Adani Energy Solutions Management Guidance Tracker

8 forward-looking guidance items tracked across 2 quarters.

Growth

Q3 FY26Capitalization of ₹25,000 crore in next 12-15 monthsActive

Seven transmission projects to be capitalized, including Mumbai HVDC (₹10,000 cr in 2 months), Kava Phase 3/Halwat/WRSR (₹4,800 cr in 3-5 months), and three more (₹10,000 cr by FY27-end).

Q3 FY26Smart meter installations to cross 1 crore by FY26-endActive

Current cumulative 92 lakh; expect to cross 1 crore by end of current financial year.

Q4 FY26Smart meter installations of 1 crore in FY27Tracked

Up from 83 lakh in FY26; confident based on current ramp-up.

Q4 FY26EBITDA to triple in 36-40 monthsTracked

Based on locked-in transmission tariffs and capitalization of ₹77,000 cr under-construction pipeline.

Capex

Q3 FY26Transmission capex of ₹18,000-20,000 crore per year for next 5 yearsTracked

Annual capex in transmission, including HVDC and non-HVDC, expected in this range.

Q4 FY26FY27 capex of ₹21,000-22,000 croreTracked

Transmission ₹15,500 cr, distribution ₹2,350 cr, smart metering ₹3,900 cr.

Q4 FY26FY28 capex of ~₹23,000 croreTracked

Transmission ₹20,000 cr, distribution ₹2,000 cr, smart metering ₹1,500 cr (based on current order book).

Other

Q3 FY26Leverage to remain at 4.0-4.5x net debt/EBITDAActive

Company guided to maintain leverage in the range of 4.0-4.5x based on capex cycles.