Adani Energy Solutions Ltd (AESL) has reported an order book of Rs 54,700 crore as of December 2024, reflecting significant growth since the fiscal year began in April 2024. This figure represents more than a threefold increase in work orders during the period, according to a press release issued by the company.

In the October-December quarter, AESL won two major electricity transmission projects in Rajasthan, valued at Rs 28,455 crore. These include the Bhadla-Fatehpur High Voltage Direct Current (HVDC) project, which at Rs 25,000 crore marks the company’s largest contract to date.

During the same quarter, AESL added over 1,000 circuit kilometers (cKM) to its network, bringing the total to 26,485 cKM. Its transformation capacity also increased to 84,286 megavolt-amperes (MVA), up from 54,661 MVA at the close of December 2023.

The company has set a target to commission Rs 27,300 crore worth of projects by October 2026. Analysts from Jefferies project AESL will achieve a 16% compound annual growth rate (CAGR) in revenue and a 62% CAGR in profit between FY24 and FY27.

In electricity distribution, AESL serves over three million customers in Mumbai and Mundra SEZ. Electricity sales in Mumbai increased by 3% year-on-year to 2.57 billion units, while Mundra recorded a 30% rise, reaching 236 million units. The company has applied for distribution licenses in Navi Mumbai, Kutch, and the Ghaziabad-Jewar-Bulandshahr regions.

AESL also reported developments in the smart metering segment, including its position as the lowest bidder in a Tamil Nadu tender for 8.2 million meters. The company plans to install 4.5 million smart meters by FY25 and 10 million by FY26, supported by existing contracts.

Efforts to optimize capital and debt management were highlighted, with the company focusing on long-tenure bonds and aligning debt terms with asset lifespans to mitigate interest rate risks.

Jefferies noted potential challenges, including interest rate volatility and market share retention, but stated that AESL’s large order book and strategic initiatives support its growth outlook.