Powering Growth by Future-Proofing the Frontline

At the Adani Group, as we fuel our ambitious expansion plans, we are shifting from conventional HR management processes to a data-driven, execution-led growth model. Our people philosophy is grounded in continuous learning and progressive policies, enabling a supportive and inclusive ecosystem where innovation and employees thrive. By integrating AI and analytics, we align the workforce with business imperatives and personalise career trajectories, paving the way for a high-performance culture.

Our people philosophy is grounded in continuous learning and progressive policies, enabling a supportive and inclusive ecosystem where innovation and employees thrive.

People Philosophy and Strategic Human Capital Framework

Our Employee Value Proposition (EVP)

At the Adani Group, we offer purpose driven careers at the forefront of nation building. The Group operates across diverse large scale, mission critical infrastructure domains spanning energy, green hydrogen, data centers, manufacturing, transport, logistics, utilities, resources and next generation infrastructure. This unmatched scale of operations, complexity of businesses, and high-growth platforms create opportunities rarely available at comparable scale elsewhere.

The EVP is closely aligned with the evolving needs of infrastructure and energy development, enabling employees to build future-relevant capabilities. This drives long-term sustainable growth, preparing talent not only for today, but for emerging business and next generation leadership roles.

Purpose Driven / Scaled Impact / Future-Ready

Change Management: A People-Led Journey

In a rapidly evolving global business landscape with shifting workforce expectations, the Adani Group embeds change management as a core leadership and people capability. This approach enables workforce agility, future-ready skills and organisational resilience to support long-term sustainable growth.

Our Change Management Framework

Future-Ready Capabilities

• Reskilling and upskilling for digital fluency, ESG consciousness and future roles
• Agile workforce models enabling faster decisions making
• Leadership pipeline strengthened to manage complexity and multigenerational teams

Change Enablement

• Structured learning journeys
• Internal talent mobility
• Exposure to next-generation leadership challenges

Culture as a Multiplier

• Drive agility, accountability, innovation and resilience
• Leadership communication and role modelling to institutionalise adaptability

Measuring Change Effectiveness

• Employee engagement and change adoption indicators
• Leadership capability assessments
• Talent readiness metrics for critical and future roles
• Course correction and continuous improvement

Outcomes

• Resilient, skilled and future-ready workforce
• Organisational agility to navigate disruption

• Employee Motivation
• Interpersonal Skills
• Team Building
• Time Management
• Decision-Making
• Building Self-confidence
• Stress Management
• Leadership Skills

Preparing for The Future

Strategic Workforce Planning & Talent Acquisition

Currently, we operate with a three-layer organisational structure. As we scale and diversify, we are evaluating work models beyond the third layer to enhance capability, agility and decision-making efficiency to support our long-term goals. The objective is to build a scalable, future-oriented structure that supports growth, enhances productivity, optimises talent utilisation, and strengthens specialised capabilities. These models include:

Fair and Inclusive Hiring

Adani Energy Solutions ensures fair and inclusive hiring through a structured Diversity, Equity, and Inclusion (DE&I) policy that strictly prohibits discrimination in all forms. based on race, gender, age, or disability. The Company uses AI-driven evaluation tools (WeCP) to standardise assessments, promotes pay parity, and actively recruits individuals with disabilities.

Key pillars of their approach include:

Inclusive Development Through Local Hiring

Adani Energy Solutions fosters inclusive development by prioritising local hiring and community engagement, ensuring project benefits are shared locally. Through the Adani Foundation, they implement skill development, provide training for marginalised groups, and create livelihood opportunities in areas such as agriculture, carpentry, and sewing to empower local communities.

Key Initiatives for Inclusive Development and Local Hiring:

• Skill Development and Training: The Adani Skill Development Centre provides specialised training for local youth in sectors like IT, construction, and healthcare to make them job-ready, with specific focus on empowering women and differently-abled individuals.
• Community-Based Livelihood Projects: In collaboration with organisations like NABARD, Adani Energy Solutions, through its Integrated Tribal Development Project, supports local, landless families by providing skills and equipment for sustainable incomes, such as tailoring and goat farming.
• Local Hiring in Operations: Adani Energy Solutions actively engages local communities in its projects, ensuring that its growth contributes directly to the economic progress of the region where it operates.
• Capacity Building for Marginalised Groups: Initiatives like the Make India Capable (MIC) programme in partnership with NGOs, focus on training individuals from underprivileged backgrounds (including those below the poverty line) for gainful employment.
• ESG Framework: The Company’s ESG committee, composed of independent directors, oversees and enforces inclusive hiring and social responsibility policies, ensuring sustainable development.

At significant operational locations, the Company maintains a strategic commitment to local empowerment by ensuring that 100% of senior management positions are filled by individuals from the surrounding communities. In the context of Adani Energy Solutions’ operations in India, “local” refers to suppliers, vendors, and potential employees situated within the geographic regions where the Company maintains substantial business activities. These regions include major metropolitan areas, operational hubs, and key markets associated with the Company’s core services, such as power transmission and distribution, smart meter deployment, and cooling solutions.

