Adani Power Limited has submitted to the Exchange, copy of the Earnings Call Transcript

October 30, 2026 BSE Limited National Stock Exchange of India Limited P J Towers, Exchange Plaza, Dalal Street, Bandra-Kurla Complex, Bandra (E) Mumbai – 400 001. Mumbai – 400 051. Scrip Code: 533096 Scrip Code: ADANIPOWER Dear Sir(s), Sub.: Transcript of Investors / Analysts Conference Call on Q1 FY27 Financial Results of Adani Power Limited held on 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, please find enclosed the transcript of the Investors / Analysts Conference Call held on October 26, 2026. The said transcript is also available under the Investors Section of the website of the Company i.e. www.adanipower.com. This is for your kind information and records. Thanking You. Yours faithfully, 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 Q2 & FY27 Earnings Conference Call” October 26, 2026 MANAGEMENT: MR. SHERSINGH B. KHYALIA – CHIEF EXECUTIVE OFFICER – ADANI POWER LIMITED MR. DILIP JHA – CHIEF FINANCIAL OFFICER – ADANI POWER LIMITED MR. NISHIT DAVE – HEAD, INVESTOR RELATIONS – ADANI POWER LIMITED MODERATOR: MR. ISHAN VERMA – ANTIQUE STOCK BROKING LIMITED Page 1 of 16 Adani Power Limited October 26, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Adani Power Q2 and FY27 Earnings Conference Call hosted by Antique Stock Broking Limited. This conference call may contain forward-looking statements about the company, which are based on beliefs, opinion and expectation of the company as on date of this call. These statements are not the guarantee of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, participant line 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. Ishan Verma from Antique Stock Broking Limited. Thank you, and over to you, Ishan. Ishan Verma: Thank you, Danish. Good morning, everyone. On behalf of Antique Stock Broking, I welcome you all to the Q2 FY27 Earnings Conference Call of Adani Power Limited. We have with us today from the management, Mr. S.B. Khyalia, CEO; Mr. Dilip Jha, CFO; and Mr. Nishit Dave, Head of Investor Relations. We will begin with the brief opening remarks, followed by a Q&A session. Thank you, and over to you, sir. Shersingh B. Khyalia: Good morning, friends. Welcome to our Quarter 2 earnings call. Thank you for joining us today. Our quarterly results and analyst presentation are available on the stock exchanges and our website. I hope you have gone through them already. Joining me today on this call are our CFO, Mr. Dilip Jha; and our Investor Relations Head, Mr. Nishit Dave. The recently concluded quarter has been another blockbuster quarter for us. Power demand has been strong and power selling rates are high. We have seen healthy volume growth on the same operating capacity year-on-year. As a result, we have seen strong growth in revenues and EBITDA and ended the quarter with a solid profit after tax of INR7,000 crores. We have also moved closer to commissioning the first unit of our ongoing capacity expansion projects. Now coming to the power market first. India needs abundant and reliable baseload power supply using domestic coal. This is especially important in times of geopolitical uncertainty, changing weather patterns and rapid industrialization. Domestic coal-based power remains vital to India's energy security and economic growth. India's power demand rose 11.5% year-on-year to 502 billion units in Quarter 2 with lower hydropower output because of weak monsoons. Coal and Page 2 of 16 Adani Power Limited October 26, 2026 lignite stepped up supply 73% of incremental generation needed to meet the demand. The average thermal PLF increased to 68% from 62% a year earlier. Now coming to Adani Power's performance in this backdrop. We achieved power sales growth of 11.5% and supplied 26.4 billion units in this quarter, and our PLF improved to 70%. This was supported by a high level of plant availability across our portfolio. This strong operating performance delivered record quarterly results. Total continuing revenue rose almost 30% to more than INR17,000 crores. Continuing EBITDA rose by more than 18% to INR6,300 crores. This reflects the strength of our core portfolio despite higher fuel prices. Reported EBITDA rose by 46% to more than INR8,700 crores. Consolidated profit after tax rose 142% to more than INR7,000 crores. This was supported by strong operating profit and onetime prior period revenue. For H1, total continuing revenue was nearly INR35,500 crores, continuing EBITDA was INR13,300 crores and profit after tax was nearly INR12,000 crores. Quarter 2 was also an important quarter for our corporate structure, financial profile and capacity expansion. Adani Power's credit rating was upgraded from AA to AA+. The upgrade reflects our operating track record, strong cash flows, market leadership, revenue visibility and balance sheet flexibility. We received a letter of award for a 25-year PPA of 1,320 megawatts from Uttarakhand Power Corporation Limited during this quarter. It will be supplied from the upcoming Korba 2 power project. We have now secured long-term PPAs for 62% of our upcoming 24 gigawatt thermal pipeline. We were declared the successful resolution applicant for GVK Energy Limited under the CIRP process. This marks our entry into hydro generation through the operational 330-megawatt Alaknanda plant in Uttarakhand. We are expanding into dispatchable green energy by expanding our project portfolio in Bhutan. We signed a shareholders' agreement with Druk Green Power, our project partner, for a 770-megawatt hydropower project. The project will be developed through a 49:51 joint venture. It is our second joint development in Bhutan after the 570-megawatt Wangchhu hydro project. We are progressing quickly and steadily on our 24-gigawatt thermal capacity pipeline. At Korba Phase-II, the first 660 MW unit has been achieved grid synchronization. Commercial commissioning is expected shortly. The second unit is planned for quarter 4 of '27. The 1,600 MW Mahan Phase-II project is also at an advanced stage. Commercial operations are targeted for early Financial Year '28. Similarly, Raipur Phase-II, Page 3 of 16 Adani Power Limited October 26, 2026 Raigarh Phase-II, Mirzapur, and Anuppur projects are also under execution. We are also adding the third phase of expansion with a 1,600 MW ultra-supercritical power plant at Raipur. This will expand the site to 4,570 MW and supply the second long-term PPA to Maharashtra DISCOM. In conclusion, India needs more than 100 gigawatts of new thermal capacity by 2032. Adani Power has the execution capability, fuel logistics and balance sheet to support this growth. We remain committed to reliable, cost competitive round- the-clock power and sustainable stakeholder value. Thank you. I will now hand over to our CFO, Mr. Dilip, for the financial and operational details. Over to you, Dilip. Dilip Jha: Thank you, sir, and good morning, everyone. I will walk you through our financial and operating performance for Quarter 2 FY27. I will provide you an update on our balance sheet, debt metrics and liq [Showing first 8,000 characters — download PDF for full document]