In a year marked by scale, speed and strategic execution, Adani Energy Solutions Limited (AESL) delivered a record-breaking FY26 performance, underpinned by strong operational execution and a robust pipeline of future-ready projects.
The company reported its highest-ever annual EBITDA of ₹8,726 crore, a 13% year-on-year growth, while adjusted PAT surged 32% to ₹2,393 crore, reflecting sustained profitability across core business segments.
Quarterly performance remained steady, with Q4FY26 EBITDA at ₹2,372 crore (up 5% YoY) and adjusted PAT rising 27.7% YoY to ₹723 crore, signalling continued momentum.
A defining highlight of the year was the commissioning of Mumbai’s advanced VSC-based HVDC project—recognised as the world’s first compact HVDC—alongside AESL becoming the first company in India to install 1 crore smart meters, setting new industry benchmarks in digital power distribution.
Kandarp Patel, CEO, AESL, said: “We are pleased to have delivered robust performance in FY26, underpinned by consistent operational execution and disciplined capital management. In Q4 FY26, the company commissioned five transmission projects, including the Mumbai HVDC project, making us the only private sector player in India to have successfully executed two HVDC projects, a testament to our deep technical capabilities and on ground execution strengths.”
He added: “During the year, we also crossed the landmark deployment of 1 crore smart meters, reinforcing our leadership in large scale infrastructure implementation and setting benchmarks for the industry. Looking ahead, the growth outlook across our businesses remains robust, supported by an expanding asset base across segments, a strong HVDC project pipeline, and sustained execution momentum in project development & deployment.”
Strong Financial Trajectory
AESL’s total income rose 15.9% YoY to ₹28,325 crore in FY26, while Q4 income grew 15% to ₹7,588 crore, driven by stable operating performance and higher Service Concession Arrangement (SCA) income. Operational revenue also saw healthy growth, supported by newly commissioned transmission assets and smart metering contributions.
Capex & Execution Drive Growth
The company ramped up capital expenditure by 1.24x to ₹14,232 crore, reflecting aggressive expansion. During the year, AESL commissioned five key transmission projects, including Mumbai HVDC, North Karanpura, Khavda Phase II, KPS-1 and Sangod—strengthening its nationwide network to 27,949 ckm.
Locked-in Growth Visibility
AESL’s growth outlook remains anchored in a ₹71,779 crore transmission pipeline under construction and a smart metering order book of 2.46 crore meters, translating into a revenue potential of ₹29,519 crore. The broader sector opportunity remains significant, with a near-term transmission tender pipeline of ~₹1.5 lakh crore and a nationwide smart metering opportunity of 103 million meters.
Operational Excellence & Sustainability Edge
The company maintained high operational benchmarks, including transmission availability above 99.7% and distribution reliability at 99.99%. It also earned strong ESG credentials, top sustainability rankings and high credit ratings, reinforcing its governance and financial discipline.
With scale, execution strength and a deep project pipeline, AESL continues to consolidate its leadership across transmission, distribution and smart metering—positioning itself at the forefront of India’s energy transition.
