Adani Energy Solutions’ Order Book Surges to ₹54,700 Crore

Adani Energy Solutions Ltd (AESL), India’s largest power transmission and distribution company, has significantly expanded its order book to ₹54,700 crore—more than three times the ₹17,000 crore it had at the start of FY25 (April 2024).

During the October-December 2024 quarter, AESL secured two major transmission projects worth ₹28,455 crore in Rajasthan, supporting a renewable energy park. This includes the ₹25,000 crore Bhadla-Fatehpur HVDC project, its largest order to date. These wins have boosted AESL’s market share in tariff-based competitive bidding (TBCB) from 17% in Q2 to 24%.

AESL is also expanding into power distribution, having applied for a parallel distribution license in Navi Mumbai, Kutch, and the Ghaziabad-Jewar-Bulandshahr region.

According to Jefferies, AESL is expected to achieve a 16% CAGR in revenue and 62% CAGR in profit from FY24 to FY27, with ₹27,300 crore worth of projects targeted for completion by October 2026.

In the smart metering segment, AESL was the lowest bidder in the now-cancelled 8.2 million meter tender for Tamil Nadu and plans to participate in the rebidding. The company is projected to add 4.5 million smart meters by FY25-end and 10 million by FY26, with 7 million coming from existing contracts.

AESL is also refining its capital and debt management strategy to reduce interest rate volatility, using long-tenure bonds and matching debt terms with asset lifecycles. Additionally, it is implementing vendor agreements and land studies to accelerate project execution.

Despite these strengths, Jefferies notes potential risks such as interest rate fluctuations and market share erosion.