Adani Energy Solutions Limited (NSE: AESL) reached record quarterly EBITDA of ₹2,210 crore as operational assets increased across core segments. Management remains on track to exceed 10 million cumulative smart meter installations by the end of the fiscal year.
The company reported a 30.4% year-on-year increase in adjusted profit after tax (PAT) to ₹574 crore for the third quarter ended December 31, 2025. Total income for the period rose 15.7% to an all-time high of ₹6,945 crore, supported by strong operational execution and higher income from service concession arrangements. While adjusted profit showed double-digit growth, reported net profit declined 8.2% to ₹574 crore, reflecting a high base effect from a ₹185 crore deferred tax reversal recorded in the same period last year.
Scaling Transmission & Smart Metering
The company accelerated its infrastructure rollout, commissioning four major transmission projects during the first nine months of the fiscal year: North Karanpura (NKTL), Khavda Phase II Part-A, Khavda Pooling Station-1 (KPS-1), and Sangod transmission. Operational network length reached 27,901 circuit kilometers, following the full commissioning of the NKTL project in the third quarter. In the smart metering segment, the company reached a cumulative installation mark of 92.5 lakh meters, maintaining a daily installation rate that positions it to exceed its annual guidance of 1 crore meters.
Financial Highlights
AESL achieved its highest-ever quarterly EBITDA of ₹2,210 crore, representing a 20.7% increase over the previous year. For the first nine months of FY ’26, total income rose 16.2% to ₹20,737 crore, while EBITDA climbed 15.9% to ₹6,354 crore.
• Transmission: Operating revenue grew 4.2% to ₹1,239 crore in the third quarter, with an EBITDA margin of 92%.
• Distribution: Revenue for the Mumbai and Mundra utility businesses rose 4.4% to ₹3,104 crore, although units sold in Mumbai marginally declined to 2,487 million units from 2,574 million units a year ago.
• Smart Metering: Reported quarterly operating revenue of ₹235 crore and an EBITDA of ₹213 crore.
• Capital Expenditure: Nine-month CapEx increased 1.24x to ₹9,294 crore.
Business outlook and strategy
Management’s strategy focuses on aggressive asset capitalization across all core segments and active participation in a robust bidding environment. The company’s growth pipeline includes a transmission under-construction orderbook of ₹77,787 crore and a smart metering contract base of 2.46 crore meters with a revenue potential of ₹29,519 crore. Capital management remains a priority, evidenced by Moody’s Ratings recently revising the outlook to Stable from Negative for key subsidiaries, including Adani Electricity Mumbai Limited. The company also intends to capitalize on a near-term transmission tendering pipeline estimated at approximately ₹1 lakh crore.
Market Leadership with Green Focus
AESL operates as India’s largest private sector transmission and distribution company, positioned within a country-wide market opportunity for smart metering estimated at 103 million meters. The company is increasingly aligning its operations with sustainability benchmarks, reporting that renewable energy procurement for its Mumbai distribution business reached 38.78% in the third quarter. Within the broader Adani portfolio, AESL serves as a primary vehicle for utility infrastructure, maintaining an average system availability of 99.7% in its transmission network to secure incentive income under regulated norms.