Adani Energy shares slump 6% despite stable Q4 performance; here’s what analysts said

The stock fell amid a sell-off in the larger market. Furthermore, the NIFTY Energy index– which Adani Energy is a part of– was trading 0.8% lower at the time of writing.

At around 11:30 AM, the stock was trading 3.25% lower at ₹1,317 per equity share.

The scrip advanced 5% in the past week and 36% over the month. On a year-to-date basis, it has jumped 26%.

While the stock hit a 52-week high of ₹1,389.45 apiece on April 23, 2026, it touched a year’s low of ₹744.90 on September 5, 2025.

Q4 results

Power and distribution firm Adani Energy reported a 1.3% year-on-year (YoY) rise in its consolidated profit after tax (PAT) to ₹722.65 crore during the quarter under review, compared to ₹713.66 crore in the March quarter of the 2024-25 fiscal year (Q4 FY25).

However, profit attributable to owners of the company surged 5.66% YoY to ₹683.78 crore in comparison with ₹647.15 crore in Q4 FY25, according to a regulatory filing dated April 23.

It recorded a 16.7% YoY jump in its revenue from operations to ₹7,443.27 crore in the January to March quarter of FY26, as against ₹6,374.58 crore in the same period a year ago.

At an operational level, its EBITDA (earnings before interest, tax, depreciation and amortisation), also known as operating profit, stood at ₹2,372 crore for the reporting quarter, marking a 4.9% YoY increase from ₹2,262 crore in Q4 FY25.

In FY26, its EBITDA soared 13% YoY to an all-time high of ₹8,726 crore, from ₹7,746 crore in FY25, driven by robust growth in transmission and smart meter. It was also bolstered by stable growth in distribution, EPC, and other segments.

The company’s aggregate transmission under construction pipeline stood at ₹71,779 crore, supported by recent project wins.

Its smart meter order book remained at 2.46 crore meters with a revenue potential of ₹29,519 crore.

Furthermore, its capex increased by 1.24x to ₹14,232 crore in FY26, in comparison with ₹11,444 crore in FY25.

What the management said

Commenting on the results, Kandarp Patel, CEO of Adani Energy Solutions, said: “We are pleased to have delivered robust performance in FY26, underpinned by consistent operational execution and disciplined capital management. In Q4 FY26, the company commissioned five transmission projects, including the Mumbai HVDC project, making us the only private sector player in India to have successfully executed two HVDC projects, a testament to our deep technical capabilities and on-ground execution strengths.”

He added that during the year, the company also crossed the landmark deployment of one crore smart meters, reinforcing its leadership in large-scale infrastructure implementation and setting benchmarks for the industry.

“Looking ahead, the growth outlook across our businesses remains robust, supported by an expanding asset base across segments, a strong HVDC project pipeline, and sustained execution momentum in project development & deployment,” Patel stated.

What analysts said

In a note, analysts at Cantor said that the company reported a solid print in the March quarter of FY26, beating estimates. While the transmission segment remained the core earnings driver, both transmission and smart metering led scale-up. Furthermore, from a cash flow perspective, the company was in a high-investment phase with improving operating strength in FY26.

Adani Energy Solutions has a total market capitalisation of ₹1.59 lakh crore as of April 24, 2026, according to data on the NSE.