Adani Energy Solutions FY26: Smart Meter Scale and Transmission Wins Lift Profitability
Frequently Asked Questions
FY26 operational revenue was Rs 18,296 crore (up 7% YoY), total EBITDA was Rs 8,726 crore (up 13% YoY), and adjusted PAT was Rs 2,393 crore (up 32% YoY), as per the results presentation.
Operational revenue in FY26: Transmission Rs 5,214 crore, Distribution Rs 12,450 crore, Smart metering (non-Ind AS) Rs 549 crore. Operational EBITDA in FY26: Transmission Rs 4,767 crore, Distribution Rs 2,108 crore, Smart metering (non-Ind AS) Rs 452 crore.
AESL disclosed a smart metering order book of 24.6 million meters with revenue potential of Rs 29,519 crore.
Transmission network was 27,949 ckm with transformation capacity of 1,23,175 MVA and system availability of 99.7%. Under-construction order book was stated at Rs 71,779 crore.
FY26 capex was Rs 14,232 crore, split as Transmission Rs 8,793 crore, Distribution Rs 1,883 crore, and Smart metering Rs 3,556 crore.
Management guided FY27 capex at about Rs 21,000 to 22,000 crore (Transmission about Rs 15,500 crore, Distribution about Rs 2,350 crore, Smart metering about Rs 3,900 crore). FY28 was indicated at approximately Rs 23,000 crore, with a broader range of about Rs 22,000 to 25,000 crore depending on additional smart metering orders.
Management stated it will continue to maintain net leverage in the range of around 4.5x to 4.7x net debt to EBITDA.
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