Adani Energy Solutions Ltd · NSE:ADANIENSOL
Adani Energy Solutions — Q3 FY26 Earnings Presentation
48 slides from Adani Energy Solutions's earnings presentation, Jan 23, 2026
Slide 1: Exchange submission cover letter
22nd January, 2026 BSE Limited National Stock Exchange of India Limited P J Towers, Exchange plaza, Dalal Street, Bandra-Kurla Complex, Mumbai – 400001 Bandra (E), Mumbai – 400051 Scrip Code: 539254 Scrip Code: ADANIENSOL Dear Sir, Sub: Submission of Media Release and Investors’ Presentation on Unau
Slide 2: Media Release: AESL delivers strong Q3 and 9M FY26 performance
Media Release AESL delivers strong Q3 and 9M FY26 performance across the board Adjusted PAT in Q3 grew 30% YoY Highest ever quarterly EBITDA of Rs 2,210 crore in Q3 ended 21% higher YoY Solid Adjusted PAT growth of 34% in the first nine months of FY26 9MFY26 EBITDA at Rs 6,354 crore, grew 16% YoY AE
Slide 3: Q3 FY26 and 9MFY26 Highlights: Consolidated Financial Performance
Ahmedabad, 22 January 2026: Adani Energy Solutions Limited (“AESL”), part of the globally diversified Adani portfolio and the largest private transmission, distribution, and smart metering company in India, today announced its financial and operational performance for the quarter and nine month ende
Slide 4: Segment-wise Financial Highlights
Segment-wise Financial Highlights: (Rs crore) Segment Particulars Q3FY26 Q3FY25 YoY % 9MFY26 9MFY25 YoY% Operating Revenue 1,239 1,189 4.2% 3,712 3,561 4.3% Operating EBITDA 1,134 1,086 4.4% 3,408 3,257 4.6% Transmission EBITDA margin % 92% 91% 92% 91% EBIT 986 866 13.9% 2,959 2,509 17.9% Distributi
Slide 5: Segment-wise Progress and Outlook
Segment-wise Progress and Outlook: Transmission: • Robust under construction project pipeline of 13 projects worth Rs 77,787 crore • The near-term transmission tendering opportunity at ~Rs 1 lakh crore remains solid Distribution: • The distribution business recorded a steady business performance. AE
Slide 6: Disclaimer
Disclaimer: No representation or warranty, express or implied, is made as to, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained in this release. Certain statements made in this release may be "forward-looking statements"
Slide 7: Adani Energy Solutions Limited Q3 and 9MFY26 Results Presentation
Adani Energy Solutions Limited Q3 and 9MFY26 Results Presentation | January 2026
Slide 8: Contents
Contents 1 Executive Summary 2 9MFY26 Financial Highlights (YoY) 3 Capex Profile 4 Q3FY26 Financial Highlights (YoY) 5 9MFY26 Operational Highlights (YoY) 6 Q3FY26 Operational Highlights (YoY) 7 Annexure – ESG Framework and Updates Annexure – Rating and Operational and Under 8 construction Asset Por
Slide 9: Executive Summary
1 Executive Summary STRICTLY CONFIDENTIAL
Slide 10: Adani Portfolio: A World Class Infrastructure & Utility Portfolio
Adani Portfolio: A World Class Infrastructure & Utility Portfolio Flagship Infrastructure & Utility Core Portfolio Primary Industry Other Incubator Materials, Metal Energy & Utility Transport & Logistics Specialty & Mining (73.97%) (62.43%) (74.96%) (68.02%) (67.64%)4 AEL1 AGEL APL APSEZ3 Ports & Lo
Slide 11: Adani Portfolio: Best-in class growth with national footprint
Adani Portfolio: Best-in class growth with national footprint All figures in INR cr Predictable, high and rising free cash flow National footprint with deep coverage Tax paid EBITDA Finance cost paid 92,943 CAT (FFO) 65,016 (74%) EBITDA 24,870 12,784 AEL (51%) 22,819 APSEZ (21%) Adani’s Core Infra.
