Adani Energy Solutions: large order book of Rs 54,761 crore in transmission

 

Adani Energy Solutions :   Q1 PAT saw a sharp uptick of 71%
  • • Robust growth of 28% YoY in total income of Rs 7,026 crore in Q1 FY26 backed by stable operating performance, SCA income due to higher capex and rising contribution from smart metering business 
  • • EBITDA increased by 14% to a record high of Rs 2,017 crore during the quarter driven by resilient performance in transmission and distribution segment and significant contribution from smart metering business segment 
  • • PAT saw a sharp uptick of 71% YoY to Rs 539 crore, resulting from a double-digit EBITDA growth, and aided by lower depreciation and lower net tax outgo YoY 
  • • Cash profit of Rs 1,043 crore in Q1 FY26 grew by 15% YoY 
  • • Fully commissioned three transmission projects in Q1 – Khavda Phase II Part-A, Khavda Pooling Station - 1 (KPS-1) and Sangod transmission in Q1 FY26 
  • • During the current quarter, the company secured a new transmission project - WRNES Talegaon line. With Talegaon project, the under-construction order book stands at Rs 59,304 Cr 
  • • The capex in Q1FY26 has increased by 1.7x to Rs 2,224 crore, as against Rs 1,313 crore in Q1 FY25 
  • • The company has installed fresh 24 lakh smart meters during the quarter taking the total to 55.4 lakh smart meters by achieving a daily run rate of 25,000-27,000-meter installations 
  • • The company aims to install 70 lakh new meters this year, thereby achieving a minimum of 1 Cr meters cumulatively by the end of FY26 
  • • The near-term tendering pipeline in the transmission sector is solid at ~Rs 90,000 crore  

Adani Energy Solutions: large order book of Rs 54,761 crore in transmission
  • AESL serves more than 12 million consumers in metropolitan Mumbai and the industrial hub of Mundra SEZ. AESL is ramping up its smart metering business and is on course to become India’s leading smart metering integrator with an order book of over 22.8 million meters  
  • Adani Energy Solutions Limited (“AESL”), part of the globally diversified Adani portfolio and the largest private transmission and distribution company in India with a large smart metering portfolio
  • Confident that despite a large order book of Rs 54,761 crore in transmission and ~Rs 13,600 crore in smart metering, the company will continue to deliver strong operating and financial performance, thanks to unparallel project and operating excellence coupled with robust capital management program  
  • The company stays focused on timely project commissioning as well as achieving operating efficiencies. 
  • The key highlight of this quarter is the new project wins in AESL, which not only helps in gaining market share but also strengthens AESL’s pole position as the largest private transmission player in India  
  • With five new project wins so far this year, the under-construction transmission pipeline has zoomed to ~Rs 54,761 crore in Q3FY25 from Rs 17,000 crore
  • The capex as of 9MFY25 has increased to Rs 7,475 crore, as against Rs 3,784 crore in 9MFY24
  • The smart meter deployment is progressing well with the current average run-rate of 15,000 meters per day expected to reach an average of 20,000 meters per day by the next quarter 
  • In line with the robust power demand trends, Q3 energy demand (units sold) in Mumbai circle (AEML), ended 3% higher YoY and increased by 30% YoY at Mundra Utility (MUL)  

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