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 completion...
bullish
high
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Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
82%Questions answered0Evaded / deflected11Questions audited
Partial answer
High priority
Smart meter order book activation outlook for next 12-18 months
Asked by Mohit Kumar, IC Securities
Gave qualitative outlook but no specific order value or timeline for new wins
no specific timelineno quantified pipeline
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Question
haven't seen too much of activation in the smart meter order book... do you think in the next 12 to 18 months... there will be some more opportunity from the smart meter side
Kandarp Patel (likely, role not stated)
few states where bidding is yet to happen... Tamil Nadu... Karnataka, Telangana... we expect significant action in smart metering bidding in next couple of quarters
Answered
High priority
Transmission bidding outlook for next 12 months
Asked by Mohit Kumar, IC Securities
Provided a quantified range for expected bidding
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Question
How do you think about the next 12 to 18 months? It seems like transmission bits have slowed down. Do you think we can do at least 60-70,000 crore additional bidding in next 12 months?
Kandarp Patel
project approved by NCT and various state STU... crosses one lakh crore... bidding for at least 70-80,000 crore will happen in next 12 months
Answered
High priority
Revised commissioning date for Mumbai HVDC line
Asked by Mohit Kumar, IC Securities
Provided a specific revised timeline
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Question
Why HVDC line... we were guided earlier that it will get commissioned in Q2, it hasn't happened... what is the new tentative commissioning date?
Kandarp Patel
all work is completed... testing and commissioning is going on... expect to get commissioned in another 30 to 45 days
Answered
High priority
Cost and execution status of KPS3 HVDC and Badla-Fatipur projects
Asked by Punit Kulati, HSBC
Provided specific cost and detailed execution status
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Question
What is the cost that you are now penciling for this KPS3 HVDC project? ... what is the stage of execution there?
Kandarp Patel
project cost about close to 19,000 crore... all contracts awarded... construction at Badla site has already begun... land acquisition challenges for Fatipur expected to complete in 1 month
Answered
High priority
Revised timelines for four projects due this calendar year
Asked by Punit Kulati, HSBC
Provided specific revised timelines for each project
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Question
Can you give me the revised timelines for all these four?
Kandarp Patel
Jamnagar and Navinal both will get complete in last quarter of this year. Kava 4A will be one element in Q2, another in Q3. Pune 3 also will be in the last quarter of next financial year.
Partial answer
Medium priority
Smart meter execution pace and policy support
Asked by Punit Kulati, HSBC
Gave current run rate but did not attribute to policy changes or quantify improvement
no policy specificsno comparison to prior pace
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Question
I've been noticing your smart meter execution has picked up. Anything that has changed from policy support side or anything that you are doing to pick up pace?
Kandarp Patel
we are installing about 25,000 meters a day... our team has been able to do a fabulous work on the ground
Evasive
Low priority
Impact of Chinese policy relaxation on transmission equipment sourcing
Asked by Gor of Nigum, Tunga Investments
Acknowledged possibility but gave no specific impact or timeline
no concrete benefitspeculativeno quantification
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Question
We are hearing about policy relaxation on the Chinese side... is there any positive benefit on the transmission side that can come to us?
Kandarp Patel
if that happens it will increase our options for equipment sourcing... even if it is not done we are not affected... we have strategic relationship with all major OEM
Partial answer
High priority
Structural reasons for lower transmission tendering and execution delays
Asked by Gor of Nigum, Tunga Investments
Explained execution delays but did not address structural tendering slowdown
no structural root causeblamed weatherno tendering slowdown reason
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Question
Is there something structurally hampering both tendering and execution side? Year on year there has been significant lowering.
Kandarp Patel
challenges in execution... relating to equipment supply or manpower... additional challenge of prolonged rain... we have set up our own training facility... we expect significant progress this quarter
Answered
High priority
Phasing of capitalization of ₹78,000 crore works in hand
Asked by Sumit Kishor, Access Capital
Provided specific capitalization amounts and timelines
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Question
Would it be right to say roughly 400 billion is now on HVDC and how is the capitalization spread over FY26, 27, 28?
CFO (likely, name not stated)
Mumbai HVDC and NKTL will complete in next 2 months... additional capitalization of close to 4,800 odd crores... balance 10,000 coming up by end of next financial year
Answered
High priority
Capex phasing for HVDC projects and annual transmission capex
Asked by Sumit Kishor, Access Capital
Provided a quantified annual capex range
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Question
Broadly what would be the capex phasing as you complete these projects by 2029-30?
CFO
for next five years it would be in the range of about 18 to 20,000 crore... given the project pipeline currently it will be about 18 to 20,000
Answered
High priority
Use of surplus cash, leverage ceiling, and equity fundraising
Asked by Shua (on behalf of Manish Somaya), Cantor
Provided specific leverage range and confirmed no equity need
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Question
Given surplus cash, prioritized use... leverage ceiling that would force reconsideration on equity?
CFO
AML distribution business... will continue to delever that company... consolidated debt profile... in range of around four to four and a half times... we do not envisage any further equity borrowing
Partial answer
Medium priority
Margin structure and growth for CNI and district cooling businesses
Asked by Shua (on behalf of Manish Somaya), Cantor
Gave margin per unit but no growth trajectory or capex details
no growth timelineno capital intensity quantification
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Question
Can you reshare the margin structure especially for the CNI business, expected growth and capital intensity?
Kandarp Patel
CNI business... margins would be significantly high of the order of 75 plus paisa per unit... no capex to do