This Adani Group Stock, engaged in power transmission, distribution, smart metering, and energy solutions, is building a strong project pipeline that could support its future expansion. Its growing transmission network, sizeable under-construction portfolio, and upcoming bidding opportunities provide visibility for potential growth.
With rising investments in power infrastructure and increasing demand for reliable electricity transmission, the key focus for investors will be how effectively Adani Energy Solutions converts its order book into operational assets and future revenue.
With a market capitalization of Rs. 1,68,523.13 crore, the shares of Adani Energy Solutions Limited were currently trading at Rs. 1,378 per equity share, down nearly 1.01 percent from its previous day’s closing price of Rs. 1,392 per equity share.
Adani Energy Solutions Limited – Transmission Business
Adani Energy Solutions Limited (AESL) is the largest private-sector transmission company in India and the only private player with four HVDC lines. As of Q1 FY27, its transmission network stood at 27,949 ckm, up from 26,696 ckm in Q1 FY26, reflecting continued expansion of its power transmission infrastructure.
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The company also has a strong position in the transmission bidding market. AESL had a 29 percent market share in TBCB bids during FY26, highlighting its significant presence in competitive transmission projects. Its locked-in tariff stood at Rs. 9,510 crore, providing visibility into future revenue from its existing transmission assets.
Operational performance remained strong, with average system availability at 99.63 percent. This indicates that AESL’s transmission network continued to operate with high reliability during the period. The company is also positioned to benefit from the sizeable pipeline of upcoming transmission projects, with near-term tendering opportunities estimated at around Rs. 1.1 lakh crore.
AESL’s under-construction transmission order book stood at Rs.71,779 crore, compared with Rs. 59,936 crore in FY25, providing a substantial pipeline for future growth. Its power transformation capacity stood at 1,23,175 MVA in Q1 FY27. Together, the expanding network, large order book, and strong project pipeline support continued growth in AESL’s transmission business.
Transmission Under-construction Asset Portfolio as of June 2026
| Projects Name | Transmission Line (Asset Details) |
Transmission Line Length (ckm) |
Transformation Capacity (MVA) |
Levelized Tariff/Billing (Rs Crores) |
| WRSR Transmission Limited (WRSR) | WRSR (Narendra – Pune Line) | 635 | 6,000 | ₹213 |
| Halvad Transmission Limited (HTL) | Khavda Phase-III Part-A (Halvad) | 594 | – | ₹271 |
| Khavda IV – A Power Transmission Limited | Khavda Phase IV – A | 597 | 4,500 | ₹509 |
| Navinal Transmission Limited (NTL) | NES – Navinal (Mundra) | 260 | 6,000 | ₹299 |
| Jamnagar Transmission Limited (JTL) | NES – Jamnagar | 658 | 3,000 | ₹392 |
| Pune-III Transmission Limited | Khavda Phase IV Part D | 644 | 4,500 | ₹589 |
| Bhadla-Fatehpur HVDC Project | HVDC Rajasthan Phase-II | 2,400 | 21,900 | ₹3,557 |
| Line and Substation Augmentation (18 projects) |
Line and Substation Augmentation (18 projects) |
– | 9,175 |
₹275 |
| Mundra I Transmission Limited | Navinal (Mundra) Phase 1 Part B1 | 150 | 3,000 | ₹308 |
| Mahan Transmission Limited (MTL) |
Mahan |
740 |
2,800 |
₹363 |
| WRNES Talegaon Power Transmission Limited |
WRNES Talegaon |
– |
3,000 |
₹221 |
| South Kalamb Power Transmission Limited |
South Kalamb S/S: Part A |
47 |
4,500 |
₹120 |
| KPS III HVDC Transmission Limited |
Khavda South Olpad HVDC |
1,200 |
5,400 |
₹2,392 |
| Total Under-construction Assets |
7,926 |
73,775 |
₹9,510 |
How Its Transmission Order Book Can Drive Future Growth?
