Adani Energy Solutions targets ₹16,000-18,000 cr capex for FY26: CEO

Adani Energy Solutions has a “strong order book” of close to ₹60,000 crore 
| Photo Credit:
Dado Ruvic

Adani Energy Solutions is expected to incur a capital expenditure of ₹16,000-18,000 crore during FY26 as the company targets to commission seven transmission projects during the current fiscal.

“Compared to the previous year we could double the capex. We closed FY25 with a total capex of ₹11,444 crore, which in the previous year was about ₹5,600 crore. In FY26, we expect to do a capex in the range of ₹16,000-18,000 crore. This will be an aggregate capex of transmission, smart meters and distribution,” said Kandarp Patel, CEO of Adani Energy Solutions (formerly Adani Transmission), during an investors’ call. The proposed capex will be at least 40 per cent more than that incurred during FY25.

The capex will largely be spent over transmission projects which include deployment of ₹12,000-15,000 crore, of which 70-75 per cent is expected to be raised through borrowings. An additional ₹4,000 crore is expected to be spent for smart meter installations, 50 per cent of which will be raised through debt and the remaining from internal accruals. “Currently we have around ₹8,500 crore of cash and cash equivalents and our net external debt is around ₹32,000 crore,” Patel added. During FY25, the company had incurred a capex of ₹7,646 crore in transmission, ₹17,82 crore in distribution and ₹2,015 crore in smart metering business.

smart metering

The Adani Group company is targeting to install 70 lakh meters during the current fiscal. “The smart metering business which we started last year began at a slow pace. But by the end of the year, we could install 32 lakh meters. Now we are installing, on an average, 27,000 meters a day. This we have done in the current month so far. We expect to do 70 lakh meter installation in the current year and it will take us to one crore aggregate meters by end of the year,” Patel said.

The company is looking to maintain a market share of 20-22 percent in the smart-metering business. “Last year when we started, we had deployed on an average 2000 smart-meters per day in the first quarter. By the fourth quarter it touched 18,000 meters per day and in April it is 27,000 smart-meters a day. Issues relating to public resistance (against installations of smart meters in various geographies) have been sorted and there is a lot of traction in implementation,” he added.

Adani Energy Solutions  has a “strong order book” of close to ₹60,000 crore. “These projects will get executed in the next 4-5 years,” Patel said. On April 24, Adani Energy Solutions Ltd clocked an all-time high profit after tax (PAT) of ₹2,427 crore for the year 2024-25 and the total income of ₹24,447 crore.

Published on April 27, 2025