Adani Energy Solutions Ltd.

•

adanienergysolutions.comBSE: 539254NSE: ADANIENSOL

Market Cap₹ 1,70,358 Cr.

Current Price

High / Low₹ 1,789 / 803

Stock P/E58.4

Book Value₹ 247

Price to Book4.41

Dividend Yield0.00 %

ROCE9.7 %

ROE10.1 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Mumbai GTD Business: 50.1% • Transmission: 39.5% • Trading: 4.4%

AI Sector View

AI GENERATED

Power

Buy

Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.

Confidence

71%

View full sector analysis →

PROS

Company has consistently been profitable over the last 5 years
Latest quarter profit grew 129.4% YoY, showing strong momentum
Company has delivered good sales growth of 22.7% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 5.78x)
Working capital cycle has improved - days down from 102 to 57
Stock looks reasonably valued - P/E of 58.4 is below its historical median

CONS

Company has a high debt-to-equity of 2.02x
Recent results are weak - TTM profit is down 65.4% versus prior year
Receivables are growing faster than sales - a possible quality concern
Company has a low return on capital employed of 9.0%
Company has a low return on equity of 8.4% over last 3 years
Interest coverage is weak at 1.9x - earnings barely cover interest

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

PowerPowerPower Generation/Distribution

Part ofNIFTY NEXT 50 NIFTY ALPHA 50 NIFTY500MOMENTM50 NIFTYLARGEMIDCAP250 NIFTY100 EQL WGT

S.No.	Name
1.	ADANIPOWER	213.00	28.82	410764.00	0.00	4866.60	47.24	18901.89	33.97	17.79	42.67
2.	NTPC	337.00	11.77	326777.65	2.67	6896.44	-88.71	50740.96	7.81	8.52	33.23
3.	POWERGRID	272.00	15.91	252976.42	3.31	3598.42	-0.89	11496.72	2.68	9.74	82.97
4.	ADANIGREEN	1308.00	120.77	215450.64	0.00	983.00	19.30	4431.00	16.61	9.90	91.24
5.	ADANIENSOL	1393.00	58.36	170357.56	0.00	12365.60	2194.43	97110.80	1324.06	9.71	31.27
6.	TATAPOWER	367.00	30.35	117268.96	0.68	1400.86	10.98	19051.26	5.63	11.63	21.53
7.	JSWENERGY	532.00	49.58	97541.28	0.38	532.70	-36.27	5207.13	1.24	8.50	55.22
8.	NHPC	76.40	20.21	76744.07	2.11	1178.09	4.15	3808.31	18.50	6.16	61.80
9.	NTPCGREEN	87.74	121.81	73932.62	0.00	304.84	38.26	1106.86	62.72	3.73	91.95
10.	TORNTPOWER	1295.65	28.09	65288.26	1.54	661.85	-10.75	8124.15	2.75	14.37	18.93
11.	NLCINDIA	270.40	11.68	37494.65	1.42	436.33	-48.01	4716.75	23.29	11.27	32.83
12.	ACMESOLAR	396.95	46.50	28059.38	0.05	235.33	79.88	857.50	67.81	9.23	85.63

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	3,664	3,674	4,563	4,707	5,379	6,184	5,830	6,375	6,819	6,596	6,730	7,443	9,711
	2,395	2,324	3,092	4,303	3,728	4,469	4,170	5,622	5,009	4,640	4,734	5,216	8,411
Operating Profit	1,269	1,350	1,471	404	1,651	1,715	1,661	752	1,811	1,955	1,995	2,227	1,300
OPM %	34.64%	36.75%	32.23%	8.58%	30.69%	27.74%	28.48%	11.80%	26.55%	29.65%	29.65%	29.92%	13.39%
	108	93	262	148	-1,395	176	170	222	206	171	215	145	141
Interest	616	641	760	750	811	813	809	826	894	872	913	954	1,152
Depreciation	419	432	458	468	498	484	462	462	465	509	496	508	585
Profit before Tax	343	370	515	552	-1,053	594	559	974	658	746	801	910	1,441
Tax %	46.77%	22.95%	32.29%	30.54%	-12.97%	-30.11%	-11.81%	29.51%	17.80%	25.14%	28.23%	26.48%	10.82%
Net Profit	0	0	0	381	-1,191	773	625	714	539	557	574	723	1,237
	1.57	2.47	2.92	3.24	-7.39	6.09	4.85	5.50	4.27	4.44	4.60	5.69	9.57