Adani Energy Solutions Limited’s (AESL) transmission order book provides strong visibility for future business growth. The company’s under-construction transmission order book stood at Rs. 71,779 crore, up from Rs. 59,936 crore in FY25. The portfolio includes 13 major projects, with total transmission line length of 7,926 ckm and transformation capacity of 73,775 MVA. The projects also carry a combined levelized tariff/billing potential of around Rs. 9,510 crore, supporting future revenue visibility.
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The order book is spread across large projects, including the Bhadla-Fatehpur HVDC project, KPS III HVDC and several Khavda-related transmission projects. The Bhadla-Fatehpur project alone covers 2,400 ckm and has a transformation capacity of 21,900 MVA. AESL is also targeting new transmission opportunities, with management estimating around Rs. 1.1 lakh crore of near-term tendering opportunities and annual transmission capex additions of around Rs. 20,000-25,000 crore.
This strong pipeline can support AESL’s growth as projects are progressively commissioned and begin contributing to revenue. With transmission demand increasing due to renewable energy integration and rising power consumption, the company’s large project pipeline and continued bidding activity provide a foundation for long-term growth in its transmission business.
Smart Metering Business:
Adani Energy Solutions Limited continued to make strong progress in its smart metering business during Q1 FY27. The company had installed around 13.4 million smart meters by June 2026, compared with 5.5 million meters in June 2025, marking an increase of approximately 2.4 times in one year.
During Q1 FY27, AESL maintained an average installation rate of around 695,000 meters per month, compared with an average of approximately 802,000 meters per month in Q1 FY26. Despite the lower monthly average, the overall installed base continued to expand rapidly.
The company reported an installation rate of more than 23,000 meters per day during the quarter. The strong deployment reflects the large opportunity available in the smart metering market and AESL’s expanding presence in the segment. With the installed base crossing the 13 million mark, smart metering remains an important growth area for the company, supported by continued investments and a large untapped market.
Smart Metering Under-construction Portfolio as of June 2026
| Projects Name | Coverage Area |
Smart Meters Qty (Mn) |
Revenue Potential (Rs Cr) |
| Brihanmumbai Electric Supply & Transport Undertaking (BEST) | Mumbai (BEST Circle) | 1.1 | ₹1,304 |
| Assam Power Distribution Company Limited (APDCL) | Tezpur, Mangaldoi, North Lakhimpur | 0.8 | ₹845 |
| Andhra Pradesh Eastern Power Distribution Company Limited (APEPDCL) | Srikakulam, Vizianagaram, Visakhapatnam, East Godavari and West Godavari | 1.1 | ₹1,289 |
| Andhra Pradesh Central Power Distribution Company Limited (APCPDCL) | Krishna, Guntur, and Prakasam | 1.7 | ₹2,084 |
| Andhra Pradesh Southern Power Distribution Company Limited (APSPDCL) | Nellore, Chittoor, Kadapa, Anantapuram, Kurnool & Kurnool | 1.3 | ₹1,795 |
| Maharashtra State Electricity Distribution Co. Limited (MSEDCL, NSC-05) | Bhandup Zone, Kalyan Zone and Konkan Zone (incl. additional qty) | 8.1 | ₹9,667 |
| Maharashtra State Electricity Distribution Co. Limited (MSEDCL, NSC-06) | Baramati Zone and Pune Zone | 5.2 | ₹6,294 |
| North Bihar Power Distribution Company Limited (NBPDCL) | Siwan, Suran, Gopalganj, Vaishali, and Samastipur | 2.8 | ₹3,102 |
| Uttarakhand Power Corporation Limited (UPCL) | Kumaon Region | 0.7 | ₹816 |
| Adani Electricity Mumbai Limited (AEML) |
Mumbai (AEML Circle) |
1.8 |
₹2,323 |
| Total Smart Metering Under-construction Assets |
24.6 |
₹29,519 |
Distribution Business
Adani Energy Solutions Limited’s distribution business in Mumbai, operated through Adani Electricity Mumbai Limited (AEML), continued to show steady growth in Q1 FY27. Total units sold in the Mumbai circle increased 11 percent year-on-year, rising from 2,939 MUs in Q1 FY26 to 3,260 MUs in Q1 FY27. The company serves around 3.29 million customers in the region.
