Questions across 2 calls

Manish Somaiya

Cantor

Adani Green Energy Limited

Adani Green Energy Limited CC-Apr26.pdf · 2026-04-24

Congratulations on a strong fiscal '26 and best of luck for '27. Couple of questions in my end, if I may. First, Sagar, you talked about the BESS impact as you grow the operational side from 1.4 gigawatts to 10 gigawatts by '27. If you can just help us understand some of the milestones to getting there, supply chain dependencies, grid connectivity, what is it going to take to ramp to that level in '27? And how prepared are you?

Right. Okay. And then just related to that, how should we think about battery economics versus core solar wind portfolio in terms of EBITDA margin, capital intensity and payback period?

Adani Power Limited

Adani Power Limited CC-Feb26.pdf · 2026-01-29

Just a couple of questions. I guess I'll limit it to 2. First is, you talked about renewable capacity scaling, which impacted merchant pricing. So how should we think about that as renewable capacity increases over the next few years, how should we think about the structural impact on thermal dispatch and merchant pricing?

I think in the past, you have said that the goal is to get the PPAs even higher, right? So maybe closer to 100%. Obviously, it may not be possible to get to exactly 100%, but close to it. Is that still the plan?