Adani Energy Solutions Ltd.Energy Solutions Scales Up

AESL said it has become a full-scale utility, with transmission, distribution, smart metering and a newly scaled Energy Solutions business all operating.

Capex was close to ₹3,500 Cr in the quarter and 1.34 crore smart meters have been installed against an order book of 2.46 crore. Energy Solutions earned about ₹570 Cr from long-term supply positions, on 3,325 million units and ₹1,838 Cr of long-term PPA revenue, with services and trading adding little; management cautioned that a delayed monsoon lifted market prices and margins, and plans to close purchase and sale positions to reduce variability.

AESL has tied up about 5,000 MW of supply, mostly green, plus 3,500 MWh of storage, and signed 350 MW of C&I customers. It is acquiring IntelliSmart, subject to CCI approval, which would take the smart meter portfolio to about 4.7 crore meters. Transmission bidding is expected at about ₹1 lakh Cr a year, with AESL targeting about 25% share, and the KPS HVDC is due around December 2029. The parallel distribution licence in Mumbai remains pending.