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,876	3,944	7,305	11,416	9,926	11,258	13,293	16,607	23,767	27,588	30,480
	893	1,118	4,543	7,162	5,976	7,051	8,775	10,896	16,701	19,599	23,002
Operating Profit	1,983	2,826	2,762	4,254	3,950	4,206	4,518	5,711	7,067	7,989	7,478
OPM %	68.96%	71.64%	37.81%	37.26%	39.80%	37.36%	33.99%	34.39%	29.73%	28.96%	24.53%
	22	111	351	322	1,115	1,286	1,583	611	-827	737	672
Interest	904	886	1,391	2,295	2,117	2,365	2,781	2,767	3,259	3,633	3,891
Depreciation	569	579	882	1,174	1,329	1,427	1,608	1,776	1,906	1,978	2,099
Profit before Tax	532	1,472	840	1,107	1,620	1,700	1,712	1,780	1,075	3,115	3,898
Tax %	21.71%	22.34%	33.45%	36.16%	20.39%	27.33%	25.19%	32.81%	14.25%	23.18%	20.79%
Net Profit	416	1,143	559	706	1,290	1,236	1,281	1,196	922	2,393	3,087
EPS	3.79	9.94	2.30	2.94	9.02	8.90	11.10	10.20	8.82	19.00	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 29%
5 Years:: 23%
3 Years:: 28%

COMPOUNDED PROFIT GROWTH

10 Years:: 20%
5 Years:: 13%
3 Years:: 22%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: 17%
1 Year:: 69%

RETURN ON EQUITY

10 Years:: 15%
5 Years:: 12%
3 Years:: 8%
Last Year:: 10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	1,100	1,100	1,100	1,100	1,100	1,100	1,115	1,115	1,201	1,201
Minority Interest	0	0	0	1,062	1,104	1,094	1,127	1,062	943	1,098
	1,847	3,108	3,535	4,120	4,990	5,757	10,634	11,526	20,867	24,226
	9,222	12,559	23,975	28,252	30,733	33,594	34,921	37,614	41,013	52,706
Trade Payables	27	39	1,237	1,752	1,241	1,608	1,800	1,516	2,956	4,994
	892	1,068	2,712	3,426	4,066	4,312	4,334	5,705	6,922	8,532
Total Liabilities	13,088	17,874	32,558	39,711	43,234	47,464	53,932	58,538	73,902	92,757
	9,853	9,291	24,412	24,924	26,987	30,272	32,645	38,920	39,555	46,804
Capital Work in Progress	1,343	2,353	694	2,209	5,240	5,060	6,200	3,003	5,695	2,054
	105	0	336	313	442	561	1,370	766	2,638	2,644
	39	35	366	541	234	250	152	255	625	669
	0	0	0	0	0	0	0	3,745	4,218	5,734
Cash & Bank	393	665	702	2,297	1,290	1,393	1,704	2,228	3,619	3,947
	1,355	5,529	6,049	9,427	9,042	9,929	11,860	9,622	17,552	30,905
Total Assets	13,088	17,874	32,558	39,711	43,234	47,464	53,932	58,538	73,902	92,757

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,363	2,518	2,782	5,623	4,037	4,363	4,023	6,038	9,045	10,997
Cash from Investing	-1,761	-3,211	-3,138	-5,643	-4,025	-3,948	-4,699	-4,943	-15,228	-14,083
Cash from Financing	-455	1,589	38	1,250	-745	-235	923	-543	7,626	2,630
	-27	577	-509	1,045	-986	-86	2	551	1,443	-456

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	74.94	69.94	69.94	69.94	71.19	71.19	71.19	72.73	74.71
	15.53	18.66	17.34	17.58	15.85	13.06	13.47	12.23	10.14
	3.97	5.38	5.85	6.33	6.89	9.97	10.14	10.24	11.77
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	5.55	6.02	6.88	6.15	6.07	5.79	5.20	4.79	3.39

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-08

General Updates

2026-09-08 - Adani Energy Solutions Limited has informed the Exchange about Letter of Award for supply of 2,500 MW Round-the-Clock (RTC) Power and Execution of Power Purchase Agreement

2026-09-03

Disclosure under SEBI Takeover Regulations

2026-09-03 - GQG Partners LLC has submitted the Exchange a copy of Disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011.

