Adani Energy Solutions Reports 21% Dip in Q2 Net Profit to ₹534 Crore Amid 7% Revenue Growth

Contents

Transmission and Smart Meter Businesses Lead Operational Growth CEO Outlook: Strong Growth Momentum Ahead in Energy Transition Transmission Expansion: Four New Projects Add ₹700 Crore to Pipeline Smart Meter Rollout Surges to 73.7 Lakh Units Installed Operational Highlights and Demand Trends Strategic Outlook: Building Long-Term Value Across the Energy Value Chain

Adani Energy Solutions Ltd (AESL), part of the Adani Group, announced a 21% year-on-year (YoY) decline in consolidated net profit to ₹534 crore for the quarter ended September 30, 2025 (Q2FY26). The company had reported a net profit of ₹675 crore in the same period last year.

Despite the profit decline, revenue from operations increased by 7% YoY to ₹6,596 crore, compared to ₹6,184 crore in Q2FY25, reflecting steady growth in the transmission and smart metering businesses. On a sequential basis, however, revenue slipped 3.7% from ₹6,767 crore reported in the June quarter.

Transmission and Smart Meter Businesses Lead Operational Growth

Adani Energy Solutions’ operational EBITDA rose 9.5% year-on-year to ₹1,825 crore, primarily driven by robust performance in the transmission and smart meter segments.

In its segment-wise performance:

The transmission business posted a 3% YoY rise in revenue to ₹2,371.9 crore.
The distribution segment recorded a 4% increase to ₹3,117.9 crore.
The smart meter business emerged as the standout performer, with revenue jumping to ₹181.6 crore from just ₹7.6 crore a year ago — signaling strong adoption of smart infrastructure solutions.

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CEO Outlook: Strong Growth Momentum Ahead in Energy Transition

Commenting on the results, Kandarp Patel, CEO of Adani Energy Solutions, said the company sees sustained opportunities in India’s energy transformation journey.

“The sector continues to offer significant growth potential driven by focused energy transition initiatives, regulatory stability, and ongoing reforms. We anticipate a substantial increase in AESL’s capex rollout across all core segments and expect strong momentum in bidding activity through the rest of FY26,” Patel noted.

The company highlighted that its investments are aligned with India’s growing energy needs and the government’s push for sustainable and digital energy solutions.

Transmission Expansion: Four New Projects Add ₹700 Crore to Pipeline

In Q2FY26, AESL secured four additional projects under the line and substation augmentation category in the transmission segment. These projects were awarded on a cost-plus basis and are expected to contribute an incremental 4,000 MVA (megavolt-ampere) in capacity and add around ₹700 crore to the company’s overall project pipeline.

The company said these projects will further strengthen its pan-India transmission network and enhance grid reliability amid growing energy consumption.

Smart Meter Rollout Surges to 73.7 Lakh Units Installed

Adani Energy Solutions has been rapidly scaling its smart metering operations, a key part of its strategy to digitalize India’s power infrastructure.

During Q2FY26, the company installed 18.2 lakh smart meters, taking its total installed base to 73.7 lakh units across multiple states. The adoption of smart metering technology has helped improve operational efficiency and reduce power losses in distribution networks.

In addition, the company’s MUL (Maharashtra Utilities Limited) recorded a 55% YoY increase in units sold to 364 million units (MUs), compared to 234 million units last year, driven largely by strong industrial demand.

Operational Highlights and Demand Trends

Peak power demand during the quarter stood at 1,922 megawatts (MW), slightly lower than 1,956 MW in the same quarter last year due to seasonal monsoon effects.

However, demand is expected to pick up in the coming quarters as industrial and commercial activities accelerate alongside rising infrastructure spending.

The company’s steady expansion in the transmission and distribution network, combined with its smart metering and renewable integration efforts, continues to strengthen its position as one of India’s leading private power transmission firms.

Strategic Outlook: Building Long-Term Value Across the Energy Value Chain

Adani Energy Solutions remains focused on sustainable growth, digitalization, and network modernization, aligning its business priorities with India’s energy transition roadmap.

The company’s strategic investments in grid modernization, renewable energy integration, and smart technologies aim to create long-term value while supporting the government’s “Power for All” and “Digital India” missions.

With a growing pipeline of projects, a strong balance sheet, and diversified business operations, AESL is poised to benefit from the structural shift in India’s energy landscape.

Conclusion

While Adani Energy Solutions faced short-term pressure on profitability in Q2FY26, the company’s robust operational growth, expanding project portfolio, and strategic focus on future-ready energy solutions underscore its long-term potential.

As India accelerates its clean energy transition, AESL’s investments in smart meters, transmission infrastructure, and distribution efficiency are expected to drive sustained growth and strengthen its market leadership in the evolving energy ecosystem.