Adani Energy Solutions Q2 FY27 Results: Consolidated Net Profit ₹1,364 Crore on Total Income of ₹10,239 Crore
Earnings
power transmission and distribution
Blacklitt Research4 min read
Adani Energy Solutions reported consolidated total income of ₹10,239.33 crore and net profit of ₹1,363.92 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹1,088.60 crore and standalone net profit was ₹57.29 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹10,239.33 crore, up 51.3% YoY and 3.9% QoQ
Net profit and EPS: ₹1,363.92 crore, up 144.8% YoY; basic EPS ₹11.01 against ₹4.44 a year earlier
Finance costs: ₹1,180.33 crore, up 35.4% YoY and 1.0% lower QoQ
Regulatory deferral: net movement of ₹283.55 crore in the quarter, against ₹(333.65) crore a year earlier
Standalone
The company on its own, without its subsidiaries
Total income: ₹1,088.60 crore, up 12.1% YoY and down 9.6% QoQ
Net profit and EPS: ₹57.29 crore, down 43.5% YoY; basic EPS ₹0.47 against ₹0.85
Other income: ₹320.41 crore, 29.4% of total income this quarter
Finance costs: ₹290.06 crore, up 46.8% YoY and 26.6% of total income
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
10,239.33
6,767.15
+51.3%
9,852.20
+3.9%
Revenue from operations
10,075.54
6,595.83
+52.8%
9,711.08
+3.8%
Other income
163.79
171.32
-4.4%
141.12
+16.1%
1,363.92
557.10
+144.8%
1,236.56
+10.3%
Finance costs
1,180.33
871.66
+35.4%
1,191.73
-1.0%
Depreciation
600.58
509.41
+17.9%
585.35
+2.6%
Tax expense
-1,274.25
187.44
n/a
155.91
n/a
Net profit margin
13.32%
8.23%
+5.09 pp
12.55%
+0.77 pp
EPS, basic (₹)
11.01
4.44
+148.0%
9.57
+15.0%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit rose 144.8% YoY to ₹1,363.92 crore, faster than total income, which rose 51.3% to ₹10,239.33 crore. The tax line is a net credit of ₹1,274.25 crore in the quarter, against a tax expense of ₹187.44 crore a year earlier. The filing shows deferred tax of ₹(1,581.35) crore within that line.
Profit before tax and deferred assets recoverable/adjustable is ₹1,767.15 crore for the quarter. The filing then shows a deferred assets recoverable/adjustable line of ₹(1,677.48) crore before arriving at net profit, so the consolidated bridge from profit before tax to net profit runs through that line rather than through tax alone.
Revenue from operations of ₹10,075.54 crore is after a past-years RAC recovery line of ₹(126.74) crore for the quarter, against ₹215.26 crore a year earlier. Before that line, revenue from operations is ₹10,202.28 crore. Other income fell 4.4% YoY to ₹163.79 crore, which is 1.6% of total income.
Finance costs rose 35.4% YoY to ₹1,180.33 crore, which is 11.5% of total income, while depreciation rose 17.9% YoY to ₹600.58 crore. Basic EPS is ₹11.01 after the regulatory deferral movement; before that movement the filing shows ₹9.40, against ₹6.19 a year earlier.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,088.60
970.91
+12.1%
1,203.76
-9.6%
Revenue from operations
768.19
664.82
+15.5%
918.59
-16.4%
Other income
320.41
306.09
+4.7%
285.17
+12.4%
57.29
101.35
-43.5%
49.10
+16.7%
Finance costs
290.06
197.58
+46.8%
277.37
+4.6%
Depreciation
0.32
0.32
0.0%
0.32
0.0%
Tax expense
8.50
37.23
-77.2%
14.69
-42.1%
Net profit margin
5.26%
10.44%
-5.18 pp
4.08%
+1.18 pp
Tax as share of profit before tax
12.9%
26.9%
-13.95 pp
23.0%
-10.11 pp
EPS, basic (₹)
0.47
0.85
-44.7%
0.41
+14.6%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit fell 43.5% YoY to ₹57.29 crore while total income rose 12.1% to ₹1,088.60 crore. Revenue from operations rose 15.5% YoY to ₹768.19 crore, faster than other income, which rose 4.7% to ₹320.41 crore. Other income is 29.4% of total income this quarter.
Finance costs were ₹290.06 crore, up 46.8% from ₹197.58 crore a year earlier, and 26.6% of total income. Tax was ₹8.50 crore against ₹37.23 crore a year earlier, which is 12.9% of profit before tax this quarter against 26.9% a year earlier.
Basic EPS was ₹0.47 against ₹0.85 a year earlier, and the net profit margin was 5.26% against 10.44%. Net profit rose 16.7% from the June 2026 quarter, while total income fell 9.6% from that quarter.
Consolidated net profit of ₹1,363.92 crore is ₹1,306.63 crore higher than standalone net profit of ₹57.29 crore. Consolidated segment revenue for the quarter shows Energy Solutions Platform at ₹2,196.94 crore against ₹200.61 crore a year earlier, and Transmission at ₹3,598.71 crore against ₹2,371.96 crore.
Inference
The QIP of ₹3,500 crore at ₹1,615 per share raised paid-up equity share capital from ₹1,201.28 crore to ₹1,222.95 crore, taking the share count from 120,12,82,642 to 122,29,54,468. Consolidated total borrowings were ₹51,520.09 crore at 30 Sep 2026.
The binding agreement to acquire IntelliSmart Infrastructure Private Limited for ₹3,050 crore remains subject to regulatory and other customary approvals; the filing describes the target as having over 4.7+ crore smart meters. The filing says the US matter involving a non-executive director is concluded and that the company was not named in it.
The filing does not say the reason for the ₹1,581.35 crore deferred tax credit, what the ₹(1,677.48) crore deferred assets line represents, why finance costs rose, how the QIP proceeds will be used, or when the IntelliSmart acquisition will close.
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ADANIENSOLAdani Energy Solutions Ltd.
