Adani Energy Solutions reported a 51% rise in quarterly income and more than doubled net profit, prompting several brokerages to turn bullish as trading, smart metering and energy solutions gain ground.
Adani Energy Solutions posted a sharp rise in quarterly earnings, with higher revenue from transmission and energy solutions helping the group deliver one of its strongest performances to date. According to company disclosures reported by Business Standard and Adani Energy Solutions, total income for the quarter ended 30 September 2026 climbed 51% year on year to Rs 10,239 crore, while net profit more than doubled to Rs 1,364 crore. Operational revenue rose by the same proportion to Rs 7,167 crore, supported by growth across transmission, distribution, smart metering and the newer energy solutions platform.
The operating numbers showed broad-based momentum. Transmission revenue increased 17% to Rs 1,700 crore, while capital expenditure almost doubled to Rs 3,500 crore as the company pushed ahead with expansion. Distribution operating EBITDA rose 23% to Rs 600 crore, and smart metering EBITDA jumped 145% to Rs 226 crore. Power Pulse Trading Solutions also added to the topline, with revenue of Rs 2,000 crore and EBITDA of Rs 800 crore, underscoring the growing contribution of newer businesses to the group’s mix.
The market reacted positively. On Monday, the shares rebounded from an intraday low of Rs 1,208.50 to Rs 1,260.25, a gain of more than 4% from the day’s bottom. Even after that recovery, the stock remained about 30% below its 52-week high of Rs 1,789 set in July 2026, and far off the roughly Rs 4,100 peak touched in September 2022. The company’s market value stood at close to Rs 1.55 lakh crore, reflecting how much of the earlier rerating has already unwound.
Brokerages responded to the results with a more upbeat view on the stock. Jefferies said the September-quarter EBITDA was 19% above expectations, driven largely by the trading business, and kept a buy rating with a target price of Rs 1,980. ICICI Securities upgraded the stock to buy and set a target of Rs 1,600, pointing to the scaling of the energy solutions segment and the Mumbai high-voltage direct current project as key drivers. Elara Capital also raised its recommendation to buy, although it trimmed its target to Rs 1,747, while PL Capital lifted its rating to buy with a Rs 1,526 target, saying the shares now looked reasonably valued after the recent decline.
The latest results also highlight the company’s widening pipeline. Adani Energy Solutions said its transmission order book has risen to Rs 87,200 crore, while its smart metering base has expanded to about 15 million meters. It also secured a 2.5 GW round-the-clock power supply contract with the Maharashtra State Electricity Distribution Company, with a further 750 MW arrangement under consideration. That mix of regulated assets, project execution and new service lines is now central to the investment case, even as analysts continue to weigh the pace of capitalisation against the strength of demand for power infrastructure.
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