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

Executive summary

• Achieved strong quarterly performance with adjusted PAT growth of 30% year-over-year, excluding a one-time impact last year, and board approval of unaudited financial results for Q3 and 9MFY26.

• Q3FY26 EBITDA reached a record ₹2,210 crore, up 21% YoY, with robust growth in transmission and smart metering, and steady distribution performance.

• 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.

• C&I business load doubled to 1,300 MW, serving 31 consumers, and cooling solutions business is progressing with India's largest district cooling facility.

• Statutory auditors conducted a limited review and found no material misstatements in the results.

Financial highlights

• Consolidated revenue from operations for Q3 FY26 was ₹6,729.65 crore, up from ₹5,830.26 crore in Q3 FY25; nine-month revenue was ₹20,144.76 crore, up from ₹17,392.51 crore year-over-year.

• Q3FY26 EBITDA up 21% YoY to ₹2,210 crore; consolidated PAT for Q3FY26 was ₹574.88 crore, and nine-month PAT was ₹1,674.04 crore, up from ₹895.86 crore YoY.

• Operational availability exceeded 99.7%, resulting in incentive income; T&D losses reduced to 4.03%, and collection efficiency remained above 100%.

• Cash profit for 9MFY26 up 17% YoY to ₹3,435 crore; system availability in transmission at 99.7%, supply reliability in distribution at 99.998%.

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

Outlook and guidance

• Smart meter installations are on track to surpass 1 crore by FY26, with a strong pipeline as 100 million meters are yet to be bid out.

• 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–1 lakh crore of transmission bidding opportunities in the next 12–15 months.

• CapEx for 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.