Adani Energy Solutions Ltd Q2FY26 Concall Decoded – Wires, Meters & Mega Ambitions
1. Opening Hook
While most utilities pray for a sunny quarter, Adani Energy Solutions somehow finds profit in a downpour. The group that already powers half your city’s skyline just pulled off another “routine” ₹13,793 crore half-year — because apparently megawatts don’t take monsoon breaks.
CEO Kandarp Patel says they’ll commission ₹12,000 crore worth of projects “next half,” as if it’s weekend homework. Meanwhile, the CFO is out here casually mentioning $44 million bond buybacks and 20%+ IRRs on smart meters like it’s small talk.
If you thought the Adani empire had peaked, think again — the next few quarters sound wired for domination. ⚡
2. At a Glance
Revenue up 16% – Still not enough zeros to make analysts yawn.
EBITDA ₹4,144 Cr – Up 13%; efficiency meter says “steady as a substation.”
PBT ₹1,404 Cr – +34%; powered by transmission, not tantrums.
Adjusted PAT ₹1,096 Cr – +42% YoY; even without one-offs, it sparks.
Capex ₹5,976 Cr (H1) – Just another day in Adani-land.
Smart Meters Installed: 73 lakh – India’s homes now reporting data more frequently than Twitter bots.
Debt Buyback: $44 Mn – CFO flexing deleveraging like a gym PR.
3. Management’s Key Commentary
“We have a ₹60,000 crore transmission order pipeline.” (Translation: Monopoly, but make it legal and capital-intensive.*)
“We’ll commission ₹17,000–₹18,000 crore of capex this year, adding ₹2,800 crore EBITDA run-rate.” (The nation’s wires are sweating already.)
“Smart meters — 1 crore installations by year-end.” (When Adani says ‘smart’, he means a data-goldmine on every pole.)
“Distribution losses are just 4.3% in Mumbai.” (Because even electricity theft fears Adani’s auditors.) ⚡
“Cooling solutions at Mundra are picking up traction.” (Because even electrons need air-conditioning in Gujarat heat.)
“Parallel license for Navi Mumbai, Mundra, Ghaziabad.” (Soon: Power wars between utilities, not IPL teams.) 😏
“Smart meter EBITDA margins are 80–85%, with 20–25% IRRs.” (If only your SIPs were this electrifying.)
