Adani Energy Solutions Ltd – Power Transmission & Distribution

Message from the Chairman

We have become – more formidable, more unbreakable, stronger and more resilient!

Gautam Adani

We have become – more formidable, more unbreakable, stronger and more resilient!- Gautam Adani

Adani Enterprises Limited

Adani Ports And Special Economic Zone Limited

Adani Energy Solutions Limited

Adani Green Energy Limited

Adani Total Gas Limited

Ambuja Cements

Adani Power Limited

AWL Agri Business Limited

NDTV Limited

Adani Enterprises Limited

One of the

INDIA’S

business incubator

Adani Ports And Special Economic Zone Limited

One of the

INDIA’S

Integrated Transport Utility

Adani Energy Solutions Limited

One of the

INDIA’S

private-sector and transmission and distribution company

Adani Green Energy Limited

One of the

WORLD’S

and fastest growing RE companies

Adani Total Gas Limited

One of the

INDIA’S

city gas distributor

Ambuja Cements

One of the

INDIA’S SECOND

cement manufacturer

Adani Power Limited

One of the

INDIA’S

private-sector thermal power producer

AWL Agri Business Limited

One of the

INDIA’S

edible oil brand and a leading packaged foods player

NDTV Limited

One of the

AMONG INDIA’S MOST

media companies

Empowering every Indian, every step forward.

350 Million Indians^#

Impacted by Adani’s core infra platform

USD 100 billion^#

Investment in green energy transition by 2030

~USD 71 billion

Asset base ensuring resilient critical infrastructure and best-in-class performance across its life cycle

#Consolidated Adani portfolio of companies

₹74,945 crore

Total global tax and other contributions

₹539 crore

towards CSR for FY 2024-25

₹12,05,710 crore

Market capitalisation

Note: Consolidated Adani portfolio of companies in FY 2024-25

FY 2025 (₹ In crore)

APL 58,906

APSEZ 32,383

AESL 24,447^

AEL 1,00,365

AGEL 12,422

ATGL 5,442

Ambuja Cements 37,699

FY 2025 (₹ In crore)

APL 23,917

APSEZ 20,471

AESL 7,746

AEL 17,315

AGEL 10,532

ATGL 1,179

Ambuja Cements8,645

FY 2025 (₹ In crore)

APL 12,750

APSEZ 11,061

AESL 922^#

AEL 8,018^*

AGEL 2,002

ATGL 654

Ambuja Cements5,158

Please Note: Revenue and Adjusted EBITDA includes Other Income

^{^}Includes SCA income of ₹5,064 crore in FY 2024-25

^#AESL PAT is after an exceptional item of ₹1,506 crore due to carve-out of the Dahanu power plant

^* Due to recognition of gain consequent to OFS of stake in AWL Agri Business Limited (formerly known as Adani Wilmar Limited)

PAT - Profit after tax including profit/loss from JV | EBITDA: Earning before Interest, Tax Depreciation & Amortisation | Adjusted EBITDA: PAT + Share of profit from JV & Associates + Current Tax + Deferred Tax + Depreciation & Amortisation + Finance Cost + Unrealised Forex Loss / (Gain) + Exceptional Items

01 / 06

Accelerating India’s Rise with Industry-Best Performance

Performance Highlights FY 2024-25

01 / 06

Accelerating India’s Rise with Industry-Best Performance

Performance Highlights FY 2024-25

PERFORMANCE HIGHLIGHTS FY 2024-25Anchoring success with strength and resilience

Financial performance
Operational performance
Adding value to the stakeholders

Operational Revenue

₹17,057 crore

(

20.0% y-o-y)

EBITDA

₹7,746 crore

(

22.5% y-o-y)

Total Income

₹24,447^{^} crore

(

42.0% y-o-y)

Adjusted PAT

₹1,810^#* crore

(

51.5% y-o-y)

Operating EBITDA

₹6,571 crore

(

15.4% y-o-y)

Market capitalisation as on March 31, 2025

₹1,04,692 crore

^{^}Includes SCA income of ₹5,064 crore in FY 2024-25 vs ₹858 crore in FY 2023-24
^#Adjusted for an exceptional item due to carve-out of the Dahanu power plant of ₹1,506 crore
^*Adjusted for regulatory income of ₹148 crore in T&D segments and net one-time deferred tax reversal of ₹469 crore in AEML distribution business

Transmission

26,696 ckm

( 30.2% y-o-y)

Transmission network

90,236 MVA

( 58.3% y-o-y)

Transmission capacity

99.7%

Average system availability

₹59,936 _crore

( 3.5x times)

Projects under construction

Distribution (AEML)

10,558 MUs

( 6.5% y-o-y)

Energy units sold

4.77%

( vs 5.29% in FY 2023-24 y-o-y)

Distribution loss

Smart Metering

2.28 _crore

Smart meters portfolio

₹27,195 _crore

Revenue potential across nine project

9.48 _{crore meters}

Untapped opportunity (March 31, 2025)

Shareholders

5.3 lakhs

Number of shareholders

Retail Consumers

99.99%

Supply reliability

Employees

1,881

Permanent employees

Vendors

₹12,619 _crore

(equivalent to 99% of total spends)

