Smart meters installed (FY26)
83 lakh
+19% vs target
Surpassed the 70 lakh target; highest annual installation globally.
ADANIENERGYSOLUTIONS
Energy
15 May 2026
Adani Energy Solutions Ltd — Q4 FY26
Adani Energy Solutions delivered a strong Q4 FY26, with consolidated EBITDA reaching ₹8,726 crore for the full year, driven by record smart meter installations of 83 lakh units (vs.
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2-Min Summary
Adani Energy Solutions delivered a strong Q4 FY26, with consolidated EBITDA reaching ₹8,726 crore for the full year, driven by record smart meter installations of 83 lakh units (vs. 70 lakh target) and the commissioning of the Mumbai HVDC project. The company guided for FY27 capex of ₹21,000-22,000 crore, with transmission accounting for ₹15,500 crore, and expects EBITDA to triple over the next 36-40 months as the locked-in transmission portfolio capitalizes. Management highlighted improved credit ratings (AAA/AAA+), a 29% win rate in transmission bids, and a growing CNI (Commercial & Industrial) segment with 5 GW of renewable capacity tied up. Key risks include potential delays in right-of-way (RoW) approvals for transmission projects and the impact of policy debates on transmission cost optimization versus battery storage.
Key Numbers
Transmission bid win rate
29%
+4pp YoY
Improved from 25% last year; targeting 25-30% market share.
Distribution losses (AT&C)
4.2%
-430bps vs start
Reduced from 8.5% over time; best-in-class among Indian discoms.
CNI renewable capacity contracted
5 GW
new
Includes 1.4 GW third-party; positioned for data center demand.
Management Guidance
FY27 capex of ₹21,000-22,000 crore
Transmission ₹15,500 cr, distribution ₹2,350 cr, smart metering ₹3,900 cr.
capexFY28 capex of ~₹23,000 crore
Transmission ₹20,000 cr, distribution ₹2,000 cr, smart metering ₹1,500 cr (based on current order book).
capexSmart meter installations of 1 crore in FY27
Up from 83 lakh in FY26; confident based on current ramp-up.
growthEBITDA to triple in 36-40 months
Based on locked-in transmission tariffs and capitalization of ₹77,000 cr under-construction pipeline.
growthKey Risks
Right-of-way (RoW) delays
Despite government efforts, land acquisition and forest clearances remain a challenge for transmission projects.
medium · analyst_questionPolicy shift towards battery storage
Debate on optimizing transmission costs via co-located batteries could reduce long-term transmission opportunity.
medium · analyst_questionSupply chain constraints for equipment
While easing, GIS transformers and HVDC components still face capacity additions; management claims no impact so far.
low · data_observationNotable Quotes
We have now reached to close to 15,000 cr capex. We will continue to improve the capex and reach about 20 cr capex this year.
We are about 20-25% we have improved this year to close to 30%age. We will continue to maintain that market share between 25 to 30%age.
Once all these projects get fully commissioned we're at least looking three times the size of the current trajectory.