Adani Energy Solutions Limited (AESL) has reported significant progress in utilizing the funds raised through its Qualified Institutional Placement (QIP), according to the company's latest monitoring agency report. The report, covering the quarter ended September 30, 2025, reveals that AESL has efficiently allocated 99% of the Rs. 8,373.10 crore raised, leaving only a small portion unutilized.

Fund Allocation Breakdown

AESL's strategic deployment of the QIP proceeds is evident in the following key allocations:

Strategic Reallocation and Future Plans

The company made strategic reallocations between transmission systems and smart meters objects due to increased capital expenditure requirements. This reallocation, approved by the board in April 2025, demonstrates AESL's agility in responding to evolving business needs.

Unutilized Funds

The remaining unutilized proceeds of Rs. 80.96 crore have been deployed in fixed deposits and mutual funds, ensuring that even the unused portion continues to generate returns for the company.

Monitoring and Compliance

CARE Ratings Limited, serving as the monitoring agency, has overseen the utilization of funds, ensuring transparency and compliance with regulatory requirements. This independent oversight adds credibility to AESL's fund management practices.

Implications for Investors

The near-complete utilization of QIP proceeds within the stipulated timeframe signals AESL's strong execution capabilities and commitment to its growth strategy. The company's focus on core areas such as transmission systems and smart metering aligns with the evolving energy landscape and government initiatives in the power sector.

As AESL continues to deploy the remaining funds, investors will likely keep a close watch on the company's operational performance and the impact of these investments on its financial metrics in the coming quarters.

Adani Energy Solutions Limited (AESL), a key player in India's power transmission and distribution sector, has reported strong financial results for the second quarter and first half of fiscal year 2026, showcasing substantial growth across its business segments.

Financial Highlights

AESL's consolidated total income for H1 FY26 surged by 16.4% year-on-year to Rs 13,793.00 crore, while Q2 FY26 saw a 6.4% increase to Rs 6,767.00 crore. The company's operational revenue grew by 4.2% to Rs 9,138.00 crore in H1 FY26 and by 7.6% to Rs 4,539.00 crore in Q2 FY26.

Notably, AESL's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) demonstrated robust growth:

• H1 FY26 EBITDA: Up 13.4% YoY to Rs 4,144.00 crore
• Q2 FY26 EBITDA: Increased 12.4% YoY to Rs 2,126.00 crore

The company's Profit Before Tax (PBT) showed significant improvement:

• H1 FY26 PBT: Grew 34.1% YoY to Rs 1,404.00 crore
• Q2 FY26 PBT: Rose 25.4% YoY to Rs 745.00 crore

Adjusted Profit After Tax (PAT) for H1 FY26 surged by 41.6% to Rs 1,096.00 crore, while Q2 FY26 saw a 21.2% increase to Rs 557.00 crore.

Operational Performance

AESL's transmission business maintained a robust system availability of 99.63% in Q2 FY26. The company's transmission network expanded to 26,705 circuit kilometers, with a transformation capacity of 97,236 MVA.

In the distribution segment, Adani Electricity Mumbai Limited (AEML) reported improved operational metrics:

• Distribution loss reduced to 4.36% in Q2 FY26 from 4.85% in Q2 FY25
• Units sold increased by 2% YoY to 2,650 million units in Q2 FY26

Smart Metering Progress

AESL has made significant strides in its smart metering business:

• Installed 42.4 lakh new meters in H1 FY26
• Cumulative installations reached 73.7 lakh meters
• On track to surpass 1 crore cumulative smart meters by the end of FY26

Capital Expenditure and Future Outlook

The company has ramped up its capital expenditure, with H1 FY26 capex increasing by 1.36 times to Rs 5,976.00 crore compared to Rs 4,400.00 crore in H1 FY25.

AESL's aggregate transmission under-construction pipeline stands at Rs 60,004.00 crore, reflecting strong growth potential. The company anticipates a significant increase in capex roll-out across all core segments and expects strong momentum in bid activity for the rest of the year.

Kandarp Patel, CEO of Adani Energy Solutions, stated, "We are pleased to report another strong quarter. The effective on-ground execution & focused O&M is enabling consistent progress on the project capex growth and taking us a step closer towards the completion of our locked-in projects across our business segments."

Market Opportunities

AESL sees substantial growth opportunities in the sector, driven by focused energy transition backed by regulatory stability and reforms. The near-term tendering pipeline in the transmission sector remains solid at approximately Rs 96,000.00 crore.

In the smart metering segment, the untapped country-wide market opportunity stands at 104 million meters, presenting significant growth potential for AESL.

Conclusion

Adani Energy Solutions Limited's strong performance in Q2 and H1 FY26 underscores its robust business model and strategic positioning in India's evolving energy landscape. With its expanding asset portfolio, growing smart metering business, and substantial pipeline of projects, AESL appears well-positioned to capitalize on the opportunities in India's power transmission and distribution sector.