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Adani Energy Solutions Q2 FY27 results: net profit up 144.8% to ₹1,364 crore, revenue up 52.8%
Adani Energy Solutions Ltd reported consolidated revenue of ₹10,076 crore and a net profit of ₹1,364 crore for Q2 FY27, up 52.8% and 144.8% from Q2 FY26. EBITDA rose 35.5% to ₹3,101 crore, while EBITDA margin declined 3.9 percentage points to 30.8%.
Key points
- Consolidated revenue rose to ₹10,076 crore in Q2 FY27 from ₹6,596 crore in Q2 FY26, an increase of 52.8%.
- Net profit increased to ₹1,364 crore from ₹557.10 crore, while profit attributable to owners rose to ₹1,323 crore.
- EBITDA rose to ₹3,101 crore from ₹2,289.07 crore, but EBITDA margin fell to 30.8% from 34.7%.
- Basic EPS increased to ₹11.01 from ₹6.19; against Q1 FY27, net profit rose 10.3% and EPS rose 15.0%.
- For H1 FY27, revenue was ₹19,786.62 crore and net profit was ₹2,600.48 crore, up 47.5% and 137.3% respectively.
How did Adani Energy Solutions perform in Q2 FY27?
Adani Energy Solutions reported consolidated revenue of ₹10,076 crore for Q2 FY27, up 52.8% from ₹6,596 crore in Q2 FY26 and 3.8% from ₹9,711 crore in Q1 FY27. EBITDA was ₹3,101 crore, up 35.5% year on year and 3.1% sequentially, while EBITDA margin declined to 30.8% from 34.7% and 31.0%, respectively.
Net profit was ₹1,364 crore in Q2 FY27, compared with ₹557.10 crore in Q2 FY26 and ₹1,237 crore in Q1 FY27. Profit attributable to owners was ₹1,323 crore, and basic EPS was ₹11.01, against ₹6.19 in Q2 FY26 and ₹9.57 in Q1 FY27. On the standalone basis, revenue was ₹768.19 crore and net profit was ₹57.29 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 10,076 | 9,711 | 6,596 | +52.8% | +3.8% |
| Other income | 163.79 | 141.12 | 171.32 | −4.4% | +16.1% |
| Total expenses | 8,756 | 8,440 | 5,688 | +53.9% | +3.7% |
| EBITDA | 3,101 | 3,008 | 2,289 | +35.5% | +3.1% |
| EBITDA margin | 30.8% | 31.0% | 34.7% | −3.9 pp | −0.2 pp |
| Profit before tax | 1,484 | 1,441 | 1,079 | +37.5% | +3.0% |
| Tax | 403.23 | 155.91 | 188.57 | +113.8% | +158.6% |
| Net profit | 1,364 | 1,237 | 557.10 | +144.8% | +10.3% |
| EPS (₹) | 11.01 | 9.57 | 6.19 | +77.9% | +15.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Adani Energy Solutions' costs and profit?
Total expenses rose ₹3,068 crore from Q2 FY26 to ₹8,756 crore. Cost of materials increased ₹1,644 crore to ₹3,244 crore, other expenses rose ₹987.49 crore to ₹3,268.01 crore, finance costs increased ₹308.67 crore to ₹1,180.33 crore, and depreciation rose ₹91.17 crore to ₹600.58 crore.
Other income fell ₹7.53 crore from ₹171.32 crore in Q2 FY26 to ₹163.79 crore. Tax expense increased ₹214.66 crore from ₹188.57 crore to ₹403.23 crore, while there was no exceptional item in Q2 FY27. Profit before tax rose ₹404.28 crore from ₹1,079.32 crore to ₹1,483.60 crore.
