Adani Group’s leading company in the energy transmission sector has secured a major inter-state transmission project worth approximately Rs.1,660 crore in Maharashtra. This win significantly strengthens the group’s infrastructure portfolio, taking its total transmission order book to around Rs.61,600 crore. The project will facilitate the evacuation of green power from Raigad, helping to meet the increasing energy demand in Mumbai and nearby regions.
During Friday’s trading session, the shares of Adani Energy Solutions Ltd reached an intraday high of Rs.889.45 apiece, rising slightly from the previous close of Rs.880.95 apiece. The share has retreated since the peak and closed at Rs.867.80 per share.
Project Details
Adani Energy Solutions Ltd (AESL), India’s largest private transmission and distribution company under the Adani Group, has secured a significant inter-state transmission project worth approximately Rs.1,660 crore in Maharashtra. The project was awarded under the Tariff-Based Competitive Bidding (TBCB) mechanism, with REC Power Development and Consultancy Ltd (RECPDCL) acting as the bid process coordinator.
The project involves the development of 3,000 Mega Volt-Amperes (MVA) of substation capacity along with related transmission infrastructure. Once completed, it will expand AESL’s transmission network to 26,696 circuit kilometers (ckm) and a transformation capacity of 93,236 MVA. The commissioning deadline for the project is set for January 2028.
Housed under the Special Purpose Vehicle (SPV) WRNES Talegaon Power Transmission Ltd, the project will facilitate the evacuation of 1.5 GW of green energy from upcoming hydro Pumped Storage Projects (PSPs) in Raigad. This will help meet the rising power demand in Mumbai and surrounding regions. With this addition, AESL’s total transmission order book now stands at approximately Rs.61,600 crore.
Recent Business Developments
In the fourth quarter, the company secured two new transmission projects, Navinal (Mundra) Phase I Part B1 and Mahan Transmission Ltd, bringing its total project wins for FY25 to seven with a combined project cost of Rs.43,990 crore. The cumulative order book now stands at Rs.59,936 crore. During the year, the company also fully commissioned the MP Package II transmission line and acquired the Mahan Sipat transmission line, reflecting steady progress in its infrastructure expansion.
Capital expenditure for FY25 doubled to Rs.11,444 crore compared to Rs.5,613 crore in FY24, supporting ongoing growth initiatives. Smart meter deployment continues to advance well, reaching a total installation of 31.3 lakh units. The company maintains a comfortable leverage position with a net debt-to-EBITDA ratio of 3.2 times, aligning with its guidance. FY25 witnessed record transmission bidding activity of Rs.1,61,540 crore, with the company holding a market share of 28 percent, while the near-term tendering pipeline remains robust at approximately Rs.54,000 crore.
Financial Performance
In Q4 FY25, Adani Energy Solutions Ltd reported revenue of Rs.6,375 crore, reflecting a 35.5 percent year-on-year increase from Rs.4,707 crore in Q4 FY24. On a sequential basis, revenue rose by 9.3 percent compared to Rs.5,830 crore in Q3 FY25, indicating improved operational momentum.
The company posted a net profit of Rs.714 crore in Q4 FY25, marking an 87.1 percent year-on-year jump from Rs.381 crore in the same quarter last year. Sequentially, net profit grew by 14.2 percent from Rs.625 crore in Q3 FY25, highlighting steady recovery and margin resilience.
AESL, a key part of the Adani portfolio, operates across multiple energy sectors including power transmission, distribution, smart metering, and cooling solutions. As India’s largest private transmission company, it manages a network spanning 26,696 circuit kilometers and 93,236 MVA of transformation capacity. Serving around 13 million consumers in Mumbai and Mundra SEZ, AESL is rapidly expanding its smart metering business to become the country’s leading integrator.
Written by – Siddesh S Raskar
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