New Delhi: Adani Energy Solutions Limited (AESL) delivered its strongest-ever quarterly operating performance on a consolidated basis in Q3 FY26, underlining the expanding contribution of transmission and smart metering assets housed across subsidiaries. Consolidated total income rose 15.7 percent year-on-year to Rs 6,945 crore in Q3 FY26, while EBITDA climbed 20.7 percent to a record Rs 2,210 crore. Profit before tax jumped sharply by 43.2 percent year-on-year to Rs 801 crore, reflecting operating leverage from newly commissioned transmission projects and smart metering scale-up.
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Reported profit after tax, however, declined 8.2 percent year-on-year to Rs 574 crore. The company attributed this to a one-time deferred tax benefit booked in Q3 FY25, noting that on an adjusted basis, PAT rose 30.4 percent year-on-year, broadly tracking EBITDA growth.
On a quarter-on-quarter basis, consolidated performance also strengthened, with EBITDA expanding sequentially and margins improving as transmission assets commissioned earlier in the year began contributing fully, and smart metering installations accelerated.
For the nine months ended December 31, 2025, consolidated total income increased 16.2 percent year-on-year to Rs 20,737 crore, while EBITDA rose 15.9 percent to Rs 6,354 crore. Profit before tax surged 37.3 percent to Rs 2,205 crore, pointing to strong operating momentum despite rising depreciation from asset additions.
Reported nine-month PAT slipped marginally by 2.5 percent year-on-year to Rs 1,670 crore, again distorted by a deferred tax reversal booked in the previous year. Adjusted PAT, however, climbed a robust 34.4 percent year-on-year, indicating underlying earnings growth across core businesses.
In contrast, AESL’s standalone results presented a more muted picture, underscoring the widening gap between parent-level earnings and group performance. On a standalone basis, Q3 FY26 profit after tax stood at Rs 114.21 crore, lower than the Rs 163.76 crore reported in Q3 FY25. Total income for the quarter was Rs 936.08 crore, broadly flat year-on-year, while profit before tax declined as finance costs and operating expenses absorbed a larger share of revenue.
Sequentially, standalone PAT improved from Rs 101.35 crore in Q2 FY26 to Rs 114.21 crore in Q3 FY26, suggesting some recovery, but still remained well below last year’s levels.
For the nine-month period, standalone total income rose to Rs 3,019.77 crore, compared with Rs 1,706.17 crore a year earlier, driven largely by higher operational activity. However, nine-month standalone PAT fell to Rs 371.99 crore from Rs 420.07 crore in the year-ago period, indicating margin pressure and higher financing costs at the parent entity.
The divergence between standalone and consolidated numbers highlights AESL’s evolving structure. While the parent entity bears a significant portion of debt and financing costs, incremental earnings are increasingly generated at the subsidiary level, particularly in regulated transmission projects and smart metering SPVs.
As of December 31, 2025, standalone net worth stood at Rs 14,689.85 crore, with total borrowings of Rs 11,895.56 crore, reflecting the capital-intensive nature of ongoing expansion. At the group level, however, scale benefits, regulated returns, and improving asset utilisation helped sustain margins and cash generation.
Overall, AESL’s Q3 and nine-month results point to a company firmly in an expansion phase, where consolidated earnings momentum is being driven by commissioned assets and execution depth, even as standalone profitability remains under pressure from financing and cost absorption.
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The contrast between strong consolidated EBITDA growth and softer standalone profits underscores the strategic shift toward a multi-SPV, asset-heavy model — one that prioritises long-term regulated returns over near-term parent-level profitability.