Adani Energy ESG Score Rises to 90 After S&P Global Review
Adani Energy Solutions Gets Top Global ESG Score Among Utilities, S&P Global Review Shows
Adani Energy Solutions Ltd (AESL) has recorded an ESG score of 90 out of 100 in the latest assessment by S&P Global, putting the company at the top of the global utilities sector, according to the company.
The score compares with an industry average of 41. AESL’s previous ESG score was 81. The latest change followed the completion of S&P Global’s Media and Stakeholder Analysis (MSA) review, during which a governance-related assessment affecting the company was corrected.
The result is significant because S&P Global’s ESG scoring compares a company’s environmental, social, and governance performance against companies in the same industry. S&P Global also states that its ESG Score is designed for comparison within an industry rather than across unrelated sectors.
For AESL, the revised score also changes the picture seen earlier in 2026. S&P Global’s public score page had listed the company at 81 as of June 12, 2026, with the score under review because of an MSA case. The latest announcement indicates that the review has now been completed and the governance assessment corrected.
Environmental score leads the three areas
AESL recorded 93 for its Environmental score, 89 for Social and 84 for Governance & Economic, according to the company.
The company said Product Stewardship, Climate Strategy and Human Capital Management were among the main areas supporting its assessment.
Its separate Corporate Sustainability Assessment (CSA) score also rose to 90, up 17 points from the previous year. AESL’s own sustainability report shows that its S&P Global CSA score with MSA had risen from 73 in FY2023-24 to 81 in FY2024-25. Without the MSA adjustment, the FY2024-25 CSA figure was 90.24.
The distinction between these figures matters. S&P Global uses information from a company’s CSA responses, public information and its own assessment methods when calculating the ESG Score. The MSA process can affect the final score when relevant media or stakeholder issues are identified.
AESL’s CEO Kandarp Patel said the company viewed the result as a recognition of its work on sustainability and disclosure.
“Being recognised as the highest ESG-scored utility company globally by S&P Global is a proud milestone for AESL and a strong validation of our commitment to sustainable growth. At AESL, sustainability is integrated into our everyday decision-making processes. This achievement reflects the dedication of our teams across the organisation, who continuously work to strengthen our environmental performance, social impact, governance standards, and disclosure practices,” said Mr Kandarp Patel, CEO, AESL.
A large power network behind the score
The ESG result comes as AESL continues to expand its role in India’s electricity network. The company operates transmission projects across 16 states. Its current corporate information lists 29,531 circuit kilometres of transmission lines and 1,33,675 MVA of transformation capacity. It also serves more than 3.2 million consumers through its distribution operations and has an order book of more than 4.7 crore smart meters.
The company has been increasing its transmission capacity as India’s power system prepares for higher electricity demand and a larger share of renewable power. Transmission networks are needed to move electricity from areas where it is generated to major centres of consumption.
AESL’s recent project activity shows the scale of that expansion. In August, the company won a transmission project in Maharashtra worth about Rs 4,700 crore. The project is designed to transmit up to 4,500 MW of renewable and storage power and includes 562 circuit kilometres of transmission lines and 9,000 MVA of transformation capacity.
The company also completed five transmission projects during the financial year ended March 31, 2026, including the Mumbai HVDC project. AESL said it crossed one crore smart-meter deployments during FY26.
ESG record has been moving upward
The latest S&P Global result follows several changes in AESL’s sustainability ratings over recent years.
Its own 2026 sustainability report records S&P Global CSA scores with MSA of 63 in FY2020-21, 59 in FY2021-22, 62 in FY2022-23, 73 in FY2023-24 and 81 in FY2024-25. The same report records the company’s CSA scores without MSA at 63, 63, 68.5, 80.8 and 90.24 over those years.
Other rating agencies have also assessed AESL. In its FY26 results update, the company said CareEdge assigned it an ESG rating of CareEdge-ESG 1+ with a score of 86.8 out of 100. The company was also listed among India’s Top 60 Most Sustainable Companies for 2024-25, according to its announcement.
These ratings do not use identical methods, so their scores cannot be treated as direct equivalents. AESL itself notes that external ESG ratings can be difficult to compare because providers use different methods and assessment periods.
For investors, customers and other stakeholders, the latest S&P Global score therefore provides one specific measure of AESL’s position on environmental, social and governance issues. The jump from 81 to 90 also reflects the correction made through the MSA review, rather than a simple year-on-year change in the company’s operating performance.
AESL now enters the next phase with a large transmission network, distribution operations, smart-metering projects and new renewable-energy transmission work. How the company maintains its environmental, social and governance performance as this network expands will remain an important part of its future ESG assessments.
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