Adani Energy Solutions Q2 results, quarter to Sep 2026

NSE: ADANIENSOLBSE: 539254PowerLarge Cap

Adani Energy Solutions Limited · Formerly Adani Transmission · Face value ₹10 · Listed Jul 2015

₹1,294.00₹17.60 (1.34%)BSE ₹1,295.00

Share price at the NSE close on 28 Oct 2026. Previous close ₹1,311.60.

28 Oct: open ₹1,305.00, high ₹1,306.40, low ₹1,278.10

52-week range of traded prices to 28 Oct 2026

₹803.10Low, 23 Jan 2026₹1,789.00High, 21 Jul 2026

Market cap: ₹1,58,250 Cr63rd largest listed
P/E: 42.68
P/B: 5.06
Dividend yield: Nonein the last 12 months
ROE: 13.6%
ROCE: 10.0%
Debt to equity: 1.59
Volume, NSE: 12,21,761

Adani Energy Solutions filed its Q2 results for the quarter to Sep 2026 on 22 Oct 2026 at 5:10 pm, consolidated: the company and its subsidiaries together.

Q2 results, quarter to Sep 2026

₹ crore.Adani Energy Solutions annual results and balance sheet

Revenue: ₹10,076 Cr+52.8% on a year ago · +3.8% on the quarter before
Operating profit: ₹3,101 Cr+35.5% on a year ago · +3.1% on the quarter before
Net profit: ₹1,364 Cr+144.8% on a year ago · +10.3% on the quarter before
Earnings per share: ₹11.01+15.0% on the quarter before
Operating margin: 30.8%
Net margin: 13.5%

From revenue to net profit, ₹ crore

Revenue10,076
Materials and goods−3,417
Employee costs−290
Other expenses−3,268
Operating profit3,101
Depreciation−601
Other income+164
Finance costs−1,180
Profit before tax1,484
Net profit1,364

Adani Energy Solutions results by quarter

Consolidated: the company and its subsidiaries together. Latest quarter to Sep 2026. Results for the quarter to Dec 2026 are due by 14 Feb 2027, 45 days after it ends. Every company's dates are on the results calendar.Results filings and date

Revenue and net profit by quarter, ₹ crore

Revenue
Net profit
Loss

Peak revenue ₹10,076 Cr, quarter to Sep 2026; lowest ₹4,563 Cr, quarter to Dec 2023A loss in 1 of the 12 quarters shown

