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. The company has also announced ambitious plans for future expansion.

Financial Highlights

AESL's consolidated total income for H1 FY26 surged by 16.4% year-on-year to ₹13,793.00 crore, while Q2 FY26 saw a 6.4% increase to ₹6,767.00 crore. The company's operational revenue grew by 4.2% to ₹9,138.00 crore in H1 FY26 and by 7.6% to ₹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 ₹4,144.00 crore
• Q2 FY26 EBITDA: Increased 12.4% YoY to ₹2,126.00 crore

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

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

Adjusted Profit After Tax (PAT) for H1 FY26 surged by 41.6% to ₹1,096.00 crore, while Q2 FY26 saw a 21.2% increase to ₹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 ₹5,976.00 crore compared to ₹4,400.00 crore in H1 FY25.

AESL's aggregate transmission under-construction pipeline stands at ₹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.

Adani Energy Solutions has outlined plans to achieve EBITDA of ₹38,000-40,000 crores by FY27 through a capital expenditure of ₹55,000 crores. This investment will focus on smart grids, green transmission infrastructure, and Mumbai distribution operations. As part of its expansion strategy, the company is targeting integration of 50GW renewable energy capacity.

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 ₹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, coupled with its ambitious ₹55,000 crore investment plan, AESL appears well-positioned to capitalize on the opportunities in India's power transmission and distribution sector and achieve its targeted EBITDA growth by FY27.

Adani Energy Solutions Limited , a key player in India's energy sector, has released its financial results for the second quarter of fiscal year 2026, showcasing growth in revenue. The company, which operates across transmission, distribution, smart meter, and trading segments, has demonstrated resilience in a dynamic market environment.

Financial Highlights

The company's performance for Q2 FY2026 and H1 FY2026 is summarized in the following table:

Key Observations

• Revenue Growth: Adani Energy Solutions has reported a 6.67% year-on-year increase in revenue from operations for Q2 FY2026, rising from ₹6,183.70 crores to ₹6,595.83 crores. The half-yearly figures show a 16.02% growth to ₹13,415.11 crores.

• Profit After Tax: The company's profit after tax for Q2 FY2026 decreased to ₹557.10 crores from ₹773.15 crores in the same quarter last year, marking a 27.94% decline. The half-yearly profit after tax stood at ₹1,096.04 crores.

• Balance Sheet: As of September 30, 2025, Adani Energy Solutions reported total assets of ₹82,672.75 crores and total borrowings of ₹45,373.65 crores.

Corporate Governance and Compliance

The Board of Directors approved these unaudited financial results in a meeting held on October 27, 2025. The meeting, which took place from 02:30 p.m. to 04:15 p.m., saw the Board reviewing and approving the unaudited financial results for both standalone and consolidated operations. These results have been prepared in accordance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Conclusion

Adani Energy Solutions Limited's Q2 FY2026 results reflect revenue growth, particularly evident in its half-yearly performance. While the quarterly profit has seen a decline, the overall revenue trajectory remains positive. The company's diverse operations across critical energy sectors position it as a significant player in India's energy landscape.

Investors and stakeholders may find encouragement in the revenue growth but may also seek to understand the factors behind the profit decline in future communications from the company.