Against Q1 FY27, other expenses fell ₹3,139 crore to ₹3,268.01 crore, but employee cost rose ₹61.86 crore, finance costs increased ₹28.60 crore, and tax expense increased ₹247.32 crore. Q1 FY27 included an exceptional gain of ₹28.55 crore, whereas Q2 FY27 had no exceptional item.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 3,244 | 1,601 | +1,644 | +102.7% |
| Employee cost | 289.83 | 236.26 | +53.57 | +22.7% |
| Finance costs | 1,180 | 871.66 | +308.67 | +35.4% |
| Depreciation | 600.58 | 509.41 | +91.17 | +17.9% |
| Other expenses | 3,268 | 2,281 | +987.49 | +43.3% |
| Total expenses | 8,756 | 5,688 | +3,068 | +53.9% |
| Other income | 163.79 | 171.32 | −7.53 | −4.4% |
| Tax | 403.23 | 188.57 | +214.66 | +113.8% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹19,786.62 crore, up 47.5% from ₹13,415.11 crore in H1 FY26. Total income rose 45.7% to ₹20,091.53 crore, while profit before tax increased 29.2% to ₹2,896.09 crore.
H1 FY27 net profit was ₹2,600.48 crore, up 137.3% from ₹1,096.04 crore in H1 FY26. Basic EPS increased 57.5% to ₹20.58 from ₹13.07.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 19,787 | 13,415 | +47.5% |
| Profit before tax | 2,896 | 2,241 | +29.2% |
| Net profit | 2,600 | 1,096 | +137.3% |
| EPS (₹) | 20.58 | 13.07 | +57.5% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹103,300.39 crore, compared with ₹92,834.92 crore at 31 March 2026. Total equity rose to ₹32,498.62 crore from ₹26,525.64 crore, while borrowings increased to ₹51,520.09 crore from ₹48,898.45 crore.
Cash and cash equivalents were ₹2,364.04 crore at 30 September 2026, against ₹1,734.57 crore at 31 March 2026. Inventories fell to ₹520.15 crore from ₹669.45 crore, while trade receivables increased to ₹7,441.2 crore from ₹5,733.75 crore and trade payables rose to ₹5,652.95 crore from ₹4,993.65 crore.
For H1 FY27, operating cash flow was ₹6,257.13 crore, compared with ₹4,006.83 crore in H1 FY26. Investing cash flow was negative ₹10,899.23 crore against negative ₹5,919.96 crore, financing cash flow was ₹5,271.57 crore against ₹2,344.98 crore, and capital expenditure was ₹9,441.88 crore compared with ₹6,798.07 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,03,300 | 92,835 |
| Total equity | 32,499 | 26,526 |
| Borrowings | 51,520 | 48,898 |
| Cash and equivalents | 2,364 | 1,735 |
| Inventories | 520.15 | 669.45 |
| Trade receivables | 7,441 | 5,734 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 6,257 | 4,007 |
| Cash from investing | −10,899 | −5,920 |
| Cash from financing | 5,272 | 2,345 |
| Capital expenditure | 9,442 | 6,798 |
Source: Company's results filing (XBRL).
How has Adani Energy Solutions done over the last 8 quarters?
Revenue rose in each of the last eight quarters on a year-on-year basis, while profit rose year on year in each of the last three quarters. Revenue increased from ₹5,830.26 crore in Q3 FY25 to ₹10,075.54 crore in Q2 FY27, and net profit rose from ₹625.3 crore to ₹1,363.92 crore over the same span.
EBITDA margin peaked at 36.5% in Q3 FY25 and fell to 28.8% in Q4 FY26 before recovering to 31.0% in Q1 FY27. It eased to 30.8% in Q2 FY27, as revenue and net profit both continued to rise from the preceding quarter.
Which businesses drove the quarter?
Transmission reported revenue of ₹3,598.71 crore, up 51.7% from ₹2,371.96 crore in Q2 FY26, and EBIT of ₹1,319.96 crore against ₹1,045.77 crore. Its reported EBIT margin was 36.7%.
Distribution reported revenue of ₹3,181.43 crore, up 2.0% from ₹3,117.91 crore, and EBIT of ₹371.35 crore against ₹260.85 crore. The reported EBIT margin was 11.7%.
Smart Meter reported revenue of ₹384.14 crore, EBIT of ₹172.8 crore and an EBIT margin of 45.0%. Energy Solutions Platform reported revenue of ₹2,196.94 crore, EBIT of ₹802.23 crore and an EBIT margin of 36.5%. Other revenue was ₹318.28 crore, with EBIT of ₹42.3 crore.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Transmission | 3,599 | +51.7% | 1,320 | 36.7% |
| Distribution | 3,181 | +2.0% | 371.35 | 11.7% |
| Smart Meter | 384.14 | 172.80 | 45.0% | |
| Energy Solutions Platform | 2,197 | 802.23 | 36.5% | |
| Other | 318.28 | 42.30 | 13.3% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 on 22 October 2026. The company’s investor presentation, filed on 23 October 2026, reported a transmission order book of ₹87,222 crore.