Slide 12: Adani Portfolio: Repeatable, robust & proven transformative model of investment
Adani Portfolio: Repeatable, robust & proven transformative model of investment DEVELOPMENT1 OPERATIONS CONSUMERS 2 New C.E.O. Adani Infra (India) Limited | Cemindia Projects Ltd. | PSP Projects Ltd. Operations (AIMSL) Consumer I Employees I Other Stakeholders Origination Site Development Constructi
Slide 13: Executive Summary – 9MFY26 and Q3FY26
AESL: Executive Summary – 9MFY26 and Q3FY26 Key Highlights for 9MFY26 and Q3FY26 Key Operating Metrics Key Financial Metrics Financial Performance: Transmission – 9MFY26 Q3FY26 9MFY26 – The operational revenue of Rs 13,628 crore in 9MFY26 was up 5.3% and grew 7.6% to Rs 4,491 crore in Q3FY26 driven
Slide 14: 9MFY26 Financial Highlights (YoY)
2 9MFY26 Financial Highlights (YoY) STRICTLY CONFIDENTIAL
Slide 15: Consolidated Financial Highlights – 9MFY26 YoY
AESL: Consolidated Financial Highlights – 9MFY26 YoY (In Rs Cr) Total Income Operational Revenue Operational EBITDA 20,737 5,251 13,628 4,861 12,941 17,850 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 Total EBITDA Adjusted PAT Cash Profit 6,354 1,670 5,484 3,435 1,244^ 2,933^# 9MFY25 9MFY26 9MFY25 9MFY
Slide 16: Segment–wise Financial Highlights – 9MFY26 YoY
AESL: Segment–wise Financial Highlights – 9MFY26 YoY Operational Revenue Operational EBITDA (In Rs Cr) 3,257 3,408 9,359 9,581 1,541 1,500 3,561 3,712 466 31 529 26 Transmission Distribution Smart Metering Transmission Distribution Smart Metering (Non IND AS) (Non IND AS) 9MFY25 9MFY26 9MFY25 9MFY26
Slide 17: Segment wise revenue bridge – 9MFY26 YoY
AESL: Segment wise revenue bridge – 9MFY26 YoY (In Rs Cr) Smart Metering Transmission Distribution Trading Others Consolidated (IND AS) Particulars / Segments 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 Operating Revenue 3,713 3,561 9,582 9,359 - - 334^ 21^ -
Slide 18: Segment wise EBITDA bridge – 9MFY26 YoY
AESL: Segment wise EBITDA bridge – 9MFY26 YoY (In Rs Cr) Smart Metering Transmission Distribution Trading Others Consolidated (IND AS) Particulars / Segments 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 9MFY26 9MFY25 Operating EBITDA 3,408 3,257 1,500 1,541 52 2 256^ 15^ 35
Slide 19: Capex Profile
3 Capex Profile STRICTLY CONFIDENTIAL
Slide 20: Capex Profile: Significant Ramp-up in Capital Expenditure and Smart Meter Installation
Capex Profile: Significant Ramp-up in the Capital Expenditure and Smart Meter Installation Turbocharged (In Rs Cr) Capex: Q3 and 9MFY26 vs Q3 and 9MFY25 9,294 • Capex in 9MFY26 increased by 1.25x to Rs 9,294 Cr with Overall Capex steady capex performance across all three segments 7,475 2,620 885 3,0
Slide 21: Q3FY26 Financial Highlights (YoY)
4 Q3FY26 Financial Highlights (YoY) STRICTLY CONFIDENTIAL
Slide 22: Consolidated Financial Highlights – Q3FY26 YoY
AESL: Consolidated Financial Highlights – Q3FY26 YoY Operational EBITDA (In Rs Cr) Total Income Operational Revenue 1,802 6,945 4,491 4,173 1,585 6,000 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Total EBITDA Adjusted PAT Cash Profit 2,210 574 1,227 1,831 440^ 999^# Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25
Slide 23: Segment–wise Financial Highlights – Q3FY26 YoY
AESL: Segment–wise Financial Highlights – Q3FY26 YoY Operational Revenue Operational EBITDA (In Rs Cr) 3,104 1,086 1,134 2,973 484 506 1,189 1,239 213 235 15 17 Transmission Distribution Smart Metering Transmission Distribution Smart Metering (Non IND AS) (Non IND AS) Q3FY25 Q3FY26 Q3FY25 Q3FY26 EBI
Slide 24: Segment wise Revenue bridge – Q3FY26 YoY
AESL: Segment wise Revenue bridge – Q3FY26 YoY (In Rs Cr) Smart Metering Transmission Distribution Trading Others Consolidated (IND AS) Particulars / Segments Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Operating Revenue 1,239 1,189 3,104 2,972 - - 149^ 11^ -
