Adani Energy Solutions Limited (AESL), India’s largest private power transmission and distribution company, reported a robust financial performance for the second quarter and first half of fiscal year 2026, marked by strong profit growth and continued progress in its smart metering and transmission projects.
The company posted an adjusted profit after tax (PAT) growth of 42% year-on-year (YoY) for the first half of FY26, reaching ₹1,096 crore, while profit before tax (PBT) rose 34% YoY to ₹1,404 crore.
For the second quarter, adjusted PAT increased 21% to ₹557 crore and PBT expanded 25% YoY to ₹745 crore.
Total income stood at ₹13,793 crore for the first half, up 16% from a year ago, and ₹6,767 crore in Q2FY26, up 6%. EBITDA reached a record ₹4,144 crore in the first half, rising 13% YoY, and ₹2,126 crore in the second quarter, 12% higher YoY.
Smart Metering and Transmission Fuel Growth
AESL’s strong performance was driven by its expanding smart metering business and operational gains in the transmission and distribution segments.
During the first half, the company installed 4.24 million new smart meters, taking its cumulative total to 7.37 million. AESL said it remains on track to cross the milestone of 10 million smart meters by the end of the fiscal year.
The company’s under-implementation smart metering pipeline now stands at 24.6 million meters, translating to a revenue potential of over ₹29,519 crore.
AESL also commissioned three transmission projects—Khavda Phase II Part-A, Khavda Pooling Station-1 (KPS-1), and Sangod transmission—during the first half.
Its total transmission network expanded to 26,705 circuit kilometers with system availability exceeding 99.6%, generating incentive income of ₹30 crore in the quarter.
The company’s aggregate transmission under-construction pipeline currently stands at ₹60,004 crore, reflecting a solid growth outlook supported by a national tendering opportunity worth nearly ₹96,000 crore.
Steady Distribution Performance
AESL’s Mumbai-based distribution arm, Adani Electricity Mumbai Ltd (AEML), saw a 2% increase in energy volumes to 2,650 million units, driven by higher commercial and industrial demand.
Distribution losses were among the lowest in the sector at 4.36% during Q2FY26. The company’s regulated asset base grew 13% YoY to ₹9,412 crore.
AEML also repurchased $44.66 million worth of bonds from its $300 million 3.867% issue due 2031, as part of a broader effort to reduce capital costs and extend average debt maturity, now at 7.5 years. AESL’s leverage position remains healthy, with a net debt-to-EBITDA ratio of 4.4x.
ESG and Sustainability Progress
AESL reported major improvements in its environmental, social, and governance (ESG) performance.
The company’s Sustainalytics ESG risk score improved to 19.9 (“Low Risk”) in September 2025 from 25.1 (“Medium Risk”) in July, outperforming the global electric utility average of 36. AESL also maintained its certification as a “Zero Waste to Landfill” company across all transmission sites, becoming the only Indian transmission player with a 100% waste diversion rate.
The company’s CSRHub score rose to 93%, significantly above the industry average of 51%.
It also received the Gold Award at the 34th Quality Concept Convention 2025 for innovations in theft prevention and bird safety, and a Platinum Award for productivity improvements at the CII National Low-Cost Automation Circle 2025.
CEO Outlook
Commenting on the results, AESL CEO Kandarp Patel said, “We are pleased to report another strong quarter. Effective on-ground execution and focused operations and maintenance are driving consistent progress across our project portfolio.
The energy transition in India presents significant growth opportunities backed by regulatory stability and reform momentum. We anticipate a substantial increase in AESL’s capex rollout and strong momentum in bid activity during the rest of the year.”
AESL invested ₹5,976 crore in capex during the first half—1.36 times higher than the previous year—demonstrating its commitment to growth across transmission and smart metering.
With its expanding infrastructure portfolio and disciplined capital management, the company said it remains well positioned to capitalize on India’s accelerating power sector transformation.
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