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Adani Energy Solutions Ltd

| Consolidated Financial Results for Quarter & Year Ended March 31, 2026

Report Source

⬤23rd Apr 26

Summary : Adani Energy Solutions reported strong financial growth in FY26 with increased revenue and profit, despite ongoing legal and regulatory uncertainties.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. FY26 Consolidated Total Expenses: INR 24,114.76 Cr
  2. FY25 Consolidated Total Expenses: INR 20,524.93 Cr
  3. Q4 FY26 Consolidated Total Expenses: INR 6,760.33 Cr
  4. Q4 FY25 Consolidated Total Expenses: INR 5,411.60 Cr
  5. FY26 Consolidated Revenue from Operations: INR 27,588.03 Cr
  6. FY25 Consolidated Revenue from Operations: INR 23,767.09 Cr
  7. Q4 FY26 Consolidated Revenue from Operations: INR 7,443.27 Cr
  8. Q4 FY25 Consolidated Revenue from Operations: INR 6,374.58 Cr
  9. FY26 Consolidated Net cash generated from operating activities: INR 10,996.68 Cr
  10. FY25 Consolidated Net cash generated from operating activities: INR 9,044.51 Cr
  11. FY26 Consolidated Net cash used in investing activities: INR (14,082.88) Cr
  12. FY25 Consolidated Net cash used in investing activities: INR (15,227.59) Cr
  13. FY26 Consolidated Net cash generated from financing activities: INR 2,630.32 Cr
  14. FY25 Consolidated Net cash generated from financing activities: INR 7,625.93 Cr
  15. FY26 Consolidated Total Assets: INR 92,834.92 Cr
  16. FY25 Consolidated Total Assets: INR 73,960.10 Cr
  17. FY26 Consolidated Total Equity: INR 26,525.64 Cr
  18. FY25 Consolidated Total Equity: INR 23,011.26 Cr
  19. FY26 Consolidated Total Liabilities: INR 66,309.28 Cr
  20. FY25 Consolidated Total Liabilities: INR 50,948.84 Cr
  21. Divestment of Dahanu Thermal Power Plant to a related party for INR 815.00 crores
  22. Exceptional item of INR 1,506.02 crores charged to P&L due to divestment
  23. Consolidated results show higher revenue and profit compared to standalone
  24. Consolidated assets and liabilities are significantly larger than standalone

Corporate Overview

  1. Mumbai city
  2. Mundra
  3. Monitoring finalization of Central and State Rules for Labour Codes
  4. Government clarification on other aspects of Labour Codes
  5. Transmission line for power
  6. Distribution of power in Mumbai and Mundra
  7. Smart meter business
  8. Trading activity of goods
  9. EPC Contracts
  10. Formal and compliant with regulations
  11. Transmission
  12. Distribution
  13. Smart Meter
  14. Trading
  15. Others (EPC Contracts)

Risk Factors

  1. Uncertainty from new Labour Codes
  2. Legal issues against non-executive director
  3. High debt-equity ratio of 1.84
  4. Decreased net cash from financing activities

Key Drivers

  1. Strong revenue growth year-on-year
  2. Significant increase in profit after tax
  3. Expansion in total assets and equity
  4. Positive cash flow from operations

Auditor’s Report

  1. Unmodified opinion on Audited Financial Results (Standalone and Consolidated)

Board Commentary

  1. Impact of new Labour Codes on operations
  2. Legal proceedings against a non-executive director
  3. Implementation of new Labour Codes by Government of India
  4. US DOJ indictment and SEC civil complaint against a non-executive director

Corporate Governance

  1. Audit Committee reviewed financial results
  2. Board of Directors approved financial results
  3. US DOJ/SEC legal proceedings against non-executive director

Management Discussion & Analysis

Future Strategy

  1. Continue to monitor Labour Codes implementation
  2. Recognize consequential impact of Labour Codes developments

Operational Focus Areas

  1. Compliance with SEBI Listing Regulations
  2. Adherence to Indian Accounting Standards (Ind AS)

Performance Drivers

  1. Revenue from operations increased to INR 27,588.03 Cr (FY26) from INR 23,767.09 Cr (FY25)
  2. Profit after tax increased to INR 2,343.13 Cr (FY26) from INR 895.86 Cr (FY25)
  3. Total assets increased to INR 92,834.92 Cr (FY26) from INR 73,960.10 Cr (FY25)

Risk Control Measures

  1. Management assessment of Labour Codes impact
  2. Legal counsels addressing US DOJ/SEC matters for director

Critical Risks

  1. Uncertainty regarding finalization of Labour Codes
  2. Potential impact of US DOJ and SEC legal proceedings on director
Adani Energy Solutions Ltd (ADANIENSOL) Quarterly Report Analysis & Insights | Dhanarthi