During the current fiscal year FY26 (April 1, 2025 to March 31, 2026), Adani Energy Solutions Ltd (AESL) expects to fully commission five interstate schemes and one intrastate scheme, all won under the tariff-based competitive bidding (TBCB) route.
These six schemes are:
- North Karanpura Transco Ltd (ISTS; 304 ckm; 1,000 MVA)
- WR-SR Transmission Ltd (ISTS; 635 ckm; 6,000 MVA)
- Sangod Transmission Service Ltd (InSTS; 11 ckm; 1,160 MVA)
- Halvad Transmission Ltd (ISTS; 594 ckm)
- Khavda II-A Transmission Ltd (ISTS; 355 ckm)
- KPS1 Transmission Ltd (ISTS; 43 ckm; 6,000 MVA)
Of these six schemes, stringing work on Khavda II-A Transmission and KPS1 Transmission has already been completed and these projects are expected to commission in Q1FY26 itself.
New wins in FY25
During FY25, AESL won six ISTS schemes under the TBCB mode, apart from one intrastate (InSTS) scheme, also under TBCB.
The overall capital expenditure on these seven projects is an estimated Rs.43,990 crore. The associated annual tariff of these seven projects is around Rs.6,017 crore, AESL said.
AESL noted that FY25 saw unprecedented transmission bidding activity of Rs.1,61,540 crore with AESL’s market share estimated at 28 per cent. The near-term tendering pipeline is around Rs.54,000 crore, AESL said.
As of March 31, 2025, AESL had 15 transmission projects under construction with an aggregate outlay of Rs.59,936 crore.
It may be noted that T&D India, in its exclusive special report dated April 8, 2025, estimated that AESL had a tariff-based market share of 28.6 per cent in the context of ISTS-TBCB schemes formally transferred to winning developers in FY25. (Read full report)
Capex
In FY25, AESL fully commissioned an interstate scheme in Madhya Pradesh, housed under “MP Power Transmission Package-II Ltd”. During FY25, AESL added 696 ckm of new transmission lines to its portfolio with its total transmission network (operational + under-construction) now reaching 26,696 ckm.
Adani Energy Solutions Ltd (AESL) witnessed a two-fold growth in capital expenditure in FY25. At 11,444 crore, capex in FY25 was more than twice the comparable Rs.5,613 crore in FY24.
Smart metering
Adani Energy Solutions Ltd had an installed smart meter base of 31.3 lakh smart meters, as of March 31, 2025. AESL expects to install at least 60-70 lakh new meters in FY26, aspiring to have an installed base of at least 1 crore (10 million) smart meters by end of FY26.
The under-implementation pipeline stands at 22.8 million smart meters, comprising nine projects with a revenue potential of over Rs 27,195 crore, AESL said.
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