Procurement from local vendors

Communities

59,332

CSR beneficiaries

Planet

73.7%

GHG emission intensity reduction (tCO₂e/ ₹Revenue)

Adani Energy Solutions is certified for water positive, single-use plastic-free and zero waste to landfill

As businesses prioritise efficiency and sustainability, Adani Energy Solutions is enabling industries to take control of their energy requirements, ensuring greater reliability, lower costs, and access to clean power.
- ANIL SARDANA
Managing Director

As businesses prioritise efficiency and sustainability, Adani Energy Solutions is enabling industries to take control of their energy requirements, ensuring greater reliability, lower costs, and access to clean power.- ANIL SARDANA
Managing Director

We are India’s largest integrated energy player with a pole position in the transmission and distribution business focussed on delivering reliable, efficient, and sustainable energy solutions.

Strengthening India’s energy sector

We are India’s largest integrated energy player with a pole position in the transmission and distribution business focussed on delivering reliable, efficient, and sustainable energy solutions.

BUSINESS SEGMENT REVIEW

1 / 4

Transmission vertical

Adani Energy Solutions’ transmission business stands as India’s leading private power transmission network, ensuring seamless and reliable energy flow across the nation.

Natural Capital
Integration-driven value creation

Business Model

Natural Capital
Input

6,24,000 trees planted

3.3 MW of captive solar capacity

₹2,015 crore invested in eco-friendly technologies
Outcomes

35.20% of clean energy mix achieved

Zero waste to landfill across all operational sites

73.7% reduction (w.r.t. FY 2019-20) in GHG emission intensity
Enablers

Development and construction expertise

Operational and execution excellence

Cutting-edge technologies

Innovation

Key Strategic Priorities

Safety Culture

ESG Integration

Efficient Capital Allocation and Execution Capabilities

Portfolio of Efficient Operating Assets

Robust Financial Profile

Business Excellence
Read More
Social & Relationship Capital
Integration-driven value creation

Business Model

Social & Relationship Capital
Input

713 suppliers

98% of local sourcing

₹43.84 crore spent on CSR
Outcomes

98% raw material / service procured from local vendors

100% suppliers screened with ESG criteria
Enablers

Development and construction expertise

Operational and execution excellence

Cutting-edge technologies

Innovation

Key Strategic Priorities

Safety Culture

ESG Integration

Efficient Capital Allocation and Execution Capabilities

Portfolio of Efficient Operating Assets

Robust Financial Profile

Business Excellence
Read More
Human Capital
Integration-driven value creation

Business Model

Human Capital
Input

1,881 permanent employees

5,392 contractual workforce

5% female representation
Outcomes

Employee productivity at ₹4.12 crore EBITDA/employee

Attrition rate at 15.15% (Industry average at ~20%)
Enablers

Development and construction expertise

Operational and execution excellence

Cutting-edge technologies

Innovation

Key Strategic Priorities

Safety Culture

ESG Integration

Efficient Capital Allocation and Execution Capabilities

Portfolio of Efficient Operating Assets

Robust Financial Profile

Business Excellence
Read More
Intellectual Capital
Integration-driven value creation

Business Model

Intellectual Capital
Input

₹2.76 crore (grid) / ₹23.27 crore (retail electricity) investments in digital transformation and automation initiatives

₹2,015 crore investment in smart grid upgradation
Outcomes

83.34% of total collection through digital payments in AEML

98,828 hours of training to employees related to new technologies
Enablers

Development and construction expertise

Operational and execution excellence

Cutting-edge technologies

Innovation

Key Strategic Priorities

Safety Culture

ESG Integration

Efficient Capital Allocation and Execution Capabilities

Portfolio of Efficient Operating Assets

Robust Financial Profile

Business Excellence
Read More
Manufactured Capital
Integration-driven value creation

Business Model

Manufactured capital
Input

26,696 ckm of Transmission Lines

79 Substations

90,236 MVA power Transformation capacity
Outcomes

30.17% y-o-y increase in transmission network in ckm & 58.27% y-o-y increase in transformation capacity MVA

~28% Market share in TBCB bids
Enablers

Development and construction expertise

Operational and execution excellence

Cutting-edge technologies

Innovation

Key Strategic Priorities

Safety Culture

ESG Integration

Efficient Capital Allocation and Execution Capabilities

Portfolio of Efficient Operating Assets

Robust Financial Profile

Business Excellence
Read More
Financial Capital
Integration-driven value creation

Business Model

Financial capital
Input

₹23,011 crore net worth

₹62,987 crore asset base

₹8,431 crore in cash and cash equivalents
Outcomes

15 transmission & 9 Smart metering projects with total contract value of ₹73,563 crore

₹17,057 crore operating revenue
Enablers

Development and construction expertise

Operational and execution excellence

Cutting-edge technologies

Innovation

Key Strategic Priorities

Safety Culture

ESG Integration

Efficient Capital Allocation and Execution Capabilities

Portfolio of Efficient Operating Assets

Robust Financial Profile

Business Excellence
Read More

Stakeholder engagement

Engaging to ensure collective success

Regular stakeholder engagement is key to sustained growth and success. It enables us to understand their needs and concerns, shaping strategic decisions accordingly.