The term emphasises economic engagement that avoids transnational transactions, thereby ensuring that financial benefits are retained within the communities where the Company operates.

This approach strengthens the Company’s connection with local stakeholders, fosters cultural alignment, and enhances responsiveness to regional needs. By embedding leadership within the communities it serves, the Company supports inclusive decision-making and contributes meaningfully to sustainable development and long-term socio-economic growth.

Measuring Training Effectiveness

Average training hours and training investments are tracked annually, and the effectiveness of key programmes is assessed through participation levels, learner feedback, and application of skills at the workplace.

Enabling Just Transition

Adani Energy Solutions emphasises a responsible and just transition through its “Growth with Goodness” philosophy, integrating Environmental, Social, and Governance (ESG) principles into its core business strategy to support its workforce and communities during industrial transformation. As the Company shifts towards renewable energy transmission, smart metering, and green distribution, it focusses on skill development, safety, and community empowerment.

Workforce Transition and Empowerment

• Upskilling for Green Jobs: To meet the demands of a dynamic energy sector, Adani Energy Solutions has upskilled more than 100 individuals in critical transmission competencies, such as foundation work, erection, and stringing.
• Technical Training: The Company provided 11.1 man-days of training per employee in technical and leadership areas, ensuring staff are equipped for new technologies like smart metering.
• Safety First: Workplace safety is a priority, with senior management involved in reviewing safety observations and incidents to protect workers from operational risks.

Community Support and Just Transition

• Targeted CSR Initiatives: Through the Adani Foundation, Adani Energy Solutions engages with communities near substations and transmission lines, focussing on education, community health, and social welfare.
• Sustainable Livelihoods: The Company supports local communities through initiatives like “SuPoshan” (nutrition), “Saksham” (skill development), and “Udaan” (education).
• Inclusive Growth: In areas with significant operational presence like Mumbai, the Company focusses on skill development, quality of life improvement, and safety awareness.
• Empowering Marginalised Groups: Programmes specifically target women, children, differently abled people, and tribal communities to promote socio-economic empowerment, such as the ‘Wadi’ project for tribal families in Dahanu.
• Support for Small Producers: The Company aims to boost local economies by sourcing from micro, small, and medium enterprises (MSMEs), with 34% of procurement directly sourced from such groups in FY 2025-26.

Handling Operational Changes

• Environmental and Social Impact Assessment: For new projects, Adani Energy Solutions conducts rigorous Environment and Social Impact Assessments (ESIA) to mitigate potential negative effects on surrounding areas.
• Biodiversity Preservation: The Company practices “No Net Loss” of biodiversity and conducts compensatory afforestation for any forest land encountered during projects.

Green Technology Focus:

Adani Energy Solutions is investing in green transmission and distribution, including a USD 1 billion HVDC line to support Mumbai’s sustainable energy needs.

These efforts are guided by a Board-level Corporate Responsibility Committee (CRC), ensuring that transition efforts are ethical and align with sustainable development goals.

Gender Pay Parity

The Company upholds gender-neutral compensation practices, ensuring that remuneration is determined solely by role, responsibility, experience, and industry benchmarks, free from bias or discrimination. Every employee and worker is paid above the statutory minimum wage, in full compliance with regional regulations, with consideration for their skill set and contribution. Our fair and equal pay commitment is validated through independent third-party assessments.

In FY 2025-26, the ratio of standard entry level wage to local minimum wage stood at 2.93:1 for male employees and 2.48:1 for female employees, while all workers, regardless of gender, received wages at or above the statutory minimum (1:1). 100% of Adani Energy Solutions’ direct operations workforce earn a basic salary equal to 248% or up to 293% above the legal minimum wage.

⊕For more details on our gender pay structure in FY 2025-26, please refer to HR metrics Annexure on Pg. 194

The Adani Group places strong emphasis on psychological safety, enabling employees to express views, raise concerns and share ideas without fear of retaliation.

Unafraid to ask questions.

Encouraged to bring their authentic selves to work.

Feel comfortable giving and receiving feedback.

Familiar with their colleagues outside of work.

Openly share constructive criticism and concerns.

Comfortable knowing they can fail.

Have no trouble asking for assistance.

Feel valued and are encouraged to contribute.

Feel safe reporting discrimination.

Have mutual respect for their colleagues and leaders.

Meaningful Employee Engagement

The Adani Group values employee engagement as a driver of innovation and organisational growth. We maintain a high-performance culture by integrating transparent and open communication. We offer several professional learning & development opportunities and career advancement programmes to help employees thrive.

Continuous Dialogue

Quarterly townhalls, leadership site visits and an “Open Door” policy ensure transparent business updates, feedback and interactions.

Structured Integration Programmes

Curated onboarding programmes for GETs and lateral hires, alongside the manager and team member assimilation.

Rewards & Recognitions

Significant employee contributions and exceptional commitment in demonstrating the Adani values both at work and beyond the call of duty are honoured through Spot Recognition Awards and other exclusive awards.

