Transcript of Post Earnings Call

Date: July 27, 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 ended June 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 ended June 30, 2026 held on July 22, 2026. Web link to access above transcript is: https://www.adanigreenenergy.com/- /media/project/greenenergy/investor-downloads/results-conference-call- transcript/agel_q1fy27_transcript_v1.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 Q1 FY27 Earnings – Equity Conference Call” July 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. Baiju Joshi – Macquarie Capital 1 | Page 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. Baiju Joshi. Hi. Good evening, everyone. Welcome to Q1 FY '27 Earnings Call of Adani Green Energy Limited, hosted by Macquarie. From the management team, we have Mr. Ashish Khanna, CEO of Adani Green; Mr. Rajat Seksaria, CEO of Battery Storage; Mr. Saurabh Shah, CFO; and Mr. Vijil Jain, Head of Investor Relations. Without any further delay, I will hand over the mic to Mr. Vijil Jain to start the proceedings. Over to you, sir. Vijil Jain. Thanks, Baiju. Thank you, everyone, for joining in the call. Good day, and warm welcome to the call. I hope you got a chance to go through the earnings material, which was uploaded on the website, and which was uploaded on the stock exchanges. Just to explain the flow of the call, we will start with an opening statement from the CEO, Mr. Ashish Khanna, followed by Q&A, and then closing remarks from the CFO, Mr. Saurabh Shah. Without further ado, I'll just hand over the call now to Mr. Ashish Khanna for the opening remarks. Over to you, sir. Ashish Khanna. Thank you, Vijil. Good afternoon, everyone. Thanks for joining this call. The country reached 283 GW of installed non-fossil capacity, achieving over 50% of India's cumulative capacity ahead of its 2030 target. This demonstrates the strength of the green energy ecosystem and policy support. India remains firmly on track to achieve 500 GW of non-fossil capacity target by 2030. It is among the fastest-growing renewable energy markets globally. At Adani Green Energy, FY '27 commenced with strong momentum. We surpassed 20 GW milestone, making it India's largest and fastest greenfield renewable capacity addition. This will power over 9 million homes and avoid about 37 million tons of CO2 emissions annually. The accelerated capacity growth was enabled through disciplined execution and strength in demand environment. Our focus on technology adoption, digitization, and data analytics for predictive maintenance has also been a key enabler for superior operational performance and maximizing asset availability. Adani Green Energy is firmly poised to reliably meet growing clean energy needs while delivering industry-leading operational performance. As renewable energy penetration and power demand continue to rise, energy storage is essential for reliable round-the-clock power and grid stability. With our renewable portfolio and investments in battery as well as pump hydro storage, we are well positioned to benefit from key sectoral trends for firm and dispatchable renewable energy, rising AI- and data-center-led power demand and integrated RE plus storage solutions to meet peak power demand. Our energy sales rose 30% Y-o-Y to 13.7 billion units. This was driven by 4.3 GWs of energy capacity addition, a 27% increase, and strong operations. We remain on track to add 5 GW of greenfield capacity this year. We commissioned 1.9 GW of battery energy storage capacity at Khavda during the quarter, taking total installed capacity to 3.5 GW-hour. With this momentum, we are well positioned to achieve our 10-plus GW-hour target this year. We are also on schedule to commission our maiden 500 MW pump storage project at Chitravathi, Andhra Pradesh, in this financial year. Adani Green Energy continued to deliver robust financial performance in FY '27 first quarter. The company's revenue from power supply increased from INR4,280 crore, a 29% increase on Y-o-Y basis. And EBITDA from power supply surged by impressive 33% to INR4,122 crore, thereby achieving 94% EBITDA margin. Our CapEx of INR8,800 crores during the quarter increased by 41% Y-o-Y, highlighting the efficient capital deployment with every passing quarter. Our landmark project at Khavda, the world's largest renewable energy installation, continues to build progress. We have already included group capacities over 10 GW of solar, wind, and hybrid assets. On a sustainability front, AGEL achieved the highest CRISIL ESG score in 2 | Page the Indian power sector for the fifth consecutive year. As a mark of global recognition, Adani Green recently received Clean Power Generation Award at Reuters Energy Industry Awards 2026 in New York. Thank you, and we look forward to answering questions. (Question And Answer) Baiju Joshi. Thank you, sir. We will now start with the Q&A session. A request to all the participants to use the Raise Hand feature at the bottom of their screen to ask any questions. We'll wait for a moment till the question queue assembles. A request to all participants to use the raise hand feature to ask any questions. We'll take the first question from Nikhil Nigania. Nikhil, please unmute your line and go ahead. Q - Nikhil Nigania. Am I audible? A - Baiju Joshi Yes. Q - Nikhil Nigania. Hi; so my first question is on curtailment, if you could share more color on how that is panning out and quantify the impact of curtailment in this quarter. A - Ashish Khanna. Nikhil, thanks for your question. I think it has been in line with our expectations, and we do expect that by the end of this calendar year, especially from Khavda, we wo [Showing first 8,000 characters — download PDF for full document]