However, revenue from operations jumped 15.73% year on year (YoY) to Rs 6,729.65 crore in Q3 FY26, driven by improved operating performance and higher SCA (Service Concession Arrangement) income following increased capex.
Profit before tax rose 43.2% YoY to Rs 801 crore in Q3 FY26.
During the quarter, EBITDA rose 20.7% year-on-year to a record high of Rs 2,210 crore, led by robust growth in the transmission and smart metering segments and steady performance in the distribution segment.
On the segmental front, the operational revenue from transmission business stood at Rs 2,426.36 crore, (up 19.24%YoY) and the revenue from distribution business was at Rs 3,103.62 crore (up 4.41%YoY) during the period under review.
The company reported strong operational parameters during the quarter, with an average system availability of over 99.7%. Robust line availability resulted in an incentive income of Rs 33 crore in Q3 FY26 reflecting the superior O&M practices.
With KPS III (Khavda South Olpad) HVDC project win in Q3, the company’s aggregate transmission under construction pipeline reached Rs 77,787 crore.
During the quarter, the company fully commissioned the North Karanpura Transmission Line (NKTL) project and operationalized 299 ckm.
In AEML, the Mumbai distribution arm, total units sold stood at 2,487 MUs in the quarter, compared with 2,574 MUs in Q3 FY25. Distribution losses in the AEML network were among the lowest at 4.03% in Q3 FY26.
The company has an under-construction pipeline of 13 transmission projects valued at Rs 77,787 crore, while near-term tendering opportunities remain strong at around Rs 1 lakh crore.
The distribution business reported a steady performance. AEML’s Regulated Asset Base (RAB) stood at Rs 9,342 crore as of Q3 FY26—including equity of Rs 5,088 crore and debt of Rs 4,254 crore—marking a 22% year-on-year growth.
The company has installed 92.5 lakh smart meters cumulatively as of 9MFY26 and is on track to exceed its guidance of 1 crore meters by FY26-end. The under-implementation pipeline comprises 24.6 million smart meters across 10 projects, with a revenue potential of over Rs 29,519 crore.
“We delivered another strong quarter despite operating challenges, supported by robust on-ground execution, focused O&M and disciplined capital management, which drove steady progress in project development. During the year, we commissioned four transmission projects and scaled cumulative smart meter installations to around 92.5 lakh, the highest by any player in the country at a benchmark daily installation rate.
Looking ahead, the growth outlook across our businesses remains robust, with a sharp ramp-up in asset capitalisation across core segments and strong momentum in bidding activity over the short to medium term,” said Kandarp Patel, CEO, Adani Energy Solutions.
AESL, part of the Adani portfolio, is a multidimensional organization with presence in various facets of the energy domain, namely power transmission, distribution, smart metering, and cooling solutions. AESL is India's largest private transmission company.