Business Model

Accelerating Energy Intelligence

Inputs

Financial Capital

  • ₹ 26,526 crore net worth
  • ₹ 75,401 crore asset base
  • ₹ 8,208 crore in cash and cash equivalents

Manufactured Capital

  • 27,949 ckm of Transmission Lines
  • 82 Substations
  • 1,23,175 MVA power Transformation capacity
  • 12,075 kms of OPGW fiber network
  • 11.4 million smart meters installed

Intellectual Capital

  • ~₹ 3 crore in Grid, ~₹ 17 crore Retail electricity
  • Approx 36% towards Transmission projects under Khavda RE
  • ₹ 1.31 crore investments in capacity building for corporate learning

Human Capital

  • 3,635 permanent employees
  • 18 contractual workforce
  • 8.1 % female representation
  • 76.8% workforce consists of engineers and professionals
  • 7,85,964 hours of learning and development

Social and Relationship Capital

  • 926 suppliers
  • 99 % of local sourcing
  • ₹ 50.20 crore spent on CSR
  • 13 million electricity consumers

Natural Capital

  • 1,60,000 trees planted
  • 3.3 MW of captive solar capacity
  • ₹ 0.43 crore invested in eco-friendly technologies
  • 67,731 KL fresh water withdrawal
  • 700 MW wind solar hybrid power purchased
Availability, accessibility and affordability of capital inputs
  • Robust capital management with access to long tenor low-cost capital
  • Asset base of ₹ 75,401 crore anchored in long-life regulated and contracted assets
  • Strong liquidity with ₹ 8,208 crore in cash and cash equivalents
  • Balance sheet strength enabling sustained growth across core and emerging businesses
  • Under-construction transmission order book of ~₹ 71,779 crore, with multiple projects slated for commissioning during the year providing headroom for growth
  • Smart meter rollout reached 1 crore cumulative installations, supporting capitalisation of ₹ 17,000 - ₹ 18,000 crore and steady EBITDA contribution
  • Capital efficiency is driven by the BOOT/BOOM model, which provides 35-year concession lives and availability-based tariffs that ensure predictable revenue with no throughput risk
  • Smooth capex roll out through green field financing
  • Execution-first approach underpins the growth philosophy
  • Gen AI based Customer Contact Centre for prompt customer call response 24*7
  • Transmission Line Progress Tracking Mobile App provide near real time visibility of transmission line construction projects, enabling users to ensure quality and timely execution
  • Integrated vendor ecosystem built over three decades enables rapid, de-risked project delivery through performance-based contracts and local sourcing
  • Integrated ESG criteria’s in Vendor onboarding and YOY due-diligence
  • Trees Planted: significantly enhancing green cover and supporting biodiversity.
  • Captive Solar Capacity: demonstrating commitment to renewable energy sources.
  • Investment in Eco-friendly Technologies: reflecting the drive for sustainable operations.
  • Fresh Water Withdrawal: highlighting the scale of resource utilisation and the need for responsible water management.
  • Wind-Solar Hybrid Power Purchased: further strengthening the renewable energy portfolio and reducing reliance on conventional sources.
  • Supporting sustainable growth and environmental stewardship in the organisation’s operations.
Our Business and Operating Model

Culture

Culture

Vision

To be a world class leader in businesses that enrich lives, create sustainable value and contribute to nation-building

Business Activities and Operating Model

Power Transmission and Distribution

Transmission

Operating and maintaining power transmission assets with high availability

29 TBCB*

Transmission assets

6 RAB#

Assets

Distribution

Operating and maintaining distribution network with minimal losses and best of reliability

