Adani Energy Solutions Q3 Performance: 15% Revenue Growth, Smart Meter Rollout Accelerates
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- Last Updated: 23 Jan 2026 at 4:14 PM IST
Adani Energy Solutions' Q3 profits fell slightly in the third quarter, but the company continued to grow. Consolidated net profit slipped 2% year-on-year to ₹552 crore.
Revenue from operations rose 15.43% YoY to ₹6,729.65 crore, driven by better operating performance and higher SCA (Service Concession Arrangement) income due to increased capital expenditure.
Is Capex Driving the Next Phase of Adani Energy’s Growth?
Adani Energy Solutions’ capital expenditure in the first nine months of the fiscal rose sharply, increasing 1.24 times to ₹9,294 crore. The company's ongoing push to grow its infrastructure and project execution in key areas is what caused the higher spending.
During the period, the company also commissioned four transmission projects, including North Karanpura Transmission (NKTL), Khavda Phase II Part-A, Khavda Pooling Station-1 (KPS-1) and Sangod transmission, marking steady progress in its transmission portfolio.
In the smart metering business, the company installed 61.2 lakh new meters during the period. That said the total installed meter base has reached 92.5 lakh and that it is on track to cross the one crore mark by the end of FY26.
The stock reaction was positive ahead of the results, with Adani Energy Solutions shares settling nearly 3% higher at ₹925 on the BSE. Over the past 12 months, the stock has gained 15%, compared with a 0.5% rise in the Sensex.
Can Transmission Growth and Smart Metering Drive EBITDA to New Highs?
Adani Energy Solutions said its EBITDA in the quarter reached a record high of ₹2,210 crore, up 20.7% year-on-year, supported by strong growth in transmission and smart metering and steady performance in distribution. Cash profit also improved, rising about 23% YoY to ₹1,227 crore.
The company said its aggregate transmission under-construction pipeline stands at ₹77,787 crore, while the smart metering order book is at 2.46 crore meters with a revenue potential of ₹29,519 crore. It added that the near-term tendering pipeline in transmission remains solid at around ₹1 lakh crore, and that the countrywide smart metering market opportunity stands at 103 million meters.
CEO Kandarp Patel said the company has commissioned four transmission projects in the current financial year and reached about 92.5 lakh smart meters installed, the highest by any player in the country, at a benchmark daily installation rate. He added that the company expects a substantial increase in asset capitalisation across core segments and strong momentum in bidding activity in the short to medium term.
Conclusion
Adani Energy Solutions’ Q3 numbers show the business is expanding, even as profit dipped slightly. Investors should now focus on how quickly the company can convert its strong order book and pipeline into actual cash flow and completed projects. The smart meter count nearing 1 crore is a key milestone to track, as it reflects execution strength and future revenue potential.
On the market side, the stock has already moved up ahead of results, trading near ₹925 and rising about 15% in the past year. For traders, the next trigger points will be updates on project commissioning, capex execution, and any fresh wins in transmission and smart metering tenders. These will determine whether the positive momentum continues.
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