Transcript of Earnings Call pertaining to the Unaudited Financial Results of the Company for Q1 FY 27

28th July 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 Q1 FY 27. Dear Sir/ Madam, In continuation to our intimation dated 22nd July 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 ended June 30, 2026. Weblink to access above transcript is as under-: Transcript Link https://www.adanienergysolutions.com/- /media/project/transmission/investor/documents/results- conference-call-transcripts/aesl-earnings-call-transcript- -q1fy27.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 Q1FY27 Earnings Conference Call” July 22, 2026 MANAGEMENT: MR. KANDARP PATEL – CHIEF EXECUTIVE OFFICER MR. ASHOK JAGETIYA – CHIEF FINANCIAL OFFICER MR. RAJ KUMAR JAIN – HEAD ENERGY SOLUTIONS PLATFORM MR. PRASHANT SONI – HEAD OF FINANCE Page 1 of 17 Adani Energy Solutions Limited July 22, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Adani Energy Solutions Limited Q1 FY27 Earnings Conference Call. From the 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, Head Energy Solutions Platform; Mr. Prashant Soni, Head of Finance, AESL. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. 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. A warm welcome to the Q1 earnings call for 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 session. The call will conclude with closing remarks from our CFO, Mr. Ashok Jagetiya. For those who wish to ask questions, we request you to start joining the questions to 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. Kandarp Patel: Hello. Good day, and everyone, welcome all of you on this quarter 1Q -- call. In this quarter, AESL has, in fact, now transitioned into a full-scale utility. So far, we were business -- AESL was getting a significant contribution from transmission, distribution and smart metering. From this quarter, we have fully scaled up and operationalized our Energy Solution business. And with all these 4 business firing on all cylinders and with all of our future growth locked in, now we are -- you will see the numbers and results consistently quarter-on-quarter. Besides scaling up all these 4 business verticals, we continue to make sure that our execution discipline and capital discipline are maintained even in this high-growth period and thereby, reducing our cost of capital and improve consistently our credit quality. So, this is going to be our focus going forward. Page 2 of 17 Adani Energy Solutions Limited July 22, 2026 In quarter 1, as you must have seen from the numbers, we have seen significant growth in transmission and energy solutions, and distribution and smart metering is growing at a stable pace. So today, AESL, with all these 4 business operating it at full scale, has become most diversified utility platform, nearly with 28,000 circuit kilometers of transmission lines, leading urban distribution utilities serving Mundra and Mumbai, India's largest smart metering platform and a rapid scaling energy solutions platform across emerging customer demand. One significant thing is that we delivered a quarterly capex of about -- close to INR3,500 crores of capex. And that is what we are focusing and we will continue to focus that we continue to deploy all those logged-in opportunity on the ground and complete these projects one by one. We have also now completed the smart meter installation of 1.34 crores or 13.4 million meters cumulatively on the order book of 2.46 crores or 24.6 million. In addition, you must have seen the news that we are acquiring IntelliSmart. And combined IntelliSmart and AESL, we'll have a portfolio of about 4.7 crores or 47 million meters. And this contract also has provisions for natural growth of volume within the given contract. So we expect that volume to increase beyond 4.7. Now the energy solutions platform, which we are talking since last couple of quarters, has now transitioned to a full-scale business, we were incubating that. So we tied up about 5,000 megawatts of capacity on a supply side. And these are mainly green energy supply. And we are now also tying up with various consumers. We have about 350-megawatt of C&I customers. We are also expecting a few long-term contracts very shortly. And thereby, we will keep on scaling up this business. So in C&I business, essentially, there are two parts. One is where we are taking a position on the capacity on a long-term basis. So we contract those capacities on a long term and take that position, and then we sell it in the market. And we also provide energy solution in services to various consumers, like on our cement or coal, where they have developed the capacity, and we are managing that solution. So there are two different segment in C&I business. So we continue to -- we would want to scale up both the businesses because our essential aim is to provide energy solutions to any customer that is requiring a solution. So typically, those margins on those capacities where we are taking the position would be higher, whereas on the services side, we'll be taking the service as is. And you will see this platform growing significantly going forward. Now therefore, Q1 FY27 demonstrate that AESL has arrived as a full-scale utility platform and with a structured growth opportunity, which is going to be a consistent one; and coupled with our execution record and with energy solutions, we hope that we will continue to do better in terms of results and businesses. So we remain confident delivering sustained and compounding value for all stakeholders. Page 3 of 17 Adani Energy Solutions Limited July 22, 2026 I will stop here, and we will take all the questions, and we will try and answer all the questions and queries from the investors and analyst friends. Moderator: Thank you. We will now begin the question-and-answer session. The first question comes from the line of Lavina Quadros, Jefferies. Please go ahead. Lavina Quadros: Yes. So, firstly congratulations on a great set of results. Just wanted to check, can [Showing first 8,000 characters — download PDF for full document]