Adani Energy Solutions shares declined 6% to their day's low of ₹1,282.40 on the NSE on Friday despite reporting steady fourth-quarter performance. According to reports from Upstox, the stock movement contrasted with the company's financial results, which showed consolidated net profit rising 6% year-on-year to ₹684 crore for the quarter. Revenue from operations grew 16.7% YoY to ₹7,443 crore during the period, driven by key transmission projects including Mumbai HVDC, North Karanpura Transmission and Khavda Phase II. The stock fell amid a broader market sell-off, with the NIFTY Energy index trading 0.8% lower at the time of reporting.
The company's operational metrics showed robust growth across key segments. EBITDA rose 5% YoY to ₹2,372 crore, indicating stable operating performance despite continued investments. As reported by Upstox, operational EBITDA, which captures core business trends, was higher by 13% YoY. Total income, including EPC and service concession income, increased 15%, reflecting higher capex execution and improved performance across segments. The growth was supported by strong performance in transmission and smart metering segments.
According to Upstox, the transmission segment remained the primary contributor with operating revenue up 7% YoY at ₹1,286 crore and EBITDA rising 6%. The distribution business saw revenue remain largely unchanged at ₹2,869 crore, while EBITDA declined 4% YoY, pointing to some pressure in the segment. Smart metering continued to scale up with revenue increasing sharply to ₹215 crore from a low base, with EBITDA in this segment also seeing a significant rise, reflecting strong execution capabilities. The company's smart meter order book remained at 2.46 crore meters with a revenue potential of ₹29,519 crore.
As reported by Upstox, during the quarter, the company commissioned five transmission projects, including the Mumbai HVDC project, making it the only private player in India to have executed two such projects. The company also crossed the milestone of installing over 1 crore smart meters, strengthening its position in digital power infrastructure. This achievement reinforces Adani Energy Solutions' leadership in India's transmission and smart metering sectors.
For the full financial year FY26, according to Upstox, total income stood at ₹28,325 crore, up 15.9% YoY, while net profit rose to ₹2,393 crore. On an adjusted basis, profit increased 32% YoY after factoring in one-time items in the previous year. EBITDA for the year reached a record ₹8,726 crore, up 13%, supported by growth across all key segments. Capex increased by 1.24x to ₹14,232 crore in FY26 compared to ₹11,444 crore in FY25, reflecting the company's aggressive expansion strategy. The strong annual performance demonstrates the company's consistent operational excellence and market positioning in India's power infrastructure sector.
