Adani Energy Solutions Q4 FY26: PAT ₹723cr, FY26 up 160%

Adani Energy Solutions Limited (AESL) reported a steady March-quarter performance in Q4 FY26, while its full-year FY26 profit rose sharply on the back of execution in power transmission projects and a fast-scaling smart metering business. The company’s quarterly numbers showed modest year-on-year growth in reported profit, while adjusted profit growth was stronger due to one-off tax items in the base quarter.

On the stock market, shares of Adani Energy Solutions closed lower after the results, falling 3.68% to ₹1,311.45 on the BSE.

Q4 FY26 earnings: reported profit steady, adjusted profit stronger

On a consolidated basis, AESL reported net profit of ₹723 crore in Q4 FY26, up 1.3% year-on-year from ₹714 crore in Q4 FY25. The company also disclosed that adjusted profit after tax (PAT) increased 27.7% year-on-year, reflecting operating performance.

The base quarter included a one-time deferred tax benefit of ₹148 crore, which lifted the reported profit in Q4 FY25 and reduced the apparent year-on-year growth rate for the current quarter. EBITDA for Q4 FY26 stood at ₹2,372 crore, up 4.9% year-on-year. Operating EBITDA rose 12.7% year-on-year to ₹1,981 crore.

Revenue and income: operations growth supported by service concessions

Revenue from operations came in at ₹4,400 crore in Q4 FY26, up 6.9% year-on-year from ₹4,116 crore in Q4 FY25. Total income rose 15.0% year-on-year to ₹7,588 crore, with the company citing stable performance across segments and higher income from service concession arrangements.

The company’s quarterly update also highlighted contributions from newly commissioned transmission assets, including Khavda Ph-II-A, KPS-1, Sangod, NKTL, and the Mumbai HVDC project. AESL said the smart metering business continued to see traction during the period.

Transmission business: availability above 99.7% and HVDC progress

AESL reported system availability of over 99.7% in its transmission segment. It also disclosed incentive income of ₹136 crore in FY26.

During Q4 FY26, AESL commissioned five transmission projects, including the Mumbai HVDC project. The company also commissioned its second HVDC project in Mumbai, which it said enhanced transmission capacity by 1,000 MW.

Kandarp Patel, CEO of Adani Energy Solutions, said the company’s execution in HVDC has positioned it as the only private sector player in India to have successfully executed two HVDC projects.

Distribution business: Mumbai volumes rise, losses remain low

In the distribution business, AESL reported stable performance, led by its Mumbai franchise. Mumbai unit sales rose 4% year-on-year to 2,508 MUs in Q4 FY26, compared with 2,413 MUs in the year-ago quarter. Distribution losses were 4.20%, among the lowest levels reported by the company.

Separately, the company’s operational updates also cited supply reliability of 99.997% and collection efficiency of 101.70% for the Mumbai distribution business.

Smart metering: crosses 1 crore milestone, pipeline remains large

AESL crossed the milestone of 1 crore smart meters delivered and said it is the first player in India to reach that level. The company has also disclosed cumulative installations of 113.6 lakh smart meters.

As an Advanced Metering Infrastructure Service Provider (AMISP), AESL said it has a mandate to install around 2.5 crore smart meters across five states. It also cited an installation pace of about 25,000 meters per day.

For the pipeline, AESL disclosed an under-implementation smart metering pipeline of 24.6 million meters (2.46 crore meters), representing a revenue opportunity of over ₹29,519 crore.

FY26 performance: profit surge, capex rises

For FY26, AESL reported net profit of ₹2,393 crore, up 159.6% from ₹922 crore in FY25. The company also presented like-for-like comparisons, stating that adjusted PAT increased 32.3% year-on-year, with FY25 adjusted for a one-time impact related to the Dahanu power plant carve-out.

Revenue from operations rose 7.3% to ₹18,296 crore in FY26, while total income increased 15.9% to ₹28,325 crore. EBITDA rose 12.7% year-on-year to ₹8,726 crore, and operating EBITDA grew 12.7% to ₹7,407 crore.

AESL also disclosed FY26 capital expenditure of ₹14,232 crore, compared with ₹11,444 crore in FY25.

Project pipeline: ₹71,779 crore under construction, large tender opportunity

Looking ahead, AESL disclosed a transmission pipeline of 13 projects worth ₹71,779 crore. The company also flagged a broader near-term tendering opportunity in transmission of around ₹150,000 crore.

In distribution, the regulated asset base (RAB) stood at ₹10,521 crore, up 10.2% year-on-year.

Key metrics snapshot

Market impact: what investors tracked after the print

The quarterly results showed a gap between reported PAT growth and adjusted PAT growth, largely because Q4 FY25 included a deferred tax benefit of ₹148 crore. Investors also focused on the mix of earnings drivers, as the company pointed to operating contributions from newly commissioned transmission assets and a rapidly scaling smart metering rollout.

The stock price move on the day of reporting was negative, with shares down 3.68% to ₹1,311.45 on the BSE, even as the company highlighted a large pipeline across transmission and smart metering.

Why the update matters for the sector

AESL’s results underline how regulated, availability-linked transmission assets can provide stable operating metrics, while newer segments like smart metering can add a faster-growing revenue stream. The company’s disclosures on HVDC commissioning, a large under-construction pipeline, and tender opportunity sizes indicate that project execution and capital allocation will remain key variables for the business.

At the same time, the company’s disclosures on capex rising to ₹14,232 crore in FY26 signal continued investment intensity, as it pursues transmission expansion and metering deployment at scale.

Conclusion

Adani Energy Solutions ended FY26 with steady Q4 earnings, a sharp full-year profit increase, and a large project pipeline across transmission and smart metering. The next set of cues for investors will likely come from project commissioning timelines, tender wins in transmission, and the pace of smart meter deployment against the disclosed 2.46 crore meter under-implementation pipeline.