2026-09-01

Press Release

2026-09-01 - Adani Energy Solutions Limited has informed the Exchange regarding a press release dated September 01, 2026, titled "Adani Energy Solutions is World #1 ESG-Scored Utility".

2026-08-26

Press Release

2026-08-26 - Adani Energy Solutions Limited has informed the Exchange regarding a press release dated August 26, 2026, titled "AESL Wins Rs 4,700 crore transmission project in Maharashtra for evacuation of 4,500 MW of Renewable & Storage Power".

2026-08-21

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-21 - Adani Energy Solutions Limited has informed the Exchange about Schedule of meet

2026-08-19

Credit Rating- New

2026-08-19 - Adani Energy Solutions Limited has informed the Exchange about Credit Rating- New

2026-08-18

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-18 - Adani Energy Solutions Limited has informed the Exchange about Schedule of meet

2026-08-14

General Updates

2026-08-14 - Adani Energy Solutions Limited has informed the Exchange about Execution of Share Purchase Agreement for acquiring 100% Equity Shares of Vizag Power Transmission Limited

2026-08-07

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-07 - Adani Energy Solutions Limited has informed the Exchange about Schedule of meet

News

Recent coverage and analyst commentary for ADANIENSOL

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Adani Energy Solutions Ltd.

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Free 5nance Account

Name

ADANIPOWER

213.00

28.82

410764.00

0.00

4866.60

47.24

18901.89

33.97

17.79

42.67

NTPC

337.00

11.77

326777.65

2.67

6896.44

-88.71

50740.96

7.81

8.52

33.23

POWERGRID

272.00

15.91

252976.42

3.31

3598.42

-0.89

11496.72

2.68

9.74

82.97

ADANIGREEN

1308.00

120.77

215450.64

0.00

983.00

19.30

4431.00

16.61

9.90

91.24

ADANIENSOL

1393.00

58.36

170357.56

0.00

12365.60

2194.43

97110.80

1324.06

9.71

31.27

TATAPOWER

367.00

30.35

117268.96

0.68

1400.86

10.98

19051.26

5.63

11.63

21.53

JSWENERGY

532.00

49.58

97541.28

0.38

532.70

-36.27

5207.13

1.24

8.50

55.22

NHPC

76.40

20.21

76744.07

2.11

1178.09

4.15

3808.31

18.50

6.16

61.80

NTPCGREEN

87.74

121.81

73932.62

0.00

304.84

38.26

1106.86

62.72

3.73

91.95

TORNTPOWER

1295.65

28.09

65288.26

1.54

661.85

-10.75

8124.15

2.75

14.37

18.93

NLCINDIA

270.40

11.68

37494.65

1.42

436.33

-48.01

4716.75

23.29

11.27

32.83

ACMESOLAR

396.95

46.50

28059.38

0.05

235.33

79.88

857.50

67.81

9.23

85.63

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

3,664

3,674

4,563

4,707

5,379

6,184

5,830

6,375

6,819

6,596

6,730

7,443

9,711

2,395

2,324

3,092

4,303

3,728

4,469

4,170

5,622

5,009

4,640

4,734

5,216

8,411

Operating Profit

1,269

1,350

1,471

404

1,651

1,715

1,661

752

1,811

1,955

1,995

2,227

1,300

OPM %

34.64%

36.75%

32.23%

8.58%

30.69%

27.74%

28.48%

11.80%

26.55%

29.65%

29.92%

13.39%

108

262

148

-1,395

176

170

222

206

171

215

145

141

Interest

616

641

760

750

811

813

809

826

894

872

913

954

1,152

Depreciation

419

432

458

468

498

484

462

465

509

496

