Adani Energy Solutions Limited (AESL) reported a strong performance for Q2 and 1HFY26, with a 42% increase in Adjusted PAT for the first half. 1HFY26 EBITDA reached Rs 4,144 crore, up by 13% YoY. The company’s growth is driven by strong execution and capex performance, installing 73.7 lakh smart meters. AESL is on track to surpass 1 crore cumulative smart meters by the end of FY26.
Financial Performance Highlights
AESL reported a 16% YoY growth in total income for 1HFY26, reaching Rs 13,793 crore, and a 6% YoY increase to Rs 6,767 crore in Q2FY26. This growth was backed by stable operating performance and SCA income.
EBITDA for 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. This was driven by steady performance in transmission and distribution and rising contribution from smart metering.
The consolidated PBT in 1HFY26 reached Rs 1,404 crore, growing by 34% YoY and up 25% in Q2FY26 YoY.
Adjusted PAT in 1HFY26 increased by 42% YoY to Rs 1,096 crore, resulting from double-digit EBITDA growth.
Cash profit of Rs 2,212 crore in 1HFY26 and Rs 1,167 crore in Q2FY26 grew by 14% each.
Capex Execution
The company’s capex in 1HFY26 increased by 1.36x to Rs 5,976 crore.
During the first half, AESL commissioned three transmission projects: Khavda Phase II Part-A, Khavda Pooling Station – 1 (KPS-1), and Sangod transmission.
In the smart meters business, AESL installed 42.4 lakh new meters this year, reaching a total of 73.7 lakh installed meters.
Growth Opportunities
AESL’s transmission pipeline under construction stands at Rs 60,004 crore and smart metering orderbook of 2.46 crore meters has a revenue potential of Rs 29,519 crore.
Capital Management
AEML Mumbai repurchased US$ 44.66 million worth of bonds outstanding from US$ 300 million ADANEM 3.867% bond due 2031.
The leverage position remains comfortable with a net debt to EBITDA ratio of 4.4x.
Operational Highlights
The company reported average system availability of over 99.6% during the quarter.
AESL added 190 circuit kilometers of transmission network. Total transmission network is at 26,705 circuit kilometers.
Units sold at AEML marginally increased by 2% in Q2, with distribution loss at 4.36%.
The company has cumulatively installed 73.7 lakh smart meters as of 1H FY26 and plans to achieve ~1 crore meters by the end of FY26.
Other Updates
Sustainalytics ESG risk score improved to 19.9 in Sept’25. AESL re-certified as Zero Waste to Landfill and Adani Group’s Energy Network Operation Center (ENOC) won the Platinum award for Productivity Improvement.
Source: BSE
