Maharashtra accounts for over half of Adani Energy Solution’s ₹29500-cr smart metering projects under execution

The largest project under execution is MSEDCL’s NSC-05 cluster covering the Bhandup, Kalyan and Konkan zones.  | Photo Credit: Dado Ruvic

Adani Energy Solutions Ltd (AESL) is executing smart metering projects with a revenue potential of Rs 29,519 crore across 10 contracts, with more than half of the pipeline concentrated in Maharashtra, where two projects account for nearly 54 percent of the company’s under-construction portfolio.

As of June 2026, AESL had 24.6 million smart meters under construction. The two largest projects—both for Maharashtra State Electricity Distribution Company Ltd (MSEDCL)—cover 13.3 million meters with a combined revenue potential of ₹15,961 crore, representing about 54 percent of the company’s total smart metering pipeline by both meter count and revenue potential.

largest project

The largest project under execution is MSEDCL’s NSC-05 cluster covering the Bhandup, Kalyan and Konkan zones. The contract involves deployment of 8.1 million smart meters and has a revenue potential of ₹9,667 crore over a 120-month period. 

AESL is also executing another MSEDCL project covering the Baramati and Pune zones, involving 5.2 million smart meters with a revenue potential of ₹6,294 crore. Outside Maharashtra, the company is implementing three projects across Andhra Pradesh covering 4.1 million smart meters with a combined revenue potential of ₹5,168 crore. It is also executing a 2.8 million-meter project for North Bihar Power Distribution Company Ltd valued at ₹3,102 crore, besides projects in Assam, Uttarakhand and Mumbai.

The company has cumulatively installed 13.4 million smart meters, equivalent to around 55 percent of its existing order book, while maintaining an average installation rate of more than 23,000 meters a day during the first quarter of FY27. Speaking to analysts on Wednesday, Chief Executive Officer (CEO) Kandarp Patel said AESL has completed installations of 1.34 crore smart meters against its existing order book of 2.46 crore meters. He added that the proposed acquisition of IntelliSmart Infrastructure would increase the combined smart metering portfolio to about 4.7 crore meters, making it the country’s largest platform in the segment.

Pending projects

Patel said the addressable market remains sizeable, with around 10-11 crore smart meters yet to be awarded across States including Tamil Nadu, Karnataka, Telangana and parts of Andhra Pradesh, besides some pending projects in other States. On the proposed acquisition of IntelliSmart, Patel said the transaction is awaiting approval from the Competition Commission of India (CCI), after which the company will formally take over the entity.

AESL spent ₹838 crore on its smart metering business during the first quarter, marginally lower than the ₹853 crore invested in the corresponding quarter last year. Overall capital expenditure during the quarter rose 57 percent year-on-year to ₹3,498 crore.

Published on July 22, 2026