Our journey has been about raising benchmarks.
Resilience is beyond withstanding challenges for us – it is about emerging stronger, setting benchmarks, and redefining the future. This philosophy has guided our journey during FY 2024-25, reinforcing our ability to adapt, expand, and drive meaningful transformation across the sector.
From pioneering private-sector transmission to becoming an integrated energy solutions provider, our focus remains on developing scalable, efficient, & sustainable infrastructure and energy solutions. Every segment – transmission, distribution, smart metering, power solutions to commercial & industrial consumers and Cooling as a Service (CaaS) – is aligned with India’s evolving energy landscape while accelerating the shift toward a stronger, sustainable, and more interconnected ecosystem, built on Strength with Resilience.
India's energy sector is at a pivotal juncture. The success of national initiatives such as Make in India, leveraging the global China+1 strategy, and advancing differentiated manufacturing hinges on the availability of accessible, reliable, and cost-effective electricity. Additionally, the government is advocating for rapid green energy expansion and grid modernisation. To fully realise India's potential, it is essential to ensure competitive energy solutions. This necessitates re-evaluating the role of state-run enterprises and adopting public-private partnerships that enhance efficiency.
The Central Electricity Authority (CEA) projected electricity demand to grow at a 6% CAGR between 2022 and 2030. Developing an efficient, economical, and robust electricity system is vital for a reliable, affordable, and uninterrupted (24x7) power supply across the nation.
India’s peak electricity demand projection of 388 GW by 2031-32 and considering the RE potential zones as per MNRE/SECI, which are to be integrated to the ISTS network, additional planned coal-based capacity, additional pumped storage capacity, etc., the installed generating capacity would be about 997 GW by 2031-32. To meet the above grid infrastructure, it must expand rapidly to support long-term growth. The focus is on building resilient, high-performing transmission and distribution systems to handle higher loads and investments in smart grid technologies to enhance efficiency and reliability. Integrating renewable energy sources like solar and wind is crucial for sustainable development. Ensuring resilience against natural disasters and cyber-attacks is also essential.
Our journey has been about raising benchmarks. From becoming India’s largest private transmission player to outperforming peers, we have redefined the sector with faster project execution. During FY 2024-25, we added 695 ckm and operationalised a project of 1,088 ckm expanding the total transmission network to 26,696 ckm and 90,236 MVA capacity. Our operational assets consistently maintain the highest level of availability, reaffirming our leadership in the sector. Our efforts in setting new service standards in the distribution segment marks our progress. Adani Electricity Mumbai ranked as India’s No. 1 power utility in the 13th edition of the integrated ratings of DISCOMs for FY 2023-24 by Power Finance Corporation, proving our ability to drive efficiency. Our role in India’s grid modernisation is equally critical. Smart metering is not just a digital upgrade – it is a transformation. Adani Energy Solutions is deploying smart meters that eliminate losses, enhance efficiency, better power management and empower DISCOMs, Grid operators & consumers.
Adani Energy Solutions’ evolution has always been driven by a simple question: How can we create more value for energy consumers? With strong positions in B2G and B2C segments, the answer was clear – to expand into the open market and serve commercial & industrial (C&I) customers who seek cost-effective, reliable, and sustainable power solutions.
The energy solutions market is expanding rapidly, driven by reforms, rising industrial demand, and a shift toward green energy. Key demand segments include power-intensive industries such as data centers, manufacturing, and commercial real estate. Massive opportunities exist across the energy value chain. According to The National Electricity Plan (Transmission), the sector presents a ₹9.15 lakh crore opportunity for private players by 2032. In distribution, we are targeting ~20% of the total parallel distribution market, translating to 38.8 billion units of power demand, ~4.5 million customers, and a ₹200 billion capital outlay. The smart metering market remains largely untapped, with 95 million meters yet to be deployed, part of a ₹2,200 billion investment opportunity by 2026.
Cooling is also emerging as a critical infrastructure need. India’s per capita cooling consumption remains just 8-9%, far behind global averages of over 90%. This underscores the urgent demand for scalable, energy-efficient cooling solutions. We are addressing this with Cooling as a Service (CaaS), a pay-per-use model that eliminates high capital costs while ensuring affordable and accessible cooling infrastructure. With an aggregate demand potential of over 11 million TR by FY 2029-30, CaaS is set to play a vital role in industrial efficiency, urban development, and sustainable growth.
We are well-positioned to capture these opportunities by leveraging our transmission expertise, access to green energy, and ability to offer customised solutions. 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. Our approach is to partner with entities to accelerate their energy transition and strengthen competitiveness.
We continue to translate our strategic vision into execution, ensuring measured expansion, operational efficiency, and financial resilience. Our multi-year growth trajectory is well-defined with a robust order book in transmission, rapid smart metering rollouts, and planned distribution expansion.
