Financial Performance Highlights

Consolidated Financial Results (₹ crore):

  • Total Income: ₹9,852 crore in Q1 FY27, up 40% YoY from ₹7,026 crore in Q1 FY26
  • Operational Revenue: ₹7,117 crore in Q1 FY27, up 54% YoY from ₹4,617 crore in Q1 FY26
  • EBITDA: ₹3,178 crore in Q1 FY27, up 58% YoY from ₹2,017 crore in Q1 FY26
  • Operating EBITDA: ₹2,779 crore in Q1 FY27, up 70% YoY from ₹1,632 crore in Q1 FY26
  • PAT: ₹1,237 crore in Q1 FY27, up 130% YoY from ₹539 crore in Q1 FY26
  • Cash Profit: ₹1,776 crore in Q1 FY27, up 70% YoY

Segment-wise Financial Performance

Transmission Business:

  • Operating Revenue: ₹3,520 crore in Q1 FY27, up 5% YoY from ₹3,360 crore in Q1 FY26
  • Operating EBITDA: ₹1,477 crore in Q1 FY27, up 38% YoY from ₹1,070 crore in Q1 FY26
  • EBITDA Margin: 92% (consistent with previous year)

Distribution Business (AEML):

  • Operating EBITDA: ₹587 crore in Q1 FY27, up 19% YoY from ₹493 crore in Q1 FY26

Smart Metering Business:

  • Operating Revenue: ₹347 crore in Q1 FY27, up 136% YoY from ₹112 crore in Q1 FY26
  • Operating EBITDA: ₹311 crore in Q1 FY27, up 141% YoY from ₹98 crore in Q1 FY26
  • EBITDA Margin: 89% in Q1 FY27 vs 88% in Q1 FY26

Energy Solutions Platform:

  • Operating Revenue: ₹1,839 crore in Q1 FY27 (excluding other trading income)
  • Operating EBITDA: ₹590 crore in Q1 FY27

Operational Metrics

Transmission Business:

  • Average Availability: 99.6% in Q1 FY27 vs 99.8% in Q1 FY26
  • Total Transmission Network: 27,949 ckm in Q1 FY27 vs 26,696 ckm in Q1 FY26
  • Incentive Income: ₹35 crore in Q1 FY27 due to robust line availability

Distribution Business (AEML):

  • Supply Reliability: 99.99% (consistent)
  • Distribution Loss: 5.16% in Q1 FY27 vs 4.24% in Q1 FY26 (impacted by extreme heat conditions)
  • Units Sold: 3,260 MUs in Q1 FY27, up 11% YoY from 2,939 MUs in Q1 FY26
  • Regulated Asset Base: ₹10,353 crore (Equity: ₹5,485 crore, Debt: ₹4,867 crore), up 9.7% YoY

Distribution Business (MUL):

  • Units Sold: 425 MUs in Q1 FY27, up 57% YoY from 271 MUs in Q1 FY26

Smart Metering Business:

  • Meters Installed: 2.07 million in Q1 FY27 vs 2.41 million in Q1 FY26
  • Cumulative Meters Installed: 13.44 million in Q1 FY27 vs 5.54 million in Q1 FY26
  • Meters Billed: 2.01 million in Q1 FY27 vs 3.04 million in Q1 FY26
  • Cumulative Meter Months: 34.80 million in Q1 FY27 vs 10.61 million in Q1 FY26

Growth Initiatives and Capex

Capex Execution:

  • Capex: ₹3,498 crore in Q1 FY27, increased 1.57x from ₹2,224 crore in Q1 FY26

Transmission Pipeline:

  • Under construction pipeline: ₹71,779 crore across 13 projects
  • Near-term tendering opportunity: ~₹1.1 lakh crore

Smart Metering:

  • Order Book: 24.6 million meters with revenue potential of ₹29,519 crore
  • IntelliSmart Acquisition: Proposed acquisition to create India's largest smart metering platform with 47+ million meters
  • Nationwide market opportunity: 103 million meters

Energy Solutions Platform:

  • Supply tie-up: ~4.0 GW across solar and wind
  • BESS capacity: ~3.3 GWh
  • Energy portfolio: 1+ GW across C&I, data centers and utilities

Credit and Ratings Update

  • ICRA reaffirmed long-term rating: ICRA AA+ (Stable)
  • ICRA assigned short-term rating: ICRA A1+
  • AEML maintained all credit ratings with stable outlook from Moody's

ESG Performance

  • ESG Risk Assessments and Insights Limited: Rating improved to 73/100 (Excellent) in June 2026 from 68/100 (Strong) in February 2026
  • Sustainalytics ESG Risk Rating: Improved to 18.5 (Low Risk) in June 2026 from 19.9 in September 2025, placing AESL in top 7th percentile of 215 global electric utilities
  • AEML: Retained A+ rating in REC's Consumer Service Rating of DISCOMs (CSRD)

Management Commentary

CEO Kandarp Patel stated: "AESL has delivered robust start to FY27, driven by strong financial performance and continued operational excellence across our core businesses. During the quarter, we further strengthened our growth platform through the proposed acquisition of IntelliSmart, a strategic step towards building India's leading smart metering platform. Our Energy Solutions Platform has now gathered momentum, supported by significant renewable energy tie-ups and growing consumer stack across utilities, Commercial & Industrial and data centre segments. Backed by a strong project pipeline, disciplined execution and credit discipline, we remain well positioned to drive sustainable growth and create long-term stakeholder value."