- Adani Energy Solutions posts 34% rise in PBT and 13% jump in EBITDA to ₹4,144 crore in H1 FY26
- Capex rises 1.36x to ₹5,976 crore; smart meter installations hit record 73.7 lakh, on track to cross 1 crore by FY26-end
- CEO Kandarp Patel says robust execution and stable reforms driving strong momentum in energy transition projects
NE BUSINESS BUREAU
AHMEDABAD, OCT 27
Adani Energy Solutions Limited (AESL) — India’s largest private player in power transmission, distribution, and smart metering — reported another strong quarter with double-digit growth across revenue, profitability, and capex metrics, underscoring its robust execution and steady financial discipline.
For the first half of FY26, AESL’s Adjusted Profit After Tax (PAT) rose 42% year-on-year to ₹1,096 crore, while Profit Before Tax (PBT) increased 34% to ₹1,404 crore. EBITDA climbed 13% YoY to ₹4,144 crore, reflecting solid growth in transmission and smart metering segments.
In Q2 FY26, the company posted a 21% rise in Adjusted PAT to ₹557 crore, and a 25% growth in PBT to ₹745 crore, while total income expanded 6% YoY to ₹6,767 crore.
“We are pleased to report another strong quarter. Effective on-ground execution and focused O&M are driving consistent project progress and taking us closer to completing our locked-in growth pipeline. With new transmission lines commissioned and record smart meter installations, we are leading India’s energy transition with stability and innovation,” said Kandarp Patel, CEO, Adani Energy Solutions.
Strong Financial and Operational Performance
- Total income stood at ₹13,793 crore in 1H FY26, up 16% YoY, supported by stable operating performance and higher Service Concession Agreement (SCA) income.
- EBITDA rose to ₹4,144 crore, up 13% YoY, and ₹2,126 crore in Q2 FY26, up 12% YoY.
- PBT of ₹1,404 crore grew 34% YoY, driven by EBITDA gains, flat depreciation, and minimal increase in interest outgo.
- Cash profit reached ₹2,212 crore for H1 and ₹1,167 crore for Q2, up 14% YoY.
Capex and Growth Pipeline
AESL’s capex surged 1.36x to ₹5,976 crore in 1HFY26, with three new transmission projects commissioned — Khavda Phase II Part-A, Khavda Pooling Station-1 (KPS-1), and Sangod Transmission.
The company has cumulatively installed 73.7 lakh smart meters, adding 42.4 lakh in the first half alone, and is on track to cross 1 crore installations by March 2026.
AESL’s transmission projects under construction total ₹60,004 crore, while the smart metering order book stands at 2.46 crore meters, representing a revenue potential of ₹29,519 crore.
Capital Management and Leverage
AESL’s Mumbai arm, Adani Electricity Mumbai Ltd (AEML), repurchased US$44.66 million of its outstanding bonds from the US$300 million, 3.867% 2031 issue, aligning with the company’s capital optimisation strategy.
The company maintains a comfortable net debt-to-EBITDA ratio of 4.4x and an average debt maturity of 7.5 years.
ESG and Industry Leadership
AESL’s Sustainalytics ESG risk score improved to 19.9 (“Low Risk”), outperforming the industry average of 36.0. The company also remains India’s only 100% Zero Waste to Landfill-certified transmission firm, earning accolades for innovation in energy monitoring, theft prevention, and bird safety initiatives.
