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Informist, Thursday, Apr. 23, 2026

By Sunil Raghu

AHMEDABAD – Adani Energy Solutions Ltd. reported a significant growth on a year-on-year basis in its top line for the March quarter, supported by a jump in sales across its transmission, trading and smart meter operation segments. The company's top line, however, took a minor hit as its revenue from distribution business fell 1.3% on year.

The company's consolidated net profit grew nearly 6% on year to INR 6.84 billion against INR 6.47 billion for the year-ago quarter. The power transmission and distribution company's consolidated net revenue rose over 17% on year to over INR 74 billion. The company's tax outgo for the March quarter was INR 2.4 billion, down over 16% on year.

The Adani group company was expected to report a consolidated net profit for the March quarter in the range of INR 5.9 billion to INR 7.5 billion. Revenue for the quarter was estimated in the range of INR 67.3 billion and INR 70.4 billion.

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.

The company's revenue from its transmission segment was over INR 28 billion, compared with over INR 22 billion in the corresponding quarter a year ago. Its revenue from trading, too, was up at INR 4.3 billion against INR 3.8 billion in the year-ago quarter. The company's smart meter operations revenue jumped to INR 3 billion, from INR 439 million. However, its revenue from distribution segment was down 1.3% on year at INR 28.69 billion.

A recent filing by the company shows that 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's bottom line, however, grew at a much slower pace than the revenue in the March quarter. Its net profit was hit by nearly 25% on-year jump in expenses during the quarter under review. The company's total expenses were nearly INR 68 billion, from over INR 54 billion a year ago.

Adani Energy's aggregate transmission projects under construction stand at nearly INR 718 billion and smart metering order book is of 24.6 million meters, with a revenue potential of INR 300 billion, the company said in a press release. As of Mar. 31, the company has installed a total of 11.36 million smart meters. "The near-term tendering pipeline in the transmission sector remains robust at INR 1.5 trillion. Whereas the countrywide market opportunity in smart metering remains robust at 103 million meters," the company added.

The company's consolidated operating margin for the quarter fell 208 basis points on year to 29.92%. The operating earnings before interest, tax, depreciation, and amortisation for the quarter was INR 19.81 billion, nearly 13% higher than INR 17.57 billion a year ago.

For 2025-26 (Apr-Mar), the company's consolidated net profit more than doubled to INR 23 billion, from INR 11 billion in FY25. Its top line was nearly INR 276 billion as against INR 238 billion in the year-ago period. Its capital expenditure for FY26 was INR 142.32 billion, compared with INR 114.44 billion a year ago.

Adani Energy announced the earnings towards the end of market hours on Thursday. Its shares ended 0.5% lower at INR 1,361.25 on the National Stock Exchange.  End

Edited by Akul Nishant Akhoury

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