Date: July 21, 2026

Financial Results (Standalone & Consolidated)

Q1FY27 Consolidated Financial Performance:

  • Operational Revenue: ₹7,117 crore, up 54% YoY (Q1FY26: ₹4,631 crore)
  • EBITDA: ₹3,178 crore, up 58% YoY (Q1FY26: ₹2,017 crore)
  • PAT: ₹1,237 crore, up 130% YoY
  • Adjusted PAT: ₹2,393 crore, up 32% YoY
  • Capex: ₹3,498 crore, up 1.57x YoY
  • Net Debt: ₹39,268 crore (Net Debt to EBITDA at 4.5x for FY26 vs 3.2x in FY25)
  • Other Income: ₹141 crore (Q1FY26: ₹206 crore)

Segment-wise Financial Performance (Q1FY27 vs Q1FY26):

Transmission Business:

  • Operating Revenue: ₹3,336 crore vs ₹2,189 crore
  • Operating EBITDA: ₹1,477 crore vs ₹1,070 crore
  • Total EBITDA: ₹1,686 crore vs ₹1,190 crore

Distribution Business (AEML):

  • Operating Revenue: ₹3,520 crore vs ₹3,360 crore
  • Operating EBITDA: ₹587 crore vs ₹493 crore
  • Total EBITDA: ₹583 crore vs ₹493 crore

Smart Metering Business:

  • Operating Revenue: ₹793 crore vs ₹975 crore
  • Operating EBITDA: ₹125 crore vs ₹52 crore
  • Total EBITDA: ₹150 crore vs ₹97 crore

Energy Solutions Platform:

  • Operating Revenue: ₹1,839 crore vs ₹18 crore
  • Operating EBITDA: ₹590 crore vs ₹17 crore
  • Total EBITDA: ₹590 crore vs ₹17 crore

Others:

  • Total EBITDA: ₹28 crore vs ₹13 crore

Key Operating Metrics:

Transmission Business - Q1FY27:

  • Transmission Network: 27,949 ckm
  • Under-construction Orderbook: ₹71,779 crore
  • System Availability: 99.63%
  • Near-term transmission tendering opportunity: ~₹1.1 lakh crore

Distribution Business (AEML Mumbai) - Q1FY27:

  • Units Sold: 3,260 MUs (vs 2,939 MUs in Q1FY26, up 11%)
  • Distribution Loss: 5.16% (vs 4.24% in Q1FY26, impacted by extreme heatwave conditions)
  • Regulatory Asset Base (RAB): ₹10,353 crore (up 10% YoY)
  • Customer Base: 3.29 million

Smart Metering Business - Q1FY27:

  • Cumulative Meters Installed: 13.4 million
  • Orderbook: 24.6 million meters
  • Installation Rate: >23,000 meters daily average in Q1FY27

Energy Solutions Platform - Q1FY27:

  • Units Assured: 13,181 MUs
  • Supply Tie-up: ~4.0 GW across solar, wind and storage
  • Battery Storage: ~3.3 GWh of BESS
  • Energy Portfolio: 1+ GW across C&I, data centers and utilities
  • Market Potential: 7.5 GW+

M&A / Strategic Actions

IntelliSmart Acquisition:

  • Executed binding agreement to acquire 100% equity stake in IntelliSmart Infrastructure Private Limited
  • Total consideration: ₹3,050 crore
  • Acquisition from NIIF and EESL
  • Combined smart metering portfolio: 47+ million meters (AESL's 24.6 million + IntelliSmart's 22.3 million)
  • Transaction closing subject to regulatory and customary approvals

Capex Profile

  • FY26 Capex: ₹14,232 crore (1.24x YoY growth)
  • Q1FY27 Capex: ₹3,498 crore (1.57x YoY growth)

ESG Framework and Updates

Environmental Commitments:

  • Renewable power procurement target: 60% by FY2027
  • GHG emission intensity: 197.04 tCO₂e/EBITDA in FY26 (without RECs)
  • Zero Waste to Landfill at all operational sites achieved since FY2023
  • Single-Use Plastic Free achieved since FY2023
  • Water Stewardship: Net Water Positive at all sites

ESG Ratings:

  • Sustainalytics (Jun 2026): 18.5/100 (Low Risk vs global electric utility avg 36.4)
  • S&P CSA (Dec 2025): 81/100 (vs global electric utility avg 41)
  • FTSE (Jun 2026): 4.5/5 (vs global utilities avg 3.2)

Social Indicators:

  • Safety: LTI Frequency Rate 0.35 in distribution business, 0 fatalities
  • Workforce Diversity: 12% women in permanent workforce (FY26)
  • Training: 3.0 hours health & safety training per person in Q1FY27
  • Human Capital ROI: 9.99 in FY2026

Governance:

  • Board Gender Diversity: 25% (2 women directors of 8 members)
  • Board Independence: 50% non-executive independent directors
  • Zero corruption & bribery cases
  • Zero fines or settlements for anti-competitive practices

Ratings and Asset Portfolio

International Ratings:

AESL USPP (Transmission business):

  • Fitch: BBB-/Stable
  • Moody's: Baa3/Stable
  • CARE Edge Global: BBB+/Stable

AEML US$ 1 bn and US$ 300 mn GMTN (Distribution business):

  • Fitch: BBB
  • S&P: BBB-/Stable (US$ 1Bn)
  • Moody's: Baa3/Stable
  • CareEdge Global: BBB+/Stable

Domestic Ratings:

  • AESL: India Ratings/CRISIL/ICRA: AA+, AA+, A1+/Stable
  • AEML: India Ratings/CRISIL: AAA/Stable

Operational Asset Portfolio (as of June 2026):

  • Transmission Network: 27,949 ckm
  • Transformation Capacity: 59,936 MVA
  • No. of Substations: 74

Under-construction Asset Portfolio:

Transmission Assets (13 projects):

  • Total Line Length: 7,926 ckm
  • Total Transformation Capacity: 73,775 MVA
  • Total Investment: ₹73,775 crore

Smart Metering Assets (10 projects):

  • Total Meters: 24.6 million
  • Revenue Potential: ₹29,519 crore
  • Contract Period: 120 months for all projects

Corporate Actions

Fundraising:

  • Raised ₹15,000 crore through Qualified Institutional Placement (QIP) during July 2026
  • Promoter's shareholding revised to 71.97% post-QIP