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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

  • Transmission order pipeline stands at INR 60,000 crore, with significant CapEx planned in smart metering and distribution over the next few years.

  • Smart meter installations reached 73 lakh, targeting over 1 crore by year-end, with a country-level opportunity of 104 million meters.

  • Distribution losses in AEML reported at a best-in-class 4.3% for H1 FY26, with further improvement to 4.36% in Q2.

  • Board approved unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025, with no material misstatements identified.

  • Financial results reflect the performance of a large group with over 80 subsidiaries, including recent additions in smart meter and distribution segments.

Financial highlights

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

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

  • Q2 FY26 revenue from operations 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 at INR 2,212 crore (+14% YoY).

Outlook and guidance

  • Major EBITDA and revenue contributions expected in H2 as new projects are capitalized.

  • Annual CapEx of INR 17,000-18,000 crore expected to continue for the next 3-4 years, supporting sustained growth.

  • Transmission business expected to maintain a 25% market share in upcoming INR 80,000-90,000 crore annual bidding opportunities.

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

  • Smart metering business targets surpassing 1 crore cumulative meters by FY26.

Explain Smart Meter segment accounting differences?
Impact of past RAC recovery on current results?
Rationale for Dahanu Power Plant divestment?
Navi Mumbai parallel license rollout strategy
Transmission ROW & manpower mitigation efforts?
Cooling solutions market traction and future potential?
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