Adani Energy Solutions (AESL) reports a strong order pipeline of INR 60,000 crores for transmission projects. The company anticipates capitalizing INR 17,000 to INR 18,000 crores of capex, projecting an INR 2,800 crores EBITDA contribution annually. AESL successfully commissioned three transmission projects in H1 FY26. Smart meter installations reached 73 lakhs, and the company bought back $44 million in USD dollar bonds to reduce capital costs.
Financial Performance
Adani Energy Solutions has reported a strong financial performance in the first half of FY26. Key highlights include:
- Total income rose to INR 13,793 crores, a 16% growth year-over-year.
- Consolidated EBITDA increased to INR 4,144 crores, a 13% increase.
- Consolidated PBT grew to INR 1,404 crores, a 34% increase.
- Adjusted PAT grew by 42% to INR 1,096 crores, excluding one-time items.
Transmission Business
The company successfully commissioned three transmission projects during H1 FY26:
- Khavda Phase-II, Part-A
- Khavda Pooling Station (KPS-1)
- Sangod transmission line
AESL’s transmission ordering construction pipeline stands at approximately INR 60,000 crores. The availability of the transmission business remains robust at 99.7%, resulting in an incentive income of INR 59 crores for the first half.
Smart Metering Business
The smart meter order book stands at 2.46 crores, with a revenue potential of INR 29,000 crores. Installation continues, reaching a total of 73 lakh meters installed.
Distribution Business
Distribution losses in AEML (Mumbai utility) are at a low of 4.30% in H1 FY26. Energy sales in Mumbai saw a modest increase of 2% year-over-year due to prolonged monsoon.
Capex and Investments
The company delivered a consolidated capex of INR 5,976 crores in the first half, a 1.4% increase year-over-year. AESL bought back $44 million of USD dollar bonds to reduce the cost of capital and increase debt maturity.
Future Outlook
AESL anticipates commissioning at least three transmission projects in the second half, valued at over INR 12,000 crores. The company is targeting a capitalization of approximately INR 17,000 to INR 18,000 crores of capex, expecting an INR 2,800 crores EBITDA contribution on an annual run-rate basis.
Source: BSE