Adani Energy Solutions Limited (ADANIENSOL)
₹1,365.90 +0.86% last close, 16 Oct
Q2 FY27 results
📅 Next results: 22 Oct 2026 (board meeting)Adani Energy Solutions Limited's board meets on 22 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Adani Energy's revenue was ₹9,711 Cr (+42.4% year on year, +30.5% on the previous quarter), and net profit ₹1,237 Cr (+129.4% year on year); the operating margin was 31.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹9,711 | +42.4% | +30.5% |
| Operating profit | ₹3,008 | +30.0% | +40.3% |
| Net profit | ₹1,237 | +129.4% | +71.0% |
| EPS (₹) | 9.57 | +124.1% | +68.2% |
| Operating margin | 31.0% | — | — |
ADANIENSOL delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.66% of the ADANIENSOL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.58%. Delivery was unusually high while the price barely moved (+0.86%). In ADANIENSOL futures, open interest fell 0.73% while the futures price rose 0.26%: short covering (shorts closing out).
Delivery in the last 5 sessions: 42.8% · 34.8% · 52.4% · 43.4% · 54.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Adani Energy Solutions Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from RTA MUFG Intime India Private Limited confirms that security certificates received for dematerialisation were processed and confirmed or rejected within prescribed timelines. Furthermore, the mutilated and cancelled certificates were properly substituted with depository names in the register of members. This is a standard quarterly administrative filing with no operational or financial impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 03, 2026
Adani Energy Solutions Limited (AESL) has completed the acquisition of a 100% equity stake in Satara Power Transmission Limited (SPTL) from PFC Consulting Limited for cash at a face value of Rs 10 per share. This formalizes AESL's earlier won project worth Rs 4,700 crore for evacuation of 4,500 MW of renewable and storage power in Maharashtra. The project constitutes ~15.4% of AESL's TTM revenue (Rs 30,480 crore) and adds a 765 kV inter-regional corridor between the Southern and Western grids. SPTL has a paid-up share capital of Rs 1 lakh and was incorporated on July 10, 2026.
- Acquired 100% equity stake in project SPV Satara Power Transmission Limited from PFC Consulting Limited
- Underlying transmission project size is Rs 4,700 crore, designed to evacuate 4,500 MW of Renewable & Storage Power
- Represents ~15.4% of AESL's TTM revenue of Rs 30,480 crore
- Project includes a 765 kV inter-regional corridor (Narendra – Kolhapur – Satara – Pune) connecting Southern and Western grids
- Cash acquisition executed at face value of Rs 10 per share on paid-up capital of Rs 1 lakh
SEBI has issued a settlement order resolving proceedings against Adani Energy Solutions, its directors (including Gautam Adani and Rajesh Adani), and former directors for alleged listing and shareholding regulation violations. The settlement was concluded without admitting or denying the findings, subject to a total settlement payment of ₹37,05,000. The company stated that there is no material financial impact from this order, given its minor size against TTM PAT of ₹3,091 Cr. The order formally closes SEBI's proceedings concerning minimum public shareholding and disclosure compliance rules.
- Settlement order received from SEBI on September 28, 2026, settling regulatory proceedings
- Total settlement amount paid is ₹37,05,000 across the company and named directors
- Pertains to alleged violations of Rule 19A of SCRR, Clauses 35 and 40A of Listing Agreement, and Regulations 31 and 38 of SEBI Listing Regulations
- Settlement was executed without admission or denial of findings of fact and conclusions of law
- Company confirmed no material financial impact arising from the order
Adani Energy Solutions Limited has incorporated 8 new wholly owned subsidiaries on September 24, 2026. The entities are named Arasan Step V through Arasan Step XII Limited, incorporated under the electric utilities sector. Each subsidiary has an initial paid-up capital of Rs 5,00,000 (50,000 equity shares of Rs 10 each), representing a nominal total cash investment of Rs 40 lakh. These entities are set up to carry on electricity production, generation, transmission, storage, and distribution.
