Adani Energy Solutions Limited (AESL) submitted its unaudited financial results for Q2 and H1 FY27 ended September 30, 2026, to the stock exchanges via a media release.
Financial Performance Highlights (Consolidated)
Quarterly (Q2 FY27 vs Q2 FY26):
- Total Income: ₹10,239 crore, up 51% YoY (from ₹6,767 crore)
- Operational Revenue: ₹7,167 crore, up 51% YoY (from ₹4,740 crore)
- EBITDA: ₹3,548 crore, up 67% YoY (from ₹2,126 crore)
- PAT: ₹1,364 crore, up 145% YoY (from ₹557 crore)
Half-Yearly (H1 FY27 vs H1 FY26):
- Total Income: ₹20,092 crore, up 46% YoY (from ₹13,793 crore)
- Operational Revenue: ₹14,351 crore, up 50% YoY (from ₹9,548 crore)
- Operating EBITDA: ₹5,878 crore, up 70% YoY (from ₹3,463 crore)
- EBITDA: ₹6,726 crore, up 62% YoY (from ₹4,144 crore)
- PAT: ₹2,600 crore, up 137% YoY (from ₹1,096 crore)
Segment-wise Financial Performance (Q2 FY27)
Transmission:
- Operating Revenue: ₹1,521 crore, up 17% YoY
- Operating EBITDA: ₹1,394 crore, up 15% YoY
- EBITDA Margin: 92% (93% in Q2 FY26)
Distribution (AEML and MUL):
- Operating Revenue: ₹3,181 crore, up 2% YoY
- Operating EBITDA: ₹605 crore, up 23% YoY
Smart Metering (Ind AS):
- Operating Revenue: ₹267 crore, up 129% YoY
- Operating EBITDA: ₹226 crore, up 146% YoY
- EBITDA Margin: 85% (79% in Q2 FY26)
Energy Solutions Platform:
- Operating Revenue: ₹2,197 crore (not comparable YoY)
- Operating EBITDA: ₹803 crore (not comparable YoY)
Others:
- Operating Revenue: ₹318 crore (not comparable YoY)
- Operating EBITDA: ₹42 crore (not comparable YoY)
Smart Metering (Non-Ind AS):
- Operating Revenue: ₹384 crore, up 111% YoY
- Operating EBITDA: ₹343 crore, up 123% YoY
- EBITDA Margin: 89% (85% in Q2 FY26)
Segment-wise Operational Highlights
Transmission Business:
- Average Availability (%): 99.8% in Q2 FY27 (99.6% in Q2 FY26)
- Total Transmission Network (ckm): 29,739
- Incentive Income in H1FY27: ₹61 crore
Distribution Business (AEML):
- Supply Reliability (%): 99.99%
- Distribution Loss (%): 4.29% in H1 FY27 (4.30% in H1 FY26); 3.30% in Q2 FY27 (4.36% in Q2 FY26)
- Units Sold (MUs): 2,930 in Q2 FY27, up 11% YoY (from 2,650)
- Regulated Asset Base (RAB): ₹10,456 crores as of H1FY27 (Equity: ₹5,564 crores; Debt: ₹4,892 crores), recording 11% YoY growth.
Distribution Business (MUL):
- Units Sold (MUs): 460 in Q2 FY27, up 26% YoY (from 364)
Smart Metering Business:
- Meters Installed in H1 FY27 (in millions): 3.5 (4.2 in H1 FY26)
- Meters Installed in Q2 FY27 (in millions): 1.3 (1.8 in Q2 FY26)
- Cumulative Meters Installed (in millions): 14.8 (7.4 in Q2 FY26)
- Meters Billed in Q2 FY27 (in millions): 1.8 (1.6 in Q2 FY26)
- Cumulative Meter Months (in millions): 74.5 in H1 FY27 (27.9 in H1 FY26); 40.0 in Q2 FY27 (17.1 in Q2 FY26)
Growth Projects and Order Book
Transmission:
- Secured two new transmission projects: Vizag Power Transmission Limited and Satara Power Transmission Limited.
- Aggregate transmission under-construction pipeline: ~ ₹87,000 crore.
- Near-term tendering pipeline: ~₹1.4 lakh crores.
- Transmission Capex in H1 FY27: ₹5,542 crore, increased 1.7x YoY (from ₹3,343 crore in H1 FY26).
Smart Metering:
- Order Book: 24.6 million meters.
- Revenue Potential: ₹29,519 crore.
- Nationwide market opportunity: 86 million meters.
Energy Solutions Platform:
- Signed a 25-year Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the supply of 2,500 MW round-the-clock (RTC) power.
- Supply tie-up: ~4.6 GW across solar & wind, ~3.5 GWh of BESS.
- Q2 FY27 EBITDA: ₹810 crore.
Capital Management
- Raised ₹3,500 crore via QIP from marquee investors.
ESG and Other Updates
- Achieved an ESG score of 90/100 in S&P Global's latest MSA review, up from 81 and well above the industry average of 41.
- Achieved Intertek-verified Zero Waste to Landfill status, diverting over 6 lakh kg of waste with a 99%+ waste diversion rate.
- AEML retained its A+ rating in REC's Consumer Service Rating of DISCOMs (CSRD).