Adani Energy Solutions bags Rs 18,000 crore project in Q3 FY26, expands transmission network

The order, named the KPS III (Khavda South Olpad) HVDC project, will enable the evacuation of 2,500 MW of renewable energy from the Khavda Renewable Energy Park in Gujarat’s Kutch district to Olpad near Surat, said the company. The project is seen as a key addition to India’s renewable energy transmission infrastructure.

During the quarter, AESL also fully commissioned the North Karanpura Transmission Line project, which has a network length of around 300 circuit kilometres.

With this commissioning, the company’s total transmission network expanded to 27,901 circuit kilometres, while its transformation capacity rose to 1,18,175 MVA.

The transmission order book has now grown to Rs 77,787 crore, according to its stock exchange filing.

In the distribution business, AESL reported improvement in operational efficiency. Distribution losses declined to 4.22 per cent in year-to-date (YTD) FY26 from 4.91 per cent in the same period last financial year.

Supply reliability remained extremely high, with the Average Supply Availability Index standing at 99.998 per cent.

System reliability parameters such as SAIDI, SAIFI and CAIDI also showed improvement during the period.

Total electricity units sold in the Mumbai distribution circle stood at 2,487 million units during the quarter, slightly lower than 2,574 million units recorded in the same quarter last year.

However, collection efficiency remained strong at 101.75 per cent, according to its stock exchange.

Mumbai Utilities Limited’s unit sales saw sharp growth, rising 57 per cent year-on-year (YoY) to 371 million units compared with 236 million units last year.

AESL also made strong progress in its smart metering business. During Q3 FY26, the company installed 18.88 lakh new smart meters, taking the total installed base to 92.5 lakh meters.

Based on the current pace, AESL expects to surpass its guidance of installing one crore cumulative smart meters by the end of FY26.

The smart metering order book stands at 2.46 crore meters, with a revenue potential of Rs 29,519 crore, while the untapped national market opportunity is estimated at 103 million smart meters.

AESL recently reported robust growth of 16 per cent (year-on-year) in total income at Rs 13,793 crore in the first half this fiscal (H1 FY26) and 6 per cent (on-year) to Rs 6,767 crore in Q2 FY26, backed by stable operating performance and SCA income due to higher capex.