Adani Energy Solutions Q2FY26 Update: Transmission Network Expands 15% YoY, Smart Meter Order Book Climbs to ₹29,519 Crore

Mumbai, 13 October 2025: Adani Energy Solutions Ltd (NSE: ADANIENSOL, BSE: 539254) posted a strong operational performance in its Q2FY26 update, driven by sustained growth across its transmission, distribution, and smart metering segments. The company reported a 15% year-on-year (YoY) expansion in its transmission network and a sharp rise in its smart meter order book, reflecting robust demand for infrastructure and technology-led energy solutions.

Adani Energy Solutions Ltd (AESL), headquartered in Ahmedabad, is part of the diversified Adani Group. The company operates one of India’s largest private power transmission and distribution networks across 14 states, serving over 13 million consumers through Adani Electricity Mumbai Ltd and MPSEZ Utilities Ltd. AESL continues to expand in smart metering and green energy integration, strengthening its position in India’s evolving power infrastructure landscape.

Transmission Network Expands 15% YoY to 26,705 ckm as Capacity Grows 37%

Adani Energy Solutions added 190 circuit kilometres (ckm) during the quarter, taking its total network length to 26,705 ckm, compared with 23,269 ckm a year earlier — marking a 15% YoY rise. The company’s power transformation capacity also increased 37% YoY to 97,236 MVA, reflecting steady infrastructure growth and strong execution in ongoing projects.

System availability remained high at 99.63%, marginally lower than 99.69% last year due to an unscheduled outage on the WKTL line. During the quarter, AESL secured four new augmentation projects worth ₹700 crore, adding 4,000 MVA capacity. These additions pushed the company’s aggregate order book to ₹60,004 crore, reinforcing its strong project pipeline across critical regions.

Distribution Efficiency Strengthens as Losses Fall to 4.36% and Reliability Nears 100%

In its distribution vertical, Adani Electricity Mumbai Ltd (AEML) demonstrated operational resilience. Distribution losses improved to 4.36%, compared with 4.85% a year ago, supported by technology integration and grid efficiency measures. Supply reliability remained near-perfect at 99.999%, positioning AEML among India’s most reliable power distributors.

Electricity sales in the Mumbai circle increased 2% YoY to 2,650 million units (MUs), driven by steady growth in commercial and industrial consumption. Collection efficiency stayed robust at 100.59%, with e-payments accounting for 85.33% of total receipts. The consumer base rose to 3.25 million, while consumer complaints fell sharply to 1.03 lakh, indicating higher service quality and customer satisfaction.

Industrial Demand Boosts Mundra Utilities’ Sales by 55% YoY

Mundra Utilities Ltd (MUL) registered a strong 55% YoY jump in sales volumes to 364 MUs, driven by a sharp uptick in industrial consumption in the Mundra region. This growth highlights the resurgence of industrial activity and underscores the company’s ability to cater to high-demand industrial clusters through reliable energy supply.

Smart Meter Order Book Rises to ₹29,519 Crore as Installations Cross 73.7 Lakh

Adani Energy Solutions’ smart metering business continued its expansion trajectory. The company secured a new contract worth ₹2,323 crore from AEML to supply 18.36 lakh meters, taking its total smart meter order book to 2.46 crore meters, representing a potential revenue of ₹29,519 crore.

During the quarter, 18.2 lakh meters were installed, bringing cumulative installations to 73.7 lakh meters. AESL remains on course to surpass the 1 crore meter mark by FY26-end, driven by rapid digital adoption and nationwide smart grid rollouts.

Debt Reduction and ESG Performance Reflect Strengthened Financial and Sustainability Metrics

On the financial front, AEML repurchased US$44.66 million of bonds from its US$300 million 2031 issuance, aligning with its deleveraging roadmap and improving its debt profile.

From an environmental, social, and governance (ESG) standpoint, Sustainalytics upgraded AESL’s ESG risk rating to 19.9 (Low Risk) from 25.1 (Medium Risk), outperforming the global utility average of 36. The company also retained its Zero Waste to Landfill certification across all transmission sites, achieving a 100% waste diversion rate.

In recognition of its innovation in grid management, AESL received the Gold Award at the Quality Concept Convention 2025 and the Platinum Award at CII’s National Low-Cost Automation Circle.

Segmental Highlights Underscore Broad-Based Growth

• Transmission Network: 26,705 ckm (+15% YoY)
• Power Transformation Capacity: 97,236 MVA (+37% YoY)
• AEML Units Sold: 2,650 MUs (+2% YoY)
• MUL Units Sold: 364 MUs (+55% YoY)
• Distribution Loss: Improved to 4.36% from 4.85%
• Smart Meters Installed: 73.7 lakh units, on track for 1 crore by FY26

Adani Energy Solutions Share Price Slips 0.40% Post Q2 Update

As of 10 October 2025, 3:30 pm IST, shares of Adani Energy Solutions Ltd (NSE: ADANIENSOL) share price closed at ₹928.25, down ₹3.70 (0.40%) from the previous close. The stock opened at ₹931.85, hit an intraday high of ₹932.95, and a low of ₹915.00. Its market capitalisation stood at ₹1.11 lakh crore, with a P/E ratio of 44.38. Over the past year, the stock has traded between a 52-week high of ₹1,090.95 and a low of ₹588.00.

Adani Energy Solutions’ Q2FY26 operational update underscores consistent growth across all business segments, particularly in transmission expansion, smart metering penetration, and sustainability compliance. The company’s emphasis on capacity addition, digital infrastructure, and ESG performance signals a continued focus on strengthening India’s energy reliability and grid modernisation initiatives.

REF: https://www.bseindia.com/xml-data/corpfiling/AttachHis/4b1bb4cd-1190-4182-8b67-546acd005909.pdf

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