India Power- Result day: Adani Power thrives, JSW Energy disappoints, and Adani Green complicates!

Research evidence excerpt

India Power- Result day: Adani Power thrives, JSW Energy disappoints, and Adani Green complicates!

Nikhil Nigania +91 226 842 1414 nikhil.nigania@bernsteinsg.com 22 July 2026

A) ADANI POWER

EXHIBIT 1: Adani Power: Quarterly financial performance summary

Q1'27

Particulars- Consolidated Q1 - FY27 Q4 - FY26 Q1 - FY26

Q-o-Q Y-o-Y

Capacity (MW) 18,330 18,150 17,550 180 780

Operating Revenue (Rs Mn) 189,019 142,231 141,092 33% 34%

Incl. one-time gain (Rs. Mn) 13,515 (3,369) 4,062

Total Revenue (Rs Mn) 193,323 159,891 145,737 21% 33%

Incl. one-time gain (Rs. Mn) 13,864 3,911 4,062

Operating Costs (Rs Mn) 109,532 94,906 84,239 15% 30%

EBITDA (Rs Mn) 79,487 47,325 56,853 68% 40%

EBITDA Margin 42% 33% 40%

PBT 64,182 43,840 42,043 46% 53%

Net income to parent 48,057 40,171 33,849 20% 42%

Source: Company, Bernstein analysis

EXHIBIT 2: Adani Power pipeline summary EXHIBIT 3: Spot prices continue to trend upward in Jul’26

Brownfield/ COD (Mgmt. guidance Non-solar hours refer to hours between 6PM to 6AM; July data for the

Capacity (MW)

Greenfield for U1 of plant) first 22 days of the month

PPA signed

Mahan II 1,320 Brownfield Apr-27 Spot power prices for (Rs./unit)

Raipur II 1,600 Brownfield Aug-28 9.0 11% up

Mirzapur 1,600 Greenfield Nov-28 YoY

8.0 7.4

Pirpainti 2,400 Greenfield Dec-29

6.7

Annupur 1,600 Greenfield Nov-29 7.0

Maharashtra 1,600 Brownfield FY32 6.0

Chapar (Assam) 3,200 Greenfield Jan-31 5.0

5.0 4.5

Sub-total 13,320

Planned (PPA not signed/bids ongoing) 4.0

Mahan II balance 280 Brownfield NA 3.0

Annupur balance 800 Greenfield NA

2.0

Mahan III 1,600 Brownfield NA

Korba II 1,320 Brownfield FY27 1.0

Raigarh II 1,600 Brownfield NA 0.0

Kawai II 1,600 Brownfield NA Jul'25 Jul'26 Jul'25 Jul'26

Kawai III 1,600 Brownfield NA Non-solar hour average Daily average