Record PAT growth on strong transmission, energy solutions scaling

Revenue ₹10,075.5 Cr, YoY +52.8%

PAT growth +144.8% YoY aligns; EBITDA claim uncontradicted

Delivered 14.8M meters with 60% of order book complete

3,500 MU long-term contracts + 9,500 MU power trading + 1,500 MU power mgmt

Includes Vizag Pendurthi, Satara recently won; figure consistent

3,250 MW PPA locked (2.5 GW MSEDCL + 750 MW AEML) vs prior guidance of 7.5 GW by 2031; near-term execution clearer, long-term target maintained.

Now 80-90L this year (from 10M original plan implied); balance 40L next year. H1 only 1.3M (slower than required pace), due to customer preference for specific meter types.

Khavda phase 4 commissioned; WRSR, Halvad, Navinal advancing but ROW delays in Gujarat require resolution with state govt; no capex guidance change but timeline visibility improved.

Now ranked #1 globally in S&P Global Electric Utility category (90/100), exceeding industry avg of 40; adds long-term competitive positioning.

CCI approval pending, expected very soon. Transaction to close within next one month once CCI approval received.

H1 deployment lower due to customer preference for specific meter types (Maharashtra HT consumer meters, Bihar tagging pending). Now with new meter types approved, deployment expected to increase significantly in H2.

Expecting ₹8,000-9,000 Cr capex in H2 depending on weather. Key projects: WRSR, Khavda, Halvad, Mahan phase 1; expected to commission 3-4 projects by year-end.

2,500 MW MSEDCL PPA secured; 750 MW AEML PPA approved. Will scale to 7,000-8,000 MW aggregate capacity (supply + consumer) over 3-4 years. Currently 3,250 MW tied up.

Yes, includes Vizag Pendurthi and Satara (recently won). These two interstate projects important for renewable integration and data center load.

Khavda phase 4 element commissioned recently. Khavda-Halwad progressing fast; Halvad only 50 locations pending. WRSR substation complete, line work pending. Navinal might spillover to next year. Mahan phase 1 this year, phase 2 Q1 FY28. ROW issues being resolved with Govt of Gujarat and central govt.

Out of 14,500 MU in Q2: 3,500 MU position take/sell (long-term), 9,500 MU power trading on behalf of others, 1,500 MU power management services.

MAT assets from MEGPTCL and ATIL entities going to new tax regime. Section 62 assets of ₹1,500 Cr; corresponding adjustable recoverable liability created; no P&L impact.

Sourcing mix reflects consumption profile; will include solar, wind, BESS, thermal, PSP, and whatnot. ~50% of 2,500 MW MSEDCL PPA covered via BESS sourcing. Diverse sources to manage margin stability.

Long-term contract sales ~₹3,688 Cr (on margin basis). Power trading avg realization ₹5.75/unit; exchange margin ₹0.02-0.03. Margins: long-term ₹52 Cr, C&I trading ₹57 Cr, power mgmt ₹32 Cr. Total sales ~₹3,800 Cr.

Still hopeful to complete within plan. Expecting next 6 months will be fair season. Don't see requirement currently to revise capex guideline.

Planning 80-90 lakh meters this year; balance 40 lakh next year. Pace will increase with new meter types approved for Maharashtra and Bihar.

Expected steady increase as we scale tie-ups on both sides (supply and consumer). Margins will reflect PPA profiles. Diverse consumer base across industries and geographies will support healthy margin profile.

Market right now still untapped for large capacities. Current auctions in market; already participating. Portfolio can scale leveraging market growth. Positioned to tap upcoming opportunity.

In active discussions with Adani Green. If attractive at market benchmarks, AESL would engage. No fixed tariff (₹4.85/unit) constraint; decisions based on market value.

No meaningful equipment bans in effect. Transmission opportunity multi-faceted: from renewable growth, from data center / consumption-side demand, from brownfield thermal upgrades (100+ GW thermal capacity coming), from state grid upgrades. Not dependent on solar capacity alone.

MSEDCL PPA: take-or-pay, AESL pays for scheduled power. No thermal compulsion initially; can mix sources. If power not scheduled, risk with Adani Green (off-taker). AEML 750 MW similarly structured. No Adani Power tie-up currently.

Driven by ₹100,000+ Cr capex locked in; current base ₹83,000 Cr; capex deployment on track

3,250 MW PPA already secured; merchant capacity addition contingent on market conditions and execution

INR87,000 Cr order book provides revenue visibility; capex deployment locks asset returns

Currently mixing long-term PPAs (higher margin) with merchant capacity (margin volatile); long-term aim is stability, not volatility maximization

H1 was ₹14,000 Cr (weather-impacted); H2 expected lower but ramp to year-end on project commissioning

Already locked in; fully funded through equity and debt

Khavda, WRSR, Halvad, Mahan commissioning will drive capex cycles; will spike after HVDC projects commissioned

Multiple projects at different stages (Khavda, WRSR, Halvad, Mahan, Navinal) facing monsoon delays and ROW challenges in Gujarat. H1 capex ₹14,000 Cr (above plan due to weather). Capex guidance not revised despite delays.

H1 deployment only 1.3M meters in Q2 vs higher planned pace. Maharashtra distribution focused on HT consumer meters; Bihar tagging pending. Now guiding 80-90L meters this year (vs 10M+ implied earlier). Deployed 14.8M so far out of 2.46 Cr order book.

Need to scale from 3,250 MW (secured PPA) to 7,000-8,000 MW over 3-4 years. Currently 14,500 MU sold in Q2; merchant capacity (9,500 MU + 1,500 MU services) exposed to market conditions. Management explicitly states unwilling to accept major volatility in C&I profitability.

AESL energy contracts are take-or-pay for scheduled power. If power not scheduled / grid backs down, Adani Green (off-taker) bears cost. MSEDCL PPA starts Feb 2027; any scheduling issues could impact supply reliability and economics.

Total debt ₹51,000 Cr; ECB ~10% (₹5,100 Cr). Currency exposure on ECB could impact P&L if INR depreciates. Interest rate on variable portions could rise.