Power Surge Ahead: AESL Plans Record Rs 18,000 Crore Capex to Boost Transmission & Smart Metering

Adani Energy Solutions Limited (AESL) announced a robust capex plan targeting Rs 17,000-18,000 crore for FY26, reaffirming its commitment to expanding India’s power transmission and distribution capabilities. AESL CEO Kandarp Patel disclosed during an earnings call that of this amount, about Rs 6,000 crore has already been allocated across transmission, distribution, and smart metering segments.

Transmission projects will command the largest share, with around Rs 11,400 crore earmarked, including seven new schemes and major initiatives like the Mumbai High Voltage Direct Current (HVDC) project. Distribution efforts will see investments close to Rs 1,600 crore, especially in Mumbai and Mundra markets. Smart metering remains a key growth area, with Rs 4,000 crore directed towards deploying over 70-80 lakh smart meters in FY26, aiming for a total of one crore meters by March 2026.

The company expects to capitalise about Rs 10,000 crore in the second half of FY26, commissioning key infrastructure projects that could add Rs 1,700-1,800 crore to annual revenue. Analysts note these investments will enhance AESL’s annual EBITDA run-rate by approximately Rs 2,800 crore over time.

Key Highlights:

Total planned capex of Rs 17,000-18,000 crore in FY26 across segments.

Rs 11,400 crore dedicated to power transmission projects, including Mumbai HVDC.

Rs 1,600 crore for distribution infrastructure in Mumbai, Mundra, and upcoming bids in UP.

Rs 4,000 crore allocated to smart metering, targeting 1 crore meter installations by March 2026.

Rs 6,000 crore already spent in current fiscal year.

Expected Rs 2,800 crore EBITDA contribution on an annual run-rate basis.

3+ projects targeted for commissioning in H2 FY26, boosting revenue prospects.

Sources: Economic Times, Business Standard, PTI News.