About Adani Transmission Step-One Limited
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Adani Transmission Step-One Limited is a public limited company based in Ahmedabad, Gujarat, India, a subsidiary of Adani Energy Solutions Limited. It operates in the power transmission and distribution services segment of the energy and power sector. It was incorporated on 23 September 2020 and has been in existence for over 6 years.
The company is registered with the Registrar of Companies (ROC), Ahmedabad, under CIN U40108GJ2020PLC116749. Its GSTIN is 24AAUCA0922E1ZX (Gujarat). The company holds 4 GST registrations, all of them active.
The company has an authorised share capital of ₹1 Lakh and a paid-up capital of ₹1 Lakh. It is led by directors including Abhiram Vasant Budhkar (Managing Director) and Manasi Ganesh Rajput.
Its last annual general meeting (AGM) was held on 24 June 2026, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Adani Corporate House Shantigram Near Vaishno Devi Circle S. G. Highway, Ahmedabad, Gujarat, India – 382421.
As per the financials filed for FY 2025, the company reported a revenue of ₹1,479.49 Cr, a growth of 135% compared to the previous year. For the same year it recorded a net loss of ₹12.28 Cr (net margin -0.8%) and EBITDA of ₹687.61 Cr (EBITDA margin 46.5%). Revenue has grown at a compounded annual rate (CAGR) of 200% over three years.
As per MCA filings, the company has open charges of ₹14,676 Cr on record. The company has 2 deals on record (2 convertible or debt financings), with disclosed funding of ₹4,500 Cr; the latest was in March 2025. Its 6 peer companies in the Power industry (Transmission and Distribution), with the same principal business activity (electric power generation, transmission and distribution) are compared by revenue, 2 larger and 4 smaller; the largest is Jhabua Power Limited with revenue of ₹1,814.66 Cr. The company has 5 MSME Form 1 returns on record between 2023 and 2024, listing 8 overdue payments to 4 micro and small suppliers.
For more details, the company can be reached via its website adani.com.
Company details
Contact details
Adani Transmission Step-One Limited's registered office is in Ahmedabad, Gujarat. Its website is adani.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered AddressAdani Corporate House Shantigram Near Vaishno Devi Circle S. G. Highway, Ahmedabad, Gujarat, India – 382421
- IndustryEnergy and Power, Power Transmission & Distribution Services
To see the full contact details of Adani Transmission Step-One Limited, buy the company report.
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Business activity
The main business activity of Adani Transmission Step-One is electricity, gas, steam and air condition supply. In detail, this covers electric power generation, transmission and distribution.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| D | Electricity, gas, steam and air condition supply | D1 | Electric power generation, transmission and distribution |
To see the full business activity and turnover split of Adani Transmission Step-One Limited, buy the company report.
Financials of Adani Transmission Step-One Limited
FY 2026 filings availableAdani Transmission Step-One Limited reported revenue of ₹1,479.49 Cr (up 135% YoY) for FY 2025.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 200% over three years, including 135% growth in the latest year. EBITDA rose 165% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
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| EBITDA | ₹687.61 Cr | ||||
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| Tax Expense | |||||
| Net Profit (PAT) | -₹12.28 Cr | ||||
| Balance Sheet | |||||
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Financial Ratios
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 46.5% | ||||
| Net Profit Margin | -0.8% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
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To see the full financial statements and ratios of Adani Transmission Step-One Limited, buy the company report.
Board of directors of Adani Transmission Step-One Limited
Adani Transmission Step-One has 3 current directors and 6 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Manasi Ganesh Rajput Also directs: Tradechoice LLP, Adani Renewable Energy Fifty Six Limited, Kps1 Transmission Limited and 5 more | Director | 27 Nov 2024 | 1 Years 11 Months | Current |
| Kunjal Mahendra Mehta | Director | 21 Jan 2025 | 1 Years 9 Months | Current |
| Abhiram Vasant Budhkar Also directs: Arasan Step I Limited, Arasan Step II Limited, MP Power Transmission Package-Ii Limited and 5 more | Managing Director | 24 Jun 2026 | 0 Years 4 Months | Current |
Peer comparison
Adani Transmission Step-One Limited is compared with the 6 companies closest to it by revenue in the Power industry (Transmission and Distribution), with the same principal business activity (electric power generation, transmission and distribution), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Jhabua Power Limited | ₹1,814.66 Cr (FY 2025) | -8.0% | Kolkata, West Bengal, India | |||
| Delhi Transco Limited | ₹1,665.5 Cr (FY 2022) | 13.0% | New Delhi, Delhi, India | |||
| Adani Transmission Step-One Limitedthis company | ₹1,479.49 Cr (FY 2025) | -₹12.28 Cr | -0.8% | 135.0% | Ahmedabad, Gujarat, India | |
| Meghalaya Power Distribution Corporation Limited | ₹1,420.6 Cr (FY 2023) | 18.0% | Shillong, Meghalaya, India | |||
| Odisha Power Transmission Corporation Limited | ₹1,398.6 Cr (FY 2025) | 8.0% | Bhubaneswar, Odisha, India | |||
| Bihar State Power Transmission Company Limited | ₹1,398.51 Cr (FY 2023) | 10.0% | Patna, Bihar, India | |||
| Assam Power Generation Corporation Limited | ₹1,395.4 Cr (FY 2025) | 12.0% | Guwahati, Assam, India |
To see the full peer comparison of Adani Transmission Step-One Limited, buy the company report.
