Adani Energy Solutions raises transmission capex sharply
Adani Energy Solutions spent ₹5,542 crore on transmission capex in H1 FY27, up 66% year on year, while its project pipeline exceeded ₹1,00,000 crore across the next four to five years. Transmission remained the main growth driver.
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Adani Energy Solutions incurred ₹5,542 crore of capital expenditure in its power transmission business during H1 FY27, a 66% increase from ₹3,343 crore in H1 FY26. Total capex across transmission, distribution and smart metering reached ₹4,353 crore in Q2 FY27, up 16% year on year. Transmission accounted for nearly 77% of the quarterly deployment, highlighting the segment’s central role in the company’s expansion ⚡
The transmission portfolio, including operational and under-construction projects, rose to 29,802 circuit kilometres as of 30 September 2026 from 26,705 circuit kilometres a year earlier. Aggregate transformation capacity increased to 143,425 MVA from 97,236 MVA over the same period. The larger asset base supports the company’s execution of new transmission infrastructure, including high-voltage direct current projects.
₹55,000 cr transmission pipeline
- The Bhadla-Fatehpur HVDC project represents ₹25,000 crore of the stated transmission pipeline.
- The company said it had locked in a capex pipeline of more than ₹1,00,000 crore over the next four to five years.
- The planned investment could expand the existing asset base of about ₹83,000 crore by 1.3 to 1.4 times.
- H1 FY27 total income rose 46% to ₹20,092 crore, while EBITDA increased 62% to ₹6,726 crore and profit after tax rose 137% to ₹2,600 crore.
For the power-transmission sector, the figures point to sustained demand for grid infrastructure and long-duration capital deployment. For the company, the immediate market focus remains on converting the project pipeline into commissioned assets and revenue-generating capacity. The reported earnings growth provides operating context, but execution timing, funding costs and asset capitalization will determine how quickly the investment translates into cash flows.
Investors will watch commissioning milestones for the HVDC infrastructure, the pace of H2 FY27 capex and further disclosures on the smart-metering and distribution businesses. The next quarterly update should clarify whether the higher project activity is continuing and how much of the announced pipeline has moved toward capitalization.
Source: T&D India, 23 Oct 2026
Not investment advice. For informational purposes only.