Adani Energy Q2 FY26 Earnings Results

Adani Energy Solutions Ltd (AESL), India’s largest private power transmission company and part of the Adani portfolio, delivered modest revenue growth in Q2 FY26 but saw a significant decline in profit year-on-year.

Q2 FY26 Financial Overview

• Revenue from operations: ₹6,596 crore (up 6.66% YoY)
• Total expenses: ₹6,021 crore (up 4.42% YoY)
• Consolidated net profit: ₹557 crore (down 27.94% YoY)
• Earnings per share: ₹4.44 (down 21% YoY)

Key Highlights & Drivers

• Transmission assets commissioned in Q1/Q2 contributed to steady top-line growth, with operational revenue led by new infrastructure and strong demand from distribution circles.
• Distribution segment performance was stable, while smart metering witnessed accelerated growth but remained a small part of overall revenues.
• The sharp fall in profit was mainly due to the absence of last year’s one-off deferred tax benefit (₹314 crore), higher interest/finance charges, and increased depreciation.
• Operating EBITDA (Q2FY26): ₹1,825 crore, up 9.5% YoY, but higher tax expenses eroded bottom-line growth. ​
• Segment EBITDA margins improved to 34.7%, but net income suffered due to accounting/tax adjustments and operating cost increases.

Management Outlook

AESL plans continued investments in transmission, distribution, and smart metering projects, focusing on operational expansion and efficiency. The company expects sequential improvement in profit as new projects scale and cost management tightens.

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