ADANI ENERGY SOLUTION LTD

Operates a regulated power utility across four verticals: electricity distribution, interstate and intrastate transmission, smart metering, and an Energy Solutions platform that supplies renewable power and battery storage to commercial and industrial customers. Distribution is the largest revenue stream at 50.1% of FY26 segment revenue, covering licensed areas including the AEML Mumbai concession where the regulatory asset base has grown from ₹5,400 crore at acquisition to over ₹10,500 crore. Transmission contributed 39.5% of segment revenue from roughly 28,000 circuit-km of operational lines on a RAB-based regulated tariff model, and earned ₹3,964.84 crore in segment EBIT — the largest absolute EBIT across segments. Smart metering (3.3%) and energy trading and others (combined 7%) round out the reported segments, with the smart meter installed base at 1.34 crore meters against a 2.46 crore order book. Power purchase and other operating costs dominate the cost base — materials at 23% of revenue and other opex at 36.5% — while depreciation adds 7.2%, reflecting the asset-heavy model.