Second-quarter results at Adani Energy reflected mixed trends, with consolidated profit declining 21% year-on-year to ₹534 crore due to higher finance costs and project ramp-up expenses. Topline increased 7%, while EBITDA improved 12.4% on operating efficiencies and scale benefits. Management emphasized balance-sheet resilience, moderated leverage, and disciplined capex pacing for ongoing projects. While headline profit softened, analysts noted visibility on cash flows and potential tariff pass-throughs. The stock reaction remained measured, as the market weighed improving operating metrics against elevated funding costs.