Any current/future new fundraising through debt or equity?

AESL raised equity of Rs 8,300 crore through a QIP recently, which has fully funded current projects under construction. No immediate equity fundraising planned post QIP as current projects and associated debt funding are fully tied up. Future project funding will continue with a 70:30 debt-to-equity mix. Debt financing options remain open and include bank financing, dollar bonds, and domestic bonds, to be evaluated as needed. Regarding an existing bond maturing in August 2026, AESL plans to approach the market for refinancing at the appropriate time. No specific timeline for new fundraises me

Any current/future capex/capital investment/strategic investment?

Current capex deployment is strong, with Rs 3,000 crore deployed in the recent quarter, 2.5 times higher than the previous year. Total capex in the first half of the year is Rs 4,400 crore, 1.7 times last year's first half. Expected capex next year is about Rs 10,000 crore, split among transmission, distribution, and smart metering segments. Transmission projects under construction amount to ~Rs 31,000 crore, with an additional Rs 15,000 crore expected to be added soon, totaling ~Rs 45,000 crore. Smart meter installations are ramping up, with plans to install 30-35 lakh meters in the next six

Future growth expectations in sales/revenue/volumes?

Smart Metering: Expect to add 30-35 lakh meters in the next six months, reaching 40-45 lakh meters by FY25-end; target to deploy about 70 lakh meters from awarded contracts in FY26, plus an additional 30 lakh from new contracts. Transmission: Current projects under construction worth ~Rs 31,000 crore with EBITDA of ~Rs 4,200 crore expected to commission over next 2 years; additional Rs 15,000 crore projects planned, potentially adding Rs 1,600-1,700 crore EBITDA. Transmission Bidding: Rs 85,000 crore transmission bid pipeline over next 6 months; another Rs 1 lakh crore expected over next 1

Future growth expectations in earnings/operating earnings/profits/EPS?

AESL projects EBITDA growth to exceed 15%, supported by strong ongoing and planned capex. Capex deployment accelerated: Rs 4,400 crore in H1 FY25, 1.7x of last year, locking in future profitability. Transmission projects under construction (~Rs 31,000 crore) expected to contribute ~Rs 4,200 crore EBITDA within two years, with additional Rs 15,000 crore projects expected, adding ~Rs 1,600-1,700 crore EBITDA. Distribution business capex of Rs 1,700-1,800 crore annually leading to Rs 500 crore regulated equity addition yearly, supporting earnings growth. Smart meter installations ramping

Current/ Expected Orderbook/ Pending Orders?

Next six months transmission bidding pipeline: ~Rs 85,000 crore capex of transmission projects. Includes two HVDC projects (one Rajasthan and one Khavda) expected in the second half. Next 12-18 months: Additional ~Rs 1 lakh crore of transmission capex to come under bidding. Company expects to maintain or increase market share, targeting Rs 15,000 crore to Rs 20,000 crore worth of new projects in the next six months. Current regulated equity in transmission is about Rs 3,400 crore; Mumbai HVDC project (~Rs 2,000 crore regulated equity) to be added on commissioning. Annual capex in dis

Adani Energy Solutions LtdQ2 FY25Power

Adani Energy Solutions Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,365.9P/E: 57.2Market Cap: ₹1.7L CrSector: Power

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Smart Metering: Expect to add 30-35 lakh meters in the next six months, reaching 40-45 lakh meters by FY25-end; target to deploy about 70 lakh meters from awarded contracts in FY26, plus an additional 30 lakh from new contracts.
Transmission: Current projects under construction worth ~Rs 31,000 crore with EBITDA of ~Rs 4,200 crore expected to commission over next 2 years; additional Rs 15,000 crore projects planned, potentially adding Rs 1,600-1,700 crore EBITDA.
Transmission Bidding: Rs 85,000 crore transmission bid pipeline over next 6 months; another Rs 1 lakh crore expected over next 1-1.5 years.
C&I Business: Targeting 700-1,000 crore units in a couple of years with ~Rs 150 crore EBITDA; discussions underway with large customers like data centers.
Overall EBITDA Growth: Expected to exceed 15%, potentially over 20% considering ongoing project execution and capex-driven growth.

Margin guidance

Category 3

AESL projects EBITDA growth to exceed 15%, supported by strong ongoing and planned capex.
Capex deployment accelerated: Rs 4,400 crore in H1 FY25, 1.7x of last year, locking in future profitability.
Transmission projects under construction (~Rs 31,000 crore) expected to contribute ~Rs 4,200 crore EBITDA within two years, with additional Rs 15,000 crore projects expected, adding ~Rs 1,600-1,700 crore EBITDA.
Distribution business capex of Rs 1,700-1,800 crore annually leading to Rs 500 crore regulated equity addition yearly, supporting earnings growth.
Smart meter installations ramping up to ~40-42 lakh meters this year, enhancing future revenue streams.
C&I Power Solutions business expected to contribute Rs 150 crore annualized EBITDA soon, with discussions ongoing with major clients.
Overall, strong capex-led growth trajectory with increasing operational efficiency and expanding asset base to drive earnings and EPS growth.

See what Adani Energy Solutions Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

AESL raised equity of Rs 8,300 crore through a QIP recently, which has fully funded current projects under construction.
No immediate equity fundraising planned post QIP as current projects and associated debt funding are fully tied up.
Future project funding will continue with a 70:30 debt-to-equity mix.
Debt financing options remain open and include bank financing, dollar bonds, and domestic bonds, to be evaluated as needed.
Regarding an existing bond maturing in August 2026, AESL plans to approach the market for refinancing at the appropriate time.
No specific timeline for new fundraises mentioned; funding strategy based on prudent investment decisions and project needs.

Order book

Yes

Next six months transmission bidding pipeline: ~Rs 85,000 crore capex of transmission projects.
Includes two HVDC projects (one Rajasthan and one Khavda) expected in the second half.
Next 12-18 months: Additional ~Rs 1 lakh crore of transmission capex to come under bidding.
Company expects to maintain or increase market share, targeting Rs 15,000 crore to Rs 20,000 crore worth of new projects in the next six months.
Current regulated equity in transmission is about Rs 3,400 crore; Mumbai HVDC project (~Rs 2,000 crore regulated equity) to be added on commissioning.
Annual capex in distribution (AEML) is around Rs 1,700 to Rs 1,800 crore, adding about Rs 500 crore regulated equity annually.
Smart metering projects ongoing, with 30-35 lakh meters targeted for deployment in the next six months.
Smart meter installation expected to reach 40-42 lakh meters by FY25 end, with continued bidding opportunities ahead.

See what Adani Energy Solutions Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Current capex deployment is strong, with Rs 3,000 crore deployed in the recent quarter, 2.5 times higher than the previous year.
Total capex in the first half of the year is Rs 4,400 crore, 1.7 times last year's first half.
Expected capex next year is about Rs 10,000 crore, split among transmission, distribution, and smart metering segments.
Transmission projects under construction amount to ~Rs 31,000 crore, with an additional Rs 15,000 crore expected to be added soon, totaling ~Rs 45,000 crore.
Smart meter installations are ramping up, with plans to install 30-35 lakh meters in the next six months and reach 40-42 lakh by FY25-end.
Annual capex for AEML is around Rs 1,700-1,800 crore for distribution and transmission investments.
Project debt funding is maintained at about 70% debt and 30% equity ratio.
C&I power solutions vertical is incubated as a new business line with expected contributions soon.

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