Adani Energy Solutions is looking to incur a capital expenditure of Rs 22,000 crore in the current financial year , 55% higher than what it incurred in FY26. In FY26, it incurred a capex of Rs 14232 crore, 24% higher than what it did in FY25.
In comparison, its peer Tata Power was looking to invest Rs 25,000 crore in FY26.
“In FY27, we will invest Rs 15,500 crore in transmission business, Rs 2,000 crore in distribution and Rs 3,900 crore in smart metering. In FY28, this figure could be between Rs 22,000 – Rs 25,000, with ~Rs 20,000 crore towards transmission alone,” Kandarp Patel, CEO, Adani Energy Solutions said in a post Q4 earnings call with analysts .
Five projects in FY26
Adani Energy Solutions commissioned five projects in FY26, including the Rs 7,000 crore Mumbai HVDC Transmission project, which it said would add Rs 1,300 crore to tariff income. Overall, these projects would contribute ~Rs 1,600 crore to annualized revenue, Patel said.
In FY27 , the company said it expects Rs 11,000-12,000crore worth of under implementation projects to become operational, with the number dipping to Rs about 9,000 – 10,000 crore in FY28, before rising again in FY29, when the high capex HVDC projects are expected to be commissioned.
Transmission projects worth ~Rs 72,000 crore
The company is currently executing transmission projects worth ~Rs 72,000 crore, which it said would add about ~Rs 10,000 crore to its tariff income once implemented. “We expect to grow our transmission EBIDTA by 3X once all the locked-in transmission projects are completed over the next 36-40 months,” said Kunjal Mehta, chief financial officer said in the call.
In smart metering, the company achieved an installed base of 10 million smart meters, installing over 8.2 million smart meters during the year. It aims to install 10 million smart meters during the current year. Its total smart meter orderbook stands at ~25 million with an annual EBIDTA potential of Rs 2,400 – 3,000 crore.
In the C&I (commercial and industrial) segment, where the company currently handles power requirement for over three dozen companies with an aggregate load demand of ~1.5GW, Patel said the it has tied up ~5GW of RE power with green generation companies.
AESL posted a 6% jump in net profit in Q4 FY,26 at Rs 684 crore as compared to Rs 647 crore in Q4FY,25. Profits rose 24% on QoQ basis.
The company’s revenues rose 17% YoY at Rs 7443 crore in Q4FY26 as compared to Rs 6375 crore in Q4FY25. It’s Q4FY26 EBITDA went up 16% to Rs 8905 crore .
“From a balance sheet and capital management perspective, we remain focused on maintaining financial discipline even as we scale. Our improving credit profile and recent rating upgrades reflect strong lender and investor confidence in our business model and long-term cash flow visibility,” Patel said in a Q4 earnings press release.
Patel added Cooling-as-a-service, or CaaS has the potential of huge growth potential.” We have built significant capabilities in this space as we are confident of this being a key imperative in quality of life improvement. We are currently implementing 52,000 TR of DCS capacity across regions and are additionally pursuing opportunities worth quarter million TR capacity for early fruition.,” he said.