Auditor
Adani Transmission Step-One Limited is audited by Walker Chandiok & Co LLP for the financial year 2024.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| Walker Chandiok & Co LLP | FY 2024 | 001076N/N500013 |
Shareholding
The shareholding of Adani Transmission Step-One Limited is on record for 3 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|
| Promoters | |||
| Domestic institutional investors (DII) | |||
| Foreign institutional investors (FII) | |||
| Public | |||
| Others |
To see the full shareholding pattern of Adani Transmission Step-One Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 30 Jun 2026 | 101326202 | Idbi Trusteeship Services Limited | ₹4,635.65 Cr | Open | |
| 20 Mar 2023 | 100699052 | Idbi Trusteeship Services Limited | ₹360 Cr | Open | |
| 20 Mar 2023 | 100699054 | Idbi Trusteeship Services Limited | ₹100 Cr | Open | |
| 19 Oct 2022 | 100645836 | Idbi Trusteeship Services Limited | ₹400 Cr | Open | |
| 19 Oct 2022 | 100645848 | Idbi Trusteeship Services Limited | ₹363 Cr | Open |
To see the full charge records of Adani Transmission Step-One Limited, buy the company report.
Total charge records: 9 View all charges
Deals & funding
Adani Transmission Step-One Limited has 2 deals on record (2 convertible or debt financings), with disclosed funding of ₹4,500 Cr; the latest was in March 2025.
To see the full deal history of Adani Transmission Step-One Limited, buy the company report.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
Legal cases
No court or tribunal cases involving Adani Transmission Step-One Limited are on our record; a case search with case numbers, parties and status is in the company report Buy the company report.
MSME payment delays
Adani Transmission Step-One Limited has 5 MSME Form 1 returns on record between 2023 and 2024, listing 8 overdue payments to 4 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (4 of 4)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| MBD and Company LLP | |||
| an individual supplier | |||
| an individual supplier | |||
| Vivro Financial Services Private Limited |
To see the full MSME payment records of Adani Transmission Step-One Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Employees & EPFO
Adani Transmission Step-One Limited has 1 active EPFO establishment as of Apr 09, 2024.
GST
Adani Transmission Step-One has 4 GST registrations: 4 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AAUCA0922E1ZX | Gujarat | Active | 12 Dec 2020 |
| 08AAUCA0922E1ZR | Rajasthan | Active | 13 Aug 2024 |
| 06AAUCA0922E1ZV | Haryana | Active | 28 Aug 2024 |
| 27AAUCA0922E1ZR | Maharashtra | Active | 05 Sep 2024 |
To see the full GST registrations and return filing status of Adani Transmission Step-One Limited, buy the company report.
Recent activity
Adani Transmission Step-One Limited has 9 board changes on record since 2021: 3 appointments and 6 cessations. The latest: Abhiram Vasant Budhkar was appointed as Managing Director on 24 Jun 2026.
11 earlier events are in the company report.
News
Frequently asked questions
Adani Transmission Step-One is an active public limited company based in Ahmedabad, Gujarat, India. The company works in power transmission and distribution services, within the energy and power industry. It was incorporated on 23 September 2020 (6+ years old) and is registered under CIN U40108GJ2020PLC116749.
Adani Transmission Step-One has 3 current directors:
- Abhiram Vasant Budhkar - Managing Director
- Manasi Ganesh Rajput - Director
- Kunjal Mahendra Mehta - Director
The latest financial statements of Adani Transmission Step-One on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 24 June 2026. Year-wise statements from FY 2021 are in the company report.
The GSTIN of Adani Transmission Step-One is 24AAUCA0922E1ZX, registered in Gujarat. The company has 4 GST registrations in all, of which 4 are active. Other active GSTINs include 08AAUCA0922E1ZR (Rajasthan), 06AAUCA0922E1ZV (Haryana), 27AAUCA0922E1ZR (Maharashtra).
The CIN (Corporate Identification Number) of Adani Transmission Step-One is U40108GJ2020PLC116749. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Adani Transmission Step-One was incorporated on 23 September 2020, making it 6+ years old. It is registered with the Registrar of Companies, Ahmedabad.
Adani Transmission Step-One has 2 deals on record (2 convertible or debt financings), with disclosed funding of ₹4,500 Cr; the latest was in March 2025.
The peers of Adani Transmission Step-One by revenue are Jhabua Power Limited, Delhi Transco Limited, Meghalaya Power Distribution Corporation Limited, Odisha Power Transmission Corporation Limited, Bihar State Power Transmission Company Limited and 1 more, all in the Power industry (Transmission and Distribution), with the same principal business activity (electric power generation, transmission and distribution).
Abhiram Vasant Budhkar was appointed as Managing Director on 24 Jun 2026. Anil Kumar Gupta ceased to be Director on 10 Mar 2025. Kamal Ramesh Harlakha ceased to be Additional Director on 10 Mar 2025. Adani Transmission Step-One has 9 board changes on record in total.
Adani Transmission Step-One has 5 MSME Form 1 returns on record between 2023 and 2024, listing 8 overdue payments to 4 micro and small suppliers. The latest return was filed on 22 Apr 2024.
Adani Transmission Step-One can be reached through the website adani.com. Its registered office is in Ahmedabad, Gujarat, India.
The registered office of Adani Transmission Step-One is at Adani Corporate House Shantigram Near Vaishno Devi Circle S. G. Highway, Ahmedabad, Gujarat, India – 382421.
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