Investor Presentation

Long Term Outlook MWs Operational Guidance MWs 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Azure Power Gross Margin (2,4), Cash Flow to Equity for Operating Assets (3,4) and Debt Forecast CAGR 24% USD Millions $350 $300 CAGR 43% $250 Gross Margin: $275 - $290 Gross Margin: $200 - $220 Gross Margin: $200 $179 IPO (a) FY'17(a) FY'18(a) FY'19(a) 3Q FY'21(e) FY'22(e) FY'23(e) FY'24(e) FY'25(e) FY'26(e) FY'21(a) Capex Forecast(1) $150 $100 $50 CFe: USD Millions $600 $67 $0 CFe: $40 - $65 CFe: $50 - $100 LTM $300 Current Operational (2,137 MWs) Total Contracted Portfolio (3,115 MWs) $0 Net Debt FY'21 FY'22 FY'23 FY'24 FY'25 Equity Debt (US$ millions) FY'21 FY'22 FY'23 FY'24 FY'25 ~$1,150 ~$1,550 Gross Margin CFe Cap Ex 9M'21: $176.8 4Q'21: $50 - $75 $450 - $550 $500 - $650 $500 - $650 $500 - $650 Exchange rate- INR 73.01 to US$1 (New York closing rate of December 31, 2020) (1) Midpoint of guidance, (2) Revenue less cost of operations equals Gross Margin. Corporate G&A as overhead is covered during construction in cap ex. (3) CFe (cash flow to equity) for Operating Assets is profit before tax (the most comparable GAAP metric), adjusted for net cash provided for used/in operating activities, other than changes in operating assets and liabilities, income and deferred taxes and amortization of hedging costs; less: cash paid for income taxes, debt amortization and maintenance capital expenditure. 4) Outlook range is generation from P90 to P50 and normalized debt amortization ranging from 20 to 25 years. LTM actual debt amortization was $8.2 million due to the majority of debt being in non amortizing Green Bonds. 00 8

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