Our financial disciplineremains a key strength even amid inflationary pressures. We have maintained industry-leading EBITDA margins and consistently outperformed global benchmarks. Our USD 1 billion QIP – the largest in India’s power sector – reflects strong investor confidencein our execution capabilities. With a committed capex of ₹11,444 crore for FY 2024-25 and an additional ₹16,000 crore to ₹18,000 crore planned for FY 2025-26, we are scaling with precision, ensuring sustainable returns and long-term value creation.
Strong governance is the foundation of a responsible business. Our compliance framework, validated by independent third-party assessments, ensures transparency, accountability, and integrity. With a Board comprising 50% independent directors and an audit Committee with 100% independent directors, we remain committed to ethical leadership and stakeholder trust.
Innovation is a key part of our approach. We have set a global standard by introducing unmanned transmission substations, improving operational efficiency, safety, and reliability. This development demonstrates our use of advanced technology across the energy value chain. We are also advancing in smart metering integration platforms, which are fully developed in-house. Additionally, we utilise bots, chatbots, customer interactive kiosks, cloud infrastructure, field mobility tools to monitor ground workforce for improved productivity and safety, project management tools, and interactive dashboards. We design customised tower structures to meet the transmission line requirements and ensure minimal disturbance to ecology and the environment.
The concept of infrastructure at Adani Energy Solutions is empowering people and creating a better, more productive society. We actively engage with communities, ensuring economic progress translates into real social benefits. We prioritise upskilling, ethical workforce management, and community well-being. Beyond providing reliable electricity access, our initiatives extend to education, healthcare, and clean water, positively impacting 59,332 individuals in FY 2024-25.
Our people are at the core of Adani Energy Solutions’ success. With a diverse and skilled workforce, we prioritise continuous learning, talent development, and employee well-being. We have established structured training programmes to equip employees and third-party workers with the skills required for a rapidly evolving energy landscape. In FY 2024-25 alone, we delivered 11.1 man-days/employee of technical and leadership training. Through the KRONOS system, we ensure real-time workforce tracking, structured career progression, and enhanced operational efficiency.
Employee well-being is integral to our culture. Our initiatives cover health and safety programmes, diversity and inclusion efforts, and leadership development. Adani Energy Solutions continues to strengthen its position as an employer of choice, fostering an innovative work environment where people grow with the organisation.
To address the exponential demand for transmission infrastructure and the shortage of skilled manpower, we are implementing programmes aimed at equipping personnel with critical skills such as foundation work, erection, and stringing. Our goal is to mentor over 10,000 individuals in the short term while continually updating the curriculum to meet current skill requirements. Through these efforts, we contribute to national skill development and improve the lives of thousands, fulfilling our responsibilities as a corporate citizen.
Our commitment extends beyond our workforce to the communities we serve and the environment we strive to protect. By investing in the latest technologies and fostering a culture of innovation, we aim to address the challenges of climate change and energy security. This holistic approach not only enhances operational efficiency but also contributes significantly to sustainable development. As we look ahead, our focus remains on integrating digital solutions, optimising resource use, and pioneering advancements in energy transmission.
Adani Energy Solutions is driving India’s shift to renewables by integrating green electrons at scale. Of the seven transmission projects won this year, six are dedicated to renewable energy, thereby reinforcing our commitment to clean power.
Innovation is at the core of our sustainability efforts, we are providing tailored clean energy solutions to commercial & industrial customers with 100% power management responsibility. Our breakthrough solutions which maximise the green energy mix and reduce carbon footprint, along with cost effectiveness to C&I customers enabling them to be more cost-effective to fight global competitiveness.
Our Cooling as a Service (CaaS) model is a state-of-the-art proven concept to reduce cooling-related energy consumption by 30% compared to conventional methods.
Meanwhile, our distribution business has increased the share of renewables to 35.2% and remains on track to reach 60% by FY 2026-27.
Adani Energy Solutions’ ESG leadership is reflected in its global ratings. We are independently assessed by:
These rankings are testimonials to our progress towards meeting ESG goals. Our commitment to net water positivity, single-use plastic elimination, and zero-waste-to-landfill operations goes beyond regulatory requirements, defining what responsible energy leadership is all about!
In days ahead, we would continue to consolidate on all fronts, thereby strengthening Adani Energy Solutions, as a partner of choice & emerging stronger in delivering long-term, sustainable stakeholder value.
As we move forward, our focus remains on execution, operational excellence, and financial discipline to sustain our growth momentum. We continue to align with industry shifts, invest in technology, enhance efficiencies, and expand our energy solutions portfolio to meet the evolving needs of businesses and communities.
With a disciplined approach and a commitment to innovation, we are strengthening our foundation for long-term value creation. Your trust and support remain integral to our journey as we deliver on our commitments and contribute to a more efficient, competitive, and resilient energy future.
