Adani Energy Solutions reports strong half-year performance, QIP funds deployed

For the half-year ended September 30, 2025, Adani Energy Solutions reported a consolidated total income of INR 13,793 crore, a 16.4% year-over-year increase. Adjusted PAT surged 42% to INR 1,096 crore, and consolidated PBT grew 34% to INR 1,404 crore. Capex for the period increased by 1.36x to INR 5,976 crore, reflecting strong execution across transmission, distribution, and smart metering segments. Total installed smart meters reached 73.7 lakh, with plans to exceed 1 crore by FY26.

The QIP of INR 8,373.10 crore involved an allocation of INR 2,860 crore for transmission systems and INR 937.52 crore for smart meter capital expenditure. This reflected a reallocation due to increased capex outlay approved by the board on April 24, 2025. Monitoring reports from CARE Ratings Limited confirm that the QIP proceeds were utilized in line with disclosures, with any deviations having received prior board approval.

AESL continues to expand its transmission network, adding 190 circuit kilometers, bringing the total to 26,705 circuit kilometers. The distribution business in AEML saw a 2% increase in units sold and maintained a low distribution loss of 4.36%. Overall, the company's ESG risk score improved, and it maintains a comfortable net debt to EBITDA ratio of 4.4x.