Thanks to the mega HVDC project win in Q3FY26, the overall transmission portfolio of Adani Energy Solutions Ltd (AESL) was nudging 28,000 ckm, as of December 31, 2025.
In a provisional performance update filed on stock exchanges, AESL said that its overall power transmission portfolio (operational and under-construction) was 27,901 ckm as of December 31, 2025. Transformation capacity associated with AESL’s overall portfolio was 11,8175 MVA. The geographical footprint to this portfolio spanned 14 states.
When compared to corresponding levels as of December 31, 2024, the growth in AESL’s overall transmission portfolio has been significant – 8.2 per cent in terms of lines and a whopping 40.4 per cent in terms of transformation/transfer capacity.
During Q3FY26, AESL’s transmission portfolio was enhanced by the mega KPS III HVDC scheme that envisages 1,200 ckm of transmission lines and 5,400 MVA of transfer capacity. As discussed in this tndindia.com story dated December 16, 2025, AESL is set to earn transmission tariff of over Rs.2,300 crore per year once this project starts commercial operations.
In the same quarter, AESL fully commissioned its ISTS-TBCB scheme housed under “North Karanpura Transco Ltd,” albeit with time overrun, adding around 300 ckm to its operational transmission portfolio. This scheme was among as many as seven ISTS-TBCB collectively commissioned by AESL and other developers during the single month of December 2025.
As can be seen in the following table, AESL’s operational portfolio, as of December 31, 2025, comprised 19,942 ckm of transmission lines and 46,761 MVA of substation capacity, coming largely from TBCB projects.
The under-construction portfolio, as of given date, comprised 7,959 ckm of lines and 71,414 MVA of transformation capacity that included 29,439 MW of transfer capacity coming from three HVDC schemes. (See table)
The total investment envisaged in AESL’s under-construction portfolio is estimated at Rs.77,787 crore and these 28 projects are set to generate total annual revenues of Rs.10,725 crore, upon their commissioning. This annual revenue represents fixed tariff (annual transmission charges) for TBCB projects and estimated annual income from RTM schemes.
Smart metering
On the smart metering front, AESL installed 18.88 lakh new meters during Q3FY26, taking the cumulative installations to 92.5 lakh smart meters, as of December 31, 2025.
In its previous guidance, AESL had targeted to cumulatively install 1 crore (100 lakh) smart meters by March 31, 2026. Going by the current pace of installation, this mark is likely to be breached much earlier.
AESL’s overall smart metering portfolio, as of December 31, 2025, remained at 2.46 crore meters with no additions in Q3FY26. The total revenue potential of the smart metering portfolio is estimated at Rs.29,519 crore. All the smart metering projects (see table) are being implemented under the DBFOOT model, under a 120-month contract period. These projects together cover five states, dominated by Maharashtra where 16.2 million smart meters have been envisaged.
AESL has estimated the untapped smart metering opportunity at around 103 million (10.3 crore) smart meters.
Featured photograph showing a 765kV transmission line of AESL in Bikaner, Rajasthan, is for representation only. (Photo: AESL)