Adani Transmission Step-One Ltd.: Robust 1QFY27 delivery and visible growth underpin ADTIN ‘41 Overweight rating

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Adani Transmission Step-One Ltd.: Robust 1QFY27 delivery and visible growth underpin ADTIN ‘41 Overweight rating

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Adani Transmission Step-One Ltd.

Robust 1QFY27 delivery and visible growth

underpin ADTIN ‘41 Overweight rating

Earnings Review

Diversified growth engines power robust 1QFY27 24 July 2026

Adani Energy Solutions Ltd (ADTIN, S/M/F: na/Baa3/BBB-) delivered strong group-level Global Emerging Markets | Corporate

performance with operational revenue rising 49% YoY to INR98bn. Growth was driven by Credit

higher contributions from the transmission business through newly commissioned Asia | India

Electric Utilitiesassets (revenue +52% YoY as network length expanded to 27,949ckms from 26,696ckms

in 1QFY26 following commissioning of four projects), steady performance in distribution Rachna Jain, CFA

with 11% growth in units sold to 3,260MUs, accelerated smart meter deployment Research Analyst

Merrill Lynch (Singapore)

(cumulative installation increased to 13.4mn from 5.5mn in 1QFY26), and a meaningful +65 6678 2972

ramp-up in the Energy Solutions Platform, which emerged as an important earnings rachna.jain2@bofa.com

contributor during the quarter (revenue of INR19bn from INR2bn a year earlier). Jing Peng

Research Analyst

Operating profitability improved, with EBITDA margin expanding to 31% from 27% in Merrill Lynch (Hong Kong)

1QFY26, supporting a 68% YoY increase in EBITDA to about INR30bn. jing.peng2@bofa.com

Asia Pacific Credit Rsch Grp

Strong growth runway across all key businesses Merrill Lynch (Singapore)

Management highlighted a transmission opportunity pipeline of at least INR1,000bn See Team Page for List of Analysts

annually from central projects and additional INR200bn–INR250bn from state projects,