The total income rose 15% to ₹7,588 crore. Adjusted PAT increased 27.7% year-on-year to ₹723 crore, compared with ₹566 crore in the same period last year, supported by higher EBITDA and excluding a one-time deferred tax impact of ₹148 crore in Q4FY25.Also Read: Adani Energy Solutions crosses 1 crore smart meters; network at 27,949 ckm in FY26
For FY26, the company reported its highest-ever annual EBITDA of ₹8,726 crore, up 13% year-on-year, while net profit (PAT) rose 32% to ₹2,393 crore. Total income grew 15.9% year-on-year to an all-time high of ₹28,325 crore, driven by improved operating performance and higher Service Concession Arrangement income.
Operational EBITDA for FY26 rose 12.7% year-on-year to ₹7,407 crore, while overall EBITDA of ₹8,726 crore was supported by growth in transmission and smart metering, along with stable performance across distribution, EPC and other segments. Transmission EBITDA growth was moderate due to back-ended commissioning, while margins remained steady.
Revenue growth was supported by stable operations across business segments and higher SCA income. Operational revenue stood at ₹18,296 crore in FY26, up 7.3% year-on-year, and ₹4,400 crore in Q4FY26, up 6.9%, driven by newly operational transmission assets, including Khavda Phase-II Part-A, KPS-1, Sangod, NKTL and AEIML Mumbai HVDC, along with smart metering contributions.
Also Read: Adani Energy Solutions Q2 profit falls 21% despite higher revenue, stronger marginsFY26During FY26, Adani Energy Solutions increased capex execution to ₹14,232 crore compared with ₹11,444 crore in FY25. The company commissioned five transmission projects, including the Mumbai HVDC project, North Karanpura Transmission (NKTL), Khavda Phase-II Part-A, Khavda Pooling Station-1 and Sangod transmission.
Adani Energy Solutions reported the commissioning of Mumbai’s advanced VSC-based HVDC project, described as the world’s first compact HVDC, strengthening Mumbai’s transmission capacity by 1000 MW and supporting peak demand. The company also crossed 1 crore smart meter installations, marking an industry benchmark in the digital transformation of power distribution.
Transmission system availability stood at over 99.7%, generating an incentive income of ₹136 crore in FY26. The transmission network expanded further with the addition of a new project for the South Kalamb substation, taking the network to 27,949 circuit kilometres.
Also Read: Adani Energy and Hitachi commission 1,000 MW HVDC link to boost Mumbai power supply
The transmission under-construction pipeline stands at ₹71,779 crore across 13 projects, while the near-term tendering opportunity is estimated at around ₹1.5 lakh crore. In smart metering, the order book stands at 2.46 crore meters with a revenue potential of ₹29,519 crore, alongside a nationwide opportunity of 103 million meters.
In distribution, Mumbai operations recorded a 4% rise in units sold to 2,508 million units in Q4FY26 from 2,413 million units in Q4FY25. Distribution losses stood at 4.20% during the quarter. The Regulated Asset Base of AEML stood at ₹10,521 crore as of FY26, comprising equity of ₹5,488 crore and debt of ₹5,032 crore, reflecting 10.2% year-on-year growth.
Shares of Adani Energy Solutions Ltd ended at ₹1,361.60, down by ₹8.65, or 0.63%, on the BSE.
Also Read: Adani Energy Solutions Q3: Profit slips; revenue up 15%, smart meters near 1 crore by FY26-end
