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

Executive summary

• FY25 saw significant growth in execution and operations, with a strong order book of nearly INR 60,000 crore to be executed over the next 4-5 years 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 in AEML and MUL.

• 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 reached INR 11,444 crore, more than doubling year-over-year; total revenue was Rs 24,447 crore, up 42% year-over-year.

• FY25 EBITDA was Rs 7,746 crore, up 23% year-over-year; PAT was Rs 2,427 crore, up 103% year-over-year.

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

• Transmission CapEx: INR 7,646 crore; Distribution: INR 1,782 crore; Smart metering: INR 2,015 crore.

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

Outlook and guidance

• FY26 CapEx guidance is INR 16,000-18,000 crore, with INR 12,000-13,000 crore for transmission, INR 4,000 crore for smart meters, and INR 1,600 crore for distribution.

• Plans to install 60–70 lakh new smart meters in FY26, targeting a cumulative 1 crore meters.

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

• Seven transmission projects, including Mumbai HVDC, are scheduled for commissioning in FY26.

• Incentive income from transmission availability expected to rise from INR 130 crore to INR 200 crore as new projects come online.