Adani Energy Q4 PAT steady, FY26 profit jumps on transmission and smart meter push

On a consolidated basis, net profit rose 1.3% YoY to Rs 723 crore in Q4 FY26 from Rs 714 crore in Q4 FY25. Adjusted PAT jumped 27.7% YoY, reflecting strong operating performance. The base quarter (Q4 FY25) included a one-time deferred tax benefit of Rs 148 crore.

Revenue from operations stood at Rs 4,400 crore in Q4 FY26, up 6.9% YoY from Rs 4,116 crore in the year-ago period.

Total income came in at Rs 7,588 crore in Q4 FY26, registering a 15.0% YoY growth, supported by stable performance across business segments and higher income from service concession arrangements.

EBITDA stood at Rs 2,372 crore in Q4 FY26, up 4.9% YoY. Operating EBITDA rose 12.7% YoY to Rs 1,981 crore, indicating steady performance across transmission, distribution, and smart metering segments.

Operationally, the company benefited from contributions of newly commissioned transmission assets including Khavda Ph-II-A, KPS-1, Sangod, NKTL, and the Mumbai HVDC project, along with continued traction in the smart metering business.

In the transmission segment, system availability remained robust at over 99.7%, with incentive income of Rs 136 crore in FY26. The company also commissioned its second HVDC project in Mumbai, enhancing transmission capacity by 1,000 MW.

The distribution business delivered stable performance, with Mumbai unit sales rising 4% YoY to 2,508 MUs in Q4 FY26, while distribution losses remained among the lowest at 4.20%.

For the full year, net profit surged 159.6% to Rs 2,393 crore in FY26 from Rs 922 crore in FY25. On a like-for-like basis, adjusted PAT increased 32.3% YoY, with FY25 adjusted for a one-time impact related to the Dahanu power plant carve-out.

Revenue from operations rose 7.3% to Rs 18,296 crore in FY26, while total income increased 15.9% to Rs 28,325 crore.

EBITDA for FY26 stood at Rs 8,726 crore, up 12.7% YoY, while operating EBITDA rose 12.7% YoY to Rs 7,407 crore, driven by strong growth in transmission and smart metering and stable performance in distribution and EPC segments.

Looking ahead, the company has a strong transmission pipeline of 13 projects worth Rs 71,779 crore, with a broader tendering opportunity of around Rs 1.5 lakh crore. In distribution, the regulated asset base stood at Rs 10,521 crore, up 10.2% YoY.

In the smart metering segment, the company has installed 113.6 lakh meters so far, with an under-implementation pipeline of 24.6 million meters, representing a revenue opportunity of over Rs 29,519 crore.

Adani Energy Solutions is a key player in India?s power transmission, distribution, and energy infrastructure space, with a growing presence in smart metering and cooling solutions.

Shares of Adani Energy Solutions were down 3.68% at Rs 1311.45 on the BSE.