Adani Energy Sol Q2 FY27 Results (NSE: ADANIENSOL)
Signal: Margin expansion
The read
The trajectory has broadened beyond the core utility base: Q2 total income grew 51% YoY to ₹10,239 crore, operating EBITDA grew 68% to ₹3,070 crore and PAT rose 145% to ₹1,364 crore, while the energy solutions platform generated ₹803 crore of segment EBITDA and the transmission pipeline reached ₹87,000 crore. The key execution test is converting the larger pipeline without weakening capital intensity or returns.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹10,239 Cr | 51% | N/A |
| Net profit | ₹1,364 Cr | 145% | |
| EBIT margin | 42.8% |
P&L walk
Consolidated momentum accelerated: total income grew 51% YoY to ₹10,239 crore, operating EBITDA grew 68% to ₹3,070 crore and PAT rose 145% to ₹1,364 crore, led by transmission, smart metering and the energy solutions platform.
Segments
Energy Solutions was the largest incremental growth driver, with Q2 revenue of ₹2,197 crore and operating EBITDA of ₹803 crore versus ₹201 crore and ₹11 crore respectively in Q2FY26; smart metering also accelerated with Ind AS revenue up 129% to ₹267 crore and EBITDA up 146% to ₹226 crore.
Key positives
- Operating EBITDA increased 68% YoY to ₹3,070 crore on operational revenue growth of 51% to ₹7,167 crore, expanding the derived operating EBITDA margin to 42.8% from 38.5%.
- Energy Solutions delivered ₹2,197 crore of Q2 revenue and ₹803 crore of operating EBITDA versus ₹201 crore and ₹11 crore respectively a year ago.
- Smart Metering (Ind AS) revenue rose 129% YoY to ₹267 crore and operating EBITDA rose 146% to ₹226 crore, while cumulative installations reached 14.8 million.
- Transmission capex increased 1.7x YoY to ₹5,542 crore in H1FY27 and the under-construction pipeline reached approximately ₹87,000 crore across 15 projects.
- A 2,500 MW round-the-clock power supply PPA was signed with MSEDCL for 25 years, adding a sizeable long-duration energy-solutions opportunity.
Key concerns
- Smart-meter installations during Q2 were 1.3 million versus 1.8 million in Q2FY26, despite cumulative installations increasing to 14.8 million, making execution pace a near-term monitoring point.
- Transmission capex rose 1.7x to ₹5,542 crore in H1FY27 while the release does not provide group net debt or operating cash flow, leaving funding and cash-conversion visibility incomplete.
Research and educational content only. Not investment advice.