Adani Energy Solutions Ltd(ADANIENSOL)

NSE: ADANIENSOLBSE: 539254

₹ 1,303.8+3.57%refreshed 27 Oct, 03:14 pm ISTMarket cap: ₹ 1.59 L crWebsite: www.adanitransmission.comUpdated: 27 Oct 2026

About

Adani Energy Solutions is an Indian power infrastructure company. It runs electricity transmission, Mumbai distribution through AEML, smart metering, power trading and an Energy Solutions Platform for C&I and utility customers. The FY25 annual report describes it as India's largest private-sector transmission and distribution company, operating in 16 Indian states. As of 1HFY27 its transmission network was 29,802 ckm, and its FY26 reported revenue was Rs 27,588.03 Cr.^[1][2][3]

Business segments

Revenue mix in FY26: Distribution 50.1%, Transmission 39.5%, Trading 4.4%, Smart Meter 3.3%, Others 2.6%.^[4]
In Q2 FY27 the Energy Solutions Platform brought in Rs 2,197 Cr of operating revenue and Rs 803 Cr of operating EBITDA, against Rs 11 Cr a year earlier.^[2]
Subsidiaries include Adani Cooling Solutions (district cooling sold as a service) and Powerpulse Trading Solutions, which holds a CERC power trading licence (FY25).^[1]

Transmission network and operations

Transmission network was 29,802 ckm in 1HFY27, up from 26,705 ckm.^[2]
Average system availability was 99.63% in Q2 FY27, against 99.75%.^[2]
Under-construction transmission order book was Rs 87,222 Cr in Q2 FY27, with Rs 10,994 Cr of annual tariff locked in.^[2]
Per the FY25 annual report, it is the only private player with three national HVDC grid links in its portfolio.^[1]
The 1,000 MW Mumbai HVDC project was fully commissioned on 15 March 2026.^[5]
Share of the TBCB transmission market was 17% in 1HFY27.^[2]

Distribution operations (AEML Mumbai)

AEML Mumbai sold 2,930 MUs in Q2 FY27, up 11% from 2,650 MUs in Q2 FY26.^[2]
AEML's regulatory asset base was Rs 10,456 Cr in Q2 FY27, up 11% YoY.^[2]
AEML distribution loss was 4.29% in 1HFY27, against 4.30% in 1HFY26. It was 4.21% in FY26 and 4.77% in FY25.^[2][5]
Collection efficiency was 100.28% in Q2 FY27, against 100.59%.^[2]
AEML was rated India's #1 distribution company for the fourth consecutive year in FY26.^[5]
MUL runs a 244 ckm distribution network over 85 sq km, serving C&I consumers in the Mundra SEZ (FY25).^[1]
Parallel distribution licences were applied for in Navi Mumbai, Mundra and Ghaziabad/Jewar. As of Q2 FY26, the MERC order for Navi Mumbai and Mundra was pending.^[6]

Smart metering

1.3 Mn meters were installed in Q2 FY27, bringing the cumulative total to 14.8 Mn against a 24.6 Mn order book.^[2]
Installations averaged about 19k meters a day in 1HFY27.^[2]
The smart meter order book carried revenue potential of Rs 29,519 Cr as of FY26.^[5]

Energy Solutions Platform

Supply tie-ups covered about 4.6 GW of solar and wind and about 3.5 GWh of BESS as of Q2 FY27, serving C&I, data centre and utility customers.^[2]
Energy Solutions volume was 25,333 MUs in 1HFY27.^[2]
The platform is aimed at a market opportunity of 7.5 GW+.^[2]
The district cooling pipeline was about 2,50,000 TR in FY25, spanning real estate, airports and data centres.^[1]

Expansion and capex

Capex in 1HFY27 was Rs 7,850 Cr (1.3x), with transmission capex up 1.7x. Q2 FY27 capex was Rs 4,353 Cr.^[2]
FY27 consolidated capex guidance is Rs 21,000-22,000 Cr.^[5]
Bhadla-Fatehpur HVDC is targeted for the beginning of 2029, and KPS-1 HVDC around December 2029.^[7]
The company plans to raise renewable power procurement to 60% by FY2027.^[2]

Recent developments

In Q2 FY27 it won the Vizag and Satara transmission projects, together adding about 2,000 ckm and about Rs 1,474 Cr of annual tariff.^[2]
On 6 October 2026 it acquired 100% of Satara Power Transmission Limited for Rs 100 Cr in cash.^[8]
In Q1 FY27 it agreed to acquire 100% of IntelliSmart Infrastructure (22.3 million meters) for Rs 3,050 Cr, subject to approvals.^[7]
In January 2026, Moody's moved the outlook for ATSOL and AEML to Stable from Negative.^[9]

Market Cap

₹1,59,449 Cr

High / Low

₹1,789 / 805

Stock P/E

53.2

Price / Book

6.1

Book Value

₹212

EPS

₹19.0

No. of Shares

120.13 Cr

ROCE

11.2%

ROE

9.6%

OPM

27.7%

Debt / Equity

1.92

Sales

₹27,588 Cr

Net Profit

₹2,393 Cr

Promoter holding

73.4%

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