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Adani Group firm Adani Energy Solutions reported a mixed performance for the January–March quarter (Q4FY26), with growth in revenue and profit but pressure on operating margins.

Consolidated net profit rose 5.7% YoY to ₹684 crore, compared with ₹647 crore in the year-ago period. Revenue from operations increased 16.8% YoY to ₹7,443 crore from ₹6,375 crore, while total income rose 15% to ₹7,588 crore.

Adjusted profit after tax (PAT) grew 27.7% YoY to ₹723 crore, up from ₹566 crore in Q4FY25, supported by higher EBITDA and excluding a one-time deferred tax impact of ₹148 crore in the base quarter.

However, operating performance remained under pressure. EBITDA declined 4.7% YoY to ₹2,145 crore from ₹2,251 crore, with EBITDA margin contracting sharply to 28.8% from 35.3% in the same period last year.

The company’s growth continues to be driven by its diversified business model. The Transmission segment reported annual revenue of ₹9,823.88 crore, while the Distribution business contributed ₹12,450.02 crore. The Smart Meter segment, an emerging focus area, added ₹828.25 crore to total turnover.

For the full financial year FY26, the company reported its highest-ever EBITDA of ₹8,726 crore, up 13% YoY. Net profit rose 32% to ₹2,393 crore, while total income increased 15.9% YoY to a record ₹28,325 crore.

Operational EBITDA for FY26 stood at ₹7,407 crore, up 12.7% YoY, supported by growth in transmission and smart metering, along with stable performance across distribution, EPC and other segments. Transmission EBITDA growth remained moderate due to back-ended commissioning, though margins stayed stable.

Revenue growth was aided by steady operations and higher Service Concession Arrangement (SCA) income. Operational revenue rose 7.3% YoY to ₹18,296 crore in FY26 and 6.9% YoY to ₹4,400 crore in Q4FY26, driven by newly commissioned transmission assets such as Khavda Phase-II Part-A, KPS-1, Sangod, NKTL and AEIML Mumbai HVDC, along with contributions from the smart metering business.Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience.

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