ADANI ENERGY SOLUTIONS Q2 CONCALL: ₹1 LAKH CR+ CAPEX PIPELINE, ₹87,000 CR TRANSMISSION ORDER BOOK & 7–8 GW ENERGY SOLUTIONS TARGET

• MANAGEMENT HAS OVER ₹1 LAKH CR COMMITTED CAPEX PIPELINE FOR EXECUTION OVER NEXT 4–5 YEARS • FY27 TRANSMISSION CAPEX TARGETED AT ₹14,000 CR, INCLUDING ₹8,000–9,000 CR IN H2 FY27 • FY28 TRANSMISSION CAPEX EXPECTED AT ₹18,000–19,000 CR • H2 FY27 TRANSMISSION CAPITALIZATION TARGETED AT ₹8,000–9,000 CR • FY28 TRANSMISSION CAPITALIZATION EXPECTED AROUND ₹10,000 CR • TRANSMISSION ORDER BOOK AT APPROXIMATELY ₹87,000 CR, WITH INDUSTRY TENDER PIPELINE OF ₹1.40 LAKH CR • MAJOR TRANSMISSION PROJECTS INCLUDING WRSR, KHAWDA PHASE 4 & HALWAD TARGETED FOR FY27 COMMISSIONING • FY27 SMART METER INSTALLATION TARGET MAINTAINED AT 80–90 LAKH METERS • REMAINING SMART METER ORDER BOOK TARGETED FOR EXECUTION OVER NEXT 12–14 MONTHS • INTELLISMART ACQUISITION EXPECTED TO CLOSE WITHIN APPROXIMATELY ONE MONTH, SUBJECT TO CCI APPROVAL • ENERGY SOLUTIONS BUSINESS TARGETING 7–8 GW CONSUMER POWER TIE-UPS OVER NEXT 3–4 YEARS • MSEDCL POWER SUPPLY EXPECTED TO BEGIN WITH 1,000 MW FROM LATE FEBRUARY 2027, SCALING TO 2,500 MW BY JULY 2027 • LONG-TERM ENERGY SOLUTIONS MARGIN TARGETED AT ₹0.80–₹1.00 PER UNIT • MANAGEMENT EXPECTS STRONG TRANSMISSION DEMAND FROM DATA CENTERS, RENEWABLE ENERGY, THERMAL POWER & PUMPED STORAGE • PROJECT EXECUTION DELAYS, SLOWER SMART METER INSTALLATIONS & NORMALIZATION OF MERCHANT POWER MARGINS REMAIN KEY RISKS

ADANI ENERGY SOLUTION LTD

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