New Delhi: Adani Energy Solutions Ltd (AESL) reported a strong set of provisional operational metrics for Q3 FY26, marked by expansion in its transmission network, high system availability and accelerated rollout of smart meters, as the company capitalises on rising investments in India’s power and grid infrastructure.
During the quarter, AESL expanded its transmission network to 27,901 circuit kilometres, up from 25,778 ckm a year earlier, aided by new project wins including the KPS III (Khavda South Olpad) HVDC project. The company also commissioned the North Karanpura Transmission Line, adding 299 ckm during the quarter. Average system availability remained robust at 99.69%, reflecting stable operations across its asset base.
Power transformation capacity rose sharply to 1,18,175 MVA in Q3 FY26 from 84,186 MVA a year ago, driven by new HVDC and high-capacity transmission projects. AESL said its order book stood at ₹77,787 crore, providing long-term visibility on execution and revenue generation.
In the distribution business, Adani Electricity Mumbai Ltd (AEML) continued to report industry-leading performance, with distribution losses improving to 4.22% in YTD FY26 from 4.91% a year earlier. Supply reliability remained high at 99.998%, while collection efficiency stayed above 100%. In Mundra, units sold by MPSEZ Utilities Ltd (MUL) surged 57% year-on-year to 371 million units, driven by strong industrial demand.
The smart metering segment emerged as a key growth driver, with AESL installing 18.88 lakh new meters in Q3 FY26, taking the cumulative base to 92.5 lakh meters. The company said it is on track to surpass its guidance of 1 crore cumulative smart meters by the end of FY26, supported by an order book of 2.46 crore meters with a revenue potential of ₹29,519 crore.
Beyond operating metrics, AESL reported improvements in ESG and quality benchmarks during the quarter, including a higher S&P Global CSA score of 80/100, placing it among the top decile of global electric utilities, and multiple national quality awards for its transmission and smart metering operations.
With a diversified portfolio spanning transmission, distribution and smart energy solutions, analysts say Adani Energy Solutions is well positioned to benefit from India’s push to strengthen grid reliability, integrate renewable energy and modernise power distribution infrastructure over the medium to long term.