Adani Energy Solutions FY26: EBITDA ₹8,726 crore, AGM June 25

Audio recording filed with BSE and NSE

Adani Energy Solutions Limited (AESL) submitted the audio recording of its Q4 FY26 analyst and investor conference call to stock exchanges, citing regulatory compliance under Regulation 30. The call was held on April 24, 2026, after the company released audited financial results for the quarter and financial year ended March 31, 2026. AESL also shared web links to the audio recording with both BSE Limited and the National Stock Exchange of India Limited, and made the recording available on its official website for stakeholder access.

The filing is designed to improve transparency around what management discussed with investors and analysts. The audio includes commentary on the audited results, business drivers across transmission, distribution, and smart metering, and near-term execution focus.

Who spoke on the earnings call

On the Q4 and FY26 earnings conference call, AESL’s key speakers included Kandarp Patel (CEO), Kunjal Mehta (CFO), and Prashant Soni (Head of Finance). Management referred to operational and financial performance materials already shared with the market, and then focused on selected topics that, in its view, may not have been evident from the financial statements alone.

Board approval and audit opinion

AESL said its Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, at a meeting held on April 23, 2026. The meeting started at 2:30 p.m. and concluded at 4:10 p.m. Statutory auditors Walker Chandiok & Co. LLP issued unmodified audit opinions on both standalone and consolidated financial statements, according to the disclosure.

FY26 results: income, EBITDA, and PAT

The company reported record FY26 EBITDA of ₹8,726 crore, up 12.7% year-on-year. Total income for FY26 rose 15.9% to ₹28,325 crore. Profit after tax (PAT) for FY26 was reported at ₹2,393 crore versus ₹922 crore in FY25. AESL also disclosed “adjusted PAT” of ₹2,393 crore, up 32.3% compared with ₹1,810 crore in FY25, excluding one-time items.

Segment performance snapshot

AESL provided segment-level operating performance for FY26. Transmission reported operating revenue of ₹5,214 crore with operating EBITDA of ₹4,767 crore. Distribution reported operating revenue of ₹12,450 crore. Smart metering reported operating revenue of ₹549 crore and operating EBITDA of ₹452 crore. Trading and others reported operating revenue of ₹1,739 crore with operating EBITDA of ₹216 crore.

Transmission: bidding share and commissioning-led revenue

Management said AESL improved its market share in transmission bidding during the year, reaching “almost 29%” of projects that went into bidding. In the Q&A portion of the call, Prashant Soni discussed the impact of commissioning and capitalization, stating that on a fully run-rate basis, projects commissioned during the financial year could add around ₹1,600 crore of revenue.

The company also referred to the role of project capitalization in driving profitability, highlighting that the business (other than the C&I segment) is largely capex-led, where returns strengthen as assets are capitalised and begin contributing to earnings.

Mumbai distribution: regulated asset base growth

Management highlighted changes in the regulated asset base (RAB) at AEML (its Mumbai distribution business). It said that when AESL took over AEML, the RAB was about ₹5,400 crore, and that it has now reached ₹10,500 crore-plus. The call also referenced HVDC commissioning and continued regulatory asset base capex at AEML as contributors to this expansion.

Smart metering: FY26 numbers and investor query

In the smart meters business, an investor asked about a mismatch between operational EBITDA shown for nine months of FY26 (about ₹466 crore) versus FY26 full-year operational EBITDA (₹452 crore), while Q4 was shown at about ₹180 crore. The question sought clarity on whether any restatement had occurred and what changed across earlier quarters.

Separately, the call referenced a longer-term “EBITDA trajectory” for smart metering of ₹2,400 crore to ₹3,000 crore once the entire smart meter portfolio matures, presented as a guidance the company said it has been communicating.

Management commentary on EBITDA path and capitalisation

A portion of the call focused on AESL’s consolidated operating profit and how capitalisation translates into EBITDA. A participant pointed out that operating profit remained in a ₹4,000 crore to ₹4,500 crore range between FY19 and FY23, then moved closer to ₹6,000 crore, about ₹7,000 crore in FY25, and about ₹8,000 crore in FY26.

CEO Kandarp Patel responded that the consolidated number for the year was ₹8,726 crore and said that based on the capitalisation plan, the number “could be around ₹11,500 crore” next year. CFO Kunjal Mehta added that management generally does not give EBITDA guidance, but also stated that there is significant capex capitalisation expected over the next two years. He also noted that, considering the locked-in portfolio and commissioning over the next four years, AESL is “at least looking” at three times the size of its current EBITDA trajectory once projects are fully commissioned.

Stock context and key identifiers

In the accompanying market data shared with the disclosure, AESL’s historical stock returns were listed as: 1 day +3.72%, 5 days +15.49%, 1 month +49.11%, 6 months +48.25%, 1 year +50.40%, and 5 years +32.52%. The stock price shown was ₹1,411.95, up ₹50.70 (3.72%).

AGM date and next checkpoints

AESL said the Board approved convening the 13th Annual General Meeting on Thursday, June 25, 2026, at 12:30 p.m., to be conducted through video conferencing or other audio-visual means in line with applicable circulars.

From the earnings call, near-term focus areas referenced include project commissioning, capitalisation-led earnings visibility, and the build-out across transmission, Mumbai distribution capex, and the smart metering portfolio. The next formal checkpoint for shareholders is the June 25 AGM, alongside subsequent quarterly disclosures and any further exchange filings linked to project execution milestones.