ET Emerging Company of the Year: Adani Transmission - From captive unit to India's largest pvt transmission co with green strides

Adani Transmission was established in 2006 to distribute power from the group's thermal plant at Mundra in Gujarat. At the time, envisioning it as a prominent company in the country's power sector and a key part of its green energy initiative would have been something of a moonshot. It's now India's largest private sector power transmission and distribution company with a presence in 13 states, an achievement that the jury felt merited its recognition as the 2022 Emerging Company of the Year.

Listed publicly in 2015, ATL has a portfolio of about 18,795 circuit kilometres (ckm) of transmission lines and 40,001 mega volt-amps (MVA) of transformation capacity, with around 10% ckm and 25% of MVA capacity dedicated to green power.

ATL has tripled its transmission capacity in just five years and has a profitable business model with an operating margin (Ebitda margin) of over 92% for the transmission segment. The company has an excellent track record of operating existing regulated lines and has demonstrated the ability to implement mega power projects. It completed the HVDC project in a record 24 months.


In the December quarter, it posted a 72.5% increase in consolidated profit to ₹478 crore on the back of growth in the transmission segment. The jury, which met on January 24, had discussed the point that ATL's valuation was at a much higher multiple than that of comparable peers. However, the jury felt that its capacity-building initiatives, which have made it the largest private sector power transmission and distribution company, trumped those valuation issues.

Anil Sardana, MD and CEO of Adani Transmission, said, "While thanking the jury for this award, one would humbly say that is a validation of not only our focused pursuit of opportunities in the energy solutions, transmission and distribution sectors but also our principled approach to a business founded on environmentally and socially sustainable practices."

ATL's distribution business, serves more than 12 million consumers in Mumbai and Mundra SEZ. With India's energy needs set to quadruple in the coming years, ATL expects its pipeline of projects and operational assets to strengthen its pan-India presence and consolidate its position as the largest player in the sector.