The operational transmission line portfolio of Adani Energy Solutions Ltd (AESL) crossed the 20,000-ckm mark, as of March 31, 2026.
This took AESL’s total power transmission portfolio to 27, 949 ckm as of March 31, 2026, up nearly 5 per cent from 26,696 ckm as of March 31, 2025.
During the fourth quarter (Q4: January to March) of FY26, AESL commissioned an important HVDC project in Mumbai comprising 80 ckm of line and 2,139 MW of transfer capacity. Housed under Adani Electricity Mumbai Infra Ltd (AEMIL), this project, awarded under the regulated tariff mechanism (RTM) route, is expected to strengthen Mumbai city’s transmission capacity by 1,000 MW.
Speaking of transformation capacity, AESL’s portfolio touched 123,175 MVA, as of March 31, 2026. This included 49,400 MVA operational and 73,775 MVA under construction, largely through TBCB projects.
Performance of TBCB schemes
As discussed in tndindia.com’s exclusive report dated April 9, 2026, AESL had the highest tariff-based share with respect to ISTS-TBCB schemes formally transferred to winning developers in FY26. The company acquired three such schemes – WRNES Talegaon Power Transmission Ltd, KPS III HVDC Transmission Ltd and South Kalamb Power Transmission Ltd —involving total tariff of Rs.2,733 crore per year.
During FY26, as per estimates made by tndindia.com, AESL’s operational portfolio was enhanced by 708 ckm of lines and 8,160 MVA through the full commissioning of TBCB projects alone. This included three interstate-TBCB schemes – North Karanpura, Khavda II-A and KPS1 – and one intrastate-TBCB scheme in Rajasthan, Sangod Power Transmission.
ISTS-TBCB schemes are playing an important role in the company’s power transmission portfolio. AESL’s under-construction power transmission portfolio, as of March 31, 2026, was 7,925 ckm of lines and 73,775 MVA of transformation capacity. With respect to lines, over 90 per cent came from ISTS-TBCB projects. Their share with respect to substation capacity was around 84 per cent.
It may be mentioned that AESL currently has only one intrastate-TBCB scheme under construction. Housed under “Mahan Transmission Ltd,” this Madhya Pradesh-centric scheme involves 740 ckm of lines and 2,800 MVA of transformation capacity.
Growth in portfolio
Over the past four years, AESL’s overall power transmission portfolio has risen appreciably from 19,779 ckm of lines and 46 GVA of transformation capacity, as of March 31, 2023, to nearly 28,000 ckm and 123 GVA, by March 31, 2026. The biggest growth in AESL’s portfolio came in FY25 with the addition of nearly 7,000 ckm of lines and 33 GVA of transformation capacity.
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