Operating and net margin by quarter, per cent

Operating margin
Net margin

₹ crore	Dec 2021Q3Filed 3 Feb	Mar 2022	Jun 2022Q1	Sep 2022	Dec 2022Q3	Mar 2023	Jun 2023Q1	Sep 2023	Dec 2023Q3	Mar 2024	Jun 2024Q1	Sep 2024	Dec 2024Q3	Mar 2025Q4	Jun 2025Q1	Sep 2025Q2Filed 27 Oct	Dec 2025Q3	Mar 2026Q4Filed 23 Apr	Jun 2026Q1Filed 21 Jul	Sep 2026Q2Filed 22 Oct
Revenue from operations	2,912	2,975	3,132	3,251	3,552	3,358	3,664	3,674	4,563	4,707	5,379	6,184	5,830	6,375	6,819	6,596	6,730	7,443	9,711	10,076
	2,011	2,029	2,459	2,088	2,074	2,154	2,090	2,169	3,035	3,141	3,134	4,397	3,705	4,124	4,505	4,307	4,394	5,298	6,703	6,975
Materials and goods bought	1,409	1,134	1,850	1,459	1,457	1,213	1,460	1,441	2,205	1,383	1,804	2,251	1,819	1,699	1,916	1,790	1,739	1,908	67	3,417
Employee costs	227	184	223	232	226	305	243	270	259	179	276	293	230	234	231	236	318	308	228	290
Other expenses	376	711	385	397	391	636	388	458	571	1,579	1,054	1,853	1,656	2,191	2,358	2,281	2,338	3,083	6,407	3,268
Operating profit before depreciation	901	945	673	1,164	1,478	1,203	1,574	1,505	1,527	1,566	2,244	1,787	2,125	2,251	2,315	2,289	2,336	2,145	3,008	3,101
Operating margin	30.9%	31.8%	21.5%	35.8%	41.6%	35.8%	43.0%	41.0%	33.5%	33.3%	41.7%	28.9%	36.5%	35.3%	33.9%	34.7%	34.7%	28.8%	31.0%	30.8%
Depreciation and amortisation	363	370	384	398	410	416	419	432	458	468	498	484	462	462	465	509	496	508	585	601
Other income	174	191	118	125	168	137	108	93	262	148	111	176	170	222	206	171	215	145	141	164
Finance costs	560	650	740	714	697	630	616	641	760	750	811	813	809	826	894	872	913	954	1,152	1,180
Profit before one-off items and tax	151	116	−333	177	538	294	648	524	571	496	1,047	666	1,024	1,185	1,162	1,079	1,141	828	1,412	1,484
One-off items	−7	0	1	0	0	0	−1	−154	0	0	−1,507	0	0	0	0	0	0	0	29	0
Profit before tax	144	116	−332	177	538	294	647	370	571	496	−460	666	1,024	1,185	1,162	1,079	1,141	828	1,441	1,484
	–	–	–	–	–	–	–	85	–	–	–	–	–	–	–	–	–	–	–	–
Current tax	–	–	–	–	–	–	–	45	–	–	–	–	–	–	–	–	–	–	–	–
Deferred tax	–	–	–	–	–	–	–	40	–	–	–	–	–	–	–	–	–	–	–	–
Tax rate	–	–	–	–	–	–	–	23.0%	–	–	–	–	–	–	–	–	–	–	–	–
Profit from discontinued businesses	–	–	–	–	–	4	–	–	–	–	–	–	–	–	–	–	–	–	–	–
	277	240	168	194	478	440	182	284	348	381	−1,191	773	625	687	539	557	574	723	1,237	1,364
Belonging to the company's shareholders	267	232	186	206	475	389	175	276	325	361	−824	675	562	620	512	534	552	684	1,149	1,323
Belonging to outside owners of subsidiaries	10	7	−18	−12	3	50	7	8	23	20	−367	98	64	67	26	23	22	39	88	41
Other comprehensive income	−135	−135	−292	−210	−142	343	−371	31	197	−140	73	279	−86	−79	61	233	172	656	−177	71
Total comprehensive income	142	105	−124	−16	336	782	−189	316	546	241	−1,118	1,053	539	607	600	790	746	1,379	1,060	1,435
Net margin	9.5%	8.1%	5.4%	6.0%	13.5%	13.1%	5.0%	7.7%	7.6%	8.1%	−22.1%	12.5%	10.7%	10.8%	7.9%	8.4%	8.5%	9.7%	12.7%	13.5%
Earnings per share	₹1.85	₹1.75	₹1.50	₹1.45	₹3.92	₹3.49	₹1.57	₹2.47	₹2.92	₹2.94	−₹7.39	₹6.09	₹4.85	₹6.57	–	–	–	₹5.27	₹9.57	₹11.01

Earnings per share in rupees, restated for later splits and bonuses.

Segment results by quarter

Consolidated, ₹ crore, quarters to Sep 2026.Adani Energy Solutions segment results by year

