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Adani Energy Solutions Limited Q2 FY26 earnings call summary

NSE: ADANIENSOL · BSE: 539254

Earnings call of 28 Oct 2025, summarised by AI from the filing.

Capex capitalization of ₹17,000-18,000 cr, contributing ₹2,800 cr annual run-rate EBITDA; leverage to be around 4x by year-end.

Key takeaways

  1. FY26 guidance Capex capitalization of ₹17,000-18,000 cr, contributing ₹2,800 cr annual run-rate EBITDA; leverage to be around 4x by year-end.
  2. H2 commissioning At least three transmission projects worth over ₹12,000 cr to be commissioned in H2 FY26.
  3. Execution risk Right of way and skilled manpower constraints may delay project execution.

Original filing on BSE

Adani Energy Solutions Limited Q1 FY27 results

As filed: Revenue ₹9,711 cr (+42% year on year), EBITDA ₹3,008 cr (+30% year on year), PAT ₹1,237 cr (+129% year on year), EBITDA margin 31.0% (−297 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q4 FY26: Revenue ₹7,443 cr (+17% year on year), EBITDA ₹2,145 cr (−5% year on year), PAT ₹723 cr (+5% year on year), EBITDA margin 28.8% (−649 bps). Score 29 of 100, Below trend. Revenue and profit growth were below the company's own trend; EBITDA growth was well below it. EBITDA margin fell 649 bps year on year. Share price after the results: +0.5% in 29 days (Nifty 500: −0.7%).
  • Q3 FY26: Revenue ₹6,730 cr (+15% year on year), EBITDA ₹2,336 cr (+10% year on year), PAT ₹574 cr (−8% year on year), EBITDA margin 34.7% (−174 bps). Score 33 of 100, Below trend. Revenue growth was below the company's own trend; EBITDA and profit growth were well below it. EBITDA margin fell 174 bps year on year. Revenue rose ₹900 cr on a year ago, against ₹1,267 cr the year before. Share price after the results: +14.2% in 29 days (Nifty 500: +1.7%).
  • Q2 FY26: Revenue ₹6,596 cr (+7% year on year), EBITDA ₹2,289 cr (+28% year on year), PAT ₹557 cr (−28% year on year), EBITDA margin 34.7% (+581 bps). Score 51 of 100, In line with trend. Revenue growth was well below the company's own trend; EBITDA growth was in line with it. EBITDA margin rose 581 bps year on year. Revenue fell 3% from last quarter. Revenue rose ₹412 cr on a year ago, against ₹2,510 cr the year before. Share price after the results: +4.7% in 30 days (Nifty 500: +0.5%).
  • Q1 FY26: Revenue ₹6,819 cr (+27% year on year), EBITDA ₹2,315 cr (+3% year on year), PAT ₹539 cr, EBITDA margin 34.0% (−779 bps). Score 45 of 100, In line with trend. EBITDA margin fell 779 bps year on year. Tax rate 10%. Not enough history for a trend yet: scored on growth alone. Profit fell 22% from last quarter. Share price after the results: −7.3% in 29 days (Nifty 500: −1.9%).
  • Q4 FY25: Revenue ₹6,375 cr (+35% year on year), EBITDA ₹2,251 cr (+44% year on year), PAT ₹687 cr (+80% year on year), EBITDA margin 35.3% (+204 bps). Score 90 of 100, Above trend. EBITDA margin rose 204 bps year on year. Not enough history for a trend yet: scored on growth alone. Share price after the results: −6.6% in 29 days (Nifty 500: +2.4%).
  • Q3 FY25: Revenue ₹5,830 cr (+28% year on year), EBITDA ₹2,125 cr (+39% year on year), PAT ₹625 cr (+80% year on year), EBITDA margin 36.5% (+298 bps). Score 84 of 100, Above trend. EBITDA margin rose 298 bps year on year. Tax rate -6%. Not enough history for a trend yet: scored on growth alone. Revenue fell 6% from last quarter.
  • Q2 FY25: Revenue ₹6,184 cr (+68% year on year), EBITDA ₹1,787 cr (+19% year on year), PAT ₹773 cr (+172% year on year), EBITDA margin 28.9% (−1,000 bps). Score 63 of 100, In line with trend. EBITDA margin fell 1000 bps year on year. Other income 26% of PBT. Tax rate -27%. Not enough history for a trend yet: scored on growth alone.

Past price moves after results do not indicate future moves. Not a recommendation.

Adani Energy Solutions Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.