Adani Energy Secures ₹2,800 Crore Transmission Project in Gujarat

Adani Energy Solutions, a subsidiary of Adani Group, announced on Friday that it has secured a power transmission project in Gujarat under the tariff-based competitive bidding (TBCB) mechanism.

The bid process was coordinated by PFC Consulting, and the project’s special purpose vehicle (SPV) was officially transferred to AESL on March 20, 2025. This marks AESL’s sixth order win of the fiscal year, raising its total order book to ₹57,561 crore.

Project Details and Scope

The ₹2,800 crore project will play a crucial role in supplying green electrons for the production of green hydrogen and green ammonia in Mundra, Gujarat. The project is scheduled for completion within 36 months.

As part of the project, AESL will upgrade the Navinal (Mundra) electrical substation by installing two large 765/400kV transformers. Additionally, a 75 km long 765kV double-circuit transmission line will be constructed to connect the Navinal substation with the Bhuj substation.

Expected Growth and Financial Outlook

AESL’s transmission earnings before interest, taxes, depreciation, and amortisation (EBITDA) is projected to double to ₹7,600 crore by FY27, driven by India’s aggressive renewable energy (RE) targets, according to a recent report by Elara Capital.

In the distribution sector, the energy demand at Mundra SEZ is expected to increase significantly from 50MW to 5GW, expanding the regulated asset base (RAB) to ₹1,500-2,000 crore. Furthermore, AESL’s Mumbai operations will receive an annual capital expenditure of ₹1,200-1,500 crore, which is set to boost regulated equity to ₹6,000 crore by FY27.

L&T Electrolyser’s Contribution to Green Hydrogen Initiative

In a related development, L&T Electrolyser recently dispatched an indigenously manufactured High-Pressure Alkaline Electrolyser for installation at the upcoming 1 MW green hydrogen plant at Deendayal Port, Kandla. This initiative aligns with India’s broader renewable energy ambitions and supports AESL’s green energy transition plans.

AESL’s latest project win underscores its expanding role in India’s power transmission and renewable energy sectors, reinforcing its commitment to supporting the nation’s clean energy goals.

Stock Performance 

On March 24, 2025, Adani Energy Solutions share price traded 0.46% higher at ₹835.30 at 9:58 AM (IST). Adani Energy Solutions’ share price reached a 52-week high of ₹1,347.90, and a 52-week low of ₹588.25. As per BSE, the total traded volume for the stock stood at 0.25 lakh shares with a turnover of ₹2.08 crores.

At the current price, Adani Energy Solutions’ shares are trading at a price-to-earnings (P/E) ratio of 202.74x, based on its trailing 12-month earnings per share (EPS) of ₹4.12, and a price-to-book (P/B) ratio of 5.18, according to exchange data.

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