Adani Energy Solutions Limited (AESL) has released the transcript of its earnings call for the third quarter and nine months ended December 31, 2025. The call, held on January 23, 2026, featured key management personnel including Mr. Kandarp Patel (CEO) and Mr. Kunjal Mehta (CFO). During the call, management highlighted a strong performance with adjusted PAT growth of 30% for Q3 FY26, excluding a one-time deferred tax effect from the previous year. The company has commissioned four transmission projects in the first nine months of FY26 and is on track to commission three more, including a landmark HVDC project. AESL has also won another HVDC project, KPS-III, bringing its project pipeline to approximately ₹78,000 crores. In the smart metering segment, AESL installed close to 19 lakh meters in the current quarter, reaching an aggregate of 92 lakh meters installed. The company expects to surpass 1 crore meter installations by the end of the fiscal year. Moody's has revised the ratings of two subsidiaries, Adani Transmission Step-One Limited and Adani Electricity Mumbai, from negative to stable. Operational performance remains strong with line availability over 99.7%, resulting in incentive income of ₹33 crores. The distribution business saw stable operational performance with T&D losses at 4.03% and collections exceeding 100%. The C&I business is showing rapid growth, with the aggregate load increasing to 1,300 megawatts serving 31 consumers. The cooling business is developing India's largest district cooling facility in Mundra. Financially, income grew by 16% and consolidated EBITDA reached ₹2,200 crores (up 21%), with consolidated PBT rising by 43% to ₹800 crores. Looking ahead, AESL expects to capitalize on approximately 7 projects in the current and next financial years, adding ~₹25,000 crores to its gross block. Discussions during the Q&A included the outlook for smart meter bidding in states like Tamil Nadu, Karnataka, and Telangana, with significant action expected in the next few quarters. Transmission bids are projected to be around ₹70,000-₹80,000 crores in the next 12 months. The company also provided updates on the commissioning timelines for various projects, including HVDC projects, and discussed its capex funding strategy, emphasizing internal accruals and debt financing without further equity dilution. Leverage is maintained around 4-4.5x.
