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Adani Energy Solutions (ADANIENSOL) investor relations material

Adani Energy Solutions Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary28 Oct, 2025

Executive summary

  • Commissioned three major transmission projects in H1 FY26, expanding operational capacity and order pipeline significantly.

  • Smart metering installations reached 73 lakh, targeting over 1 crore by year-end, with rapid segment growth.

  • Distribution business maintained industry-leading low loss levels and stable growth despite weather-related demand softness.

  • Cooling solutions business gained traction, deploying India's largest district cooling facility.

  • Board approved unaudited financial results for Q2 and H1 FY26, with no material misstatements identified.

Financial highlights

  • Total income for H1 FY26 rose to INR 13,793 crore, up 16% year-over-year; operational revenue at Rs 9,138 crore (+4% YoY).

  • Consolidated EBITDA increased 13% YoY to INR 4,144 crore; adjusted PAT for H1 FY26 was INR 1,096 crore, up 42% YoY.

  • Q2 FY26 revenue was ₹6,595.83 crore, with profit after tax at ₹557.10 crore.

  • Net worth as of 30 September 2025 stood at ₹23,054.75 crore; total borrowings at ₹45,373.65 crore.

  • Cash profit for H1 FY26 was Rs 2,212 crore (+14% YoY).

Outlook and guidance

  • CapEx for FY26 expected at INR 17,000–18,000 crore, contributing INR 2,800–3,000 crore annual EBITDA.

  • Transmission order pipeline at INR 60,000 crore, with annual bidding opportunities of INR 80,000–90,000 crore.

  • Smart metering addressable market estimated at 10 crore meters in the next year, with strong growth potential.

  • Leverage expected to decline to around 4x by year-end as earnings are second-half weighted.

  • Focus on expanding transmission, distribution, and smart meter businesses, with updated segment reporting.

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Q3 25/2623 Jan, 2026
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