Distribution
Revenue, ₹ crore
2,560
2,396
3,373
3,014
2,972
2,907
3,360
3,118
3,104
2,869
3,520
3,181
Dec 23Mar 24Jun 24Sep 24Dec 24Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26Sep 26
Profit, ₹ crore
285
354
−1,182
332
296
573
303
261
284
391
357
371
Dec 23Mar 24Jun 24Sep 24Dec 24Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26Sep 26
Transmission
Revenue, ₹ crore
1,265
1,906
1,762
2,303
2,035
2,247
2,188
2,372
2,426
2,837
3,335
3,599
Dec 23Mar 24Jun 24Sep 24Dec 24Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26Sep 26
Profit, ₹ crore
727
799
806
837
866
920
927
1,046
986
1,006
1,327
1,320
Dec 23Mar 24Jun 24Sep 24Dec 24Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26Sep 26
Other
Revenue, ₹ crore
377
478
842
1,062
90
137
335
156
318
Dec 23Mar 24Jun 24Sep 24Dec 24Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26Sep 26
Profit, ₹ crore
62
36
73
98
12
34
77
28
42
Dec 23Mar 24Jun 24Sep 24Dec 24Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26Sep 26
Energy Solutions Platform
Revenue, ₹ crore
1,907
2,197
Dec 23Mar 24Jun 24Sep 24Dec 24Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26Sep 26
Profit, ₹ crore
590
802
Dec 23Mar 24Jun 24Sep 24Dec 24Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26Sep 26
Smart Meter
Revenue, ₹ crore
347
384
Dec 23Mar 24Jun 24Sep 24Dec 24Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26Sep 26
Profit, ₹ crore
153
173
Dec 23Mar 24Jun 24Sep 24Dec 24Mar 25Jun 25Sep 25Dec 25Mar 26Jun 26Sep 26