- Incorporated 8 new wholly owned subsidiaries on September 24, 2026
- Each entity has a paid-up share capital of Rs 5,00,000 (50,000 equity shares at Rs 10 face value)
- Total initial capital subscription across all 8 entities equals Rs 40,00,000 in cash
- Adani Energy Solutions holds 100% shareholding in all 8 newly incorporated entities
- Entities are created for electricity generation, transmission, storage, and distribution
Adani Energy Solutions Limited has received a Settlement Order dated September 22, 2026, from SEBI under the SEBI Settlement Proceedings Regulations, 2018. The settlement pertains to alleged historical non-compliance with Clause 41(l)(h) of the erstwhile Listing Agreement, BSE Regulations, and NSE Bye-Laws. The proceedings were settled without admitting or denying findings of facts through a payment of ₹9,75,000. With a negligible financial footprint relative to the company's ₹30,480 Cr TTM revenue, there is no material business impact.
- SEBI passed a Settlement Order on September 22, 2026
- Settlement amount remitted is ₹9,75,000
- Settled without admitting or denying findings of facts under SEBI Settlement Proceedings Regulations, 2018
- Financial liability represents an insignificant fraction (<0.001%) of FY26 revenue of ₹27,587.93 Cr
Adani Energy Solutions Limited has received its maiden ESG rating from Niche Ninety Nine Capability and Certifications (OPC) Private Limited (Niche99 ESG Ratings). The agency assigned an ESG score of 75 out of 100 for 2026, placing the company in the 'Leader' band. This assessment was conducted under a subscriber-pay model. The filing represents a standard sustainability disclosure with no direct impact on immediate financial performance.
- Assigned maiden ESG Score of 75 / 100 for 2026
- Placed in the 'Leader' ESG band by Niche99 ESG Ratings
- Rating conducted under a subscriber pay model
- ESG Score 2025 was marked as Not applicable
Adani Energy Solutions Limited has scheduled a physical group investor interaction on September 24, 2026, in Ahmedabad as part of the JPM Industrial and Electric Utilities Tour. The company reported TTM revenue of Rs 30,480 Cr and net profit of Rs 3,091 Cr. No unpublished price-sensitive information or material business updates were announced in this filing. Such analyst meets are part of regular corporate investor relations engagements.
- Scheduled meeting date is September 24, 2026
- Meeting format is a Physical Group interaction in Ahmedabad
- Event is hosted as part of the JPM Industrial and Electric Utilities Tour
- Filing submitted under Regulation 30 of SEBI LODR Regulations, 2015
Adani Energy Solutions' wholly owned subsidiary, Powerpulse Trading Solutions Limited (PTSL), has executed a 25-year Power Purchase Agreement (PPA) with MSEDCL for supplying 2,500 MW Round-the-Clock (RTC) power. This follows an agreement on September 8, 2026, wherein Adani Power Limited assigned to PTSL all rights and obligations from its earlier Letter of Award. The supply contract is domestic and extends for 25 years from the Scheduled Commencement Date of Supply. This major long-term contract significantly expands the company's energy aggregation and solutions portfolio.
- Executed a 25-year Power Purchase Agreement (PPA) with MSEDCL for 2,500 MW Round-the-Clock (RTC) power
- Adani Power assigned the underlying Letter of Award (originally won on April 2, 2026) to subsidiary PTSL on September 8, 2026
- Contract duration is 25 years from the Scheduled Commencement Date of Supply
- PPA awarded by domestic state distribution utility Maharashtra State Electricity Distribution Company Limited (MSEDCL)
Adani Energy Solutions Limited (AESL) announced that it has achieved the highest ESG score globally in the utilities sector as evaluated by S&P Global. AESL's ESG score rose from 81 to 90 out of 100, significantly exceeding the industry average of 41, following a Media and Stakeholder Analysis (MSA) review that corrected earlier governance-related assessments. Across specific dimensions, AESL scored 93 in Environmental, 89 in Social, and 84 in Governance & Economic. Its disclosure-based Corporate Sustainability Assessment (CSA) score also increased by 17 points year-on-year to 90.
