Adani Energy Solutions Q1 FY26: Transmission Network at 26,696 ckm, 55.5 Lakh Smart Meters Installed
Adani Energy Solutions Limited (AESL) has reported robust provisional operational updates for the first quarter of fiscal year 2026 (Q1 FY26), showcasing significant expansion in its transmission network and accelerated smart meter installations. The company's transmission network length reached 26,696 circuit kilometers (ckm), while it successfully installed 55.5 lakh smart meters by the end of Q1 FY26, demonstrating strong progress across its energy infrastructure segments.
Q1 FY26 Provisional Operational HighlightsMetricQ1 FY26Q1 FY25
YoY Change
Transmission Network Length (ckm)26,69621,187
+26.0%Power Transformation Capacity (MVA)93,23657,186
+63.0%Average System Availability (%)99.83%99.71%
+0.12 ppAEML Distribution Loss (%)4.24%*5.18%
-0.94 ppAEML Total Units Sold (MUs)2,9392,962
-0.8%MUL Total Units Sold (MUs)271226
+20.0%Smart Meters Installed (Lakhs)55.5N/A
N/A
*Q1 FY26 distribution loss is based on provisional numbers and is subject to change.Executive SummaryAdani Energy Solutions continued its growth trajectory in Q1 FY26, marked by the full commissioning of three key transmission projects: Khavda Phase II Part-A, Khavda Pooling Station - 1 (KPS - 1), and Sangod transmission line, adding 79 ckm to its network. The company also secured a new transmission project, the WRNES Talegaon line, valued at ₹1,663 crore with a tariff of ₹221 crore. The under-construction order book now stands at ₹59,304 crore, reflecting strong bidding capabilities and market potential.Transmission Business PerformanceThe transmission utility demonstrated robust performance, with its network length expanding significantly to 26,696 ckm in Q1 FY26, a 26.0% increase from 21,187 ckm in Q1 FY25. Of this, 19,633 ckm is operational, and 7,063 ckm is under construction. The power transformation capacity also saw a substantial rise of 63.0% year-on-year, reaching 93,236 MVA from 57,186 MVA. The average system availability remained high at 99.83% in Q1 FY26, slightly up from 99.71% in Q1 FY25, indicating consistent operational efficiency.Distribution Business Performance**AEML - Mumbai:** Adani Electricity Mumbai Limited (AEML) continued to improve its operational metrics. The distribution loss consistently improved to 4.24%* in Q1 FY26, down from 5.18% in Q1 FY25, remaining well above regulatory norms. Supply reliability (ASAI) remained robust at 99.997%. System reliability was further enhanced with improvements in SAIDI, SAIFI, and CAIDI metrics. Total units sold marginally decreased by 0.8% to 2,939 million units (MUs) in Q1 FY26, compared to 2,962 MUs in Q1 FY25, primarily due to a slight decline in demand driven by early monsoon. Collection efficiency grew year-on-year to 98.29% in Q1 FY26 from 96.89% in Q1 FY25, attributed to better realization, though it remained below 100% due to seasonality. The consumer base in Mumbai increased to 3.24 million in Q1 FY26 from 3.20 million in Q1 FY25, driven by new customer additions. Consumer complaints also declined, reflecting improved network strengthening and higher system redundancy.**MUL - Mundra:** MPSEZ Utilities Limited (MUL) witnessed strong growth in units sold, increasing by 20.0% year-on-year to 271 MUs in Q1 FY26, up from 226 MUs in Q1 FY25, driven by robust industrial demand.Smart Metering BusinessAESL made significant strides in its smart metering initiative, installing 55.5 lakh smart meters by the end of Q1 FY26. The company maintained a daily run rate of 25,000-27,000 meter installations, as guided in Q4 FY25. AESL aims to install 70 lakh new meters this fiscal year, targeting a cumulative total of at least 1 crore meters by the end of FY26. The untapped market opportunity for smart meters remains substantial, with approximately 95 million smart meters in upcoming bids.Other Business Updates & ESGDuring FY26, projects due for commissioning include North Karanpura Transco Ltd, WRSR (Narendra - Pune line), Mumbai HVDC, and Khavda Phase-III Part-A (Halvad). AESL's commitment to sustainability was reaffirmed as FTSE included it as a constituent of the FTSE4Good index series in June 2025, with an ESG score of 4.4, significantly above the industry average of 2.9. The company achieved high scores in Governance (5/5), Social (4.3/5), and Environment (4/5), placing it among the top 6 global utilities. Its CDP Supply Chain 2024 score improved to 'A' (Leadership band) from 'B' (Management band). AEML hosted "Pravartak," the Industry Conclave 2025, fostering discussions on innovations in green buildings, EV infrastructure, and centralized cooling systems. AESL also received the 'Best Security Team of the Year' award at the 10th CISO Conclave & Awards 2025, recognizing its robust IT and OT cybersecurity measures.