Adjusted PAT in Q3 grew 30% YoY
Highest ever quarterly EBITDA of Rs 2,210 crore in Q3 ended 21% higher YoY
Solid Adjusted PAT growth of 34% in the first nine months of FY26
9MFY26 EBITDA at Rs 6,354 crore, grew 16% YoY
AESL’s growth momentum and segmental performance remains strong led by strong on- ground execution in a challenging environment. Within smart metering, the company installed 92.5 lakh smart meters cumulatively and on track to surpass the market guidance of 1 crore cumulative meters
Financial Highlights:
Q3FY26:
- Total Income registered a robust growth of 15.7%YoY to an all-time high of Rs 6,945 crore,backed by better operating performance and SCA (Service Concession Arrangement) incomedue to higher capex
- EBITDA during the quarter also reached record highto Rs 2,210 crore, up 20.7% YoY,driven by robust growth in transmission and smart metering segment and steady performance in distribution segment
- Profit Before Tax rose 43.2% YoY to Rs 801 crore
- PAT stood at Rs 574 crore, down 8.2% YoY.This was on account of a positive impact of deferred tax of Rs 185 crore last year in Q3FY25 which has to be adjusted for a like-for-like comparison
- Adjusted PAT was up 30.4% YoY to Rs 574 crore,translating from double-digit EBITDAexpansion
- Cash profit up 22.8% to Rs 1,227 crore
9MFY26:
- Total income rose 16.2% YoY to Rs 20,737crore; all time high
- EBITDA is up 15.9% YoY to Rs 6,354crore; all time high
- Profit Before Tax stood at Rs 2,205 crore,up 37.3% YoY
- PAT at Rs 1,670 croreis down 2.5% due topast period one-time positive impact of deferred tax of Rs 469 crorein 9MFY25
- Adjusted PAT grew by 34.4% YoY to Rs 1,670 crore
- Cash profit up 17.1% to Rs 3,435 crore
Capex Execution Performance:
- The capex in 9MFY26 has increased by 1.24x to Rs 9,294 crore, as against Rs 7,475 crore in 9MFY25
- During the nine months period the company commissioned four transmission projects– North Karanpura Transmission (NKTL), Khavda Phase II Part-A, Khavda Pooling Station – 1 (KPS-1) and Sangod transmission
- In smart meters business, installed 61.2 lakh new meters as of 9MFY26, thereby reaching a total mark of 92.5 lakh installed meters cumulatively. On track to surpass 1 crore cumulative smart meters by the end of FY26
Growth Opportunity (Locked-in Growth):
- With recent wins, the company’s aggregate transmission under construction pipeline stands at Rs 77,787 crore and smart metering orderbook of 2.46 crore meters with a revenue potential of Rs 29,519 crore
- The near-term tendering pipeline in the transmission sector is solid at ~Rs 1 lakh crore. Whereas the country-wide market opportunity in smart metering remains robust at 103 million meters
Capital Management:
- Moody’s Ratings has revised the outlook of Adani Transmission Step-One Limited (a wholly owned subsidiary) and Adani Electricity Mumbai Limited (AEML) (a subsidiary) of the Company to ‘Stable’ from ‘Negative’ and has affirmed the Baa3 senior secured ratings
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 nine month ended December 31, 2025.
“We are delighted to have delivered yet another strong quarter. Despite the challenges, our core strengths of strong on-ground execution, focused O&M and capital management have helped to drive consistent progress on the project development side. We have commissioned four transmission projects during the current financial year.The company reached an impressive mark of approximately 92.5 lakh meters—the highest in the country by any player at a benchmark daily installation rate. Looking ahead, we believe the growth outlook across our business areas remains robust. We expect a substantial increase in our asset capitalisation program across all core segments and expect strong momentum in bidding activity in the short to medium term,” said Kandarp Patel, CEO, Adani Energy Solutions
