- Q3FY26 Turns Landmark Quarter with Highest-Ever EBITDA of ₹2,210 Crore
- Adjusted PAT Jumps 30% YoY in Q3 on Back of Strong Execution
- Transmission, Distribution and Smart Metering Drive All-Round Growth: 92.5 Lakh Smart Meters
- Istalled; AESL on Track to Cross 1 Crore Mark
- Robust Project Pipeline and Capital Discipline Reinforce Growth Outlook
NE BUSINESS BUREAU
AHMEDABAD, JAN 22
Adani Energy Solutions Limited (AESL), part of the globally diversified Adani portfolio and India’s largest private transmission, distribution and smart metering company, delivered a standout performance in Q3FY26, marked by record profitability, strong operational momentum and sustained execution strength across business segments.
For the quarter ended December 31, 2025, AESL reported its highest-ever quarterly EBITDA of ₹2,210 crore, registering a robust 20.7% year-on-year growth, while Adjusted PAT surged 30.4% YoY, underscoring the company’s resilient business model even amid a challenging operating environment.
Q3FY26: Record Quarter Anchored by Execution Excellence
During Q3FY26, total income rose 15.7% YoY to an all-time high of ₹6,945 crore, driven by steady operating performance across transmission, distribution and smart metering segments, coupled with higher Service Concession Arrangement (SCA) income from rising capex deployment.
Profit Before Tax (PBT) for the quarter climbed sharply by 43.2% YoY to ₹801 crore, while cash profit increased 22.8% to ₹1,227 crore. Reported PAT stood at ₹574 crore, impacted by the absence of a one-time deferred tax benefit recorded in Q3FY25. On a like-for-like basis, Adjusted PAT grew a strong 30.4% YoY, fully reflecting the underlying operating strength.
Smart Metering Emerges as a Key Growth Engine
AESL’s smart metering business continued its rapid scale-up, with 18.9 lakh meters installed in Q3FY26 alone, taking the cumulative installation to an industry-leading 92.5 lakh meters. With the current pace of deployment, the company remains firmly on track to surpass 1 crore cumulative smart meters by the end of FY26, well ahead of market benchmarks.
Segmental Strength Powers Q3 Momentum
- Transmission delivered stable growth, supported by 99.7% system availability, incentive income of ₹33 crore, and the commissioning of the North Karanpura Transmission Line (NKTL) during the quarter.
- Distribution businesses in Mumbai (AEML) and Mundra (MUL) maintained high reliability levels, with AEML recording distribution losses of just 4.03%, among the lowest in the sector.
- Smart Metering posted exponential growth, with Q3 operating EBITDA jumping to ₹213 crore, reflecting the scalability and margin strength of the platform.
Nine-Month Performance Reinforces Q3 Strength
For 9MFY26, AESL posted:
- Total income of ₹20,737 crore, up 16.2% YoY
- EBITDA of ₹6,354 crore, up 15.9% YoY
- Adjusted PAT growth of 34.4% YoY to ₹1,670 crore
Capex execution remained strong, with ₹9,294 crore deployed in 9MFY26, a 1.24x increase YoY, and four transmission projects commissioned during the period.
Management Commentary
Commenting on the Q3 and nine-month performance, Kandarp Patel, CEO, Adani Energy Solutions Limited, said: “We are delighted to have delivered yet another strong quarter. Despite the challenges, our core strengths of strong on-ground execution, focused O&M and capital management have helped to drive consistent progress on the project development side. We have commissioned four transmission projects during the current financial year. The company reached an impressive mark of approximately 92.5 lakh meters —the highest in the country by any player at a benchmark daily installation rate. Looking ahead, we believe the growth outlook across our business areas remains robust. We expect a substantial increase in our asset capitalisation program across all core segments and expect strong momentum in bidding activity in the short to medium term.”
Outlook: Growth Visibility Remains Strong
AESL’s locked-in transmission pipeline stands at ₹77,787 crore, while the smart metering order book of 2.46 crore meters represents a revenue potential of ₹29,519 crore. With near-term transmission tendering opportunities estimated at ~₹1 lakh crore, and strong ESG credentials reinforced by improved global ratings, AESL enters the next phase of growth with high visibility and confidence.
