Adani Energy Solutions Limited has released the transcript and audio recordings for its earnings call concerning the audited financial results for the fourth quarter and the full financial year 2026. The call, which took place on April 24, 2026, featured opening remarks from CEO Mr. Kandarp Patel, followed by a Q&A session and closing remarks from CFO Mr. Kunjal Mehta. During the call, Mr. Patel highlighted key achievements including the commissioning of the Mumbai HVDC project and the surpassing of the smart meter installation target, with 83 lakh meters installed against a projection of 70 lakh. He also noted a significant increase in consolidated capex, reaching approximately ₹15,000 crore, with a target of ₹20,000 crore for the current year. Despite the increased capex, the company has improved its credit rating to AAA+ or AAA, leading to a reduction in interest costs. The regulatory asset base (RAB) for AEML has grown to over ₹10,500 crore, and transmission assets have seen an addition of ₹7,000 crore in HVDC. The company successfully refinanced its $500 million bond with Apollo, a U.S. insurance investor. Mr. Patel also discussed the substantial opportunity in the smart metering business, which is considered perpetual, and the improved market share in transmission projects to nearly 29%, with a pipeline of ₹150,000 crore identified for bidding. Operational performance remains strong, with O&M availability at 99.7% and distribution losses reduced to 4.2%. The C&I (Commercial & Industrial) segment is identified as a major growth driver, with approximately 5,000 megawatts of renewable capacity contracted and 1,400 megawatts of third-party consumer capacity aggregated. Discussions during the Q&A included capex projections for FY27 and FY28, with estimated capex of ₹22,000 crore for FY27 and ₹23,000-₹25,000 crore for FY28. Capitalization is expected to be around ₹21,000-₹22,000 crore in FY27 and ₹13,000 crore in FY28, with further capitalization expected from HVDC projects starting in FY29. The company aims to maintain leverage ratios between 4.5x and 4.7x. Future opportunities in intrastate transmission are estimated at ₹30,000-₹40,000 crore annually. The Mumbai HVDC project's full-year tariff contribution is expected to be around ₹1,300 crore starting in the next financial year. The company anticipates its transmission EBITDA to potentially triple in 3 to 4 years, driven by the commissioning of existing projects.
