Ahmedabad, 22 January. Adani Energy Solutions Limited (AESL), part of the globally diversified Adani Group and India’s largest private transmission, distribution and smart metering company, has released its financial and operational performance for the quarter and nine months ended December 31, 2025.
Speaking on the occasion, Kandarp Patel, CEO, Adani Energy Solutions, said, ‘I am pleased that we have delivered another strong quarter. “Despite the challenges, good work has been done on the ground and our core strengths like focus on operations and maintenance and pennies management have helped us maintain steady progress in project development.”
Kandarp Patel said, ‘During the current financial year, we have successfully commissioned four transmission projects. The company has achieved a milestone of approximately 92.5 lakh metres, which is the highest ever achieved by any company in the country and that too with a record daily installation rate. Going forward, we see strong growth prospects across all our business segments. “We expect better growth in asset capitalization program across all our key segments and bidding activities are also likely to pick up in the near to medium term.”
Highlights of the third quarter of FY26 and nine months of FY26:
Consolidated Financial Performance: (Rs. Crore)
Revenue
- Total Income stood at Rs 20,737 crore in 9M FY26 and Rs 6,945 crore in Q3FY26, registering a growth of 16.2% and 15.7% respectively. The increase was driven by stable operating performance across all business segments and higher earnings from SCA.
- Operating revenue for nine months of FY26 stood at Rs 13,628 crore, a growth of 5.3%, while it grew by 7.6% at Rs 4,491 crore for Q3FY26. The increase was driven by contributions from recently commissioned transmission assets (MP-II in Q3FY25, Khavra Phase-II-A, KPS-1 and Sangod in Q1FY26 and NKTL in Q3FY26) and smart meters.
EBITDA
- At the EBITDA level, both Q9FY26 and Q3FY26 recorded double digit growth. This was driven by strong growth from transmission and smart meters and stable performance in distribution, EPC and other segments.
- Consolidated operating EBITDA for Q3FY26 stood at Rs 1,802 crore, a growth of 13.6%. The increase was driven by stable performance across segments – transmission, distribution and smart meters.
- Operating EBITDA in the transmission business grew with a moderate growth of 4.4%, led by back-ended commissioning of projects. Operating EBITDA margin in this segment stood at 92%, which is better than 91% last year.
Profit before tax: Consolidated PBT for nine months of FY26 stood at Rs 2,205 crore, showing a growth of 37.2%. The increase was driven by strong EBITDA performance, also supported by a modest increase in depreciation on an annual basis. At the same time, PBT increased by 43.2% to Rs 801 crore in the third quarter of FY 26.
Adjusted profit before tax: Adjusted PAT stood at Rs 574 crore in Q3FY26, registering a growth of 30.4% YoY. The increase was driven by strong profitability at the EBITDA and PBT levels. To compare on a like-for-like basis, PAT has been adjusted for the positive impact of one-time deferred tax of Rs 185 crore received in Q3FY25 over the previous year.
Segment wise financial highlights: (in Rs crore)
Segment-wise key operating highlights: (in Rs crore)
Transmission Business:
- The company recorded strong operating parameters during the quarter, with average system availability exceeding 99.7%. Incentive income of Rs 33 crore in Q3FY26 was driven by better availability of lines, reflecting better operation and maintenance practices.
- With the win of KPS III (Khawra South Olpad) HVDC project in Q3FY26, the company’s total pipeline of transmission projects under construction increased to Rs 77,787 crore.
- During the quarter the company fully commissioned the North Karanpura Transmission Line (NKTL) project and brought into operation 299 CKM transmission line.
Distribution Business (AEML Mumbai and MUL Mundra):
- A total of 2,487 MU electricity was sold in the Mumbai distribution business under AEML during the quarter as against 2,574 MU in Q3FY25.
- Distribution loss in AEML network stood at 4.03% in Q3FY26, which is among the lowest levels in the country.
Segment-wise Progress and Outlook:
Transmission:
- Strong under-construction transmission pipeline of 13 projects with a total estimated cost of Rs 77,787 crore.
- Transmission tender opportunities worth around Rs 1 lakh crore remain strong in the near term.
Distribution :
- The distribution business recorded a stable performance. AEML’s regulated asset base (RAB) stood at Rs 9,342 crore as of Q3FY26, comprising Rs 5,088 crore of equity and Rs 4,254 crore of debt. This represents a growth of 22% on a year-on-year basis.
Smart Meters:
- In the nine months of FY26, the company installed a total of 92.5 lakh smart meters. Going by the current installation pace, the company will cross the target of 1 crore smart meters by the end of FY26.
- The smart meter pipeline under implementation is 24.6 million metres, comprising 10 projects with a revenue potential of over Rs 29,519 crore.
ESG and other updates:
- AESL’s CSA score from S&P Global improved from 73/100 to 80/100, placing AESL in the top 9 percentile of 244 global electric utilities.
- AESL received a consolidated ESG rating of 71 from NSE Sustainability Ratings and Analytics Limited (NSE Sustainability) for FY25.
- AESL’s Smart Metering business was runner-up in the Ramakrishna Bajaj National Quality Award (Services Category) for AI-ML based tools. This tool automates meter validation and speeds up the process of meter activation.
- AEML received the SAP ACE Special Jury Recognition Award in the year 25 in the category ‘The Disruptor Customer Experience Management’, highlighting its commitment to digital innovation and seamless customer experience.
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