Key Financial Performance - Consolidated (YoY)

Q2 FY27 Performance:

  • Operational Revenue: ₹7,167 Cr, up 51% YoY (vs ₹4,740 Cr in Q2 FY26)
  • EBITDA: ₹3,548 Cr, up 67% YoY (vs ₹2,126 Cr in Q2 FY26)
  • PAT: ₹1,364 Cr, up 145% YoY
  • Total Income: ₹10,239 Cr (includes SCA income of ₹2,590 Cr)
  • Capex: ₹4,353 Cr, up 1.2x YoY

1H FY27 Performance:

  • Operational Revenue: ₹14,351 Cr, up 50% YoY (vs ₹9,548 Cr in 1H FY26)
  • EBITDA: ₹6,726 Cr, up 62% YoY (vs ₹4,144 Cr in 1H FY26)
  • PAT: ₹2,600 Cr, up 137% YoY
  • Total Income: ₹20,092 Cr (includes SCA income of ₹4,961 Cr)
  • Capex: ₹7,850 Cr, up 1.3x YoY
  • Net Debt: ₹41,067 Cr
  • Net Debt to EBITDA: 3.63x (improved from 4.4x in 1H FY26)

Segment-wise Financial Performance

Transmission Business (1H FY27):

  • Operating Revenue: ₹3,117 Cr (vs ₹2,474 Cr in 1H FY26)
  • SCA Revenue: ₹3,817 Cr (vs ₹2,086 Cr in 1H FY26)
  • Operating EBITDA: ₹2,871 Cr (vs ₹2,285 Cr in 1H FY26)
  • Total EBITDA: ₹3,374 Cr (vs ₹2,533 Cr in 1H FY26)

Distribution Business (AEML) (1H FY27):

  • Operating Revenue: ₹6,702 Cr (vs ₹6,478 Cr in 1H FY26)
  • Operating EBITDA: ₹1,192 Cr (vs ₹994 Cr in 1H FY26)
  • Total EBITDA: ₹1,185 Cr (vs ₹988 Cr in 1H FY26)
  • Regulatory Asset Base (RAB): ₹10,456 Cr as of Q2 FY27, up 11% YoY

Smart Metering Business (1H FY27):

  • Operating Revenue: ₹428 Cr (vs ₹185 Cr in 1H FY26)
  • SCA Revenue: ₹1,144 Cr (vs ₹1,606 Cr in 1H FY26)
  • Operating EBITDA: ₹352 Cr (vs ₹134 Cr in 1H FY26)
  • Total EBITDA: ₹399 Cr (vs ₹196 Cr in 1H FY26)

Energy Solutions Platform (1H FY27):

  • Operating Revenue: ₹4,103 Cr (vs ₹410 Cr in 1H FY26)
  • Operating EBITDA: ₹1,393 Cr (vs ₹28 Cr in 1H FY26)
  • Total EBITDA: ₹1,393 Cr (vs ₹28 Cr in 1H FY26)
  • Energy Supplied: 25,333 MUs in 1H FY27

Operational Highlights

Transmission Business:

  • System availability remains robust at 99.8% in Q2 FY27
  • Transmission network: 29,802 ckm (20,023 ckm operational + 9,779 ckm under construction)
  • Secured two new projects: Vizag Power Transmission Limited and Satara Power Transmission Limited
  • New projects add ~2,000 ckm line capacity with ~₹1,474 Cr annual transmission tariff
  • Under-construction orderbook: ₹87,222 Cr
  • Market share: 17% in TBCB bids (1H FY27)
  • Locked-in Tariff: ₹10,994 Cr

Distribution Business (AEML Mumbai):

  • Customer base: 3.29 million
  • Units sold: 6,190 MUs in 1H FY27 (vs 5,589 MUs in 1H FY26)
  • Q2 FY27 units sold: 2,930 MUs (vs 2,650 MUs in Q2 FY26), up 11% YoY
  • Distribution loss: 4.29% (vs 4.30% in 1H FY26)
  • Reliability metrics: SAIDI 27.9 min, SAIFI 1.27, CAIDI 22.0 min, ASAI 99.99%

Smart Metering Business:

  • Cumulative meters installed: 14.8 million (7.4 million in Sep'26)
  • Installation rate: ~19k daily average in 1H FY27
  • Orderbook: 24.6 million meters
  • Untapped market opportunity: 86 million smart meters
  • Market share: ~19% in RDSS

Energy Solutions Platform:

  • Market opportunity: 7.5 GW+
  • Supply tie-up: ~4.6 GW across solar & wind, ~3.5 GWh of BESS
  • Serving C&I customers, data centers, and utilities with renewable and round-the-clock digital energy solutions

Capex Profile

  • 1H FY27 Capex: ₹7,850 Cr, up 1.3x YoY
  • Transmission capex: up 1.7x in 1H FY27
  • Distribution capex: up 1.3x in 1H FY27
  • Smart metering capex: remained in line

ESG Updates

  • GHG emission intensity: Reduced to 70% by FY2025 (target achieved); maintain ≥50% till FY2027
  • Renewable power procurement target: 60% by FY2027
  • Zero Waste to Landfill at all operational sites achieved since FY2023
  • Single-Use Plastic Free status achieved since FY2023
  • ESG Ratings: Sustainalytics 18.3/100 (Low Risk), S&P CSA 90/100, FTSE 4.5/5
  • Safety performance: LTI Frequency Rate 0.12, 62,083 man-hours of safety training in Q2 FY27

Credit Ratings

International Ratings:

  • ATSOL Obligor Group: Fitch BBB-/Stable, Moody's Baa3/Stable
  • AEML: Fitch BBB, S&P BBB-/Stable, Moody's Baa3/Stable, CareEdge Global BBB+/Stable

Domestic Ratings:

  • AESL: India Ratings/CRISIL/ICRA AA+, A1+/Stable
  • AEML: India Ratings/CRISIL AAA/Stable
  • Multiple SPVs rated AAA/AA+ by various agencies

Asset Portfolio

Operational Transmission Assets:

  • 36 projects with 20,023 ckm operational network
  • Transformation capacity: 57,580 MVA
  • Annual billing: ₹7,073 Cr

Under-construction Transmission Assets:

  • 15 projects with 9,779 ckm line capacity
  • Transformation capacity: 94,275 MVA
  • Levelized tariff/billing: ₹10,994 Cr

Under-construction Smart Metering Assets:

  • 10 projects with 24.6 million meters
  • Revenue potential: ₹29,519 Cr
  • Contract period: 120 months (DBFOOT model)