Adani Energy Solutions (AESL) is looking to incur a capex of around Rs 16,000-18,000 crore in FY26, chief executive officer Kandarp Patel said during a post-earnings call.
Of the capex earmarked, the company will invest Rs 12,000-13,000 crore in transmission, Rs 4,000 crore in smart meters, and Rs 1,600 crore in distribution, Patel added.
The company had incurred a capex of Rs 11,444 crore in FY25.
Patel said the transmission project pipeline remains strong with Rs 54,000 crore worth of ISTS (inter state transmission system) projects in bid-out stage. “Going forward, we expect the states to also augment their transmission capacity to absorb the renewable power which the ISTS projects will bring. Maharashtra will need to invest Rs 1.5 lakh crore over the next 10 years in transmission and many such projects are expected to come under TBCB (tariff-based competitive bidding) route, which we will bid,” Patel said.
FY25 saw unprecedented transmission bidding activity to the tune of Rs 1.62 lakh crore, in which AESL bagged a market share of 28% by winning seven projects worth Rs 44,000 crore.
Patel said the under-implementation projects, 15 in all, would add Rs 8,260 crore to the company’s annual revenue once delivered over the next 2-4 years.
In FY26, the company is looking to deliver seven projects, including the crucial Mumbai HVDC one, with a cumulative capex of Rs 15,000 crore.
In distribution, where the company serves Mumbai and Mundra markets, Patel said the company would participate in Uttar Pradesh’s discom privatisation drive and the bidding process is expected to open soon. The company had earlier said it is also looking at parallel licensing opportunity in Navi Mumbai area.
Under smart meters, the company has an existing order book of 22.8 million smart meters across five state discoms with a revenue potential of over Rs 27,195 crore.
Patel said that during the current financial year, the company expects to add 700,000 smart meters, taking its installed base to 10 million by March 31, 2026. “There still exists opportunity for 110-120 million smart meters from states which haven’t yet been bid out or have partially bid out. We will ensure we at least maintain our current market share of 22-23%,” he added.
Currently, the company is installing 27,000 smart meters a day, the highest for any player.