- S&P Global ESG score improved to 90 out of 100 (up from 81 prior), ranking #1 globally in the utilities sector versus an industry average of 41
- Environmental score reached 93, Social score reached 89, and Governance & Economic score reached 84
- Corporate Sustainability Assessment (CSA) disclosure score improved by 17 points year-on-year to 90
- Company manages a cumulative transmission network of 29,739 ckm and 1,43,425 MVA transformation capacity
Adani Energy Solutions Limited (AESL) has won a ₹4,700 crore transmission project via Tariff Based Competitive Bidding (TBCB) to evacuate up to 4,500 MW of renewable and pumped storage power near Satara, Maharashtra. The project will be housed under SPV Satara Power Transmission Ltd. and executed over a 36-month timeline. This win adds 562 ckm of transmission lines and 9,000 MVA transformation capacity, expanding AESL's transmission order book to approximately ₹85,000 crore. The capex value represents ~15.4% of AESL's TTM revenue of ₹30,480 crore.
- Won ₹4,700 crore transmission project via TBCB process as the lowest bidder
- Transmission order book expanded to ~₹85,000 crore
- Adds 562 ckm lines and 9,000 MVA transformation capacity to be delivered in 36 months
- Cumulative transmission portfolio reaches 29,739 ckm and 1,43,425 MVA transformation capacity
Adani Energy Solutions Limited has scheduled interactions with institutional investors and analysts as part of the Adani Annual Conference 2026. The company will conduct physical 1-on-1 and group meetings in London on September 7 and 8, 2026. Following that, it will host meetings in Abu Dhabi on September 9, 2026. The investor presentation for these sessions has been made available on the company's official website.
- Physical investor meetings scheduled in London for September 7 and September 8, 2026
- Additional physical meetings scheduled in Abu Dhabi for September 9, 2026
- Interaction format includes both 1-on-1 and group meetings during the Adani Annual Conference 2026
- Investor presentation uploaded to the company website
India Ratings and Research has affirmed Adani Energy Solutions' Long-Term Issuer Rating at 'IND AA+/Stable'. Additionally, the agency assigned a fresh rating of 'IND AA+/Stable' to new bank loan facilities worth Rs 50,000 million (Rs 5,000 Cr). Existing ratings were affirmed across Rs 61,500 million bank loans, Rs 14,000 million NCDs, and Rs 10,000 million commercial paper (rated IND A1+).
- New bank loan facilities of Rs 50,000 million (Rs 5,000 Cr) assigned 'IND AA+/Stable' rating.
- Long-Term Issuer Rating affirmed at 'IND AA+/Stable'.
- Existing bank loan facilities of Rs 61,500 million (reduced from Rs 64,000 million) affirmed at 'IND AA+/Stable'.
- Non-convertible debentures of Rs 14,000 million (reduced from Rs 15,000 million) affirmed at 'IND AA+/Stable'.
- Commercial paper rating of 'IND A1+' affirmed for an amount of Rs 10,000 million.
Adani Energy Solutions Limited has informed the exchanges regarding a scheduled site visit and in-person interaction with a group of analysts and investors. The visit is scheduled for August 21, 2026, at 10:00 AM local time at its Mumbai HVDC site. This is a standard regulatory intimation under Regulation 30 of the SEBI LODR Regulations, with no material financial disclosures or price-sensitive information announced in the filing.
- Site visit organized for a group of analysts and investors at the Mumbai HVDC project.
- The meeting mode is in-person, scheduled for August 21, 2026, at 10:00 AM local time.
- Intimation filed pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.
