Adani Energy Solutions Q2 FY27 Results Analysis: PAT Surges 148%, Margin Expands 394 bps (ADANIENSOL)
Adani Energy Solutions Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 10,075.54 Cr (+52.76% YoY) and PAT growth of +147.74% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 22, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 10,075.54 Cr (+52.76% YoY) |
| PAT (Q2) | Rs. 1,322.85 Cr (+147.74% YoY) |
| EBITDA margin | 33.59% (+394 bps YoY) |
| EPS (Q2) | Rs. 11.01 (+148.00% YoY) |
| Market cap | Rs. 158,421.52 Cr |
| CMP | Rs. 1,295.40 |
Quarter Snapshot
Revenue grew 52.76% YoY to Rs.10,075.54 Cr and PAT to owners nearly tripled (+147.74% YoY) with operating margin expanding 394 bps YoY to 33.59%. Growth is concentrated in Transmission (+51.72% YoY) and the newly-scaled Energy Solutions Platform (+995.13% YoY), while the Rs.3,500 Cr QIP deleveraged the balance sheet to 1.59x D/E. No prior management guidance numbers were shown for beat comparisons, but execution against directional commitments (capex pace, revenue translation) is on track across two consecutive quarters.
Key Investment Insights
Key Positives
- Revenue from operations grew 52.76% YoY to Rs.10,075.54 Cr; H1 FY27 revenue of Rs.19,786.62 Cr is up 47.50% YoY
- PAT attributable to owners grew 147.74% YoY to Rs.1,322.85 Cr; EPS rose to Rs.11.01 from Rs.4.44 YoY
- Operating margin expanded to 33.59% (+394 bps YoY, +232 bps QoQ); EBITDA excl other income grew 73.07% YoY to Rs.3,384.27 Cr
- Transmission revenue grew 51.72% YoY to Rs.3,598.71 Cr with segment result of Rs.1,319.96 Cr
- Energy Solutions Platform revenue grew 995.13% YoY to Rs.2,196.94 Cr with segment result of Rs.802.23 Cr (36.52% margin)
- Smart Meter revenue grew 111.48% YoY to Rs.384.14 Cr at a 44.98% margin
- Debt/Equity fell to 1.59x from 1.84x QoQ on the Rs.3,500 Cr QIP; DSCR improved to 2.33x and ISCR to 2.50x
- H1 operating cash flow of Rs.6,257.13 Cr was 2.41x PAT after deferred assets
Risk Factors
- Cost of Power Purchased more than doubled YoY (+102.70% to Rs.3,244.17 Cr), though largely pass-through under the ARR
- Distribution revenue declined 9.63% QoQ and grew only 2.04% YoY, the weakest segment with an 11.67% margin
- Other expenses rose 54.35% YoY and 42.74% QoQ to Rs.1,012.21 Cr; employee costs up 27.14% QoQ
- Free cash flow was negative at −Rs.3,184.75 Cr for H1 FY27 with borrowings rising to Rs.51,520.09 Cr
- Transmission segment margin compressed 741 bps YoY to 36.68%
- IntelliSmart acquisition CCI approval still pending (marked 'information incomplete' on 24 Sep)
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.