head, Energy Solutions Platform; Mr. Prashant Soni, Head Finance, AESL. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch- tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Prashant Soni from AESL. Thank you, and over to you, Mr. Soni. Prashant Soni: Thank you. Thank you, and a very good day to everyone. I welcome you all to Q2 and H1 FY '27 earnings call of AESL. We hope you had an opportunity to review the earnings presentation and financial results that we shared on our website. To outline the flow of today's call, we will begin with the opening remarks from our CEO, Mr. Kandarp Patel, following which we will open the floor for Q&A. The call will conclude with closing remarks from CFO, Mr. Ashok Jagetiya. For those who wish to ask the questions, we request you to start joining the question queue a little in advance to help us manage the Q&A efficiently. Thank you. And with that, I would like to hand over to Mr. Kandarp Patel for his opening remarks. Sir, over to you. Kandarp Patel: Hello, good morning, everyone. Thank you for joining Q2 FY '27 call today. This quarter marks another important milestone for AESL evolution. Our performance in this quarter demonstrate that AESL is now becoming mature India's leading integrated infrastructure platform and utility, and it is supported by all our four business, which is in a growth mode, that's Transmission, Distribution, Smart Metering and Energy Solution. Our focus obviously remains on building long duration utility assets. Currently, we have asset base of about INR83,000 crores. And we have already locked in capex of more than INR100,000 crores and that we will be delivering in another 4 to 5 years. So asset will grow almost 1.3x, 1.4x from what we have today in next 5 years. In fact, since we have been focusing continuously on capex delivery on the ground, and we see now results coming up, the capex in this first half of the year in the all-time high. We have deployed about INR7,850 crores of capex in among all our businesses. As far as Transmission is concerned, during this quarter, we added another two projects. One is at Vizag Pendurthi and second one is Satara. And with these two projects, our order book remains at about INR87,000 crores. And as we said earlier, we have been focusing on those critical transmission assets, where a large renewable and consumption that we are integrating. So these two projects, obviously, is very, very important for development of -- Satara is important for development of PSP projects and Pendurthi is for data centers that is coming up in Vizag region. And we will continue to focus on those large and critical projects like HVDC and Page 2 of 16 Adani Energy Solutions Limited October 23, 2026 this kind of project where we are enabling renewable integration into the grid and also enabling rapid consumption in our economy. As far as Distribution is concerned, both at AEML and MUL, we continue to deliver exceptional operational performance. Our Distribution losses in Mumbai has reduced further to 4.29 percentage in the first half. And this despite the fact that consumption has also increased by more than 10 percentage. And we also continue to focus on reliability, customer service and operational excellence as far as Distribution is concerned. Smart Metering, we have now delivered about 14.8 million meters so far. And around 60 percentage of our order book, that we have delivered and balance portion, we wish to complete in another 12 to 14-month time. As far as C&I and Energy Solutions platform is concerned, we are steadily transitioning from incubation to scale now. During this quarter, the platform delivered revenue of over INR2,000 crores and EBITDA of over INR800 crores. And we already have a tie-up of 4 gigawatt of renewables and 3.5 gigawatt of base capacity. So while we are tying up on the supply side, we have also now started tie up on the consumer side. We executed a 2,500-megawatt RE-RTC contract with MSEDCL. And we also expect to further scale up on both sides on our supply as well as consumer side significantly going forward. Financially as well, we delivered another strong quarter with total income growing over 50 percentage. EBITDA also increasing close to 67 percentage and PAT growing 145 percentage. As we made a commitment, and we continue to focus on the governance and the ESG part, we are happy to say that now in S&P Global Electric Utility category, we are number one globally, getting 90 out of 100 rank, where industry average is about 40, and we will continue to focus on those aspects going forward as well. On our funding and balance sheet side, a significant portion of our debt is also the fixed rate or hedged appropriately. So we don't expect much of the volatility due to foreign exchange or interest rate realization in our P&L or balance sheet. Overall, in all segments, be it Transmission, Distribution, Smart Metering or C&I, we see great opportunities going forward. Those opportunity pipeline remains robust, and we are well positioned to take advantage of the opportunity available to us in all the segments. And we will continue to focus on besides ESG, as I said, on capex delivery. So this is in a nutshell, and I hope you must have received all the details and material on our financials. So I thank all of you. And now we'll be happy to take questions from all friends. Thank you. Moderator: Thank you. The first question comes from the line of Manish Somaiya with Cantor. Manish Somaiya: Congratulations on a strong quarter and first half. I did have a couple of questions. Maybe to kick it off on Intellismart, when should we expect the transaction to close? Kandarp Patel: Thank you, Manish bhai, for your question. Intellismart, the approval from CCI is pending, and we expect this approval ve [Showing first 8,000 characters — download PDF for full document]