Adani Energy Solutions (ADANIENSOL) Q3 25/26 earnings summary

Executive summary

• Achieved strong quarterly and nine-month performance, with adjusted PAT growth of 30% year-over-year and robust operational metrics, including network availability over 99.7% and T&D losses at 4.03%.

• Commissioned multiple major transmission projects, including Khavda Phase II Part-A and NKTL, and are on track to commission additional projects, such as a landmark HVDC project.

• Smart metering installations reached 92 lakh, with a target to surpass 1 crore by year-end, and a current order book of 2.46 crore meters.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025, with no material misstatements found by statutory auditors.

• Financial implications of new Indian labour codes effective November 2025 have been recognized in the current quarter.

Financial highlights

• Total income for 9MFY26 grew 16% year-over-year to ₹20,737 crore; consolidated EBITDA reached ₹2,210 crore in Q3FY26, up 21% year-over-year.

• Consolidated PAT for 9MFY26 rose 34% to ₹1,670 crore; Q3FY26 PAT at ₹574.88 crore.

• Collection efficiency exceeded 100%, with over 85% of payments via e-payments.

• Capex for 9MFY26 surged 1.24x year-over-year to ₹9,294 crore, with significant investments in smart metering.

• Exceptional loss of ₹1,506.02 crore in the previous year due to divestment of Dahanu Thermal Power Plant.

Outlook and guidance

• Expect to commission seven projects in the next financial year, adding INR 24,000-25,000 crore to gross block.

• Anticipate INR 80,000 crore of transmission bidding opportunities in the next 12-15 months and a robust smart metering pipeline, with 100 million meters yet to be bid out.

• CapEx for the next five years projected at INR 18,000-20,000 crore annually.

• Regulatory asset charge recoveries and new labour codes are expected to impact future quarters.