508

585

Profit before Tax

343

370

515

552

-1,053

594

559

974

658

746

801

910

1,441

Tax %

46.77%

22.95%

32.29%

30.54%

-12.97%

-30.11%

-11.81%

29.51%

17.80%

25.14%

28.23%

26.48%

10.82%

Net Profit

381

-1,191

773

625

714

539

557

574

723

1,237

1.57

2.47

2.92

3.24

-7.39

6.09

4.85

5.50

4.27

4.44

4.60

5.69

9.57

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

2,876

3,944

7,305

11,416

9,926

11,258

13,293

16,607

23,767

27,588

30,480

893

1,118

4,543

7,162

5,976

7,051

8,775

10,896

16,701

19,599

23,002

Operating Profit

1,983

2,826

2,762

4,254

3,950

4,206

4,518

5,711

7,067

7,989

7,478

OPM %

68.96%

71.64%

37.81%

37.26%

39.80%

37.36%

33.99%

34.39%

29.73%

28.96%

24.53%

111

351

322

1,115

1,286

1,583

611

-827

737

672

Interest

904

886

1,391

2,295

2,117

2,365

2,781

2,767

3,259

3,633

3,891

Depreciation

569

579

882

1,174

1,329

1,427

1,608

1,776

1,906

1,978

2,099

Profit before Tax

532

1,472

840

1,107

1,620

1,700

1,712

1,780

1,075

3,115

3,898

Tax %

21.71%

22.34%

33.45%

36.16%

20.39%

27.33%

25.19%

32.81%

14.25%

23.18%

20.79%

Net Profit

416

1,143

559

706

1,290

1,236

1,281

1,196

922

2,393

3,087

EPS

3.79

9.94

2.30

2.94

9.02

8.90

11.10

10.20

8.82

19.00

—

Dividend Payout %

0.00%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

1,100

1,115

1,201

Minority Interest

1,062

1,104

1,094

1,127

1,062

943

1,098

1,847

3,108

3,535

4,120

4,990

5,757

10,634

11,526

20,867

24,226

9,222

12,559

23,975

28,252

30,733

33,594

34,921

37,614

41,013

52,706

Trade Payables

1,237

1,752

1,241

1,608

1,800

1,516

2,956

4,994

892

1,068

2,712

3,426

4,066

4,312

4,334

5,705

6,922

8,532

Total Liabilities

13,088

17,874

32,558

39,711

43,234

47,464

53,932

58,538

73,902

92,757

9,853

9,291

24,412

24,924

26,987

30,272

32,645

38,920

39,555

46,804

Capital Work in Progress

1,343

2,353

694

2,209

5,240

5,060

6,200

3,003

5,695

2,054

105

336

313

442

561

1,370

766

2,638

2,644

366

541

234

250

152

255

625

669

3,745

4,218

5,734

Cash & Bank

393

665

702

2,297

1,290

1,393

1,704

2,228

3,619

3,947

1,355

5,529

6,049

9,427

9,042

9,929

11,860

9,622

17,552

30,905

Total Assets

13,088

17,874

32,558

39,711

43,234

47,464

53,932

58,538

73,902

92,757

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

2,363

2,518

2,782

5,623

4,037

4,363

4,023

6,038

9,045

10,997

Cash from Investing

-1,761

-3,211

-3,138

-5,643

-4,025

-3,948

-4,699

-4,943

-15,228

-14,083

Cash from Financing

-455

1,589

1,250

-745

-235

923

-543

7,626

2,630

-27

577

-509

1,045

-986

-86

551

1,443

-456

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

74.94

69.94

71.19

72.73

74.71

15.53

18.66

17.34

17.58

15.85

13.06

13.47

12.23

10.14

3.97

5.38

5.85

6.33

6.89

9.97

10.14

10.24

11.77

Government

0.00

5.55

6.02

6.88

6.15

6.07

5.79

5.20

4.79

3.39

Adani Energy Solutions Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Adani Energy Solutions Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI