Highest ever Annual EBITDA of Rs 8,726crore achieved in FY26, up13% YoY PAT rose by 32% to Rs 2,393 crores in FY26
Q4FY26 EBITDA at Rs 2,372crore, grew 5%YoY
AESL’sstrong execution underpinned performance, marked bycommissioning of thefirst Mumbai’s advanced VSC basedHVDC project — world’s first compact HVDC. AESL also became the first player in India to successfully install 1 crore smart meters, redefining the pace of digital transformation in power distribution
Financial Highlights:
FY26:
- Total income grew a strong 15.9% YoY to an all‑time high of Rs 28,325 crore, driven by improved operating performance and higher Service Concession Arrangement (SCA) income, reflecting higher capex execution
- EBITDA rose 12.7% YoY to a record Rs 8,726 crore, supported by strong growth in the transmission and smart metering segments and steady performance in the distribution business
- PAT increasedby 160% YoY to Rs 2,393 crorein FY26 from Rs 922 crore that includesone-time income adjustment including the carve-out of the Dahanu power plant in FY25
- For like-for-like comparison,adjusted PAT surged 32% YoY to Rs 2,393 crore, aided by double‑digit EBITDA growth and flat depreciation during the year
Q4FY26:
- Total income rose 15.0% YoY to Rs 7,588 crore
- EBITDA is up 4.9% YoY to Rs 2,372 crore
- PAT stood at Rs 723 crore, compared with Rs 714 crore in Q4 FY25,
- Adjusted PAT increased by 27.7% YoY to Rs 723 crore from Rs 566 crore
Capex Execution Performance:
- The capex in FY26 has increased by 1.24x to Rs 14,232 crore, as against Rs 11,444 crore in FY25
- With the commissioning of the very first Mumbai HVDC Project, AESL strengthens Mumbai Presence being first provider of 400kV, as also HVDC & being the largest Retail distributor of city.
- During the year, the company commissioned five transmission projects– Mumbai HVDC, North Karanpura Transmission (NKTL), Khavda Phase II Part-A, Khavda Pooling Station – 1 (KPS-1)and Sangodtransmission
- In smart meters business, AESL surpassed its installation of1 crore smart meters, marking an industry benchmark in smart metering deployment across discoms
Growth Opportunity (Locked-in Growth):
- Driven byrecent project wins; the company’s aggregate transmission under construction pipeline stands at Rs 71,779 crore. The company’s smart meter order book remains at 2.46 Cr meters with a revenue potential of Rs 29,519 Cr
- The near-term tendering pipeline in the transmission sector remains robust at ~Rs 1.5 lakh crore. Whereas the nationwide market opportunity for smart metering continues at 103 million meters
Capital Management:
- AESL received a BBB+ (Stable) long-term foreign currency rating from Japan Credit Rating Agency, aligned with India’s sovereign rating, reflecting its strong credit profile and financial discipline
- Adani Electricity Mumbai Limited (AEML) received rating upgrades to IND AAA (Stable) by India Ratings and CRISIL AAA (Stable) for its proposed NCDs
Ahmedabad, 24April2026: Adani Energy Solutions Limited (“AESL”), part of the globally diversified Adani portfolio and the largest private transmission, distribution,and smart metering company in India, today announced its financial and operational performance for the quarterand yearended March31, 2026.
“We are pleased to have delivered robust performance in FY26, underpinned by consistent operational execution and disciplined capital management. In Q4 FY26, the company commissioned five transmission projects, including the Mumbai HVDC project, making us the only private sector player in India to have successfully executed two HVDC projects, a testament to our deep technical capabilities and on‑ground execution strengths.
During the year, we also crossed the landmark deployment of 1 crore smart meters, reinforcing our leadership in large‑scaleinfrastructure implementation and setting benchmarks for the industry. Looking ahead, the growth outlook across our businesses remains robust, supported by an expanding asset base across segments, a strong HVDC project pipeline, and sustained execution momentum in project development & deployment.” said Kandarp Patel, CEO, Adani Energy Solutions
