Monitoring Agency Report

November 6, 2026 BSE Limited National Stock Exchange of India Limited P J Towers, Exchange Plaza, Dalal Street, Bandra-Kurla Complex, Mumbai – 400001. Bandra (E), Mumbai – 400051. Scrip Code: 539254 Scrip Code: ADANIENSOL Dear Sir, Sub: Monitoring Agency Report & Statement of deviation or variation for the quarter ended on September 30, 2026 Ref: Funds raised through Qualified Institutional Placement 1. Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 162A(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Monitoring Agency Report for the quarter ended on September 30, 2026, issued by CARE Ratings Limited, duly reviewed by the Audit Committee of the Company is enclosed herewith as Annexure “A”. 2. A statement of deviation or variation, if any, for the quarter ended on September 30, 2026, duly reviewed by the Audit Committee of the Company is enclosed herewith as Annexure “B”. Kindly take the same on records. Thanking you, Yours faithfully, For Adani Energy Solutions Limited Jaladhi Shukla Company Secretary Encl – as above. 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 Moni toring Agency Report Draft Monitoring Ag ency Report Annexure "A" No. CARE/ARO/GEN/2026-27/1216 The Board of Directors Adani Energy Solutions Limited Adani Corporate House, Shantigram, Near Vaishno Devi Circle, S. G. Highway, Khodiyar, Ahmedabad 382421 Gujarat, India November 05, 2026 Dear Sir, Monitoring Agency Report for the quarter ended September 2026 - in relation to the QIP and Private Placement of Equity Shares of Limited (“the Company”) We write in our capacity of Monitoring Agency for the QIP for the amount aggregating to Rs.3,499.99 crore of the Company and refer to our duties cast under Section 173A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended September 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated July 27, 2026. Request you to kindly take the same on records. Thanking you, Yours faithfully, Maulesh Desai Director Maulesh.desai@careedge.in Report of the Monitoring Agency (MA) Name of the issuer: Adani Energy Solutions Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil (b) Range of Deviation: Not applicable Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board. Signature: Name of the Authorized Signatory: Maulesh Desai Designation of Authorized person/Signing Authority: Director 1) Issuer Details: Name of the issuer : Adani Energy Solutions Limited Name of the promoter : Gautam S. Adani and Rajesh S. Adani Industry/sector to which it belongs : Power Transmission Sector 2) Issue Details Issue Period : 27/07/2026 to 30/07/2026 Type of issue (public/rights) : Public issue and Private placement Type of specified securities : Equity shares IPO Grading, if any : Not applicable Issue size (in `crore) : Rs.3,499.99 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments of the certifications considered by Comments of the Particulars Reply Board of Monitoring Agency for Monitoring Agency preparation of report Directors Bank statements Whether all utilization is as per the disclosures in the Offer CA Certificate Utilization is as per offer document and during Yes No comments Document? Management disclosure & sample Q2FY27, company has utilized Rs.2,657.59 crore. Invoices Whether shareholder approval has been obtained in case of Not applicable material deviations# from expenditures disclosed in the Not applicable -Not applicable NA Offer Document? Placement Document, Management Whether the means of finance for the disclosed objects of No change in means of finance for disclosed objects No Certificate, CA Certificate NA the issue have changed? of the issue Placement Document, Management Is there any major deviation observed over the earlier Not applicable Certificate -Not applicable as it is 1st report NA monitoring agency reports? Whether all Government/statutory approvals related to the Not applicable Not applicable Not applicable NA object(s) have been obtained? Whether all arrangements pertaining to technical Placement Document Not applicable Nil NA assistance/collaboration are in operation? As per offer document and Are there any favourable/unfavourable events affecting the No management disclosure and stock No favorable/unfavorable event affecting viability NA viability of these object(s)? exchange filings As per offer Is there any other relevant information that may materially No document and management No NA affect the decision making of the investors? disclosure *CA Certificate from Dharmesh Parikh & Co LLP dated October 31, 2026 #Where material deviation may be defined to mean: a) Deviation in the objects or purposes for which the funds have been raised b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents. 4) Details of objects to be monitored: (i) Cost of objects – Source of information Original cost Comments of the Board of Directors Revised Comments / certifications (as per the Particulars Sr. Cost of the Reason Proposed Item Head considered by Offer of firm No in Rs. Monitoring for cost financing Monitoring Agency for Document) arrangemen crore Agency revision option preparation of report in Rs. crore ts made 1 Funding capital expenditure requirements of some [Showing first 8,000 characters — download PDF for full document]