Adani Energy Solutions Limited (“AESL”) on Monday announced its financial and operational performance for the quarter ended September 30, 2025.
“We are pleased to report another strong quarter. The effective on-ground execution & focused O&M is enabling consistent progress on the project capex growth and taking us a step closer towards the completion of our locked-in projects across our business segments,” said Kandarp Patel, CEO, Adani Energy Solutions.
“During the first half, the company made strides to commission three new transmission lines and achieved industry leading daily run-rate in terms of smart meters installation and touched ~74 lakh meter installation mark which is highest in the country by any player. In terms of growth outlook, the sector continues to offer significant growth opportunities due to focused energy transition backed by regulatory stability and reforms. We anticipate a significant increase in AESL’s capex roll-out across all core segments and expect strong momentum in the bid activity during the rest of the year,” Patel further added.
Here Are The Financial Highlights:
• Robust growth of 16% YoY in total income of Rs 13,793 crore in 1HFY26 and 6% YoY to Rs 6,767 crore in Q2FY26 backed by stable operating performance and SCA income due to higher capex
• EBITDA during the first half increased by 13% YoY to a record high of Rs 4,144 crore and to Rs 2,126 crore, up 12% YoY driven by steady performance in transmission and distribution segment and rising contribution from smart metering business segment
• The consolidated PBT in 1HFY26 at Rs 1,404 crore grew 34% YoY and up 25% in Q2FY26 YoY
• Adjusted PAT in 1HFY26 increased by 42% YoY to Rs 1,096 crore, resulting from a double-digit EBITDA growth and supported by flat depreciation and marginal increase in interest outgo YoY
• Q2FY26 Adjusted PAT of Rs 557 crore grew 21% YoY. PAT in Q2FY25 had a one-time positive impact of deferred tax of Rs 314 crore which has been adjusted to reflect the like-for-like growth
• Cash profit of Rs 2,212 crore in 1HFY26 and Rs 1,167 crore in Q2FY26 grew by 14% each
Capex Execution Performance:
• The capex in 1HFY26 has increased by 1.36x to Rs 5,976 crore, as against Rs 4,400 crore in 1HFY25
• During the first half this year the company commissioned three transmission projects – Khavda Phase II Part-A, Khavda Pooling Station – 1 (KPS-1) and Sangod transmission
• In smart meters business, installed 42.4 lakh new meters this year, thereby reaching a total mark of 73.7 lakh installed meters. On track to surpass 1 crore cumulative smart meters by the end of FY26
Growth Opportunity (Locked-in Growth):
• With recent wins, the company’s aggregate transmission under construction pipeline stands at Rs 60,004 crore and smart metering orderbook of 2.46 crore meters with a revenue potential of Rs 29,519 crore
• The near-term tendering pipeline in the transmission sector is solid at ~Rs 96,000 crore. Whereas the country-wide market opportunity in smart metering remains robust at 104 million meters
Capital Management:
• AEML Mumbai has repurchased US$ 44.66 million worth of bonds outstanding from US$ 300 million ADANEM 3.867% bond due 2031. This is in line with our plan to continue to reduce the cost of capital and enhance the average debt maturity, which is ~7.5 years for the company
Revenue:
• The total income of Rs 13,793 crore in 1HFY26 and Rs 6,767 crore in Q2FY26 grew by 16.4% and 6.4% respectively due to stable operating performance across business segments and higher SCA income
• The operational revenue of Rs 9,138 crore in 1HFY26 was up 4.2% and grew 7.6% to Rs 4,539 crore in Q2FY26 driven by contribution from the recently operationalized transmission assets (MP–II in Q3FY25 and Khavda Ph-II-A, KPS-1 and Sangod in the later part of Q1FY26) and contribution from smart meters
• The Q2 FY26 revenue increase is more pronounced due to full contribution from the transmission assets and better energy demand growth recorded in Q2FY26 in distribution circles along with the rising contribution from smart metering business
EBITDA:
• Recorded double digit growth in consolidated EBITDA for 1HFY26 and Q2FY26 resulting from steady transmission and distribution revenue, growing contribution from smart meter and EPC & other income
• The consolidated operational EBITDA of Rs 1,825 crore grew by 9.5% with transmission and smart meter business led growth. The operational EBITDA in Mumbai distribution business was lower YoY primarily due to contribution from Dahanu thermal asset in Q2FY25 numbers. The Dahanu asset divestment impact will not reflect from Q3FY26 onwards
• With the operating EBITDA margin profile of 93%, best in the industry the transmission business operating EBITDA during the quarter expanded at 10.7%
About Adani Energy Solutions Limited (AESL):
AESL, part of the Adani portfolio, is a multidimensional organization with presence in various facets of the energy domain, namely power transmission, distribution, smart metering, and cooling solutions. AESL is the country’s largest private transmission company, with a presence across 16 states of India and a cumulative transmission network of 26,705 ckm and 97,236 MVA transformation capacity. In its distribution business, AESL serves more than 12 million consumers in metropolitan Mumbai and the industrial hub of Mundra SEZ.
