Adani Energy Solutions Ltd.PAT +145%, record capex, new power contracts

Adani Energy Solutions' Q2 FY27 call, held on 23 October 2026, reported total income up over 50%, EBITDA up close to 67% and profit after tax up 145%.

First-half capex reached an all-time high of ₹7,850 crore, the asset base is about ₹83,000 crore and ₹100,000 crore of capex is locked in over four to five years. The transmission order book stands at about ₹87,000 crore after two new interstate wins. The Energy Solutions platform earned over ₹2,000 crore of revenue and over ₹800 crore of EBITDA, and has signed a 2,500 MW supply contract with MSEDCL, aiming to shift from merchant sales to long-term contracts at ₹0.80 to ₹1 a unit.

Transmission commissioning slipped on right-of-way problems in Gujarat, smart meter installations were slow, and the IntelliSmart acquisition awaits CCI approval. The CEO and CFO gave differing second-half capex numbers. Of 12 earlier promises, 1 is met, 6 are on track, 1 is partly met, 1 cannot be checked yet and 3 were not mentioned.