Adani Energy Solutions Ltd (AESL), part of the Adani Group, announced its financial results for the quarter ended September 2025 (Q2 FY26) on October 27, 2025, reporting a mixed performance marked by higher revenue but lower profitability. The company’s consolidated net profit fell 21% year-on-year to ₹534 crore, compared with ₹675 crore in the same period last year. However, revenue from operations increased 7% YoY to ₹6,596 crore, driven by steady demand in the transmission and distribution segments.
Operational Performance and Segment Breakdown
On a sequential basis, revenue saw a 3% dip, but both transmission and distribution businesses continued to contribute the majority of turnover.
Segment-wise, revenue stood at ₹2,372 crore for transmission, ₹3,118 crore for distribution, and ₹182 crore for the expanding smart metering segment.
Operating profit before tax and exceptional items rose to ₹746 crore, improving from ₹658 crore in the previous quarter and ₹594 crore in the same quarter a year earlier. Expenses remained largely stable at ₹5,688 crore, compared with ₹5,694 crore last year.
Expansion in Transmission and Smart Metering
AESL continues to strengthen its position as India’s largest private transmission company, with a presence in 16 states, a cumulative transmission network of 26,705 circuit kilometres, and a transformation capacity of 97,236 MVA.
During the first half of FY26, the company commissioned three major transmission projects – Khavda Phase II Part-A, Khavda Pooling Station – 1 (KPS-1), and Sangod transmission.
In the smart metering business, Adani Energy Solutions achieved a milestone by installing 42.4 lakh new meters during the year, taking its total to 73.7 lakh meters, the highest installed base in the country. The company aims to cross 1 crore cumulative smart meters by the end of FY26, underscoring its leadership in India’s power digitisation drive.
Investment and Capex Growth
AESL’s capital expenditure in the first half of FY26 rose 1.36 times to ₹5,976 crore, up from ₹4,400 crore in H1 FY25. The company noted that the higher capex reflects its growing investments in transmission and distribution networks, alongside expanding smart metering capacity.
With recent project wins, the company’s transmission projects under construction are valued at ₹60,004 crore, while the smart metering order book stands at 2.46 crore meters, representing a revenue potential of ₹29,519 crore.
The company added that the near-term tendering pipeline in the transmission sector remains strong at ₹96,000 crore, while India’s nationwide smart metering opportunity is estimated at over 104 million meters.
Leadership Commentary
Kandarp Patel, CEO of Adani Energy Solutions, commented that the company continues to make significant strides in expanding its core operations. He said, “During the first half of FY26, we successfully commissioned three new transmission lines and achieved record installation in smart metering. We anticipate a strong capex rollout and robust bidding activity through the rest of the financial year.”
Outlook
Adani Energy Solutions remains focused on strengthening India’s energy infrastructure through innovation, efficiency, and technological advancement. The company expects continued growth in electricity demand, smart infrastructure, and sustainable energy distribution to drive its long-term performance.
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Conclusion
Adani Energy Solutions’ Q2 FY26 performance showcases resilience amid challenges. While profit declined due to base effects and tax adjustments, the steady rise in revenue, growing smart meter installations, and large-scale infrastructure pipeline reflect the company’s strong operational base and forward momentum in India’s energy transition story.
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