1. Opening Hook
While most infra companies blamed elections, rain, or Mercury retrograde, Adani Energy Solutions Ltd decided to blame… Mumbai rain, forests, creeks, permissions, and biodiversity — all in one call.
Q3 FY26 was positioned as a “strong quarter,” provided you ignore weather-hit power demand, delayed HVDC timelines, and capex spillovers politely kicked into FY27. Management, however, sounded confident, armed with big numbers, bigger pipelines, and the magical phrase: “testing and commissioning is going on.”
The tone? Very “trust us, exciting times ahead.”
The substance? A mix of real execution, real delays, and real ambition.
Read on — because after the HVDC excuses, smart meters, leverage gymnastics, and ₹25,000 crore capitalization promises… things actually do get interesting.
2. At a Glance
- Revenue up 16% – Growth showed up, even if demand didn’t cooperate.
- EBITDA up 21% to ₹2,200 cr – Transmission assets quietly did the heavy lifting.
- Adjusted PAT up 30% – Last year’s deferred tax hangover finally removed.
- Capex ₹9,294 cr (9M) – Guidance trimmed, but not admitted loudly.
- Pipeline ₹78,000 cr – Management’s favourite slide, repeated with love.
- Leverage 4.3x – “Comfortable,” assuming capitalisation behaves.
3. Management’s Key Commentary
“Adjusted PAT growth is 30% if you adjust for last year’s deferred tax.”
(When numbers
don’t look great, adjust harder 😏)
“We have commissioned four transmission projects in nine months.”
(Execution is real — just slower than slides suggested)
“HVDC project is almost complete; testing and commissioning is going on.”
(India’s most repeated sentence in infrastructure 😏)
“Our project pipeline has reached ₹78,000 crores.”
(Pipeline is strong; cash flow must now follow)
“We installed 19 lakh smart meters this quarter.”
(Execution finally caught fire 🔥)
“By year-end, we will cross one crore meters.”
(This one actually looks achievable)
“C&I business will be a major growth driver.”
(Translation: New buzzword unlocked)
“District cooling margins will be similar to smart meters.”
(High-margin dreams, early-stage reality 😏)
“We do not envisage any equity raise.”
(Debt, securitisation, and refinancing will do the yoga)
4. Numbers Decoded
| Metric | Q3 FY26 Reality |
|---|---|
| Revenue Growth | +16% |
| EBITDA | ₹2,200 cr (+21%) |
| PBT | ₹800 cr (+43%) |
| Capex (9M) | ₹9,294 cr |
| FY26 Capex Guidance | ₹14,500–15,000 cr |
| Net Debt | ~₹38,000 cr |
| Leverage | 4.3x |