₹ crore	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue of all businesses	4,563	4,707	5,379	6,184	5,830	6,375	6,819	5,962	6,157	6,767	9,266	9,680
Company revenue, as in its results	4,563	4,707	5,379	6,184	5,830	6,375	6,819	6,596	6,730	7,443	9,711	10,076
Revenue	2,560	2,396	3,373	3,014	2,972	2,907	3,360	3,118	3,104	2,869	3,520	3,181
Revenue growth	21.7%	13.5%	23.2%	21.5%	16.1%	21.4%	−0.4%	3.4%	4.4%	−1.3%	4.8%	2.0%
Profit	285	354	−1,182	332	296	573	303	261	284	391	357	371
Profit growth	6.3%	−34.1%	–	7.4%	3.6%	62.1%	–	−21.5%	−3.9%	−31.8%	17.9%	42.4%
Margin	11.2%	14.8%	−35.0%	11.0%	10.0%	19.7%	9.0%	8.4%	9.2%	13.6%	10.1%	11.7%
Assets	19,953	20,359	18,764	20,441	20,140	20,578	20,714	20,492	20,410	21,148	21,959	20,983
Liabilities	4,147	4,146	4,138	3,776	4,227	4,350	4,528	4,705	4,913	5,384	5,800	5,705
Capital employed	15,806	16,213	14,626	16,664	15,914	16,228	16,186	15,787	15,497	15,764	16,159	15,279
Revenue	1,265	1,906	1,762	2,303	2,035	2,247	2,188	2,372	2,426	2,837	3,335	3,599
Revenue growth	7.8%	78.5%	90.2%	126.4%	60.9%	17.9%	24.2%	3.0%	19.2%	26.3%	52.4%	51.7%
Profit	727	799	806	837	866	920	927	1,046	986	1,006	1,327	1,320
Profit growth	−15.6%	29.5%	34.9%	37.5%	19.1%	15.2%	15.0%	25.0%	13.9%	9.4%	43.2%	26.2%
Margin	57.5%	41.9%	45.8%	36.3%	42.5%	41.0%	42.4%	44.1%	40.6%	35.5%	39.8%	36.7%
Assets	29,694	30,763	33,577	35,164	36,567	39,285	42,409	43,558	46,044	49,627	53,194	59,079
Liabilities	1,433	1,449	1,685	1,770	1,590	2,710	2,406	2,380	2,819	3,372	3,993	3,654
Capital employed	28,261	29,314	31,893	33,394	34,977	36,576	40,003	41,178	43,225	46,255	49,201	55,425
Revenue	738	114	167	490	345	378	210	201	255	426	–	–
Revenue growth	168.8%	−35.9%	–	177.2%	−53.3%	230.6%	25.4%	−59.1%	−26.1%	12.6%	–	–
Profit	1	0	1	0	1	12	17	11	23	32	–	–
Profit growth	154.5%	–	–	−10.0%	−2.4%	–	1,147.1%	12,122.2%	2,702.4%	172.2%	–	–
Margin	0.1%	−0.3%	0.8%	0.0%	0.2%	3.1%	8.3%	5.5%	9.0%	7.6%	–	–
Assets	0	0	0	0	645	1,108	1,957	1,866	2,004	2,039	–	–
Liabilities	0	0	0	0	554	771	1,916	1,873	1,740	2,075	–	–
Capital employed	0	0	0	0	91	337	42	−7	264	−36	–	–
Revenue	–	–	76	–	–	–	–	182	235	299	–	–
Profit	–	–	21	–	–	–	–	72	111	138	–	–
Margin	–	–	27.8%	–	–	–	–	39.9%	47.0%	45.9%	–	–
Assets	–	–	564	–	–	–	–	5,119	5,451	5,396	–	–
Liabilities	–	–	258	–	–	–	–	2,010	2,003	1,864	–	–
Capital employed	–	–	306	–	–	–	–	3,109	3,448	3,532	–	–
Revenue	–	–	–	377	478	842	1,062	90	137	335	156	318
Revenue growth	–	–	–	–	–	–	–	–	–	–	–	252.8%
Profit	–	–	–	62	36	73	98	12	34	77	28	42
Profit growth	–	–	–	–	–	–	–	–	–	–	–	244.5%
Margin	–	–	–	16.4%	7.5%	8.7%	9.3%	13.6%	25.1%	22.9%	17.8%	13.3%
Assets	–	–	–	1,511	1,993	3,054	3,812	486	167	654	471	605
Liabilities	–	–	–	736	798	700	1,392	244	245	444	140	166
Capital employed	–	–	–	774	1,195	2,354	2,421	242	−77	210	332	438
Revenue	–	–	–	–	–	–	–	–	–	–	1,907	2,197
Profit	–	–	–	–	–	–	–	–	–	–	590	802
Margin	–	–	–	–	–	–	–	–	–	–	31.0%	36.5%
Assets	–	–	–	–	–	–	–	–	–	–	2,443	2,471
Liabilities	–	–	–	–	–	–	–	–	–	–	2,330	2,475
Capital employed	–	–	–	–	–	–	–	–	–	–	113	−4
Revenue	–	–	–	–	–	–	–	–	–	–	347	384
Profit	–	–	–	–	–	–	–	–	–	–	153	173
Margin	–	–	–	–	–	–	–	–	–	–	44.0%	45.0%
Assets	–	–	–	–	–	–	–	–	–	–	5,935	6,134
Liabilities	–	–	–	–	–	–	–	–	–	–	1,978	2,046
Capital employed	–	–	–	–	–	–	–	–	–	–	3,957	4,088
Revenue	–	291	–	–	–	–	–	–	–	–	–	–
Profit	–	2	–	–	–	–	–	–	–	–	–	–
Margin	–	0.6%	–	–	–	–	–	–	–	–	–	–
Assets	–	350	–	–	–	–	–	–	–	–	–	–
Liabilities	–	242	–	–	–	–	–	–	–	–	–	–
Capital employed	–	108	–	–	–	–	–	–	–	–	–	–
	0	–	–	0	–	–	–	–	–	–	–	–
Profit	262	–	–	176	–	–	–	–	–	–	–	–
Assets	7,496	–	–	11,991	–	–	–	–	–	–	–	–
Liabilities	38,100	–	–	41,002	–	–	–	–	–	–	–	–
	–	0	0	–	–	–	–	–	–	–	–	–
Profit	–	148	0	–	–	–	–	–	–	–	–	–
Assets	–	7,107	7,574	–	–	–	–	–	–	–	–	–
Liabilities	–	39,039	41,814	–	–	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Q2 results, quarter to Sep 2026

From revenue to net profit, ₹ crore

Adani Energy Solutions results by quarter

Revenue and net profit by quarter, ₹ crore

Operating and net margin by quarter, per cent

Segment results by quarter

Distribution

Transmission

Other

Energy Solutions Platform

Smart Meter