Slide 25: Segment wise EBITDA bridge – Q3FY26 YoY
AESL: Segment wise EBITDA bridge – Q3FY26 YoY (In Rs Cr) Smart Metering Transmission Distribution Trading Others Consolidated (IND AS) Particulars / Segments Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Operating EBITDA 1,134 1,086 506 484 23 1 111^ 9^ 28 5 1,8
Slide 26: 9MFY26 Operational Performance (YoY)
5 9MFY26 Operational Performance (YoY) STRICTLY CONFIDENTIAL
Slide 27: Transmission Utility – Key Operating Metrics 9MFY26 (YoY)
AESL: Transmission Utility – Key Operating Metrics 9MFY26 (YoY) Transmission Network Length(2)(3) (ckm) Power Transformation Capacity(2) (MVA) 27,901 118,175(4) 25,778 84,186 New order win boosted the Transformation capacity transmission network, reflecting expanded with new project strong bidding c
Slide 28: AEML: Distribution Utility – Key Operating Metrics 9MFY26 (YoY)
AEML: Distribution Utility – Key Operating Metrics 9MFY26 (YoY) Supply Reliability (ASAI) (%) SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) SAIFI SAIDI CAIDI SAIFI SAIDI CAIDI 99.996% 99.998% 33.01 30.36 Maintained supply Improved system reliability 16.82 with strong SAIDI, SAIFI reliability at 99.
Slide 29: AEML: Distribution Utility – Key Operating Metrics 9MFY26 (YoY)
AEML: Distribution Utility – Key Operating Metrics 9MFY26 (YoY) Consumer Base (million) Distribution Loss (%) E-payment (% of total collection) 3.26 85.55% 4.91% 3.17 4.22% 83.38% E-payment share The consumer base in Distribution loss increased due to digital the Mumbai circle consistently improving
Slide 30: Q3FY26 Operational Highlights (YoY)
6 Q3FY26 Operational Highlights (YoY) STRICTLY CONFIDENTIAL
Slide 31: Transmission Utility – Key Operating Metrics Q3FY26 (YoY)
AESL: Transmission Utility – Key Operating Metrics Q3FY26 (YoY) Transmission Network Length(2)(3) (ckm) Power Transformation Capacity(2) (MVA) 27,901 118,175(4) 25,778 84,186 New order win boosted the Transformation capacity transmission network, reflecting expanded with new project strong bidding c
Slide 32: AEML: Distribution Utility – Key Operating Metrics Q3FY26 (YoY)
AEML: Distribution Utility – Key Operating Metrics Q3FY26 (YoY) Supply Reliability (ASAI) (%) SAIDI (mins), SAIFI (nos.) and CAIDI (mins)(1) SAIFI SAIDI CAIDI SAIFI SAIDI CAIDI 99.998% 99.998% 26.30 27.20 Maintained supply Improved system reliability reliability at 99.99% with strong SAIDI, SAIFI pa
Slide 33: AEML: Distribution Utility – Key Operating Metrics Q3FY26 (YoY)
AEML: Distribution Utility – Key Operating Metrics Q3FY26 (YoY) Consumer Base (million) Distribution Loss (%) E-payment (% of total collection) 4.66% 3.26 85.65% 4.03% 3.17 83.58% E-payment share The consumer base in Distribution loss increased due to digital the Mumbai circle consistently improving
Slide 34: Annexure - ESG Framework and Updates
7 Annexure - ESG Framework and Updates STRICTLY CONFIDENTIAL
Slide 35: ESG Framework
AESL: ESG Framework United Nations GHG Protocol SBTi Global Compact Guiding Guiding Principles and IFRS S1 Integrated Reporting Policies CDP principles & S2 framework Disclosure Standards UN Sustainable TNFD/ IBBI GRI Standards Development Goals Policy Structure Focus Areas • Environment & Energy as
Slide 36: Environment: Key Environmental Indicators and Milestones
AESL: Key Environmental Indicators and Milestones Key Performance Indicators Current Status Baseline Short to Medium-term Targets Energy Mix & Emission Intensity RE share in the overall power mix at AEML reached to to 38.78% - RE share in power procurement 3% FY19 60% by FY27 70% by FY30 (without RE
Slide 37: Social Philosophy and Focus Areas
