Ahmedabad, 22 January 2026: Adani Energy Solutions Limited (“AESL”), part of the globally diversified Adani portfolio and the largest private transmission, distribution, and smart metering company in India, today announced its financial and operational performance for the quarter and nine month ended December 31, 2025.
“We are delighted to have delivered yet another strong quarter. Despite the challenges, our core strengths of strong on-ground execution, focused O&M and capital management have helped to drive consistent progress on the project development side. We have commissioned four transmission projects during the current financial year. The company reached an impressive mark of approximately 92.5 lakh meters —the highest in the country by any player at a benchmark daily installation rate. Looking ahead, we believe the growth outlook across our business areas remains robust. We expect a substantial increase in our asset capitalisation program across all core segments and expect strong momentum in bidding activity in the short to medium term,” said Kandarp Patel, CEO, Adani Energy Solutions.
- Q3 FY26 and 9MFY26 Highlights:
Consolidated Financial Performance: (Rs crore)
| Particulars | Q3 FY26 | Q3 FY25 | YoY % | 9M FY26 | 9M FY25 | YoY% |
| Total Income | 6,945 | 6,000 | 15.7% | 20,737 | 17,850 | 16.2% |
| Revenue from Operations
(including SCA Income and Other segments) |
6,730 | 5,830 | 15.4% | 20,145 | 17,392 | 15.8% |
| Operational Revenue | 4,491 | 4,173 | 7.6% | 13,628 | 12,941 | 5.3% |
| Operating EBITDA | 1,802 | 1,585 | 13.6% | 5,251 | 4,861 | 8.0% |
| EBITDA | 2,210 | 1,831 | 20.7% | 6,354 | 5,484 | 15.9% |
| PBT | 801 | 559 | 43.2% | 2,205 | 1,607# | 37.2% |
| PAT | 574 | 625^ | -8.2% | 1,670 | 1,714^# | -2.6% |
| Adjusted PAT | 574 | 440* | 30.4% | 1,670 | 1,244*# | 34.3% |
| Cash profit | 1,227 | 999^ | 22.8% | 3,435 | 2,933#^ | 17.1% |
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; #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; ^Includes deferred tax reversal (MAT entitlement of previous year) of Rs 469 crore in 9MFY25 and Rs 185 crore in Q3FY25; *Adjusted for one-time deferred tax reversal in 9M and Q3 (MAT entitlement of previous year) of Rs 469 crore and Rs 185 crore respectively. The Operating EBITDA numbers of 9M and Q3 FY25 have been restated due to introduction of Trading and Others segment in operating EBITDA
Revenue:
- The total income of Rs 20,737 crore in 9MFY26 and Rs 6,945 crore in Q3FY26 grew by 16.2% and 15.7% respectively due to stable operating performance across business segments and higher SCA income
- The operational revenue of Rs 13,628 crore in 9MFY26 was up 5.3% and grew 7.6% to Rs 4,491 crore in Q3FY26 driven by contribution from the recently operationalized transmission assets (MP–II in Q3FY25, Khavda Ph-II-A, KPS-1 and Sangod in Q1FY26 and NKTL in Q3FY26) and contribution from smart meters
EBITDA:
- At EBITDA level, the company saw double digit growth in 9MFY26 and Q3FY26 resulting from robust growth in transmission and smart meter and stable growth in distribution, EPC & other segments
- The consolidated operational EBITDA of Rs 1,802 crore in Q3 grew by 13.6% with steady performance across all segments – transmission, distribution, and smart meter.
