Adani Energy Solutions eyes capex hike to ₹18k crore
Adani Energy Solutions
Ltd (AESL) is planning to spend ₹16,000-18,000 crore in capital expenditure this fiscal year, a sharp increase from last year's ₹11,444 crore.
Of this, it will invest ₹12,000-13,000 crore in transmission, ₹4,000 crore in smart meters, and ₹1,600 crore in distribution,
Kandarp Patel
, CEO, AESL, told investors in a post-earnings call on Friday.
AESL's profit after tax surged 87 per cent year-on-year to ₹714 crore in the March quarter, while total income rose 36 per cent to ₹6,596 crore. For the fiscal year ended March 31, profit after tax soared 103 per cent to ₹2,427 crore and total income grew 42 per cent to ₹24,447 crore. Total orderbook stood at ₹60,000 crore as of March-end.
Patel said the company's
transmission project
pipeline remains strong with ₹54,000 crore worth of ISTS (inter-state transmission system) projects in the bid-out stage.
'Going forward, we expect the states to also augment their transmission capacity to absorb the
renewable power
which the ISTS projects will bring,' said Patel. He noted that Maharashtra will need to invest ₹1.5 lakh crore over the next decade in transmission, 'and many such projects are expected to come under TBCB (Tariff-Based Competitive Bidding) route, which we will bid.'
Last fiscal year saw ₹161,540 crore worth of transmission tenders in which AESL secured a market share of 28 per cent by winning seven projects worth ₹44,000 crore. During the year, the company commissioned one project and acquired another.
Patel said its under-implementation projects, totalling 15, would add ₹8,260 crore to annual revenue once delivered over the next 2-4 years. In FY26, the company is looking at delivering seven projects—including the crucial Mumbai HVDC project—entailing a total capex of ₹15,000 crore.
In distribution, where the company serves the Mumbai and Mundra markets, Patel said AESL would participate in Uttar Pradesh's discom privatisation drive, and the bidding process is expected to open shortly.
UP is looking to privatise two of its four state-owned discoms. The entire process is being closely watched by several other states. AESL had earlier said that it is also looking at a parallel licensing opportunity in the
Navi Mumbai
area.
AESL—also India's largest private sector discom—reported 6 per cent higher energy sales in Mumbai and 44 per cent in Mundra in FY25. This reduced its distribution loss in Mumbai discom to 4.7 per cent , which is amongst the best globally for a large city.
Under smart meters, the company has an existing order book of 22.8 million smart meters across five state discoms with total revenue potential of more than ₹27,195 crore. While still small, the smart meter business has started contributing to revenues.
Patel said this fiscal year, it expects to add 7 million smart meters, increasing the installed base to 10 million meters by March 2026. 'There still exists an opportunity for 1.1-1.2 million smart meters from states which haven't yet bid out or have partially bid out. We will ensure we at least maintain our current market share of 22-23 per cent ,' he said. AESL is currently installing 27,000 smart meters a day.
AESL's transmission network stretches 26,696 ckm and 90,236 MVA transformation capacity, making it India's second-largest private transmission firm.
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