Adani Energy Solutions (ADANIENSOL) Q1 25/26 earnings summary

Executive summary

• Reported strong financial and operational performance in Q1 FY26, with 28% YoY income growth to ₹7,026 crore and robust execution in transmission, distribution, and smart metering.

• PAT increased 71% YoY to ₹539 crore, driven by higher EBITDA, lower depreciation, and reduced tax outgo.

• Board approved unaudited standalone and consolidated results, with no material misstatements identified by auditors.

• Acquisition of WRNES Talegaon Power Transmission Limited completed, adding 3,000 MVA substation capacity in Maharashtra.

• Initiated C&I and district cooling businesses, with significant progress in both areas.

Financial highlights

• Total income rose by 28% YoY to ₹7,026 crore; consolidated revenue from operations reached ₹6,819.28 crore.

• EBITDA increased by 14% YoY to ₹2,070 crore; operational EBITDA was ₹1,615 crore.

• PAT surged 71% YoY to ₹539 crore; consolidated net profit after tax was ₹538.94 crore.

• CapEx for the quarter was ₹2,224 crore, up 1.7x YoY, mainly in transmission and smart metering.

• Cash profit exceeded ₹1,000 crore for the quarter; net debt stood at ₹33,500 crore at Q1FY26 end.

Outlook and guidance

• Confident of surpassing 10 million smart meter installations by year-end, maintaining a 22% market share.

• Transmission order book at ₹59,000 crore, with ₹90,000 crore in upcoming bids, including two large HVDC projects.

• Full commissioning of NKTL, WRSR, Mumbai HVDC, and Khavda Phase-III-A expected in FY26.

• CapEx guidance for transmission business at ₹12,000–13,000 crore for FY26, with plans on track despite monsoon-related delays.

• No impact from US DOJ and SEC actions against a non-executive director, as the company is not named in these matters.