Employee Feedback

Periodic employee engagement surveys help gauge employee sentiment, helping to identify opportunities to enhance employee experience.

Group-Level Engagement Initiatives

Blood Donation Drive

Since 2011, we have commemorated our Chairman’s birthday on June 24 each year with a blood donation camp across all our business locations. In FY 2025-26, widespread participation from our employees, their family members and our contractors led to a total collection of 28,090 units and ~11,236 litres of blood. Since 2011, we have donated total 1,43,151 units of blood, which has contributed towards saving approximately 4.5 lakh lives.

Leadership-Led Townhalls

During the year, the employees were engaged through the Parivar Ki Baat Townhall series led by Shri Karan Adani.

Listening to Our Employees

Adani Energy Solutions’ Employee Satisfaction Score (based on D,E&I Survey)

In its value chain, the Company deploys supply chain focussed assessments that include independent third-party audits, vendor scorecards, and tailored risk mappings aligned with SA 8000 standards. The Company’s Supplier Code of Conduct sets clear benchmarks for ethical labour practices, environmental responsibility, and compliance expectations. Human rights due diligence informs which geographies, supplier tiers, or worker types require deeper scrutiny. This due diligence also shapes procurement decisions and supplier onboarding protocols, ensuring alignment with the Company’s values and legal obligations.

Workplace Rights and Governance

We maintain a Zero Tolerance policy toward forced or child labour and strictly enforce non-discrimination. Our governance is ensured by ESG oversight committees that conduct rigorous human rights due diligence and supplier assessments to ensure end-to-end compliance.

During FY 2025-26, 6,123 contractual workers, comprising approximately 75.34% of its total workforce, are affiliated with recognised trade unions and collective bargaining agreements. This statistic reflects the Company’s proactive engagement with labour representatives and its support for collective representation, dialogue, and grievance resolution.

The Company continues to foster cooperative relationships with trade unions and worker bodies, ensuring their involvement in workforce consultations, human rights risk assessments, and resolution mechanisms across business operations and supplier engagements.

Policy Commitment

The Code of Conduct(s) and Business Policies adopted by the Company emphasises:

⊕For more information on the ethical supply chain, please refer to ‘Responsible Sourcing’ on Pg. 286

Breakdown of the Workforce Composition

Adani Energy Solutions does not have any employees categorised under the gender classifications ‘Other’ or ‘Not Disclosed’.

The Workforce comprises permanent employees and contractual workers, engaged across corporate offices, project sites, and operational locations.

“Employees” refer to individuals on the Company’s payroll, while “contractual workers” include personnel engaged through third-party contractors for project execution and operations.

The workforce comprises full-time personnel, fixed term staff, project-based professionals, independent contractors, interns, and trainees. All employees are full term employees.

Adani Energy Solutions maintains a 100% Indian national representation across its permanent employee base and management workforce, with zero foreign nationals employed.¹

As of March 31, 2026, workforce metrics reflected the influence of market conditions and strategic developments. Key fluctuations during the reporting period were attributable to:

• Project Completion: Closure of large scale initiatives resulted in the release of temporary personnel engaged specifically for those assignments.
• Business Expansion: New projects and ventures into emerging markets drove targeted recruitment, particularly for technical and specialised capabilities.
• Organisational Restructuring: Efficiency focussed realignments impacted departmental staffing, yielding both reductions and redeployments across units.

¹ CSA S&P 3.1.5

Adani Energy Solutions does not have any new hire employees categorised under the gender classifications ‘Other’ or ‘Not Disclosed’.

Total Hires include all successful hires (full-time, part-time, and sometimes contractors) within the reporting period.

Average hiring cost per hire = Internal Recruiting Costs + External Recruiting CostsTotal Number of Hires

Employee Turnover in FY 2025-26

Notes:

a1, b1: % of Turnover Rate = (Cumulative number of voluntary departures during the year x 100) / Total workforce in respective employee age group category

a2, b2: % of Category turnover rate = (Number of voluntary departures x 100) / Total workforce in employee category

Gender Pay Indicators for Employees and Workers¹

Pay Quartiles by Gender²

Human Capital Return of Investment³

Human Capital Return on Investment (HCROI) measures the financial value generated by a company’s workforce relative to the costs of employing them (salaries, benefits, training). A higher HCROI indicates better efficiency, typically calculated as, helping to evaluate profitability, engagement, and talent management strategies

*Total Revenue includes revenue from operations & other income but excludes income/expenses on account of movement in regulatory deferral account balance.

^#Operating Expenses include the following expenses: Cost of Fuel, Cost of Power, Purchase of Stock-in-Trade, Employee Benefit Expense, Other Expenses.

¹ WDI 5.2, WDI 5.3, WDI 5.4, WDI 5.6 CSA S&P 3.1.6  and WEF GRI 202-1

² WDI 5.5, 5.7, 5.8, 5.9

³ CSA S&P 3.3.3