Event Type: Q2 and H1 FY '27 Earnings Conference Call hosted by Adani Energy Solutions Limited.

Date and Time: The conference call was held on October 23, 2026. The specific time was not mentioned in the transcript.

Purpose: Discussion of quarterly results and strategic updates for Q2 and H1 FY '27.

Management Participants:

  • Mr. Kandarp Patel – Chief Executive Officer
  • Mr. Ashok Jagetiya – Chief Financial Officer
  • Mr. Raj Kumar Jain – Business Head, Energy Solutions Platform
  • Mr. Prashant Soni – Head Finance

Financial Period Discussed: Quarter and half year ended 30th September 2026 (Q2 FY27).

Key Financial Highlights:

  • Total income grew over 50% year-over-year
  • EBITDA increased close to 67%
  • PAT grew 145%
  • Company has an asset base of about ₹83,000 crores
  • Capex deployment of ₹7,850 crores in H1 FY27 (all-time high)
  • Transmission order book remains at about ₹87,000 crores

Operational Updates:

Transmission Business:

  • Added two projects: Vizag Pendurthi and Satara
  • Expecting to commission WRSR, Khavda phase 4, Halvad, and Navinal projects
  • Targeting ₹14,000 crore transmission capex for FY27
  • Planning ₹8,000-9,000 crores capex in second half

Distribution Business:

  • Distribution losses in Mumbai reduced to 4.29% in first half
  • Consumption increased by more than 10%

Smart Metering Business:

  • Delivered about 14.8 million meters so far
  • 60% of order book delivered, balance to complete in 12-14 months
  • Targeting 80-90 lakh meter installations this year
  • Faced deployment challenges due to customer resistance and specific utility requirements

Energy Solutions Platform:

  • Delivered revenue of over ₹2,000 crores and EBITDA of over ₹800 crores in Q2
  • Have tie-up of 4 gigawatt of renewables and 3.5 gigawatt of base capacity
  • Executed 2,500-megawatt RE-RTC contract with MSEDCL
  • Targeting 7,000-8,000 megawatts of tie-up over 3-4 years
  • Sold 14,583 million units in Q2 FY27

Volume Breakdown (Q2 FY27):

  • 3,500 million units - long-term position trading
  • 9,500 million units - power trading on behalf of others
  • 1,500 million units - power management services

Funding and Balance Sheet:

  • Significant portion of debt is fixed rate or hedged appropriately
  • 75-80% of debt portfolio on fixed coupon basis
  • ECB constitutes around 10% of total debt

ESG Performance:

  • Ranked number one globally in S&P Global Electric Utility category with 90/100 score
  • Industry average is about 40

Additional Notes Section

Attachments: The document includes a transcript of the earnings call titled "aesl-earnings-call-transcript--q2fy27.pdf".

Financial Data: Extensive financial and operational data was disclosed during the earnings call, including specific numbers for revenue growth, EBITDA growth, PAT growth, capex deployment, order book size, and unit volumes.

Compliance: The document is a regulatory filing submitted to BSE Limited and National Stock Exchange of India Limited, containing the official transcript of the earnings conference call.