Adani Energy Solutions Ltd
Adani Energy Solutions Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Transmission business to see increased capitalization and revenue, with about INR 15,000 crores capitalization expected this year translating to INR 1,800-1,900 crores additional tariffs. AESL projects steady growth driven by transmission, distribution, and smart meter businesses.
From Adani Energy Solutions Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- Transmission business to see increased capitalization and revenue, with about INR 15,000 crores capitalization expected this year translating to INR 1,800-1,900 crores additional tariffs.
- Distribution business capex around INR 1,500-1,600 crores, translating to INR 250-275 crores EBITDA.
- Smart meter business capex will drive INR 800 crores additional revenues.
- Overall, INR 17,000 crores capitalization expected annually leading to INR 2,800 crores EBITDA increment.
- Three to four transmission projects targeted for commissioning in the next half, adding approximately INR 1,700-1,800 crores revenue.
- Smart meter installation target to increase to 30,000 per day, addressing a large untapped market of around 10 crore smart meters in emerging states.
- Distribution capex in Navi Mumbai estimated at about INR 2,000 crores per year over five years.
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Profitability & Margins
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Capital Expenditure Plans
- Total capex guidance for FY26 is about INR 17,000 to INR 18,000 crores.
- Transmission business capex: INR 11,400 crores for full year; INR 3,350 crores incurred in H1, INR 7,000-8,000 crores expected in H2.
- Distribution (AEML) capex: Approximately INR 1,600 crores planned for FY26; INR 575 crores incurred in H1 and INR 1,000 crores planned for H2.
- Smart metering capex: Around INR 4,000 crores planned for FY26; INR 2,000 crores added in H1.
- Navi Mumbai parallel license pending, with an estimated INR 10,000 crores capex over 5 years (~INR 2,000 crores per year).
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Top-ranked in Power
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- Current order pipeline for transmission projects stands at approximately INR 60,000 crores.
- Total identified bidding opportunity in transmission over the next 1 to 1.5 years is INR 80,000 to INR 90,000 crores.
- Project wins include significant HVDC projects like Khavda-Olpad and South Kalamb.
- The company operates with about a 25% market share in transmission bidding.
- Smart metering business targets an addressable market of about 10 crore smart meters over the next year.
- Distribution business experiences yearly capex of INR 1,600 to INR 1,800 crores, with expected ramp-up in the second half.
- Parallel license bids are active in areas like Navi Mumbai, Mundra, and Ghaziabad/Jewar in UP.
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Adani Energy Solutions Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹7.4K Cr, net profit ₹723 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Adani Energy Solutions Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Adani Energy Solutions Ltd Q2 FY26 results?
Transmission business to see increased capitalization and revenue, with about INR 15,000 crores capitalization expected this year translating to INR 1,800-1,900 crores additional tariffs. AESL projects steady growth driven by transmission, distribution, and smart meter businesses.
What is Adani Energy Solutions Ltd share price analysis?
Adani Energy Solutions Ltd currently shows a neutral. The stock trades at a P/E of 57.2 with a market cap of ₹167,068 Cr. Investors should review the full earnings analysis for detailed insights.
Is Adani Energy Solutions Ltd planning capital expenditure?
Total capex guidance for FY26 is about INR 17,000 to INR 18,000 crores.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.