AESL: Social Philosophy and Focus Areas Our social Initiatives are mapped to UNSDG 2030 • Physical infrastructure and e-learning platform in rural areas Access to Education • Educational Kits (2,830 students benefited) & School Uniforms to Tiroda, Dahanu and Anganwadi children (5,780 students benefi
Slide 38: Social: Key Social Indicators and Milestones
AESL: Key Social Indicators and Milestones Material Actual Target Material Themes Key Performance Indicators Baseline Categories (9MFY26) (FY26) Zero Number of fatalities 2 Zero (FY 20-21) Work related injury 0.33 LTFIR per million man-hours worked 0.27 Zero (FY 20-21) Health & Safety Average hours
Slide 39: Governance Philosophy and Focus Areas
AESL: Governance Philosophy and Focus Areas Policies Committees Assurance • Environment Policy covered in BR Policy • Water Policy • Corporate Responsibility Committee • Bio-diversity Policy • Risk Management Committee Corporate • Due –diligence for CoC, HR, ESG etc Responsibility Governance Committ
Slide 40: Governance: Key Governance Indicators and Milestones
AESL: Key Governance Indicators and Milestones Material Categories Material Themes Key Performance Indicators Baseline Actions Taken and Goals Board Gender Balance the board composition in terms of men 16.6% - women directors • 25% of women directors in board Board Gender Diversity Diversity and wom
Slide 41: Enhanced Safety Culture
AESL: Enhanced Safety Culture Safety Initiatives During Q3FY26 Safety Performance in Q3FY26 Transmission Distribution (AEML) • Safety training: 63598 man-hours of safety training and awareness during Q3FY26 • Positive Safety Culture: Safety Parameters Q3FY26 Q3FY25 Q3FY26 Q3FY25 o Recorded 7.4 milli
Slide 42: Annexure – Ratings and Operational and Under-construction Asset Portfolio
8 Annexure – Ratings and Operational and Under-construction Asset Portfolio STRICTLY CONFIDENTIAL
Slide 43: AESL and AEML Credit Ratings
AESL and AEML Credit Ratings International – ATSOL Obligor Group (Transmission business) (Reg S/ 144A) AESL and AEML Ratings - Domestic Rating Agency Facility Rating/Outlook Rating Agency Facility Rating/Outlook Fitch Dollar Bond BBB-/Stable AESL India Ratings/CRISIL/ICRA AA+, AA+, A1+/Stable Moody’
Slide 44: Operational Asset Portfolio as of December 2025
AESL: Operational Asset Portfolio as of December 2025 Transmission Transformation Contract Sr No. Projects Name Transmission Line (Asset Details) Line Length Capacity (MVA) Type (ckm) 1 Adani Transmission India Limited (ATIL) Mundra – Dehgam, Mundra – Mohindergarh and Tiroda – Warora 3,834 6,630 ROA
Slide 45: Transmission Under-construction Asset Portfolio as of December 2025
AESL: Transmission Under-construction Asset Portfolio as of December 2025 Transmission Line Transformation Contract Levelized Tariff / Sr No. Projects Name Transmission Line (Asset Details) Length (ckm) Capacity (MVA) Type Billing (Rs Crores) 1 Adani Electricity Mumbai Infra Limited (AEMIL – HVDC)#
Slide 46: Smart Metering Under-construction Portfolio as of December 2025
AESL: Smart Metering Under-construction Portfolio as of December 2025 Smart Meters Revenue Potential Contract Period Contract Month of Sr No. Projects Name Coverage Area Qty (Mn) (Rs Cr) (months) Type Award Sept & Oct’22 1 Brihanmumbai Electric Supply & Transport Undertaking (BEST) Mumbai (BEST Circ
Slide 47: Disclaimer
Disclaimer Certain statements made in this presentation may not be based on historical information or facts and may be “forward-looking statements,” including those relating to general business plans and strategy of Adani Energy Solutions Limited (“AESL”),the future outlook and growth prospects, and
Slide 48: Thank You
Thank You STRICTLY CONFIDENTIAL
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