Adani Energy Solutions Results Analysis-Q2FY2027

Financial performance and key operating metrics (Consolidated) : Operating Revenue for Q2FY27 is Rs. 7,167 Crs., 57.9% growth YoY, Total Income is Rs. 10,239 Crs., 51.31% growth YoY, Op. EBITDA is Rs. 3,070 Crs., 68.22% growth YoY, OP. EBITDA Margin is 42.48% improved by 263 Basis points YoY, Total EBITDA is Rs. 3,548 Crs., 66.89% growth YoY, Total EBITDA Margin is 34.65% improved by 323 Basis points YoY, PBT Rs. 1,767 Crs., 136.99% growth YoY, PAT Rs. 1,364 Crs. 144.82% growth YoY. On QoQ basis Op. Revenue is flat by 0.7%, Total Income is up by 3.93%, Op. EBITDA is up by 10.47%, Total EBITDA is up by 11.64%, PBT is up by 22.63% and PAT is also up by 10.30%. Transmission order book ₹87,000 crore include the recently won projects. Transmission capex expectation at ₹14,000 crore for FY27, with ₹8,000–₹9,000 crore of that in H2. Cumulative delivered: 14.8 million meters, “around 60% of order book delivered.” Remaining execution timing: balance to be completed in ~12–14 months. Transmission demand is multi-driver (state grid upgrades, urban load growth/data centers, thermal additions, PSPs), and not meaningfully threatened by potential solar supply-chain issues;