Analysts/Institutional Investor Meet/Con. Call Updates

July 29, 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 July 23, 2026 Ref.: Our intimation dt. July 20, 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 July 23, 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 Q1 FY27 Earnings Conference Call” July 23, 2026 MANAGEMENT: MR. S 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. MOHIT KUMAR – ICICI SECURITIES LIMITED Page 1 of 17 Adani Power Limited July 23, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Adani Power Limited Q1 FY '27 Earnings Conference Call hosted by ICICI Securities Limited. 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 call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. Mohit Kumar from ICICI Securities Limited. Thank you, and over to you, sir. Mohit Kumar: Thank you, Rio. Good afternoon. On behalf of ICICI Securities, I would like to welcome you all to the Q1 FY '27 Earnings Call of Adani Power Limited. Today, we have with us from the management Mr. S.B. Khyalia, CEO; Mr. Dilip Jha, CFO; and Mr. Nishit Dave, Head of Investor Relations. We'll start with the brief opening remarks, which will be followed by Q&A. Thank you, and over to you, sir. S B Khyalia: Good afternoon, friends. I want to extend a warm welcome to everyone who has joined us today for our first quarter '26-'27 earnings call. I appreciate you taking time out of your busy schedule to connect with us. Before we begin, I encourage you to download and review our quarterly results and analyst presentation, which are available on the stock exchanges and our website. With me on the call today are our CFO, Mr. Dilip Jha, and our Investor Relations Head, Mr. Nishit Dave. As we begin the new financial year, one thing is increasingly clear – in times of geopolitical uncertainty and extreme weather events, a nation needs abundant, reliable, and domestically available energy. As India's economy continues to advance, the importance of reliable baseload power for the country's growth story has become even more evident. During the quarter, India experienced a hotter-than-usual summer with sustained heat waves across most regions. Due to these high temperatures, peak demand shot up to a record high of around 271 GW in May '26, while overall energy consumption rose by 8.4% on a year-on-year to 485 billion units for quarter 1, FY27. This has also put to rest concerns over any demand slowdown that has arisen in the previous year. Thermal power was once again the mainstay for fulfilling the nation's electricity needs during this period of surging demand. I'm immensely proud to say the Adani Power stepped up to this challenge. We achieved our highest ever quarterly power generation of 31 billion units and dispatched 28.8 billion units, a growth of 17%, which was a result of improved PLF as well as greater operating capacity. We have once again demonstrated the Page 2 of 17 Adani Power Limited July 23, 2026 strength of our efficient, cost-effective portfolio and operational excellence by reliably supplying power when the country needed the most. Financially, we have started the year on a strong note, posting our highest ever quarterly performance. Total continuing revenue for the first quarter of FY27 is INR17,936 crores, which is a growth of 27% over the corresponding quarter of FY26. Continuing EBITDA without prior period items for the quarter is INR6,983 crores which is 22% higher year-on-year. The company has reported 47% higher profit after tax on year-on-year at INR4,867 crores for quarter 1 FY27, reflecting our operational profitability and excellent management of the capital structure. Beyond our financial and operational milestones, this quarter has been defining for our strategic growth. We are consolidating firmly on the paths to expand our portfolio to 45 GW. A major highlight of the recently concluded quarter was the successful acquisition of the stake of Jaiprakash Associates in various power assets under the corporate insolvency resolution process. This strategic move adds 180-MW Churk power plant to our portfolio, alongside a 24% stake in Jaiprakash Power Ventures and an 11.49% stake in Prayagraj Power Generation Company. These acquisitions further expand our reach and operational footprint. Additionally, we secured our revenue visibility further by signing a 25-year power supply agreement with the Maharashtra DISCOM for supply of 1,600 MW of power on a long-term basis from a 2x800-MW Ultra-Supercritical thermal power plant. We have announced the receipt of the letter of award for this PPA earlier in March '26. Our capacity expansion program is progressing at an excellent pace. We are on track to commission the 1,320 MW Korba Phase-II project this year, while the 1,600-MW Mahan Phase-II project is scheduled for commercial operation in quarter 1 of the next financial year. Furthermore, execution is advancing rapidly at Raipur Phase-II and Raigarh Phase-II, which have achieved over 62% and 54% progress, respectively, and we have commenced execution for our 1,600-MW Mirzapur greenfield project and other projects. As you would be aware, we have ordered the entire 24 GWs of BTG supply in advance and secured the land required for the expansion program. We have tied up 56% of our upcoming capacity already under long-term PPAs, and we are confident of tying up the balance capacity soon through ongoing and upcoming bids. Further, I'm thrilled to say the Adani Power has been ranked as India's most valued energy brand by Brand Finance with a brand value of USD1.8 billion and a AAA rating. This is a testament to the trust our stakeholders place in us. Page 3 of 17 Adani Power Limited July 23, 2026 Looking beyond the horizon, we are entering new and exciting territories as we expand our thermal base, we are also diversifying into international hydropower projects and preparing ourselves for new opportunities in the nuclear power field. We are strongly committed to helping India meet its long-term development goals with the supply of reliable and competitive electricity, and I look forward to interacting with you as we progress on this path. Thank you. I would now like to hand over the call to our CFO, Dilip, to elaborate further on the quarter 1 results. Thank you, and over to you, Dilip. Dilip Jha: Thank you, sir, and good afternoon, everyone. I will take you through the financial and operating performance for quarter 1 FY '27 and then share a brief update on our balance sheet and liquidity. So let me start with ou [Showing first 8,000 characters — download PDF for full document]