In a same-day filing, Adani Energy Solutions appointed Arvind Sharma as Chief Information Security Officer and Rahul Bhutiani as Chief – Strategic Customer Acquisition, with effect from 22 October 2026. No dividend or fund-raising announcement was included in the provided same-day filings.
What did Adani Energy Solutions' management say?
Management said the company had an asset base of about INR83,000 cr and had locked in capex of more than INR100,000 crores for delivery over another 4 to 5 years. CEO Kandarp Patel said, “We have already locked in capex of more than INR100,000 crores and that we will be delivering in another 4 to 5 years.”
Management identified Gujarat right-of-way delays as a key commissioning risk. It said smart-meter deployment in the first half ran below internal expectations because of consumer resistance and state-specific meter rules, and noted that merchant-trading margins of INR1.70-2 per unit cannot be sustained as volumes migrate to PPAs.
CEO Kandarp Patel said the company did not want major volatility in C&I profitability and therefore would avoid large long-term market exposure. CFO Ashok Jagetiya said Section 62 assets have a corresponding adjustable recoverable liability and “there is no impact on P&L.” Analyst concerns were not provided in the filing.
How did Adani Energy Solutions shares react?
The stock fell 1.2% within 5 minutes of the filing, 1.5% after 15 minutes and 1.3% after 30 minutes. It closed 2.2% lower from its pre-results close on the reaction day, while the Power industry median fell 1.1%.
By the next day's close, the stock was 7.9% below its pre-results close, compared with a 3.9% fall for the industry median. By the fifth session, it was 3.1% above the pre-results close, while the industry median was flat.
Earlier reaction-day moves were positive on 21 July 2026 at 0.5%, 23 April 2026 at 4.0% and 22 January 2026 at 2.8%. They were negative on 27 October 2025 at 2.3%, 24 July 2025 at 1.7% and 6 May 2025 at 3.6%, as well as on 23 January 2025 at 0.5% and 22 October 2024 at 1.9%.
| After the filing | Stock | Power median |
|---|---|---|
| 5 minutes | −1.2% | |
| 15 minutes | −1.5% | |
| 30 minutes | −1.3% | |
| Reaction day | −2.2% | −1.1% |
| Next day | −7.9% | −3.9% |
| 5 days | +3.1% | −0.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 21 July 2026 | +0.5% |
| 23 April 2026 | +4.0% |
| 22 January 2026 | +2.8% |
| 27 October 2025 | −2.3% |
| 24 July 2025 | −1.7% |
| 6 May 2025 | −3.6% |
| 23 January 2025 | +0.5% |
| 22 October 2024 | −1.9% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Adani Energy Solutions' revenue in Q2 FY27?
Revenue from operations was ₹10,076 crore, up 52.8% from ₹6,596 crore in Q2 FY26 (consolidated).
Did Adani Energy Solutions make a profit in Q2 FY27?
Yes. Net profit was ₹1,364 crore, against a net profit of ₹557.10 crore in Q2 FY26.
What was Adani Energy Solutions' EPS in Q2 FY27?
Basic earnings per share were ₹11.01, against ₹6.19 in Q2 FY26.
How did Adani Energy Solutions shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.2% from the previous close; the median Power stock moved −1.1%.
When did Adani Energy Solutions announce its Q2 FY27 results?
On 22 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Unaudited Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026 (BSE, 5 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Held On October 22, 2026 For Adoption Of Unaudited Financial Results (Standalone And Consolidated) Of The Company For The Quarter And Half Year Ended September 30, 2026 (BSE, 22 October 2026) · PDF
- Outcome Of Board Meeting Held On October 22, 2026 And Submission Of Unaudited Financial Results (Standalone And Consolidated) For The Quarter And Half Year Ended September 30, 2026. (BSE, 22 October 2026) · PDF
- The earnings call (30 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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