Adani Energy Solutions Ltd (AESL) reported a 28% year-on-year (YoY) decline in consolidated net profit for the September quarter of FY26, with profit after tax (PAT) falling to ₹557.10 crore, compared to ₹773 crore in the same quarter last year. The company attributed the decline to a one-time deferred tax adjustment of ₹314 crore in Q2 FY25, which had inflated the previous year’s profit.
In a statement, AESL clarified that the current quarter’s PAT is adjusted for that one-time impact for a like-to-like comparison.
Despite the drop in profit, total income rose 6.4% YoY to ₹6,767 crore, up from ₹6,360 crore in the year-ago period. Total expenses remained largely stable at ₹5,687 crore versus ₹5,693 crore last year.
Strong Operational Performance & Expansion
Kandarp Patel, CEO of AESL, highlighted that the company commissioned three new transmission lines during the first half of FY26 and achieved a record pace in smart meter installations, reaching 7.4 million meters — the highest by any company in India.
“We expect a significant increase in AESL’s capex rollout across all core segments and strong momentum in bidding activity through the rest of the year,” Patel said.
H1 FY26 Highlights
For the first half of FY26, AESL’s capital expenditure rose 36% to ₹5,976 crore, compared to ₹4,400 crore in H1 FY25. The company’s total income for H1 FY26 stood at ₹13,793 crore, up 16.4% YoY, driven by stable operations and higher Service Concession Agreement (SCA) income.
AESL commissioned three major transmission projects this year — Khavda Phase II Part-A, Khavda Pooling Station-1 (KPS-1), and Sangod Transmission.
In its smart metering business, AESL added 4.24 million new meters in FY26, bringing the total to 7.37 million meters, and remains on track to cross 10 million meters by the end of the fiscal year.
Robust Project Pipeline
The company’s transmission projects under construction now total ₹60,004 crore, while its smart metering order book stands at 2.46 crore meters, representing a revenue potential of ₹29,519 crore. The tendering pipeline in the transmission sector is valued at ₹96,000 crore, and India’s smart metering market opportunity remains strong at 104 million meters.
Meanwhile, Adani Electricity Mumbai Ltd (AEML) — AESL’s Mumbai distribution business — saw a 2% rise in electricity volumes to 2,650 million units, driven by steady commercial and industrial demand.
AESL continues to maintain its leadership as India’s largest private transmission company, with operations in 16 states, a transmission network spanning 26,705 circuit kilometers, and a transformation capacity of 97,236 MVA.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice. Investors are advised to conduct their own due diligence before making financial decisions.