Adani Energy Solutions Limited (AESL) has executed a Share Purchase Agreement to acquire 100% equity in Vizag Power Transmission Limited (VPTL) from RECPDCL. This acquisition formalizes the ~Rs 8,500 crore transmission project win in Andhra Pradesh previously announced in July 2026. The project is designed to facilitate power supply for Green Hydrogen and Green Ammonia projects in Vizag, catering to an estimated demand of 4,500 MW. This project value represents approximately 27.9% of the company's TTM revenue of Rs 30,480 crore.
- Acquisition of 100% equity shares of Vizag Power Transmission Limited (VPTL) for cash at face value.
- Project value estimated at ~Rs 8,500 crore, representing nearly 28% of TTM revenue.
- Infrastructure designed to support a massive 4,500 MW demand from Green Hydrogen/Ammonia projects.
- VPTL is a newly incorporated entity (February 16, 2026) serving as the project SPV.
- The acquisition was completed on August 14, 2026, following the bid win.
Adani Energy Solutions Limited has announced its participation in two major institutional investor conferences in Mumbai. The company will attend the Emkay Confluence on August 12, 2026, and the Motilal Oswal 22nd Annual Global Investor Conference on August 17-18, 2026. These sessions will include one-on-one and group meetings to discuss the company's operations, which currently include a Rs 60,000 Cr transmission bid pipeline and a Rs 27,000 Cr smart metering backlog. Such meetings are standard practice for large-cap companies to maintain institutional engagement.
- Scheduled interaction at Emkay Confluence 2026 on August 12, 2026
- Two-day participation in Motilal Oswal Global Investor Conference on August 17-18, 2026
- Meetings to be conducted in physical mode in Mumbai via one-on-one and group formats
- Company currently manages a TTM revenue of Rs 27,588 Cr and a market cap of Rs 2,06,264 Cr
Financial Performance
Revenue Growth by Segment
Consolidated Total Income grew 16.4% YoY to INR 13,793 Cr in 1H FY26. Segment-wise for Q2 FY26: Transmission revenue grew 9.0% to INR 1,305 Cr; Distribution revenue grew 3.5% to INR 3,118 Cr; Smart Metering revenue surged from INR 8 Cr to INR 182 Cr; Trading and Others revenue declined to INR 291 Cr from INR 624 Cr.
Geographic Revenue Split
Primary operations are concentrated in India, with the Distribution segment specifically serving the Mumbai (AEML) and Mundra (MUL) regions. Mumbai energy sales grew 2% YoY in 1H FY26 despite a prolonged monsoon.
Profitability Margins
Adjusted PAT for 1H FY26 grew 41.6% YoY to INR 1,096 Cr. PBT for 1H FY26 increased by 34.1% to INR 1,404 Cr, driven by strong operational performance and flat depreciation costs.
EBITDA Margin
Consolidated EBITDA grew 13.4% YoY to INR 4,144 Cr in 1H FY26. Transmission segment maintains a best-in-class EBITDA margin of 93% (up from 92% YoY). Smart Metering EBITDA margin improved to 85% in Q2 FY26 compared to 79% in Q2 FY25.
Capital Expenditure
Planned capex includes INR 14,000 Cr for the smart metering business and INR 1,600-1,800 Cr annually for the distribution segment. Three transmission projects worth over INR 12,000 Cr are scheduled for commissioning in 2H FY26.
Credit Rating & Borrowing
The company maintains a strong business risk profile with healthy financial flexibility. Net Debt to EBITDA stands at 4.4x. The company has actively deleveraged AEML through GMTN bond buybacks totaling over $213.5 million across multiple tranches.
Operational Drivers
Raw Materials
Key inputs include transmission towers, conductors, and electronic components for smart meters (approx. 60-70% of project costs), though specific material cost percentages are not disclosed in available documents.
Import Sources
Sourcing is primarily domestic for transmission infrastructure, with smart meter components sourced globally to meet the ~74 lakh meter installation requirement.