AEML also maintained strong operating performance, with distribution losses at 5.16 percent in Q1 FY27. The company’s regulated asset base (RAB) stood at Rs. 10,353 crore, representing a 10 percent year-on-year increase. The business operates under a regulated return model, with returns linked to the availability of its network.
Energy Solutions Platform Business:
Adani Energy Solutions Limited’s Energy Solutions Platform is focused on meeting the growing power requirements of commercial and industrial customers, data centres and utilities. The platform delivered 13,181 MUs in Q1 FY27, highlighting its growing scale and demand from large power consumers.
The company has also built a sizeable renewable energy portfolio, including around 4.0 GW of supply tie-ups across solar, wind and storage. In addition, it has approximately 3.3 GWh of battery energy storage system (BESS) capacity and more than 1 GW of energy portfolio across C&I, data centres and utilities.
The platform is targeting emerging demand areas such as AI data centres and round-the-clock renewable energy solutions. With a 7.5 GW+ market opportunity, AESL is positioning the business as an integrated energy solutions platform that combines renewable power, storage and reliable energy supply.
Overall Capex Profile:
Adani Energy Solutions Limited (AESL) significantly increased its capital expenditure in Q1 FY27, with total capex rising to Rs. 3,498 crore, compared with Rs. 2,224 crore in Q1 FY26. This represents an increase of around 57 percent, or about 1.57 times year-on-year. The increase was mainly driven by higher spending in the transmission business, supported by the addition of new projects.
Transmission capex stood at Rs. 2,199 crore, accounting for nearly 63 percent of the total capex, compared with Rs. 1,025 crore in Q1 FY26. Distribution capex increased to Rs. 460 crore, up from Rs. 345 crore, representing around 33 percent growth and accounting for about 13 percent of total capex.
Smart metering capex stood at Rs. 838 crore, broadly in line with Rs. 853 crore in Q1 FY26, and accounted for around 24 percent of total capex. Overall, the sharp rise in capex highlights AESL’s continued focus on expanding its transmission and distribution infrastructure and investing in long-term growth projects.
Segment-Wise Revenue Mix (Q1 FY27):
In Q1 FY27, Adani Energy Solutions Limited (AESL) generated operational revenue of around Rs. 7,117 crore across its key business segments. Distribution was the largest contributor, generating Rs. 3,520 crore, or about 49.46 percent of the total operational revenue. Energy Solutions Platform contributed Rs. 1,839 crore, accounting for around 25.84 percent, while Transmission generated Rs. 1,596 crore, contributing approximately 22.43 percent.
Smart Metering contributed Rs. 161 crore, or about 2.26 percent of the operational revenue shown in the segment chart. Overall, the revenue mix highlights the strong contribution from AESL’s distribution business, alongside a significant contribution from its Energy Solutions Platform and transmission operations in Q1 FY27.
Company Overview:
Adani Energy Solutions Limited (AESL) is a subsidiary of Adani Group and is one of the prominent private sector power transmission and distribution firms of India. AESL runs business activities in the domains of power transmission, power distribution, smart metering, and energy solutions.
Adani Energy Solutions Limited boasts more than 27,000 circuit kilometers of transmission infrastructure spread across various states and provides electricity to millions of consumers via its distribution business in Mumbai and Mundra.
Recent Quarter Results:
Looking at the company’s financial highlights, Adani Energy Solutions Limited’s revenue has increased from Rs. 6,819 crore in Q1 FY26 to Rs. 9,711 crore in Q1 FY27, which has grown by 42.41 percent. The net profit has also grown by 129.50 percent from Rs. 539 crore in Q1 FY26 to Rs. 1,237 crore in Q1 FY27.
Adani Energy Solutions Limited’s revenue and net profit have grown at a CAGR of 23 percent and 13 percent, respectively, over the last five years.In terms of return ratios, the company’s ROCE and ROE stand at 9.65 percent and 9.44 percent, respectively. Adani Energy Solutions Limited has an earnings per share (EPS) of Rs. 24.3, and its debt-to-equity ratio is 1.93x.