Adani Energy Solutions Limited has filed its quarterly monitoring agency report for Q3FY26, detailing the utilization of ₹8,373.10 crore raised through its Qualified Institutional Placement (QIP) in August 2024. The report, submitted to BSE and NSE on January 22, 2026, provides comprehensive insights into fund deployment and project progress.

QIP Fund Utilization Overview

The monitoring report prepared by CARE Ratings Limited shows substantial progress in fund utilization across designated objectives. The company has deployed the majority of QIP proceeds, with only a minimal amount pending deployment.

*₹37,739.86 pending for smart meter projects

Fund Reallocation Between Projects

The report highlights a significant reallocation of funds between two primary objectives, which received board approval in Q1FY26. The reallocation was necessitated by increased capital expenditure requirements in the transmission sector.

Project Implementation Progress

The transmission systems project has achieved complete fund utilization, reflecting the company's focus on expanding its power transmission infrastructure. For smart meter installations, ₹62.48 crore was deployed during Q3FY26, with the remaining ₹37,739.86 approved for utilization in Q4FY26.

The company successfully completed debt repayment objectives, utilizing the entire allocated ₹2,420.00 crore for repaying outstanding borrowings of AESL and its subsidiaries. General corporate purposes also saw complete fund deployment during the reporting period.

Monitoring Agency Assessment

CARE Ratings Limited, serving as the monitoring agency, confirmed that while there was deviation from original objects exceeding 10%, proper board approval was obtained for fund reallocation. The agency verified that all government and statutory approvals related to project objectives have been secured.

Key monitoring observations include:

• All utilization aligns with offer document disclosures post-reallocation
• No material deviations affecting investor decision-making
• Proper documentation and certification processes followed
• No delays in transmission system implementation

Compliance and Governance

The report demonstrates adherence to SEBI regulations, with the Audit Committee reviewing both the monitoring agency report and deviation statements. The company maintained transparency by providing detailed explanations for fund reallocation and obtaining requisite approvals.

The monitoring agency noted that during Q2FY26, the company transferred issue proceeds from the monitoring account to fixed deposits and subsequently to current accounts for utilization, requiring reliance on management declarations and CA certificates for fund tracking.

Future Deployment Plans

The Board of Directors and Audit Committee approved the utilization of the remaining ₹37,739.86 for smart meter projects during Q4FY26, ensuring complete deployment of QIP proceeds within the fiscal year. This final deployment will mark the successful completion of all stated objectives from the original placement document.

Adani Energy Solutions has reported its third quarter financial performance, showing a consolidated net profit of ₹5.52 billion for the period. This compares to the net profit of ₹5.60 billion recorded in the same quarter of the previous fiscal year.

Financial Performance Overview

The company's quarterly results indicate a year-on-year decline in profitability, with net profit decreasing by ₹0.08 billion from the corresponding period last year. This translates to a percentage decline of 1.43% in consolidated net profit on a year-on-year basis.

Quarterly Results Analysis

The third quarter performance reflects a marginal decrease in the company's bottom line compared to the same period in the previous fiscal year. The consolidated net profit figure of ₹5.52 billion represents the company's overall profitability after accounting for all subsidiaries and business segments during the quarter.

The year-on-year comparison provides insight into the company's financial trajectory, showing a slight contraction in net profit margins during the reporting period. This performance metric serves as a key indicator of the company's operational efficiency and market position in the energy solutions sector.