FY25 Q4: Adani Energy Solutions Profit Jumps 87% To Rs 714 Cr

Adani Energy Solutions Ltd (AESL), the transmission arm of the Adani Group recorded a consolidated net profit of Rs 714 crore for the fourth quarter ended March 31, up 87% from a year earlier. Profit for the full financial year, excluding exceptional items, rose 103% year-on-year to Rs 2,427 crore.

The company said its Quarterly EBITDA rose 28% to Rs 2,262 crore, while full-year EBITDA increased 23% to Rs 7,746 crore, driven by higher revenue from newly commissioned transmission assets, growing energy sales in Mumbai and Mundra utilities, and contributions from the smart metering segment. Whereas, its revenue for FY25 also rose 42% to a record Rs 24,447 crore, supported by a surge in income under the Service Concession Arrangement (SCA), which stood at Rs 5,064 crore compared with Rs 858 crore in FY24.

The sharp rise in FY25 net profit was also aided by a reversal of net deferred tax liability of Rs 469 crore following the divestment of the Dahanu plant in Adani Electricity Mumbai Ltd (AEML) and regulatory income of Rs 148 crore. Adjusted profit, excluding these one-time items, rose 51% to Rs 1,810 crore. Adjusted Q4 profit grew 48% year-on-year to Rs 566 crore.

Transmission projects

AESL secured seven new transmission projects during the year, including Navinal (Mundra) Phase I Part B1 and Mahan Transmission Ltd in Q4, with a total project cost of Rs 43,990 crore, taking the cumulative order book to Rs 59,936 crore. Its capital expenditure doubled to Rs 11,444 crore in FY25, from Rs 5,613 crore the previous year.

During the year, the company commissioned the MP Package II transmission line and acquired the Mahan Sipat transmission line. The company added 695 circuit kilometers to its network, bringing the total to 26,696 circuit kilometers.

Distribution business:

In the distribution business, energy sales in Mumbai rose 6% to 10,558 MUs, while sales in Mundra jumped 44% to 948 MUs. Distribution losses at AEML improved to 4.77% in FY25 from 5.29% in FY24. AEML’s regulatory asset base (RAB) stood at Rs 9,549 crore post the Dahanu plant divestment, up 13% year-on-year. The operational EBITDA of Rs 6,571 crore in FY25 was up 15% year-on-year. The transmission segment maintained a leading operating EBITDA margin of 92%.

Smart Metering Segment

In the smart metering segment, AESL installed 3.13 million meters in FY25 and aims to install 6–7 million more in FY26, targeting a total of 10 million meters. The current implementation pipeline includes 22.8 million meters across nine projects, with a revenue potential of over Rs 27,195 crore.

AESL expects to commission six major transmission projects in FY26, including Sangod, Khavda Phases II and III, KPS-1, North Karanpura, and Narendra-Pune. The company secured a 28% share of transmission bids in FY25, amid an industry-wide bidding activity worth Rs 1.62 trillion.

“AESL delivered strong operating and financial performance in FY25 backed by its distinguished ability to execute the complex projects, compete and outperform peers in the project bids and remain financially prudent at the same time. As we embark on the next fiscal year, the company remains focused on incremental project commissioning, significantly increase the meter installation as well as achieving operating efficiencies in all lines of businesses. The integrated business model and underlying power demand trends in our areas of operation are encouraging and complements our capital allocation policy,” said Kandarp Patel, CEO, Adani Energy Solutions.