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Execution delays from land acquisition and regulatory approvals
View Risks →Adani Energy Solutions Limited — Q3 FY26
Adani Energy Solutions delivered a strong Q3 FY26 with consolidated EBITDA of ₹2,200 crore (+21% YoY) and PAT of ₹800 crore (+43% YoY), driven by transmission project completions and smart meter ramp-up.
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Adani Energy Solutions delivered a strong Q3 FY26 with consolidated EBITDA of ₹2,200 crore (+21% YoY) and PAT of ₹800 crore (+43% YoY), driven by transmission project completions and smart meter ramp-up. Revenue grew 16% YoY. The company commissioned three transmission projects in 9M and expects to commission Mumbai HVDC within 30-45 days. Smart meter installations reached 92 lakh (19 lakh in Q3), on track to cross 1 crore by year-end. Management guided for capitalization of ₹25,000 crore over the next 12-15 months from seven transmission projects. The order pipeline stands at ₹78,000 crore, with ₹80,000-1,00,000 crore of bidding expected in the next 12-15 months. Risks include execution delays from land acquisition and regulatory approvals, and potential slowdown in smart meter bidding.
अडानी एनर्जी सॉल्यूशंस ने तीसरी तिमाही में मजबूत प्रदर्शन किया। कंपनी की कमाई (EBITDA) 2,200 करोड़ रुपये रही, जो पिछले साल से 21% ज्यादा है। मुनाफा (PAT) 800 करोड़ रुपये रहा, जो 43% बढ़ा। इसकी वजह बिजली लाइनों (ट्रांसमिशन प्रोजेक्ट) का पूरा होना और स्मार्ट मीटर लगाने का काम तेज होना है। कुल बिक्री (रेवेन्यू) 16% बढ़ी। कंपनी ने 9 महीने में तीन बिजली लाइन प्रोजेक्ट पूरे किए और मुंबई HVDC प्रोजेक्ट 30-45 दिनों में पूरा होने की उम्मीद है। अब तक 92 लाख स्मार्ट मीटर लग चुके हैं, साल के अंत तक 1 करोड़ का लक्ष्य है। आने वाले 12-15 महीनों में 25,000 करोड़ रुपये के नए प्रोजेक्ट शुरू होंगे। कंपनी के पास 78,000 करोड़ रुपये के ऑर्डर हैं और आगे 80,000 से 1,00,000 करोड़ रुपये की बोली लगने की उम्मीद है। जोखिम: जमीन अधिग्रहण और मंजूरी में देरी, और स्मार्ट मीटर बोली में सुस्ती।
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Smart meter installations (cumulative)
92 lakh
+19 lakh in Q3
Installed 19 lakh meters in Q3; cumulative reached 92 lakh, on track to cross 1 crore by year-end.
Transmission order pipeline
₹78,000 crore
+₹19,000 crore (KPS3 HVDC win)
Pipeline includes recently won KPS3 HVDC project worth ~₹19,000 crore.
Smart meter daily installation rate
25,000 per day
N/A
Installation pace has picked up to 25,000 meters per day.
CNI business load
1,300 MW
+600 MW from Dec-end
CNI load grew from 700 MW at Dec-end to 1,300 MW currently, serving 31 consumers.
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Guidance and risk preview
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),...
Several projects (Navinal, Jamnagar) delayed due to transmission license delays and land acquisition challenges; management expects to catch up but...
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