Adani Energy Solutions Limited (“AESL”), part of the globally diversified Adani portfolio and the largest private transmission, distribution,smart metering and energy solutions platform company in India, today announced its financial and operational performance for the quarterended June30, 2026.
“AESL has delivered robust start to FY27, driven by strong financial performance and continued operational excellence across our core businesses. During the quarter, we further strengthened our growth platform through the proposed acquisition of IntelliSmart, a strategic step towards building India’s leading smart metering platform. Our Energy Solutions Platform has nowgathered momentum, supported by significant renewable energy tie-ups and growing consumer stack across utilities, Commercial &Industrial and data centre segments. Backed by a strong project pipeline, disciplined execution and credit discipline, we remain well positioned to drive sustainable growth and create long-term stakeholder value” said Kandarp Patel, CEO, Adani Energy Solutions
Q1 FY27 Highlights:
Consolidated Financial Performance: (Rs crore)
| Particulars | Q1 FY27 | Q1 FY26 | YoY % |
| Total Income | 9,852 | 7,026 | 40% |
| Operational Revenue | 7,117 | 4,6171 | 54% |
| Operating EBITDA | 2,779 | 1,6321 | 70% |
| EBITDA | 3,178 | 2,017 | 58% |
| PAT | 1,237 | 539 | 130% |
Notes: Total Income = Operational revenue + income from Service Concession Agreement (SCA) assets / EPC / traded goods + One time income/expense+ Other Income; Total EBITDA = Operating EBITDA plus other income, one-time regulatory income, adjusted for CSR exp.; 1. Includes revenuefrom of Energy Solutions Platform
Revenue:
- The total income of Rs 9,852crore in Q1FY27grew by 40% and operational revenue of Rs 7,117 crore in Q1FY27 was up 54%; driven by ramp up of recently commissioned Mumbai HVDC project, smart metering roll out and contribution from energy solutions platform
EBITDA:
- All time highEBITDA of Rs 3,178 crore in Q1FY27, showing robust growthby58%;
- Operational EBITDA rose strongly to Rs. 2,779 crore during the quarter, up by 70%
Segment-wise Financial Highlights:(Rs crore)
| Segment | Particulars | Q1FY27 | Q1FY26 | YoY % |
| Transmission | Operating Revenue | 1,596 | 1,172 | 36% |
| Operating EBITDA | 1,477 | 1,070 | 38% | |
| EBITDA margin % | 92% | 92% | ||
| Distribution (AEML and MUL) | Operating Revenue | 3,520 | 3,360 | 5% |
| Operating EBITDA | 587 | 493 | 19% | |
| Smart Metering
(Non Ind AS) |
Operating Revenue | 347 | 112 | 136% |
| Operating EBITDA | 311 | 98 | 141% | |
| EBITDA margin % | 89% | 88% | – | |
| Energy Solutions Platform | Operating Revenue* | 1,839 | 18 | – |
| Operating EBITDA | 590 | 17 | – |
AEML: Adani Electricity Mumbai Ltd; MUL: MPSEZ (Mundra) Utility Ltd. The total Operating EBITDA and Operating Revenue numbers of Q1 FY26includeEnergy Solutions Platform*excluding other trading income
Segment-wise Key Operational Highlights:
| Particulars | Q1 FY27 | Q1
FY26 |
| Transmission business | ||
| Average Availability (%) | 99.6% | 99.8% |
| Total Transmission Network (ckm) | 27,949 | 26,696 |
| Distribution business (AEML) | ||
| Supply reliability (%) | 99.99% | 99.99% |
| Distribution loss (%) | 5.16%1 | 4.24% |
| Units sold (MU’s) | 3,260 | 2,939 |
| Distribution business (MUL) | ||
| Units sold (MU’s) | 425 | 271 |
| Smart metering business | ||
| Meters Installed (in millions) | 2.07 | 2.41 |
| Cumulative Meters Installed (in millions) | 13.44 | 5.54 |
| Meters billed (in millions) | 2.01 | 3.04 |
| Cumulative Meter months (in millions) | 34.80 | 10.61 |
- Impacted due to extreme heat conditions resulting to higher energy consumption and increase in distribution loss; within regulator permissible limit of 5.31%
Segment-wise Progress andOutlook:
Transmission:
- Robust project pipeline of 13 projects worth Rs 71,779croreto be executed
- The near-term transmission tendering opportunity at ~Rs 1.1 lakh crore remains solid
- The company reported strong operational parameters during the quarter, with an average system availability of over 99.6%. Robust line availability resulted in an incentive income of Rs 35 crore in Q1FY27 reflecting the superior O&M practices
Distribution business (AEML Mumbai and MUL):
- The distribution business recorded a steady business performance. Adani Electricity Mumbai Ltd.’s (AEML)Regulated Asset Base (RAB)stands at Rs 10,353crores (Equity of Rs 5,485 crores and Debt of Rs 4,867 crores)as ofQ1FY27, recording a growth of 9.7% YoY
- 99% supply reliability maintained — AEML continues to lead India’s distribution sector on operational benchmarks
- Total units sold in the Mumbai circle increased by 11% from 2,939 MUs in Q1FY26 to 3,260 MUs in Q1FY27
- MPSEZ (Mundra) Utility Ltd.’s (MUL) units sold grew 57% YoY to 425 MUs vs 272 MUs last year, driven by strong industrial and commercial demand
- The distribution loss in AEML network was at 5.16% in Q1FY27, impacted by extreme heatwave conditions resulting to higher energy consumption and increase in distribution loss
Smart Meters:
- AESL announced the proposed acquisition of IntelliSmart, strengthening its smart metering business and positioning itself to become India’s largest smart metering platform with a portfolio of 47+ million smart meters
Energy Solutions Platform:
- ~4.0 GW supply tie-up across solar and wind, ~3.3 GWh of BESS and 1+ GW energy portfolio across C&I, data centers and utilities, delivering integrated renewable and round-the-clock digital energy solutions
ESGand Other Updates:
- ESG Risk Assessments and Insights Limited improved AESL’s ESG Risk Rating to 73/100 in June 2026 from 68/100 in February 2026, elevating its rating category from ‘Strong’ to ‘Excellent’
- Sustainalytics ESG Risk Rating improved to 18.5 (Low Risk) in Jun’26 from 19.9 in Sep’25, placing AESL among the top 7th percentile of 215 global electric utilities.
- AEML retained its position as India’s top-ranked distribution utility, with A+ rating in REC’s Consumer Service Rating of DISCOMs (CSRD) for excellence in customer service
