Adani Energy Solutions Limited released its provisional operational update for Q3FY26 on Monday, January 12, demonstrating robust performance across its transmission and distribution businesses. The company maintained strong operational metrics while expanding its network infrastructure and securing new projects during the reporting period.

Strong Collection and System Performance

The company's operational performance remained resilient during Q3FY26, with key metrics reflecting operational excellence across business segments.

Collection efficiency of 101.75% on a year-on-year basis highlighted continued strength in billing and recovery operations across the distribution network. System availability maintained at 99.69% levels underscored operational reliability within the transmission infrastructure.

Transmission Segment Expansion

The transmission business demonstrated significant growth momentum with substantial order book expansion and infrastructure development. The under-construction order book stood at ₹77,787 crore as of Q3FY26, reflecting the company's strong project pipeline.

During the quarter, Adani Energy Solutions achieved several operational milestones:

• Commissioned the North Karanpura Transmission Line
• Operationalised 299 circuit kilometres of transmission infrastructure
• Secured additional transmission projects expanding network footprint
• Maintained transmission availability levels close to 100%

Distribution Operations Performance

Adani Electricity Mumbai Limited sustained strong performance metrics across multiple operational parameters. Supply reliability remained at 99.998%, while system reliability indicators SAIDI and SAIFI showed improvement during the quarter. Distribution losses in Mumbai continued their downward trend, supported by operational efficiency initiatives and network strengthening measures.

The Mundra distribution business recorded notable growth with units sold rising 57% year-on-year to 371 million units in Q3FY26, driven by strong industrial demand in the region. Consumer complaints declined year-on-year, reflecting improved service quality and operational efficiency.

Strategic Partnership Development

On January 7, 2026, an Adani Green Energy arm signed an agreement to supply 20.8 MW of solar-wind hybrid power from Khavda to Asahi India Glass. Under this arrangement, Asahi India Glass will subscribe to a 26% equity stake as a captive user, aligning with new project agreements.

The company's shares closed at ₹955.00 on the NSE, down 0.58% or ₹5.60 for the day, following the operational update release.

Adani Energy Solutions Limited has released its provisional operational updates for Q3FY26, demonstrating strong performance across its diversified energy infrastructure portfolio. The company's comprehensive operational metrics reflect continued growth in transmission network expansion, smart metering deployment, and distribution efficiency improvements.

Transmission Business Achieves Network Expansion

The transmission segment delivered notable achievements during Q3FY26, with the company securing the KPS III (Khavda South Olpad) HVDC project. This strategic win expanded the total order book to ₹77,787.00 crores and increased the transmission network to 27,901 circuit kilometers.

During the quarter, the company fully commissioned the North Karanpura Transmission Line (NKT) and operationalized 299 circuit kilometers. System availability remained robust at 99.69%, maintaining near-optimal performance levels across the transmission network.

Smart Metering Business Accelerates Installation Pace

The smart metering segment achieved significant milestones in Q3FY26, with 18.88 lakh new meter installations during the quarter. This brings the total cumulative smart meter installations to 92.5 lakh meters, positioning the company to likely surpass its guidance of 1 crore cumulative meters by the end of FY26.

Distribution Operations Show Mixed Performance

AEML Mumbai Operations

AEML's Mumbai distribution business maintained strong operational efficiency metrics during Q3FY26. Distribution losses improved significantly to 4.22% in year-to-date FY26 from 4.91% in the corresponding period of FY25. Supply reliability remained exceptional at 99.998% levels, while collection efficiency stayed robust at 101.75%.

System reliability parameters showed improvement with better SAIDI and SAIFI metrics, while CAIDI experienced marginal decline. The consumer base in Mumbai circle increased to 3.26 million due to new customer additions.

MUL Mundra Operations

MUL's Mundra operations delivered exceptional performance with units sold growing 57% year-on-year to 371 million units compared to 236 million units in Q3FY25. This substantial growth was driven by strong industrial demand in the Mundra Special Economic Zone.

Recognition and Awards

The company received multiple recognitions during the quarter, highlighting its operational excellence and innovation initiatives:

• AESL's CSA score from S&P Global improved to 80/100 from 73/100, placing the company among the top 9 percentile of 244 global electric utilities
• Rajnandgaon substation won First Prize and Diamond Rating in the Service Category at the 10th CII National 5S Excellence Awards 2025
• Smart metering business was Runners-Up in the Ramkrishna Bajaj National Quality Award (Services Category)
• AEML secured GOLD award at QCFI's 39th Annual Quality Convention (CCQC-2025)
• Received consolidated ESG Rating of "71" from NSE Sustainability Ratings & Analytics Limited for FY2025

Nine-Month Performance Overview

For the nine-month period ending December 2025, AESL maintained consistent operational performance across all business segments. The transmission network length and transformation capacity remained at the same levels as Q3FY26, while average system availability improved marginally to 99.71% from 99.70% in 9MFY25.

AEML's distribution business showed steady improvement in key metrics, with distribution losses declining to 4.22% in 9MFY26 from 4.91% in 9MFY25. Consumer complaints decreased significantly to 3,32,730 from 4,74,064 in the previous year, reflecting improved operational efficiency and customer service focus.

MUL's strong performance continued in the nine-month period, with total units sold reaching 1,006 million units compared to 696 million units in 9MFY25, representing a 44.5% year-on-year growth driven by sustained industrial demand.