Adani Energy Sol
Adani Energy Sol Q4 FY26 earnings call: Revenue & Margins
Q4 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Transmission EBITDA expected to triple in 3 to 4 years as under-construction projects get commissioned, implying significant revenue growth. Operating profit was around INR8,000 crores in FY26, showing steady growth over recent years.
From Adani Energy Sol's Q4 FY26 earnings-call transcript · updated 25 Aug 2026.
Revenue & Sales Performance
- Transmission EBITDA expected to triple in 3 to 4 years as under-construction projects get commissioned, implying significant revenue growth.
- Capitalization planned of around INR 22,000 crores in FY27 and about INR 23,000 crores (approximate) in FY28, indicating continued expansion.
- Mumbai HVDC project fully commissioned in FY26; full-year tariff of ~INR1,300 crores to accrue from FY27, contributing to revenue.
- Smart meter installations growing rapidly: 82.29 lakh meters installed in FY26, targeting ~1 crore installations in FY27, supporting higher revenues.
- C&I segment (Commercial & Industrial) tied up with 5 GW renewable capacity contracts, expected to be a major growth driver from next year onwards.
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Profitability & Margins
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Capital Expenditure Plans
- Capex guidance for FY27 is about INR 22,000 crores:
- Transmission: ~INR 15,500 crores
- Distribution: ~INR 2,350 crores
- Smart Metering: ~INR 3,900 crores
- Capex for FY28 is anticipated around INR 22,000 to 25,000 crores:
- Transmission: ~INR 20,000 crores
- Distribution: ~INR 2,000 crores
- Smart Metering: ~INR 1,500 crores (pending new orders)
- Locked-in capex of INR 77,000 crores over 4 years.
- Significant capex in FY27-FY28 on Fatehpur-Bhadla project and other transmission assets.
- Continued capex scaling with improved deployment capability and financial discipline.
- Strategic investments include 5 GW renewable capacity contracted for C&I segment.
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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
- Smart Meter Orderbook:
- Current concession has 2.46 crore meters (up from initial 2.3 crore).
- Pending market opportunity: 9-10 crore meters across Tamil Nadu, Karnataka, Telangana, Andhra Pradesh, Gujarat, and Madhya Pradesh.
- Awareness of states awaiting central government approvals under RDSS (e.g., Karnataka, Tamil Nadu).
- Transmission Tender Pipeline:
- Total tender pipeline: approx. INR1.5 trillion.
- 12-month bidding pipeline: INR80,000 to INR100,000 crores.
- Market share maintained at 25-30%.
- Capex Plans:
- FY27 capex: INR21,000 to INR22,000 crores.
- FY28 capex: Approx. INR22,000 to INR25,000 crores.
- Major capex in transmission with 15,500 cr (FY27) and ~20,000 cr (FY28).
- Distribution and smart metering capex also planned.
- C&I Segment:
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Adani Energy Sol — 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 Sol Q4 FY26 results?
Transmission EBITDA expected to triple in 3 to 4 years as under-construction projects get commissioned, implying significant revenue growth. Operating profit was around INR8,000 crores in FY26, showing steady growth over recent years.
What is Adani Energy Sol share price analysis?
Adani Energy Sol currently shows a neutral. The stock trades at a P/E of 64.6 with a market cap of ₹188,567 Cr. Investors should review the full earnings analysis for detailed insights.
Is Adani Energy Sol planning capital expenditure?
Capex guidance for FY27 is about INR 22,000 crores: - Transmission: ~INR 15,500 crores - Distribution: ~INR 2,350 crores - Smart Metering: ~INR 3,900 crores - Capex for FY28 is anticipated around INR 22,000 to 25,000 crores: - Transmission: ~INR 20,000 crores - Distribution: ~INR 2,000 crores - Smart Metering: ~INR 1,500 crores (pending new orders) - Locked-in capex of INR 77,000 crores over 4 years.
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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.