Adani Energy Solutions Limited (AESL) reported a 145% year-on-year increase in profit after tax (PAT) to ₹1,364 crore in Q2 FY27, compared with ₹557 crore in the corresponding quarter of the previous fiscal year. The company’s EBITDA increased 67% year-on-year to a record ₹3,548 crore, while total income rose 51% to an all-time high of ₹10,239 crore for the quarter ended September 30, 2026.
For the first half of FY27, AESL’s EBITDA increased 62% year-on-year to ₹6,726 crore, while PAT rose 137% to ₹2,600 crore. Total income for the half year reached ₹20,092 crore, marking a 46% increase compared with ₹13,793 crore in H1 FY26.
The company attributed its financial performance to growth across transmission, smart metering and its energy solutions platform, along with steady performance in the distribution business and increased capital expenditure execution.
AESL Expands Transmission Portfolio and Smart Metering Operations
During Q2 FY27, AESL secured two transmission projects, Vizag Power Transmission Limited and Satara Power Transmission Limited, taking its aggregate transmission project pipeline under construction to approximately ₹87,000 crore across 15 projects. The near-term transmission tendering opportunity remains robust at approximately ₹1.4 lakh crore.
The company’s transmission capital expenditure during H1 FY27 increased 1.7 times to ₹5,542 crore, compared with ₹3,343 crore in H1 FY26. Its transmission network stood at 29,739 circuit kilometres (ckm), with average system availability exceeding 99.8% during Q2 FY27.
In the smart metering business, AESL reported 14.8 million cumulative installations as of H1 FY27. Its under-implementation pipeline stood at 24.6 million meters across 10 projects, with a potential revenue value of more than ₹29,519 crore. The company’s smart metering operations continued to contribute to growth, supported by the ongoing rollout and increased installation activity.
Energy Solutions Platform Signs 2,500 MW Round-the-Clock Power Agreement
AESL’s energy solutions platform recorded operating EBITDA of ₹803 crore in Q2 FY27, compared with ₹11 crore in the corresponding quarter of the previous fiscal year. For H1 FY27, the segment’s operating EBITDA stood at ₹1,393 crore, compared with ₹28 crore in H1 FY26.
During the quarter, the company entered into a 25-year Power Purchase Agreement (PPA) with Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the supply of 2,500 MW of round-the-clock (RTC) power.
AESL also reported power supply tie-ups of approximately 4.6 GW across solar and wind, along with around 3.5 GWh of battery energy storage system (BESS) capacity. These arrangements are intended to support its energy portfolio across commercial and industrial (C&I) customers, data centres and utilities.
Distribution Business Records Growth in Power Consumption
AESL’s distribution businesses reported steady operational performance during the quarter. Adani Electricity Mumbai Limited (AEML) recorded an 11% year-on-year increase in units sold, rising to 2,930 million units (MUs) in Q2 FY27 from 2,650 MUs in Q2 FY26.
AEML maintained supply reliability of 99.99%, while its distribution losses stood at 4.29% during H1 FY27. Its regulated asset base reached ₹10,456 crore as of H1 FY27, comprising equity of ₹5,564 crore and debt of ₹4,892 crore, representing 11% year-on-year growth.
MPSEZ (Mundra) Utility Limited (MUL) recorded a 26% year-on-year increase in units sold to 460 MUs in Q2 FY27, compared with 364 MUs in the corresponding quarter last year, supported by industrial and commercial demand.
Capital Management and ESG Performance
During the period, AESL raised ₹3,500 crore through a qualified institutional placement (QIP) and secured primary and secondary equity investments from prominent investors.
The company also reported progress on environmental, social and governance (ESG) parameters. AESL achieved a score of 90 out of 100 in S&P Global’s latest Corporate Sustainability Assessment/Media release-referenced MSA review, up from 81 and above the industry average of 41.
Additionally, AESL achieved Intertek-verified Zero Waste to Landfill status, diverting more than 6 lakh kg of waste and maintaining a waste diversion rate exceeding 99% across its transmission and substation operations. AEML retained its A+ rating in the Rating of DISCOMs’ Consumer Service Rating (CSRD) conducted by the Rural Electrification Corporation (REC).
Commenting on the performance, Kandarp Patel, CEO of Adani Energy Solutions, said the company had closed the first half of the fiscal year with strong financial and operational momentum. He highlighted the expansion of its transmission project pipeline through the Vizag and Satara assets, growth in Mumbai distribution volumes, the scaling of smart meter installations and the 2.5 GW RTC power supply agreement with MSEDCL.
AESL stated that its performance across business segments and focus on financial prudence position it to convert its project pipeline into long-term stakeholder value.