Assessing priorities to deliver long-term value

We conducted a comprehensive materiality assessment to identify critical issues impacted by and or impacting operations. This includes stakeholder concerns, business risks, opportunities, sustainability trends, and regulatory changes.

Advancing with strength and strategy

We ensure sustained resilience through prudent risk management, seamlessly integrating it across business functions. Adhering to ISO 31000 and COSO frameworks, we proactively identify and address significant risks, strengthening our ability to navigate uncertainties.

Advancing with a clearly defined roadmap

Our strategic priorities drive business resilience through a well-defined approach. Integrated thinking shapes our strategic planning, ensuring alignment between fundamentals and performance outcomes.

01 / 04

Stakeholder engagement

Engaging to ensure collective success

Regular stakeholder engagement is key to sustained growth and success. It enables us to understand their needs and concerns, shaping strategic decisions accordingly.

Materiality assessment

Assessing priorities to deliver long-term value

Risks and opportunities

Advancing with strength and strategy

Strategic priorities

Advancing with a clearly defined roadmap

ESG Approach

Goal-driven Commitments and strong governance

Environmental

Advancing towards a low carbon future

Social - employees

Stronger together: fostering growth and inclusion

Social - occupational health and safety

Thriving through safety excellence

Social - Corporate social responsibility

Building strong ties with the communities

Social - customers

From solution to satisfaction

Social - Responsible sourcing

Fostering sustainable supply chain

Governance

Driving sustained excellence and long-term value

01/10

ESg Approach

Goal-driven Commitments and strong governance

Environmental

Advancing towards a low carbon future

Social - employees

Stronger together: fostering growth and inclusion

Social - occupational health and safety

Thriving through safety excellence

Social - Corporate social responsibility

Building strong ties with the communities

Social - customers

From solution to satisfaction

Social - Responsible sourcing

Fostering sustainable supply chain

Governance

Driving sustained excellence and long-term value

ESG Approach

2024-25 Integrated Annual Report

DOWNLOAD REPORT

Strength with Resilience

Message from the Chairman

We have become – more formidable, more unbreakable, stronger and more resilient!

Gautam Adani

We have become – more formidable, more unbreakable, stronger and more resilient!- Gautam Adani

EMPOWERING THE NATION, SUSTAINING THE PLANET

Adani Enterprises Limited

Adani Ports And Special Economic Zone Limited

Adani Energy Solutions Limited

Adani Green Energy Limited

Adani Total Gas Limited

Ambuja Cements

Adani Power Limited

AWL Agri Business Limited

NDTV Limited

INDIA’S

INDIA’S

INDIA’S

WORLD’S

INDIA’S

INDIA’S SECOND

INDIA’S

INDIA’S

AMONG INDIA’S MOST

Empowering every Indian, every step forward.

Empowering every Indian, every step forward.

350 Million Indians#

USD 100 billion#

~USD 71 billion

₹74,945 crore

₹539 crore

₹12,05,710 crore

Consolidated FY 2024-25 Revenue ₹2,71,664 crore

FY 2025 (₹ In crore)

APL 58,906

APSEZ 32,383

AESL 24,447^

AEL 1,00,365

AGEL 12,422

ATGL 5,442

Ambuja Cements 37,699

Consolidated FY 2024-25 Adjusted EBITDA ₹89,806 crore

FY 2025 (₹ In crore)

APL 23,917

APSEZ 20,471

AESL 7,746

AEL 17,315

AGEL 10,532

ATGL 1,179

Ambuja Cements8,645

Consolidated FY 2024-25 PAT ₹40,565 crore

FY 2025 (₹ In crore)

APL 12,750

APSEZ 11,061

AESL 922#

AEL 8,018*

AGEL 2,002

ATGL 654

Ambuja Cements5,158

Accelerating India’s Rise with Industry-Best Performance

Performance Highlights FY 2024-25

Accelerating India’s Rise with Industry-Best Performance

Performance Highlights FY 2024-25

PERFORMANCE HIGHLIGHTS FY 2024-25Anchoring success with strength and resilience

₹17,057 crore

₹7,746 crore

₹24,447^ crore

₹1,810#* crore

₹6,571 crore

₹1,04,692 crore

26,696 ckm

90,236 MVA

99.7%

₹59,936 crore

10,558 MUs

4.77%

2.28 crore

₹27,195 crore

350 Million Indians^#

USD 100 billion^#

AESL 922^#

AEL 8,018^*

₹24,447^{^} crore

₹1,810^#* crore

₹59,936 _crore

2.28 _crore

₹27,195 _crore

9.48 _{crore meters}

₹12,619 _crore

As businesses prioritise efficiency and sustainability, Adani Energy Solutions is enabling industries to take control of their energy requirements, ensuring greater reliability, lower costs, and access to clean power.
- ANIL SARDANA
Managing Director

As businesses prioritise efficiency and sustainability, Adani Energy Solutions is enabling industries to take control of their energy requirements, ensuring greater reliability, lower costs, and access to clean power.- ANIL SARDANA
Managing Director