Adani Energy Group: Mixed Results, Growth Amid Margin Pressure

Adani Energy Solutions reported H1 FY26 total income of ₹13,793 crore, adjusted PAT up 42% to ₹1,096 crore and H1 EBITDA of about ₹4,144 crore (≈13% YoY), with H1 capex rising to ₹5,976 crore and three transmission projects commissioned. In Q2 AESL revenue was roughly ₹6,600–6,767 crore with EBITDA around ₹2,126 crore (≈12% YoY), while reported consolidated PAT was about ₹557 crore (a year‑on‑year decline reflecting a one‑time deferred‑tax benefit in the prior year and differences between reported and adjusted measures). Adani Green Energy posted a 25% rise in quarterly net profit to ₹644 crore for July–September 2025, helped by a 20% increase in power‑sales revenue to ₹2,776 crore, operational capacity rising about 49% to 16.7 GW and CUFs of 24.8% (solar) and 37.8% (wind), though total revenue from operations was broadly flat. Adani Total Gas reported Q2 net profit of ₹162 crore, down 9% year‑on‑year as input gas costs rose about 26% amid lower APM allocations and ONGC output, while revenue grew 19% to ₹1,569 crore and volumes rose ~16% with only partial cost pass‑through. Overall, the group's energy companies show volume and capacity growth, project execution and accelerated smart‑meter rollouts, but face margin pressure from higher input costs and certain one‑off accounting effects that affect year‑on‑year profit comparisons.