AESL delivered a robust performance in Q3FY26, with net sales rising 15.4% YoY to Rs67.3Bn and EBITDA increasing 20% YoY to Rs20Bn. The transmission growth remained tepid at 4.2%/-5.1% YoY/QoQ, due to delays in project commissioning. However, the smart meter roll-out was above expectations at 9.25Mn cumulative meters installed. The Distribution segment delivered a stable performance, with RAB at Rs93.42Bn as of this quarter, recording a growth of 22% YoY. AESL won the bid for the coveted Khavda South Olpad HVDC project, pegged at NTC project cost of approx. Rs120Bn and a levelised tariff of...