Adani Energy Solutions Limited (ADAI.NS): F2Q27: Energy Solutions Drive Beat

Morgan Stanley reviews Adani Energy Solutions' (ADAI.NS) F2Q27 results: EBITDA rose 73% YoY, with Energy Solutions (C&I) contributing 60% of the sequential EBITDA increase; EBITDA came in 10% above MSe and 7% above street. Adjusted PAT more than doubled YoY and was 28% ahead of MSe (26% vs consensus). Energy Solutions EBITDA rose 36% QoQ to Rs8.0bn at ~37% margins, with F1H27 volumes of 25.3BUs and F2Q volumes of ~12.2BUs at higher implied ASP and unit margins. Transmission operating revenue grew 17% YoY (down ~5% QoQ) with EBITDA up 15% YoY but down ~6% QoQ;