485 sq km

Licensed distribution area in Mumbai and Mundra SEZ

402 MUs

Green unit supplied in AEML

End Users

Reliable electricity to retail customers

3.27

Customer Base in AEML

Products and Services

Products and Services

*TBCB: Tariff Based Competitive Bidding; #RAB: Regulatory Asset Base

Key Strategic Priorities

  • Safety Culture
  • ESG Integration
  • Efficient Capital Allocation and Execution Strategy
  • Portfolio of Efficient Operating Assets
  • Robust Financial Profile
  • Business Excellence
  • Digitalisation and Innovation
  • Capacity and Capability Building
Key Strategic Priorities

Enablers

Development and construction expertise
Operational and execution excellence
Cutting-edge technologies
Skilled workforce
Collaborative partnerships
Innovation
Capital management and allocation
Sustainable practices
The Outcomes Generated

Financial Capital

  • 13 transmission projects with capex of ₹ 71,779 crore & 10 Smart metering projects with total contract value of ₹ 29,519 crore
  • ₹ 18,296 crore operating revenue
  • ₹ 8,726 crore EBITDA
  • ₹ 2,393 crore Adjusted PAT
  • 4.5 x Net Debt to EBITDA ratio
  • ₹ 136 crore incentive earned in transmission

Manufactured Capital

  • 5% y-o-y increase in transmission network in ckm & 37%* y-o-y increase in transformation capacity MVA
  • 29% Market share in TBCB bids
  • 19% Market share in Smart meter bids
  • 99.7% transmission system availability
  • 99.99% / 99.97% supply reliability (ASAI) in distribution in AEML / MUL
  • Improvement in distribution losses to 4.21% vs 4.77% in FY 2024-25 in AEML & to 1.90% vs 2.32% in FY 2023-24 in MUL

*The MVA number has been revised to include DC transformation capacity of three HVDC lines - Adani Electricity Mumbai Infra Limited (AEMIL – HVDC), Bhadla-Fatehpur HVDC Project (HVDC Rajasthan Phase-II) and KPS III HVDC Transmission Limited

Intellectual Capital

  • 85.50% of total collection through digital payments in AEML
  • 30,586 Hours of Training to employees related to new Technologies

Human Capital

  • Employee productivity at ₹ 3.46 crore EBITDA/employee
  • Employee turnover rate at 15.2%* (Industry average at 11.1%*)
  • 2 fatality (Contractor worker)
  • Great place to work certified

*Source: CARE

Social and Relationship Capital

  • 99% raw material / service procured from local vendors
  • 100% New suppliers screened with ESG criteria
  • 100% of consumer complaints resolved in AEML & MUL

Natural Capital

  • 65.92%* of clean energy mix achieved
  • Zero waste to landfill across all operational sites
  • 93.5% reduction (w.r.t. FY 2019-20) in GHG emission Intensity (tCO2e/million ₹ Revenue)
  • 51% y-o-y Increase in Non-Hazardous waste generation
  • 10.5% YoY Reduction in Hazardous waste generation
  • 112 Ha of forest area avoided with route diversion & optimisation
  • Compensatory afforestation over 690 hectare

*This includes 3,224.23 MUs procured (equivalent to 28.38%) for past period RPO compliance as per MERC.

Actions to Enhance Outcomes
  • Improved balance-sheet resilience supports long-term value creation
  • Credit discipline underpins timely execution of large projects
  • Significant investment in distribution capex leads to network resilience
  • Utilising modular assembly for prefabricated steel valve halls to boost the speed and quality of construction
  • Actively exploring the parallel licensing, smart metering and renewable opportunities to be the one stop energy solution provider to the customers
  • Deployed AI-based PPE compliance system at project sites to enhance safety monitoring
  • Training internal workforce and collaborate them with EPC partners to reduces dependency on expensive external skilled labour markets
  • The workforce composition model will get changed due to Business transformation. Accordingly, the capability building of on roll & partners will be planned.
  • CSR initiatives are mapped to UNSDGs, focusing on community health, education, and women’s empowerment to maintain a social license to operate
  • Signed long-term hybrid wind-solar PPAs and is developing HVDC transmission links to supply continuous renewable power to urban centers