Ahmedabad, 24 July 2025: Adani Energy Solutions Limited (“AESL”), part of the globally diversified Adani portfolio and the largest private transmission and distribution company in India with a large smart metering portfolio, today announced its financial and operational performance for the quarter ended June 30, 2025.
“We are pleased to report another robust quarter. The effective on-ground execution & focused O&M enabling consistent progress on the project capex growth continues to be our key performance yardstick as we stay focused on unlocking the huge locked-in growth potential in our core business segments. During this quarter, the company made strides to commission three new transmission lines and achieved industry leading daily run-rate in terms of smart meters installation. We expect to not only maintain the same momentum, but further enhance our pursuit of timely completion of our under-construction project pipeline. In terms of business outlook, as the sector offers immense opportunities backed by regulatory support and strong underlying factors like power demand and changing energy mix, AESL remains excited to tap the fresh opportunities falling within the risk-reward matrix and capital allocation policy of the company. We anticipate a significant increase in AESL’s capex roll-out and new bid activity from Q2, as the monsoon subsides,” said Kandarp Patel, CEO, Adani Energy Solutions
Q1 FY26 Highlights:
Consolidated Financial Performance: (Rs crore)
| Particulars | Q1 FY26 | Q1 FY25 | YoY % | Q4 FY25 | QoQ % |
| Operational Revenue | 4,600 | 4,623 | -0.5% | 4,116 | 11.8% |
| Total Income | 7,026^ | 5,490^ | 28.0% | 6,596^ | 6.5% |
| Operating EBITDA | 1,615 | 1,628 | -0.8% | 1,757 | -8.1% |
| Total EBITDA | 2,017 | 1,762# | 14.5% | 2,262 | -10.8% |
| PAT | 539 | 315# | 70.9% | 714 | -24.5% |
| Adjusted PAT | 539 | 315# | 70.9% | 566* | -4.7% |
| Cash profit | 1,043 | 908# | 14.8% | 1,358 | -23.2% |
Notes: Total Income = Operational revenue + income from Service Concession Agreement (SCA) assets / EPC / traded goods + One time income/expense + Other Income; Total EBITDA = Operating EBITDA plus other income, one-time regulatory income, adjusted for CSR exp.; Cash profit calculated as PAT + Depreciation and amortization expenses + Deferred Tax + MTM option loss); ^Includes SCA income of Rs 1,924 crore in Q1 FY26 vs Rs 646 crore in Q1FY25 and 1,804 crore in Q4FY25; #Adjusted for an exceptional item due to carve-out of the Dahanu power plant of Rs 1,506 crore; *Adjusted for regulatory income of Rs 148 crore in Q4FY25 in T&D segments
Revenue:
- During Q1 FY26, the total income of Rs 7,026 crore grew by 28% due to stable operating performance, higher SCA, EPC, and treasury income
- The operational revenue of Rs 4,600 crore ended flat YoY with modest contribution from the new transmission assets due to recent commissioning (MP–II in Q3 FY25 and Khavda Ph-II-A, KPS – 1 and Sangod in the later part of Q1 FY26) which was largely offset by the normal decline in the revenue of cost-plus transmission assets
- The contribution from the newly commissioned transmission assets should meaningfully improve from the next quarter onwards. The revenue in the Distribution segment was soft due to the early arrival of monsoon resulting in flat volume growth in the Mumbai distribution area
EBITDA:
- Consolidated EBITDA for Q1 FY26 increased by 14% to Rs 2,017 crore, resulting from steady transmission and distribution revenue, growing contribution from smart meter and EPC & other income
- The operational EBITDA of Rs 1,615 crore ended flat YoY due to lower operational EBITDA in Mumbai distribution business due to higher depreciation on account of Dahanu carve-out and lower capitalization as against capex of Rs 341 crore, offsetting the EBITDA contribution from smart meter business. The transmission business EBITDA was flat and continues to maintain the industry’s leading operating EBITDA margin of 92%
PAT: Q1 FY26 PAT of Rs 539 crore increased by 71% YoY due to double-digit growth in total EBITDA and aided by lower depreciation of Rs 33 crore YoY and net tax outgo which was down by Rs 19 crore YoY
