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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹7,443 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹8,726 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Transmission ₹15,500 cr, distribution ₹2,350 cr, smart metering ₹3,900 cr.
- Transmission ₹20,000 cr, distribution ₹2,000 cr, smart metering ₹1,500 cr (based on current order book).
- Up from 83 lakh in FY26; confident based on current ramp-up.
- Based on locked-in transmission tariffs and capitalization of ₹77,000 cr under-construction pipeline.
Risks flagged
- Despite government efforts, land acquisition and forest clearances remain a challenge for transmission projects.
- Debate on optimizing transmission costs via co-located batteries could reduce long-term transmission opportunity.
- While easing, GIS transformers and HVDC components still face capacity additions; management claims no impact so far.
Key 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.
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