Adani Energy Solutions Limited — Investor Meet, 28-07-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Adani Energy Solutions has transformed into a full-scale utility, with all four segments (transmission, distribution, smart metering, and energy solutions) contributing to growth. The company reported a Q1 FY27 capex of ~INR3,500 Cr.

**Key Highlights:**

* **Energy Solutions:** Achieved significant growth with ~INR590 Cr EBIT. The business aims for stable, annuity-like revenues by tying up supply (5 GW, 4 GW from AGEL) and sales, minimizing open market exposure. It manages 350 MW C&I customers and has contracted 3,500 MWh battery storage.

* **Smart Metering:** Installed 1.34 Cr meters out of a 2.46 Cr order book. Operating revenue increased from INR68 Cr to INR161 Cr QoQ. The acquisition of IntelliSmart will expand the portfolio to 4.7 Cr meters.

* **Transmission:** Maintained 25% market share, targeting annual capex additions of INR20,000-25,000 Cr. The HVDC projects (KPS and Rajasthan) are set for FY29 commissioning.

* **Outlook:** Management is confident in sustained value creation, emphasizing execution and capital discipline. The company sees robust opportunities in data centers and state transmission projects.