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...
bullish
high
✓ Verified against BSE filing
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.
71%Questions answered1Evaded / deflected12Questions auditedMixedNumbers vs filing
Answered
High priority
Capex expectations for FY27 and FY28 by business
Asked by Mohit Kumar, ICICI Securities
Management provided specific capex numbers for FY27 and approximate for FY28.
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Question
can you help us with your expectation for capex in FI27 and FI28 or three businesses separately?
Management (likely K. S. R. or similar, not explicitly named)
we will have about 22,000 cr of capex next year of which transmission would be about 15,500 distribution about 2350 smart metering about 3,900
Partial answer
High priority
Balance sheet leverage comfort level given negative free cash flow
Asked by Manish Otwa, Nirmal Bang Securities
Management explained financing structure but did not give a specific leverage target.
no specific leverage target givenreframed to financing ratio
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Question
we are having capex of 14,431 crores effectively free cash flow negative 7,500 crores. What is your view on the balance sheet leverage where we are comfortable?
Management
most of our assets we generally finance it in the ratio of 70 to 13. Only the equity portion is funded through internal accruals. Balance is tied up through debt.
Answered
High priority
Capitalization for FY26 and CWIP breakdown
Asked by Duv Mucho
Management provided specific capitalization numbers for FY26 with breakdown.
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Question
what is the capitalization for fi 26 and if you can also break it up between transmission
Management
26 is about 15,050,300 transmission is 10,260 distribution 1511 and smart metering 3556
Partial answer
Medium priority
Impact of battery storage on transmission cost and opportunity
Asked by Duv Mucho
Management acknowledged the debate but did not quantify impact on their business.
acknowledged debate but no specific impact on companyredirected to state opportunities
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Question
they have started to talk about batteries the cost the higher cost of transmission particularly HVDC lines and they have started to compare it to batteries... how should we see this?
Management
that debate is going on at policy level as to how much transmission capacity the country should add... we expect to see lot more activity from state side
Answered
High priority
Smart metering installation rate and future opportunities
Asked by Manish Somaya, Canarys Cher
Management gave specific installation guidance for next year and discussed pipeline.
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Question
the installation rate was quite impressive in the fourth quarter. I was hoping you could help us understand how we should think about 2027.
Management
next year probably we'll be doing about minimum about 1 cr meters. Having done 83 lakh meter in the current year we are confident we'll be able to install another 1 cr meter.
Answered
High priority
EBITDA contribution from new transmission projects and win rate
Asked by Manish Somaya, Canarys Cher
Management provided a specific EBITDA addition number from new projects.
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Question
you talked about the Mumbai HDC coming online... can you help us quantify the EBITDA contribution from some of the projects that have come on in fiscal 26 into fiscal 27?
Management
this year the capitalization which has happened for transmission on fully run rate basis we will be able to add another 1,600 crores of EBITDA... by those commissioning
Answered
High priority
Revenue booking for Mumbai HVDC and progress on HVDC Pole 2
Asked by Mohit Kumar, ICICI Securities
Management gave specific revenue number and clarified tariff basis.
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Question
How do you expect to book revenues in F27? Will it be at lower project cost or at provisional tariff?
Management
currently the number is 1,300 crores which is the full year tariff from the Mumbai HDC project which we will start accruing from next full financial year.
Partial answer
Medium priority
Progress on two HVDC projects and RO challenges
Asked by Mohit Kumar, ICICI Securities
Management described progress but did not give percentage completion as asked.
percentage completion not provideddeferred to send later
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Question
can you help us the progress on the two HBDC projects which we are working on right now in terms of percentage completion and could you also address the RO challenges?
Management
as far as Fatipur Ba HDC is concerned the construction has already begun... we haven't faced any significant RO challenge as far as that project is concerned.
Partial answer
Medium priority
Discrepancy in smart meter operational EBITDA numbers
Asked by Shiram Kapoor, Jefferies
Management gave different numbers but did not explain the discrepancy, deferred to offline.
discrepancy not resolvedoffered to take offline
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Question
your operational EBITDA for smart meters business 9 months FY26 show about 466 crores and for FY26 full year it's showing as 452 crores... has there been some kind of restatement?
Management
my operating EBITDA for the full year comes to around 593 crores for smart meter business and for Q4 it is 214 crores... I'll have to check that as to from where you are getting 9 months number.
Answered
High priority
Interstate transmission pipeline and annual bidding opportunity
Asked by Mahesh Patil, ICICI Securities
Management provided a specific annual pipeline number.
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Question
what do you think like annually what's the pipeline and what kind of bidding number that we are looking at?
Management
interstate would be around 30 to 40,000 crores collectively all states together annually.
Partial answer
High priority
Operating profit growth trajectory and timeline to double or triple
Asked by Bharat Sri Sha, BCS Capital Ideas
Management initially gave a specific number for next year but then said they don't give EBITDA guidance, then gave a qualitative tripling target.
gave FY27 guidance but then pulled backrefused to give specific EBITDA guidance
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Question
from 8,000 crores for the last year operating profit... at what state do we see doubling of that and in what time period we think it will triple?
Management
next year given the capitalization plan we expect that number could be around 11,500... once all these existing transmission project gets completed in the next 36 to 40 months... it should triple in 3 to 4 years time.
Evasive
Medium priority
Impact of revised compensation scheme on RO issues
Asked by Nirmal, Aita Sun Life AMC
Management misunderstood the question and did not address the impact of the new committee mechanism.
misinterpreted questiondid not address impact of new amendments
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Question
to what extent do you see the revised compensation scheme especially after the latest revision positively impact and resolving the RO issues this financial year?
Management
revised compensation if it is revised by government and we have to pay that additional compensation we are neutral to it because that gets covered into change in law but I don't see it is getting revised significantly in anytime soon.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA addition of 1,600 cr from new transmission projects | ₹1,600 cr | ₹8,726 cr | Understated vs filing |
| Consolidated EBITDA for last year 8,726 cr | ₹8,726 cr | ₹8,726 cr | Matches filing |
| Expected EBITDA next year around 11,500 cr | ₹11,500 cr | ₹8,726 cr | Overstated vs filing |
| Smart meter operational EBITDA full year 593 cr | ₹593 cr | ₹8,726 cr | Understated vs filing |
| Smart meter operational EBITDA Q4 214 cr | ₹214 cr | ₹8,726 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.