Adani Energy Solutions Limited (AESL) has reported a robust financial performance for the first half, with significant growth in revenue and profitability. The company also outlined ambitious expansion plans across its business segments.

Financial Highlights

AESL reported a total income of INR 13,793 crores for the first half, marking a 16% growth over the previous year. The company's consolidated EBITDA increased by 13% to INR 4,144 crores, while consolidated Profit Before Tax (PBT) grew by 34% to INR 1,404 crores.

Operational Achievements

The company successfully commissioned three transmission projects during the first half:

1. Khavda Phase-II Part-A
2. Khavda Pooling Station
3. Sangod transmission line

AESL's Mumbai utility, Adani Electricity Mumbai Limited (AEML), continued to demonstrate operational excellence with distribution losses at 4.30% for the first half.

Smart Meter Business

The smart meter segment showed significant progress:

• Total installations reached 73 lakh meters
• 42.5 lakh meters installed in the first half
• Smart meter order book of 2.46 crore meters
• Revenue potential of INR 29,000 crores from the order book

Future Plans and Capex

AESL has outlined an ambitious capex plan:

The company expects this capex to contribute approximately INR 2,800 crores to EBITDA on an annual run-rate basis.

Transmission Business Outlook

• Current order pipeline of INR 60,000 crores
• Plans to commission at least three transmission projects worth over INR 12,000 crores in the second half

Deleveraging Efforts

As part of its deleveraging strategy, AESL bought back $44 million of USD bonds during the quarter.

Management Commentary

Kandarp Patel, CEO of AESL, stated, "We currently have about INR 60,000 crores of order pipeline for transmission projects. Similarly, we have a total revenue upwards of INR 27,000 crores and INR 14,000 crores of capex in smart metering business."

He added, "We will capitalize about INR 17,000 to INR 18,000 crores of capex, which will contribute about INR 2,800 crores of EBITDA on an annual run-rate basis."

Adani Energy Solutions Limited continues to demonstrate strong growth across its business segments, with a clear focus on expanding its transmission, distribution, and smart metering capabilities. The company's substantial capex plans and robust order pipeline indicate a positive outlook for future growth and profitability.

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.