Adani Energy Solutions (ADANIENSOL) Q4 24/25 earnings summary

Executive summary

• FY25 saw significant operational growth, with a robust order book of nearly INR 60,000 crore and seven major projects commissioned, focusing on green power and renewables integration.

• Total income for FY25 grew 42% year-over-year, driven by new transmission lines, asset acquisitions, and higher energy sales.

• EBITDA increased 23% year-over-year to Rs 7,746 crore, supported by revenue growth and higher treasury income.

• PAT surged 103% year-over-year to Rs 2,427 crore, aided by deferred tax reversal and regulatory income.

• Board approved audited results for FY25, with the 12th AGM scheduled for 25 June 2025 via video conferencing.

Financial highlights

• FY25 CapEx doubled year-over-year to INR 11,444 crore, with transmission, distribution, and smart metering as key focus areas.

• FY25 total revenue reached Rs 24,447 crore, up 42% year-over-year; Q4 FY25 revenue was Rs 6,596 crore, up 36% year-over-year.

• FY25 consolidated revenue from operations was ₹23,767.09 crore, up from ₹16,607.36 crore in FY24.

• EBITDA margin (consolidated) for FY25 was 34.44%, up from 29.73% in FY24.

• Net external debt stands at INR 32,000 crore, with net debt to EBITDA at 3.2x; cash and equivalents at INR 8,500 crore.

Outlook and guidance

• FY26 CapEx guidance: INR 16,000-18,000 crore, with major focus on transmission and smart metering.

• Plans to install 7 million smart meters in FY26, targeting 10 million cumulative meters.

• Focus on increasing renewable power share in Mumbai to 60% by FY27 (36% achieved in FY25).

• Management concluded no material consequences from regulatory or legal matters, including US DOJ/SEC actions.