Adani Energy Solutions Reports 21% YoY PAT Growth in Q2 FY26 Results

Adani Energy Solutions Limited (AESL) announced its financial results for the quarter ended September 30, 2025, showcasing steady growth across its business segments. 

The company reported total income of ₹13,793 crore in H1 FY26, a 16.4% year-on-year increase, while Q2 FY26 total income rose 6.4% YoY to ₹6,767 crore. The operational revenue stood at ₹9,138 crore for H1 FY26, up 4.2% YoY, and ₹4,539 crore for Q2 FY26, registering a 7.6% increase.

The growth was driven by contributions from newly operationalised transmission assets such as MP–II, Khavda Phase II Part-A, KPS-1, and Sangod, along with expanding revenue from the smart metering business. The rise in Q2 revenue also reflected higher energy demand across distribution circles and consistent performance from recently commissioned assets.

EBITDA Growth

AESL recorded double-digit growth in consolidated EBITDA for both H1 and Q2 FY26. The consolidated operational EBITDA rose 9.5% YoY to ₹1,825 crore, supported by strong performance in the transmission and smart metering segments. The company’s operating EBITDA margin in the transmission business stood at an industry-leading 93%.

The Mumbai distribution business witnessed a marginal YoY decline in EBITDA due to the absence of contribution from the Dahanu thermal asset, which was divested in FY25. However, this impact will no longer reflect in subsequent quarters. Overall, EBITDA for H1 FY26 rose 13% YoY to ₹4,144 crore, with Q2 FY26 EBITDA growing 12% YoY to ₹2,126 crore.

Profitability and Cash Flow

Adani Energy Solutions achieved an adjusted PAT of ₹557 crore in Q2 FY26, up 21% YoY, after adjusting for the one-time deferred tax gain of ₹314 crore in Q2 FY25. For H1 FY26, adjusted PAT stood at ₹1,096 crore, representing a robust 42% YoY growth. This improvement stemmed from strong EBITDA growth, stable depreciation, and a marginal rise in interest costs.

Cash profit reached ₹2,212 crore in H1 FY26 and ₹1,167 crore in Q2 FY26, both up 14% YoY, highlighting healthy operational cash generation.

Capex and Expansion

AESL reported a capex of ₹5,976 crore in H1 FY26, marking a 1.36x increase from ₹4,400 crore in H1 FY25. The company commissioned three major transmission projects—Khavda Phase II Part-A, Khavda Pooling Station-1 (KPS-1), and Sangod—further strengthening its grid infrastructure.

In the smart metering business, AESL installed 42.4 lakh new meters during the year, taking the total installed base to 73.7 lakh. The company remains on track to surpass one crore cumulative smart meters by the end of FY26.

Adani Energy Solutions Share Price Performance

On October 28, 2025, Adani Energy Solutions share price (NSE: ADANIENSOL) opened at ₹941.00, down from its previous close of ₹946.35. At 9:57 AM, the share price of Adani Energy Solutions was trading at ₹937.40, down by 0.95% on the NSE.

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Conclusion

Adani Energy Solutions delivered a resilient performance in Q2 FY26, supported by growth in its core transmission and smart metering businesses. With profitability, consistent project execution, and expanding infrastructure, the company remains well-positioned to sustain momentum and achieve its long-term growth objectives.

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