- The operational EBITDA in transmission business saw moderate growth of 4.4% with back ended project commissioning. The operating EBITDA margin of 92% improved from 91% last year
Profit Before Tax: The consolidated PBT in 9MFY26 of Rs 2,205 crore ended 37.2% higher translating from strong EBITDA and supported by marginal increase in depreciation on a YoY basis and was up 43.2% in Q3FY26 at Rs 801 crore
Adjusted PAT: Q3FY26 Adjusted PAT of Rs 574 crore increased by 30.4% YoY translating from strong profitability at EBITDA and PBT level. The comparable PAT has been adjusted for a one-time positive impact of deferred tax of Rs 185 crore in Q3FY25 last year for a like-for-like comparison
Segment-wise Financial Highlights: (Rs crore)
| Segment | Particulars | Q3FY26 | Q3FY25 | YoY % | 9MFY26 | 9MFY25 | YoY% |
| Transmission | Operating Revenue | 1,239 | 1,189 | 4.2% | 3,712 | 3,561 | 4.3% |
| Operating EBITDA | 1,134 | 1,086 | 4.4% | 3,408 | 3,257 | 4.6% | |
| EBITDA margin % | 92% | 91% | 92% | 91% | |||
| EBIT | 986 | 866 | 13.9% | 2,959 | 2,509 | 17.9% | |
| Distribution (AEML and MUL) | Operating Revenue | 3,104 | 2,973 | 4.4% | 9,581 | 9,359 | 2.4% |
| Operating EBITDA | 506 | 484 | 4.6% | 1,500 | 1,541 | -2.6% | |
| EBIT | 284 | 296 | -3.9% | 848 | 952 | -10.9% | |
| Smart Metering
(Non Ind AS) |
Operating Revenue | 235 | 17 | – | 529 | 31 | – |
| Operating EBITDA | 213 | 15 | – | 466 | 26 | – | |
| EBITDA margin % | 90% | 87% | 88% | 83% | |||
| EBIT | 111 | 4 | – | 230 | 10 | – | |
| Trading and Others | Operating Revenue | 392 | 379 | 3.4% | 978 | 1,186 | -17.5% |
| Operating EBITDA | 57 | 2 | – | 107 | 41 | – | |
| EBIT | 57 | 2 | – | 107 | 41 | – |
Notes: KTL – Khavda Phase II Part-A, KPS 1 – Khavda Pooling Station – 1, STSL: Sangod Transmission; NKTL: North Karanpura Transmission Limited, AEML: Adani Electricity Mumbai Ltd; MUL: MPSEZ (Mundra) Utility Ltd.
Segment-wise Key Operational Highlights:
| Particulars | Q3 FY26 | Q3 FY25 | 9M FY26 | 9M FY25 |
| Transmission business | ||||
| Average Availability (%) | 99.7% | 99.7% | 99.7% | 99.7% |
| Total Transmission Network (ckm) | 27,901 | 25,778 | 27,901 | 25,778 |
| Distribution business (AEML) | ||||
| Supply reliability (%) | 99.99% | 99.99% | 99.99% | 99.99% |
| Distribution loss (%) | 4.03% | 4.66% | 4.22% | 4.91% |
| Units sold (MU’s) | 2,487 | 2,574 | 8,076 | 8,145 |
| Distribution business (MUL) | ||||
| Units sold (MU’s) | 371 | 236 | 1,006 | 696 |
| Smart metering business | ||||
| Meters Installed (in lakhs) | 18.9 | 8.6 | 61.2 | 14.1 |
| Cumulative Meters Installed (in lakhs) | 92.5 | 15.5 | 92.5 | 15.5 |
| Meters billed (in lakhs) | 17.5 | 8.0 | 63.6 | 10.6 |
| Meter months (in lakhs) | 220.2 | 19.6 | 499.1 | 33.4 |
Transmission business:
- The company reported strong operational parameters during the quarter, with an average system availability of over 99.7%. Robust line availability resulted in an incentive income of Rs 33 crore in Q3FY26 reflecting the superior O&M practices
- With KPS III (Khavda South Olpad) HVDC project win in Q3, the company’s aggregate transmission under construction pipeline reached Rs 77,787 crore
- During the quarter, the company fully commissioned the North Karanpura Transmission Line (NKTL) project and operationalized 299 ckm
Distribution business (AEML Mumbai and MUL Mundra):
- In AEML, the Mumbai distribution business, total units sold was 2,487 MUs in this quarter vs 2,574 MUs in Q3 FY25
- The distribution loss achieved in AEML network was one of the lowest at 4.03% in Q3FY26
Segment-wise Progress and Outlook:
Transmission:
- Robust under construction project pipeline of 13 projects worth Rs 77,787 crore
- The near-term transmission tendering opportunity at ~Rs 1 lakh crore remains solid
Distribution:
- The distribution business recorded a steady business performance. AEML’s Regulated Asset Base (RAB) stands at Rs 9,342 crores (Equity of Rs 5,088 crores and Debt of Rs 4,254 crores) as of Q3 FY26, recording a growth of 22% YoY
Smart Meters:
- Installed 92.5 lakh smart meters cumulatively as of 9MFY26. Based on the current installation pace, the company will surpass the guidance of 1 crore cumulative meters by end of FY26
- The under-implementation pipeline stands at 24.6 million smart meters, comprising ten projects with a revenue potential of over Rs 29,519 crore
ESG and Other Updates:
- AESL’s CSA score from S&P Global has improved to 80/100 from 73/100, placing AESL among top 9 percentile of 244 global electric utilities
- AESL has received consolidated ESG Rating of “71” from NSE Sustainability Ratings & Analytics Limited (“NSE Sustainability”) for the FY2025
- AESL’s smart metering business was Runners-Up in the Ramkrishna Bajaj National Quality Award (Services Category) for its AI-ML powered tool, which automates meter validation and speeds activation
- AEML won SAP ACE Special Jury Recognition Award 2025 in The Disruptor Customer Experience Management category, reaffirming our commitment to digital innovation and seamless customer engagement