Adani Energy Solutions Limited (AESL), part of the diversified Adani Group and India’s largest private-sector player in power transmission, distribution and smart metering, has reported a robust financial and operational performance for the third quarter and the first nine months of FY26, driven by steady execution, rising capital expenditure and rapid scale-up of its smart metering business.
For the October–December quarter (Q3FY26), AESL’s total income climbed 15.7% year-on-year to an all-time high of Rs 6,945 crore, supported by improved operating performance across segments and higher income from Service Concession Arrangement (SCA) assets following increased capex. EBITDA for the quarter surged 20.7% to a record Rs 2,210 crore, reflecting strong growth in the transmission and smart metering businesses and stable performance in distribution, according to an official release.
Profit before tax (PBT) rose sharply by 43.2% year-on-year to Rs 801 crore. Reported profit after tax (PAT) stood at Rs 574 crore, down 8.2% compared with Q3FY25. The decline was attributed to a one-time positive deferred tax impact of Rs 185 crore recorded in the same quarter last year. On a like-for-like basis, adjusted PAT increased 30.4% year-on-year to Rs 574 crore, tracking the double-digit expansion in EBITDA. Cash profit for the quarter grew 22.8% to Rs 1,227 crore, the release further said.
For the nine months ended December 31, 2025 (9MFY26), AESL posted total income of Rs 20,737 crore, up 16.2% year-on-year and the highest ever for the period. EBITDA rose 15.9% to Rs 6,354 crore, while PBT increased 37.3% to Rs 2,205 crore. Reported PAT of Rs 1,670 crore was marginally lower by 2.5% due to a one-time deferred tax benefit of Rs 469 crore booked in 9MFY25. Adjusted for this, PAT grew 34.4% year-on-year. Cash profit for the nine-month period rose 17.1% to Rs 3,435 crore.
Operationally, AESL continued to scale up its asset base. Capital expenditure during 9MFY26 rose 1.24 times to Rs 9,294 crore compared with Rs 7,475 crore in the corresponding period last year. During the nine months, the company commissioned four transmission projects — North Karanpura Transmission (NKTL), Khavda Phase II Part-A, Khavda Pooling Station-1 (KPS-1) and the Sangod transmission project — strengthening its nationwide network.
In the fast-growing smart metering segment, AESL installed 61.2 lakh new meters during the nine-month period, taking cumulative installations to about 92.5 lakh. The company is on track to cross the milestone of one crore cumulative smart meters by the end of FY26, backed by one of the highest daily installation rates in the country.
With recent project wins, AESL’s locked-in growth pipeline remains strong. The transmission projects under construction are valued at Rs 77,787 crore, while the smart metering order book stands at 2.46 crore meters, translating into a revenue potential of Rs 29,519 crore. The near-term transmission tendering pipeline across the country is estimated at around Rs 1 lakh crore, while the overall smart metering market opportunity remains robust at about 103 million meters.
Segment-wise, the transmission business reported operating revenue of Rs 1,239 crore in Q3FY26, up 4.2%, with operating EBITDA of Rs 1,134 crore, reflecting a margin of 92%. Average system availability remained high at 99.7%, resulting in incentive income of Rs 33 crore during the quarter.
In distribution, Adani Electricity Mumbai Ltd (AEML) and Mundra Utility Ltd (MUL) delivered steady performance. AEML recorded distribution losses of just 4.03% in Q3FY26, among the lowest in the country, while supply reliability remained at 99.99%. The regulated asset base of the Mumbai distribution business stood at Rs 9,342 crore as of Q3FY26, up 22% year-on-year.
The smart metering segment continued to scale rapidly, with operating EBITDA margins remaining strong at around 90% in Q3FY26. AESL has an under-implementation pipeline of 24.6 million smart meters across 10 projects, providing long-term revenue visibility.
On the capital management front, Moody’s Ratings revised the outlook on Adani Transmission Step-One Limited and Adani Electricity Mumbai Limited to ‘Stable’ from ‘Negative’, while affirming their Baa3 senior secured ratings, reflecting improved business visibility and financial stability.
Commenting on the performance, Kandarp Patel, CEO of Adani Energy Solutions, said the company had delivered another strong quarter despite operating challenges. He highlighted the commissioning of four transmission projects during the year and the rapid expansion of the smart metering business, adding that the growth outlook across AESL’s core segments remains robust, with strong momentum expected in bidding activity over the short to medium term.
The company also reported progress on ESG parameters, with its S&P Global CSA score improving to 80 out of 100, placing it among the top nine percentile of global electric utilities, underscoring its focus on sustainability and digital innovation.
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