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Informist, Tuesday, Apr. 21, 2026

By Sunil Raghu

AHMEDABAD – Adani Energy Solutions Ltd. is expected to report a year-on-year growth in its consolidated bottom line and top line for the March quarter, on the back of higher electricity units sold in its Mumbai circle and on the back of demand from industrial consumers in Mundra, according to analyst reports. In addition, it has achieved its target of installing 10 million smart meters for the financial year ended March 2026. Analysts, however, see high debt costs weighing on the company's bottom-line growth.

The transmission and distribution business of the Adani group is expected to report a consolidated net profit for the March quarter in the range of INR 5.9 billion, estimated by Prabhudas Lilladher Pvt. Ltd., and INR 7.5 billion by Elara Securities (India) Pvt. Ltd. Prabhudas Lilladher in its report said higher interest costs are likely to weigh on the company's profit in the reporting quarter. Revenue for the quarter is estimated in the range of INR 67.3 billion by Elara Securities and INR 70.4 billion by Prabhudas Lilladher.

Adani Energy Solutions has a presence across multiple segments of the energy domain, including power transmission, distribution, smart metering, and cooling solutions. It is the country's largest private transmission company with a cumulative transmission network of 27,949 circuit kilometres and 123,175 megavolt ampere transformation capacity. In its retail electricity distribution business, Adani Energy serves nearly 13 million consumers in metropolitan Mumbai and the industrial hub of Mundra special economic zone. The company is also ramping up its smart metering business and is on course to become India's leading smart metering integrator. Adani Energy Solutions successfully delivered 10 million smart meters in February, achieving its target for 2025-26 (Apr-Mar). It has also set the same smart-metering target for FY27, Prabhudas Lilladher said in its report.

As per a recent filing by the company, it sold 2.5 billion units of electricity in the Mumbai circle in the March quarter, up 4% on year. The company's consumer base in Mumbai has also risen to 3.27 million users for the March quarter from 3.18 million in the year-ago quarter. However, for FY26, the company sold 10.58 billion units of electricity, merely 26 million units higher than what it sold in FY25.

Adani Energy Solutions also sold 368 million units in the Mundra region in Jan-Mar, up 46% year-on-year, driven by industrial demand. It sold 1.38 billion units in Mundra during FY26, up 45% on year. The company maintains an order book of 24.6 million smart meters, which translates into a revenue potential of nearly INR 30 billion.

Adani Energy Solution's earnings before interest, tax, depreciation, and amortisation are expected to be in the range of over INR 21.20 billion by Elara Securities and INR 24.01 billion, estimated by J.M. Financial.  

Adani Energy Solutions will detail its March quarter earnings Thursday. Shares of Adani Energy are up 36% since it reported its December quarter earnings on Jan. 22. At 1403 IST, its shares traded about 0.4% higher at INR 1,264.45 on the National Stock Exchange.

Of the six brokerage reports on the company available with Informist, all have a 'buy' or equivalent recommendation on the stock with an average target price of INR 1,128, which is about 11% lower than the current market price.

Following are the Jan-Mar earnings estimates for Adani Energy Solutions from three brokerages in descending order of the estimate of net profit in INR billion:

End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Tanima Banerjee

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