Adani Energy Solutions operates power transmission, distribution in Mumbai and Mundra, smart metering and cooling services, with a transmission network of 27,901 ckm across 14 states. After Q1 FY27 delivered revenue of Rs 9,711.08 Cr with PAT up 130% YoY, the Q2 print will speak to whether that pace sustains, how elevated power-purchase costs pass through AEML's regulated ARR, and progress on the Rs 80,000+ Cr transmission order book and the pending IntelliSmart acquisition.
| Results date | October 22, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs 9,711.08 Cr |
| Previous quarter PAT | Rs 1,236.56 Cr |
| Market cap | Rs. 167,043.35 Cr |
| CMP | Rs. 1365.9 |
The board meets on October 22, 2026 to approve the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026.
An investor/analyst call for the quarter and half year ended September 30, 2026 is scheduled for October 23, 2026 at 11:00 AM IST. Named speakers are CEO Kandarp Patel, CFO Ashok Jagetiya and Head Finance Prashant Soni.
The key question for Q2 FY27 is sequential momentum: Q1 FY27 revenue of Rs 9,711.08 Cr was up about 42% YoY from Rs 6,819.28 Cr, with operating EBITDA of Rs 2,779 Cr (+70% YoY) and PAT of Rs 1,236.56 Cr (+130% YoY), so the base is demanding even though the demand backdrop stayed strong. All-India power consumption rose 10.93% YoY to 170.70 BU in July 2026 and September peak demand hit a record 269.06 GW, a volume tailwind for the distribution business and utilisation tailwind for transmission. The swing factor is purchased-power cost: IEX day-ahead prices rose 19.3% YoY to Rs 4.99/unit in July and spot prices more than doubled in September on a coal crunch before collapsing late-month, though under AEML's MERC-approved ARR this is largely a pass-through item where the risk sits in timing and the pending standby-charges proceedings. On funding, the Rs 3,500 Cr QIP allotted July 30, 2026 at Rs 1,615/share sits on top of the balance sheet while quarterly capex runs at approximately Rs 3,500 Cr, and short-term CP rates moderated significantly in August-September. One guided item is visibly behind: the Rs 3,050 Cr IntelliSmart acquisition, pending at the July call, had moved to CCI "information incomplete" status by late September, deferring the 47+ million-meter platform. The call is likely to cover the growth and margin bridge, transmission order-book reconciliation, smart-meter installations beyond 13.4 Mn, and regulatory updates including the Navi Mumbai licence.
Growth and margin bridge vs Q1 FY27: Whether operating EBITDA and PAT sustain the Q1 FY27 pace of Rs 2,779 Cr and Rs 1,236.56 Cr.
Transmission order book and TBCB project execution: Reconciliation of pipeline figures and execution schedules for the two in-quarter wins.
Smart meters and IntelliSmart acquisition: Installation momentum and the pending CCI clearance on the Rs 3,050 Cr deal.
Capex, QIP proceeds and funding: Deployment of the Rs 3,500 Cr QIP and pace of investment.
Regulatory and licence matters: Pending MERC/CERC items that shape distribution economics.
Yes — Q1 FY27 revenue from operations rose to Rs 9,711.08 Cr from Rs 6,819.28 Cr a year earlier, with total income up 40% YoY and PAT up 130% YoY from Rs 538.94 Cr. The growth is supported by transmission order-book momentum and a strong demand backdrop, including 10.93% YoY all-India power consumption growth in July 2026.
The company reported 13.4 Mn cumulative smart meter installations at the July call, with the earlier target to surpass 1 crore meters by FY26 year-end already achieved and a 24.6 Mn-meter order book converting over the guided 12-15 months. Management has, however, revised its longer-term meter expectation from 6 crore to about 5 crore meters.
AESL has a binding agreement to acquire 100% of IntelliSmart Infrastructure for Rs 3,050 Cr, creating a stated 47+ million-meter platform. CCI marked the combination "information incomplete" on September 24, 2026, so approval remained pending as of late September.
AESL allotted 2,16,71,826 equity shares at Rs 1,615/share on July 30, 2026, raising Rs 3,500 Cr, at a discount of Rs 83.15 (4.90%) to the floor price of Rs 1,698.15. The board has separately approved fundraising of up to Rs 10,000 Cr.