Adani Energy Solutions Q2 Results, October 22, 2026: Profit Up 145% to ₹1,364 Crore

Adani Energy Solutions Q2 results for the September 2026 quarter came in with profit more than doubling. Consolidated PAT rose 145% to ₹1,364 crore from ₹557 crore a year ago, and EBITDA climbed 67% to ₹3,548 crore, according to the media release Adani Energy Solutions (AESL) filed with NSE on October 22, 2026. The company called both the quarterly EBITDA and the half-year EBITDA of ₹6,726 crore record highs.

Adani Energy Solutions Q2 results in numbers

• Total income: ₹10,239 crore, up 51% year on year.
• Operational revenue: ₹7,167 crore, up 51%.
• Operating EBITDA: ₹3,070 crore, up 68%.
• EBITDA (including other and one-time income): ₹3,548 crore, up 67%.
• PAT: ₹1,364 crore, up 145%.
• First half: total income ₹20,092 crore (up 46%), PAT ₹2,600 crore (up 137%).

A word on that total income figure. AESL’s definition adds income from service concession arrangement (SCA) assets, which rises as the company spends more on building projects. So the cleaner number for the running business is operational revenue, and that grew 51% too.

Where the growth actually came from

This is the part we’d read twice. The old core businesses grew at a steady pace. The new energy solutions platform did the heavy lifting.

• Transmission: operating revenue ₹1,521 crore, up 17%; operating EBITDA ₹1,394 crore, up 15%, with the margin at 92%.
• Distribution (Mumbai and Mundra): revenue rose only 2% to ₹3,181 crore, but operating EBITDA jumped 23% to ₹605 crore.
• Smart metering (Ind AS): revenue ₹267 crore, up 129%, and operating EBITDA ₹226 crore, up 146%.
• Energy solutions: operating revenue ₹2,197 crore against ₹201 crore a year ago, and operating EBITDA ₹803 crore against just ₹11 crore.

By our own arithmetic from the release’s table, energy solutions made up about 31% of operational revenue and about 26% of operating EBITDA this quarter. A year ago it barely registered. That changes the shape of the company. A big slice of profit now comes from power supply and aggregation contracts rather than from regulated transmission lines alone. The signing of a 25-year power purchase agreement with Maharashtra’s MSEDCL for 2,500 MW of round-the-clock power fits that shift.

Smart meters: strong earnings, slower installs

One detail in the operational table is easy to miss. AESL installed 1.3 million smart meters in Q2, fewer than the 1.8 million a year earlier, and 3.5 million in the first half against 4.2 million. Cumulative installations reached 14.8 million. The earnings rose sharply because more meters are now in service and billing, but the pace of new installs has slowed. The order book stands at 24.6 million meters with revenue potential of ₹29,519 crore, so a lot of work is still waiting.

Pipeline, capex and funding

Transmission capex in the first half rose to ₹5,542 crore from ₹3,343 crore, which the company called a 1.7x jump. AESL won two transmission projects during the quarter, Vizag Power Transmission and Satara Power Transmission, and says its under-construction pipeline now stands at about ₹87,000 crore across 15 projects. It also raised ₹3,500 crore through a QIP.

On the distribution side, units sold in the Mumbai circle rose 11% to 2,930 MUs, and the Mundra utility’s units grew 26% to 460 MUs. AEML’s regulated asset base was ₹10,456 crore at the end of the half year, up 11%.

What it means for investors

The headline profit growth is real, but it rests heavily on a segment that hardly existed a year ago. Transmission and distribution are growing in the mid-teens or slower. So the questions for the next few quarters are simple. Can energy solutions hold its margins? Does smart meter installation speed back up? And how fast does that ₹87,000 crore pipeline turn into commissioned, earning assets? Read the result alongside our Adani Group Q2 results week preview and the Adani Green Q2 numbers from a day earlier. If you want to check results like these yourself, our guide on how to analyse a company’s quarterly results walks through the basics.

Disclaimer: This article is for information and education only and is not investment advice. Do your own research or consult a SEBI-registered adviser before investing.