Adani Energy Solutions Ltd.Strong Growth with ₹25,000 Cr Pipeline

Adani Energy Solutions delivered robust Q3 FY26 performance with adjusted PAT growing 30% year-on-year and consolidated EBITDA reaching ₹2,200 crore, up 21% YoY.

Consolidated PBT surged 43% to ₹800 crore while revenue grew 16%. Management expressed high confidence, highlighting seven projects totaling ₹25,000 crore set for capitalization over the next twelve to fifteen months, which will drive a massive EBITDA jump. The transmission project pipeline reached a record ₹78,000 crore with ₹80,000-1,00,000 crore bidding expected in the coming year. The Commercial and Industrial business demonstrated explosive growth, nearly doubling from 700 MW serving fourteen customers in December to 1,300 MW serving thirty-one customers, operating on an asset-light model with high margins of ₹0.75 plus per unit.

Smart meter installations crossed ninety-two lakh units with daily installation rates of 22,000-25,000 meters. Importantly, the CFO confirmed no equity dilution is needed, with funding coming from internal accruals and project debt, while leverage improved to 4.3x from 4.4x.