Adani Energy Solutions (ADANIENSOL) Q2 25/26 earnings summary

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.