Adani Energy Solutions Limited (AESL) delivered a standout financial performance in FY26, recording a 32 per cent year-on-year growth in adjusted net profit to Rs 2,393 crore, driven by double-digit EBITDA expansion and disciplined capital management, the Ahmedabad-headquartered Adani Group company announced on Thursday, April 23. The results underscore the company's accelerating momentum in India's power transmission and smart infrastructure sectors.

Record EBITDA and Revenue Growth

EBITDA climbed 12.7 per cent year-on-year to an all-time high of Rs 8,726 crore in FY26, reflecting robust expansion across the transmission and smart metering segments, alongside steady performance in the distribution business. This marks a new benchmark for the company in terms of operational profitability.

Total income surged 15.9 per cent to a record Rs 28,325 crore for the full fiscal year, propelled by stronger operating performance and higher Service Concession Arrangement (SCA) income — a direct outcome of accelerated capital expenditure execution across projects.

The company's capital expenditure in FY26 rose 1.24 times to Rs 14,232 crore, compared with Rs 11,444 crore in FY25, signaling aggressive infrastructure buildout across its business verticals.

Q4 FY26 Performance Highlights

For the fourth quarter of FY26, AESL reported a 15 per cent year-on-year rise in total income to Rs 7,588 crore. EBITDA for Q4 grew 4.9 per cent YoY to Rs 2,372 crore, reflecting sustained operational efficiency even in a seasonally variable quarter.

Profit After Tax (PAT) for the quarter stood at Rs 723 crore, marginally higher than Rs 714 crore in Q4 FY25. On an adjusted basis, PAT surged 27.7 per cent YoY from Rs 566 crore to Rs 723 crore, demonstrating strong underlying earnings quality after accounting for one-off items.

HVDC Milestone and Smart Meter Leadership

Kandarp Patel, CEO of Adani Energy Solutions, highlighted a landmark achievement during the year — the commissioning of five transmission projects in Q4 FY26, including the high-profile Mumbai HVDC project. This makes AESL the only private sector company in India to have successfully executed two HVDC projects, a technically complex feat that few global players have achieved.

On the smart metering front, AESL crossed the milestone of deploying 1 crore smart meters during the year, positioning the company as the undisputed leader in India's Advanced Metering Infrastructure (AMI) rollout. The company's current smart meter order book stands at 2.46 crore meters with a revenue potential of Rs 29,519 crore.

Order Pipeline and Growth Outlook

Driven by recent project wins, AESL's aggregate transmission under-construction pipeline has reached Rs 71,779 crore, one of the largest in the Indian private power transmission sector. This pipeline provides strong revenue visibility for the next several years.

Patel noted that the growth outlook across all businesses remains robust, supported by an expanding asset base, a strong HVDC project pipeline, and sustained execution momentum. This forward guidance aligns with India's ambitious power sector targets under the National Electricity Plan, which envisions massive grid expansion through 2032.

Adding to its financial credibility, AESL received a BBB+ (Stable) long-term foreign currency rating from the Japan Credit Rating Agency (JCR), placing it at par with India's sovereign rating. This international endorsement reflects the company's strong credit profile and is a critical signal for global institutional investors.

Strategic Significance and Broader Impact

This comes amid India's accelerating energy transition, where the government has set a target of 500 GW of renewable energy capacity by 2030. Transmission infrastructure is the critical bottleneck that determines whether renewable energy actually reaches consumers, and AESL's expanding HVDC capabilities are directly relevant to evacuating power from remote renewable energy hubs in Rajasthan, Gujarat, and Ladakh to demand centers.

AESL's smart metering push also aligns with the Government of India's Revamped Distribution Sector Scheme (RDSS), which targets universal smart meter deployment to reduce Aggregate Technical and Commercial (AT&C) losses. With 1 crore meters already deployed, the company is well ahead of most peers in this national mission.

As FY27 begins, all eyes will be on whether AESL can sustain its capex momentum, convert its Rs 71,779 crore transmission pipeline into commissioned assets on schedule, and expand its international credit profile to attract cheaper long-term capital for infrastructure financing.