Adani Energy Solutions (AESL) reported robust financial and operational results for the quarter and year ended 31 March 2026. The company recorded a record annual EBITDA of Rs 87.26 billion (bn), up 12.7 per cent, and total income of Rs 283.25 billion (bn), up 15.9 per cent year on year. Profit after tax for the year rose to Rs 23.93 billion (bn) on a reported basis, and adjusted PAT expanded by 32 per cent on a like-for-like basis. In Q4 FY26, EBITDA reached Rs 23.72 billion (bn) while total income grew by 15.0 per cent. The firm underpinned performance through sustained execution and commissioned five transmission projects during the year, including the Mumbai HVDC project, which strengthens urban capacity by 1,000 megawatt (MW). It also completed projects at North Karanpura, Khavda Phase II Part A, Khavda Pooling Station one and Sangod. Capital expenditure for FY26 increased to Rs 142.32 billion (bn), reflecting accelerated project delivery. AESL reported major progress in smart metering, surpassing the deployment of 10 million (mn) meters and raising cumulative installations to 11.36 million. The smart metering order book stands at 24.6 mn meters with a revenue potential of Rs 295.19 billion (bn), underpinning recurring business prospects. Operational revenue benefited from recently commissioned assets and continued traction in meter billing volumes. The company stated that its transmission under construction pipeline aggregates to Rs 717.79 billion (bn) and that near-term tendering in transmission is substantial at about Rs 1,500 billion (bn). It noted capital discipline and received a BBB+ stable long-term foreign currency rating, aligned with the sovereign rating, while Adani Electricity Mumbai Limited secured IND AAA and CRISIL AAA ratings for proposed notes. AESL highlighted sustainability recognitions, including an inaugural CareEdge ESG 1+ rating and progress on waste and water initiatives. Management conveyed that the growth outlook remains supported by an expanding asset base and sustained execution.