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

Executive summary

• Delivered strong Q3 performance with adjusted PAT growth of 30% year-over-year, excluding a one-time impact from last year, and consolidated PAT at ₹574.88 crore for Q3 FY26.

• Commissioned multiple major transmission projects in the first nine months, including Khavda Phase II Part-A and NKTL, and expect to commission more, 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.

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

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

Financial highlights

• Income grew 16% year-over-year; consolidated EBITDA rose 21% to ₹2,210 crore quarterly; consolidated revenue from operations for Q3 FY26 was ₹6,729.65 crore, up from ₹5,830.26 crore in Q3 FY25.

• Consolidated PAT increased 43% to ₹800 crore; adjusted PAT for Q3FY26 was ₹574 crore; nine-month profit after tax was ₹1,674.04 crore, up from ₹895.86 crore year-over-year.

• Operational availability exceeded 99.7%, generating incentive income; collection efficiency above 100%, with over 85% of payments via e-payments.

• T&D losses reduced to 4.03%; distribution loss improved to 4.22% in 9MFY26 from 4.91% YoY.

• Capex for 9MFY26 surged 1.24x YoY to ₹9,294 crore, reflecting significant investments across all segments.

Outlook and guidance

• Expect to capitalize 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.

• Smart meter installations are on track to surpass 1 crore cumulative meters by FY26, with a robust pipeline and a large untapped market of 103 million smart meters.

• 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.