Segment-wise Financial Highlights: (Rs crore)
| Segment | Particulars | Q1 FY26 | Q1 FY25 | YoY % | Q4 FY25 | QoQ% |
| Transmission | Op Revenue | 1,172 | 1,174 | -0.2% | 1,213 | -3.4% |
| Operating EBITDA | 1,070 | 1,073 | -0.2% | 1,108 | -3.4% | |
| EBITDA | 1,288 | 1,148 | 12.2% | 1,326 | -2.8% | |
| Distribution (AEML and MUL) | Op Revenue | 3,360 | 3,372 | -0.4% | 2,875 | 16.9% |
| Operating EBITDA | 493 | 534 | -7.6% | 634 | -22.3% | |
| EBITDA | 630 | 592# | 6.4% | 873 | -27.8% |
Notes: #Adjusted for an exceptional item because of carve-out of the Dahanu power plant in line with Ind AS 105 of Rs 1,506 crore; KTL – Khavda Phase II Part-A, KPS 1 – Khavda Pooling Station – 1, STSL: Sangod Transmission; AEML: Adani Electricity Mumbai Ltd; MUL: MPSEZ (Mundra) Utility Ltd;
Segment-wise Key Operational Highlights:
| Particulars | Q1 FY26 | Q1 FY25 |
| Transmission business | ||
| Average Availability (%) | 99.8% | 99.7% |
| Transmission Network Added (ckm) | 79 | 190 |
| Total Transmission Network (ckm) | 26,696 | 21,187 |
| Distribution business (AEML) | ||
| Supply reliability (%) | 99.99% | 99.99% |
| Distribution loss (%) | 4.24% | 5.18% |
| Units sold (MU’s) | 2,939 | 2,962 |
| Distribution business (MUL) | ||
| Units sold (MU’s) | 271 | 226 |
| Smart metering business | ||
| Meters Installed (in lakhs) | 24.08 | 1.69 |
| Cumulative Meters Installed (in lakhs) | 55.44 | 3.10 |
Transmission business:
- The company reported strong operational parameters during the quarter, with an average system availability of over 99.8%. Robust line availability resulted in an incentive income of Rs 29 crore in Q1 FY26 reflecting the superior O&M practices in place
- The company has fully commissioned Khavda Phase II Part-A, KPS-1 and Sangod during the quarter
- Added 79 circuit kilometers of transmission network to the operational network with total transmission network at 26,696 circuit kilometers
Distribution business (AEML Mumbai and MUL Mundra):
- AEML, the Mumbai distribution business, witnessed flat volumes at 2,939 million units due to the early arrival of the monsoon season
- The distribution loss in AEML was the lowest ever at 4.24% in Q1 FY26
Segment-wise Progress and Outlook:
Transmission:
- Robust under construction project pipeline of 13 projects worth Rs 59,304 crore are currently under the execution phase
- The company expects to fully commission North Karanpura, WRSR (Narendra – Pune), Mumbai HVDC and Khavda Phase-III-A (Halvad) in FY26 in addition to three lines commissioned in Q1 FY26
- The near-term transmission tendering pipeline is solid at ~Rs 89,864 crore with two large HVDC projects part of the pipeline
Distribution:
- The distribution business recorded a steady business performance. AEML’s Regulated Asset Base (RAB) stands at Rs 9,433 crores (Equity of Rs 5,024 crores and Debt of Rs 4,409 crores) as of Q1 FY26, recording a growth of 13% YoY
Smart Meters:
- Installed 55.4 lakh smart meters as of Q1 FY26. The company plans to install at least 70 lakh new meters in FY26, thereby achieving a cumulative number of minimum ~1 crore meters by the end of FY26
- The under-implementation pipeline stands at 22.8 million smart meters, comprising nine projects with a revenue potential of over Rs 27,195 crore
ESG Updates:
- AESL’s ESG score by Sustainalytics improved to 25.1 from 27.9 under ‘Medium Risk’ category in July 2025, surpassing the global electric utility industry average of 36.9
- FTSE reaffirms AESL as a constituent of FTSE4Good index series (June 2025) with an ESG score of 4.4, well above the industry average of 2.9 and placing us amongst the top 6 global utilities. The company scored 5/5 in Governance, 4.3/5 in Social, and 4/5 in Environment
- CDP Supply Chain 2024 score improved to –A (Leadership band) from B (Management band)
- AEML hosted “Pravartak,” the Industry Conclave 2025, bringing together industry leaders, experts, and customers to explore innovations in green buildings, EV infrastructure, bus duct technology, and centralized cooling system