Adani Energy Solutions Q4FY26: Profit up 5.6% YoY

Adani Energy Solutions reported its March-quarter (Q4FY26) earnings on Thursday, April 23, posting a year-on-year increase in profit and a double-digit rise in revenue. The company said consolidated net profit attributable to owners rose 5.6% from a year earlier, while consolidated revenue increased 16.7%.

The results come as the company continues to spend heavily on expansion, with full-year capex for FY26 rising above the prior year. Investors tracked the numbers closely, with the stock finishing higher on the day of the announcement.

Stock reaction on results day

Adani Energy Solutions shares ended 0.63% higher at ₹1,361.3 on the BSE. The company’s market capitalisation stood at ₹1,63,566.64 crore.

During the session, the stock moved in a wide range, touching an intraday high of ₹1,389 and an intraday low of ₹1,339.65. The close suggested a mildly positive reaction despite the market focusing on the pace of earnings growth relative to the revenue jump.

Q4FY26 headline numbers

For Q4FY26, revenue from operations increased to ₹7,443.3 crore, compared with ₹6,374.58 crore in the year-ago quarter. That translates into a 16.7% year-on-year rise in operating revenue.

Net profit attributable to owners of the company rose to ₹683.7 crore in Q4FY26, from ₹647.15 crore a year earlier, implying a 5.6% year-on-year increase. The company also reported a decline in earnings per share to ₹5.25 for the quarter.

What supported FY26 operating performance

The company reported a double-digit growth of 13% in EBITDA to ₹8,726 crore in FY26. It attributed the EBITDA performance to strong growth in transmission and smart metering, along with stable growth in distribution.

Adani Energy Solutions also disclosed consolidated operational EBITDA of ₹7,407 crore in FY26, up 12.7%, citing steady performance across transmission, distribution, and smart meter segments. These figures indicate that operating profitability grew faster than revenue in FY26 on an operational EBITDA basis.

Capex rises again in FY26

Capital expenditure rose meaningfully during the year. Adani Energy Solutions said capex in FY26 increased by 1.24x to ₹14,232 crore, compared with ₹11,444 crore in FY25.

The FY25 capex itself was described as a step-up versus earlier spending, with the company stating it had doubled capex in FY25 to ₹11,444 crore, from ₹5,613 crore in FY24. The multi-year increase highlights the funding and execution focus required in transmission, distribution, and smart metering.

FY25 as context: income, EBITDA, PAT and one-offs

In FY25, the company reported total income of ₹24,447 crore, up 42% year-on-year, and operational revenue of ₹17,057 crore, up 20% year-on-year. It said the growth was driven by contributions from newly commissioned transmission projects, energy sales in Mumbai and Mundra utilities, and the smart metering business.

For FY25, EBITDA increased 23% to ₹7,746 crore. PAT for FY25 rose 103% to ₹2,427 crore, with the company attributing this to stronger EBITDA and a reversal of net deferred tax liability of ₹469 crore, primarily linked to the divestment of AEML’s Dahanu plant, and regulatory income of ₹148 crore.

In Q4FY25 specifically, revenue from operations was ₹6,374.58 crore and consolidated EBITDA was ₹2,262 crore. The company also said recovery of past regulatory asset charges of ₹221.23 crore was added to revenue from operations in Q4FY25.

Segment indicators cited for FY25

The company highlighted that, with seven new projects, its order book across 15 projects reached ₹59,936 crore as of FY25. It also said it added 695 circuit kilometers of transmission lines during the year, taking the total transmission network to 26,696 circuit kilometers.

For the distribution business, it pointed to steady performance and expansion in regulatory asset base (RAB). After the Dahanu plant divestment, AEML’s RAB stood at ₹9,549 crore as of FY25, comprising equity of ₹5,014 crore and debt of ₹4,535 crore, and recording 13% year-on-year growth.

Leverage and bidding environment (FY25)

Adani Energy Solutions said its leverage position was comfortable, with net debt to EBITDA at 3.2 times, in line with guidance. It also pointed to the sector backdrop, stating FY25 saw transmission bidding activity of ₹1,61,540 crore.

The company said its market share in that bidding activity was 28%, and it flagged a near-term tendering pipeline of ₹54,000 crore. These disclosures frame the competitive environment and the project pipeline the company is targeting.

Key numbers at a glance

Why the FY26 print matters for investors

Q4FY26 showed a faster rise in operating revenue than in net profit, with EPS also lower at ₹5.25. At the same time, the full-year numbers cited by the company point to sustained operational growth in FY26, supported by transmission and smart metering, alongside stable distribution.

The capex trajectory is also central to the investment narrative. With FY26 capex at ₹14,232 crore following FY25’s ₹11,444 crore, investors are likely to track how new assets translate into regulated earnings and whether profitability keeps pace with the expanded asset base.

What to watch next

The company’s disclosed order book of ₹59,936 crore as of FY25, along with the FY25 tender pipeline of ₹54,000 crore and industry bidding activity of ₹1,61,540 crore, provides a near-term reference for execution and bidding momentum. Investors will also monitor segment-level performance, especially transmission and smart metering, which the company cited as key contributors to FY26 EBITDA growth.

Adani Energy Solutions has already reported Q4FY26 results dated April 23, 2026, and the next set of updates will likely be watched for how capex, operational EBITDA, and balance sheet metrics evolve alongside project commissioning and distribution performance.