Key Suppliers
O&M services are provided by Adani Infrastructure Management Services Ltd, leveraging economies of scale to maintain 99.7% line availability.
Capacity Expansion
Operational transmission projects increased from 26 to 30 by the end of FY25. The company has a locked-in order pipeline of INR 60,000 Cr in transmission and ~74 lakh smart meters already installed, the highest in India.
Raw Material Costs
Not explicitly disclosed as a percentage of revenue; however, O&M efficiency and in-house management helped maintain a 93% EBITDA margin in transmission.
Manufacturing Efficiency
Transmission line availability of 99.7% and industry-leading daily run-rates for smart meter installations indicate high operational efficiency.
Logistics & Distribution
Distribution segment revenue reached INR 6,478 Cr in 1H FY26, with a focus on maintenance capex that is capitalized immediately to ensure grid reliability.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be driven by the commissioning of three major transmission projects (>INR 12,000 Cr) in 2H FY26, a massive INR 60,000 Cr transmission bid pipeline, and the execution of a INR 27,000 Cr smart metering revenue backlog with expected levered IRRs of 20-25%.
Products & Services
Electricity transmission services, retail electricity distribution, smart meter installation and data management, and C&I power solutions.
Brand Portfolio
Adani Energy Solutions (AESL), Adani Electricity Mumbai Limited (AEML), Mundra Utilities Limited (MUL).
New Products/Services
Expansion into Smart Metering as a core segment, contributing INR 253 Cr EBITDA in 1H FY26 with an 86% margin profile.
Market Expansion
Targeting new geographies for distribution and smart metering to increase the current 18-19% order market share and 23-24% installation market share.
Market Share & Ranking
Largest private transmission and distribution company in India; #1 in smart meter installations with ~74 lakh meters.
Strategic Alliances
Joint Venture with EdgeConnex for Data Centers; partnership with Adani Infrastructure Management Services Ltd for O&M.
External Factors
Industry Trends
The industry is shifting toward 'Energy Transition' and 'Digitalization' via smart grids. AESL is positioned as a leader with the largest private transmission network and highest smart meter installation count in India.
Competitive Landscape
Competes with PSU players and other private utilities, but maintains a 23-24% installation market share in smart meters.
Competitive Moat
Durable advantages include a 99.7% operational availability (moat of reliability), the lowest distribution losses in India (4.3%), and a massive integrated infrastructure portfolio that is difficult for competitors to replicate at scale.
Macro Economic Sensitivity
Highly sensitive to India's energy transition goals and federal regulatory stability regarding power sector reforms.
Consumer Behavior
Rising demand for 24/7 reliable power and digital billing (smart meters) is driving segment growth.
Geopolitical Risks
Trade barriers on imported power components or smart meter chips could impact project timelines and costs.
Regulatory & Governance
Industry Regulations
Operations are governed by CERC/SERC regulations for transmission tariffs and distribution licenses; normative availability is set at 98.0%.
Environmental Compliance
Strong focus on ESG; the company is enabling the evacuation of 2.5 GW to 8 GW of renewable energy from the Khavda RE park.
Taxation Policy Impact
1H FY26 results were impacted by a one-time MAT credit/deferred tax reversal of INR 314 Cr in the previous year, affecting YoY PAT comparisons.
Risk Analysis
Key Uncertainties
Execution risk of the INR 60,000 Cr transmission pipeline and potential regulatory shifts in smart metering tariffs (impact: 20-25% IRR targets).
Geographic Concentration Risk
Significant revenue concentration in the Mumbai region for the distribution business (~70% of operational revenue).
Third Party Dependencies
Dependency on Adani Infrastructure Management Services Ltd for O&M to maintain high availability and margins.
Technology Obsolescence Risk
Smart metering segment requires continuous digital updates to manage data for 74 lakh+ meters.
Credit & Counterparty Risk
Exposure to state discoms for transmission charges, though mitigated by the regulated nature of the assets.
