Adani Energy Solutions (ADANIENS IN) – Q1FY27 Result Update – Energy solutions platform drives the beat – HOLD
Published on 22 Jul 2026
ADANIENS delivered a beat to our Q1FY27 EBITDA by 8%. It reported revenue of INR 97.1bn (+42% YoY), EBITDA of INR 30.1bn (+30% YoY). The beat was led by the Energy Solutions Platform, which in its first full quarter clocked revenue of INR 19.1bn (vs. INR 2.1bn YoY) and EBIT of INR 5.9bn, or ~24% of segment EBIT; with ~350MW of C&I tied up against ~5GW of take-or-pay supply, most volumes were placed on exchanges and short bilaterals (1-13 months), making the current ~INR 1.7/unit spread (EBITDA) a likely high watermark until long-term off-take catches up. Transmission continues to anchor visibility, with capex at INR 35bn (1.57x YoY), under-construction book at INR 718bn carrying INR 95bn of locked-in tariff, and management guiding to a minimum INR 1,000bn p.a. bidding opportunity at a sustained ~25% share, with the STU cycle alone at INR 200–250bn p.a. Smart metering builds the annuity runway, with installations at 13.4mn (2.4x YoY) and the INR 30.5bn IntelliSmart acquisition (pending CCI) taking the combined platform past 47mn meters. We now build the Energy Solutions Platform into our estimates, leading to ~6%/8% upgrade in our FY27/28E EBITDA. This lifts our SOTP-based TP to INR 1,752 (from INR 1,452), with the rating maintained at HOLD
