AESL concludes solid Q4 and FY26 with robust pipeline of orders in hand
Published on: April 24, 2026, 3:27 p.m. | Source: NewsX
Financial Highlights: FY26: • Total income grew a strong 15.9% YoY to an all-time high of Rs 28,325 crore, driven by improved operating performance and higher Service Concession Arrangement (SCA) income, reflecting higher capex execution • EBITDA rose 12.7% YoY to a record Rs 8,726 crore, supported by strong growth in the transmission and smart metering segments and steady performance in the distribution business • PAT increased by 160% YoY to Rs 2,393 crore in FY26 from Rs 922 crore that includes one-time income adjustment including the carve-out of the Dahanu power plant in FY25 • For like-for-like comparison, adjusted PAT surged 32% YoY to Rs 2,393 crore, aided by double-digit EBITDA growth and flat depreciation during the year Q4FY26: • Total income rose 15.0% YoY to Rs 7,588 crore • EBITDA is up 4.9% YoY to Rs 2,372 crore • PAT stood at Rs 723 crore, compared with Rs 714 crore in Q4 FY25, • Adjusted PAT increased by 27.7% YoY to Rs 723 crore from Rs 566 crore Capex Execution Performance: • The capex in FY26 has increased by 1.24x to Rs 14,232 crore, as against Rs 11,444 crore in FY25 • With the commissioning of the very first Mumbai HVDC Project, AESL strengthens Mumbai Presence being first provider of 400kV, as also HVDC & being the largest Retail distributor of city. • During the year, the company commissioned five transmission projects – Mumbai HVDC, North Karanpura Transmission (NKTL), Khavda Phase II Part-A, Khavda Pooling Station - 1 (KPS-1) and Sangod transmission • In smart meters business, AESL surpassed its installation of 1 crore smart meters, marking an industry benchmark in smart metering deployment across discoms Growth Opportunity (Locked-in Growth): • Driven by recent project wins; the company’s aggregate transmission under construction pipeline stands at Rs 71,779 crore. The company’s smart meter order book remains at 2.46 Cr meters with a revenue potential of Rs 29,519 Cr • The near-term tendering pipeline in the transmission sector remains robust at ~Rs 1.5 lakh crore. Whereas the nationwide market opportunity for smart metering continues at 103 million meters Capital Management: • AESL received a BBB+ (Stable) long-term foreign currency rating from Japan Credit Rating Agency, aligned with India’s sovereign rating, reflecting its strong credit profile and financial discipline • Adani Electricity Mumbai Limited (AEML) received rating upgrades to IND AAA (Stable) by India Ratings and CRISIL AAA (Stable) for its proposed NCDs
