The power transmission portfolio of Adani Energy Solutions Ltd (AESL) rose sharply by 30 per cent during FY25, touching 26,696 ckm as of March 31, 2025.
According to a provisional performance update filed by AESL on stock exchanges, the company’s power transmission portfolio, comprising both operational and under-construction lines, rose by 30 per cent to 26,696 ckm as of March 31, 2025 from 20,509 ckm as of March 31, 2024.
AESL’s overall transmission portfolio, as of March 31, 2025, included around 19,224 ckm of operational lines and 7,471 ckm under construction.
The under-construction portfolio, in particular, saw impressive growth thanks to a series of TBCB wins – both interstate and intrastate – during FY25.
According to estimates made by T&D India, AESL, in FY25, recorded six ISTS-TBCB wins, apart from one intrastate concession, under the TBCB framework.
The most important win was the Bhadla-Fatehpur project, which was the first HVDC-based power transmission scheme awarded to a private entity under the TBCB framework. Housed under “Rajasthan Part I Power Transmission Ltd” this interstate scheme envisages around 2,400 ckm of transmission lines and 7,500 MW of HVDC-based transfer capacity. With an estimated outlay of Rs.25,000 crore, this is AESL’s largest power transmission project win till date.
At the intrastate level, AESL won “Mahan Transmission Ltd” under the TBCB route. This project seeks to develop 740 ckm of lines and 2,800 MVA of transformation capacity in Madhya Pradesh.
As of March 31, 2025, AESL’s under-construction power transmission portfolio stood at 74,71 ckm of lines and around 51,635 MVA of transformation capacity, dominated by interstate and intrastate TBCB projects. The total investment in this under-construction portfolio is estimated at Rs.547.6 billion.
Three projects to commission soon
In Q1FY26 (April 1, 2025 to June 30, 2025), AESL is likely to start commercial operations from three TBCB projects, including one intrastate scheme in Rajasthan and two interstate schemes. These will boost AESL’s operational portfolio by over 400 ckm of transmission lines and substation capacity by over 7,100 MVA. The ISTS schemes are housed under “Khavda II-A Transmission Ltd” and “KPS1 Transmission Ltd” – both in Gujarat. The Rajasthan intrastate scheme is incorporated under “Sangod Transmission Service Ltd” and will see Adani Energy furthering its presence in the intrastate network of Rajasthan where it already has around eight transmission concessions in operation.
Smart metering portfolio
As of March 31, 2025, AESL’s smart metering portfolio, largely dominated by RDSS projects, stood at 22.8 million smart meters with an envisaged aggregate revenue potential of Rs.27,200 crore. While AESL did not report new smart metering mandates in FY25, the company’s portfolio may stand enhanced in FY26 when re-bidding starts for a major 3-crore smart meter tender in Tamil Nadu. AESL was L1 in the original tender, envisaging the rollout of 8.2 million meters, before the Tami Nadu government rescinded the tendering process.
Featured photograph (source: AESL) is for representation only
