Adani Energy Solutions Ltd.
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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 GENERATEDPower
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.
PROS
- Company has delivered good sales growth of 35.0% CAGR over last 5 years
- Working capital cycle has improved - days down from 198 to 92
CONS
- A large part of profit comes from other income (196.4% of PBT)
- Receivables are growing faster than sales - a possible quality concern
- Recent results are weak - TTM profit is down 62.1% versus prior year
- Company has a low return on capital employed of 5.7%
- Company has a low return on equity of 4.1% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.21x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 209.85 | 28.39 | 404689.32 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 333.30 | 11.64 | 323189.88 | 2.70 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 269.10 | 15.74 | 250279.25 | 3.34 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1282.00 | 118.37 | 211167.98 | 0.00 | 983.00 | 19.30 | 4431.00 | 16.61 | 9.90 | 91.24 |
| ADANIENSOL | 1373.75 | 57.55 | 168003.37 | 0.00 | 12365.60 | 2194.43 | 97110.80 | 1324.06 | 9.71 | 31.27 |
| TATAPOWER | 365.00 | 30.19 | 116629.89 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 525.45 | 48.97 | 96340.35 | 0.38 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.30 | 20.19 | 76643.62 | 2.11 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 86.90 | 120.64 | 73224.80 | 0.00 | 304.84 | 38.26 | 1106.86 | 62.72 | 3.73 | 91.95 |
| TORNTPOWER | 1298.20 | 28.15 | 65416.76 | 1.54 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 264.25 | 11.42 | 36641.87 | 1.46 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.27 | 32.83 |
| ACMESOLAR | 401.85 | 47.07 | 28405.75 | 0.05 | 235.33 | 79.88 | 857.50 | 67.81 | 9.23 | 85.63 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 14 | 202 | 885 | 416 | 114 | 468 | 349 | 1,007 | 825 | 665 | 640 | 1,252 | 919 | |
| 18 | 209 | 868 | 409 | 112 | 427 | 358 | 992 | 803 | 634 | 584 | 1,143 | 1,140 | |
| Operating Profit | -4 | -6 | 17 | 7 | 1 | 41 | -9 | 15 | 23 | 30 | 57 | 109 | -221 |
| OPM % | -27.42% | -3.17% | 1.87% | 1.64% | 1.26% | 8.77% | -2.62% | 1.51% | 2.75% | 4.57% | 8.86% | 8.70% | -24.10% |
| 425 | 193 | 201 | 175 | 195 | 270 | 310 | 333 | 287 | 306 | 296 | 351 | 285 | |
| Interest | 56 | 81 | 103 | 108 | 120 | 132 | 136 | 142 | 160 | 198 | 217 | 252 | 277 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 365 | 105 | 114 | 74 | 77 | 180 | 164 | 207 | 150 | 139 | 135 | 208 | 64 |
| Tax % | 17.64% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 4.29% | -4.29% | 26.87% | 15.44% | 4.14% | 23.03% |
| Net Profit | 301 | 105 | 114 | 74 | 77 | 180 | 164 | 198 | 156 | 101 | 114 | 199 | 49 |
| 2.70 | 0.94 | 1.03 | 0.66 | 0.69 | 1.55 | 1.38 | 1.65 | 1.30 | 0.85 | 0.95 | 1.65 | 0.41 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 810 | 835 | 833 | 858 | 755 | 740 | 688 | 1,517 | 1,938 | 3,383 | 3,476 | |
| 785 | 841 | 844 | 881 | 765 | 742 | 716 | 1,504 | 1,889 | 3,164 | 3,501 | |
| Operating Profit | 25 | -5 | -11 | -23 | -10 | -2 | -28 | 13 | 49 | 219 | -25 |
| OPM % | 3.09% | -0.65% | -1.32% | -2.66% | -1.34% | -0.30% | -4.11% | 0.86% | 2.51% | 6.47% | -0.73% |
| 799 | 775 | 799 | 796 | 679 | 701 | 615 | 995 | 1,109 | 1,240 | 1,238 | |
| Interest | 819 | 794 | 733 | 767 | 690 | 763 | 416 | 348 | 530 | 826 | 944 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Profit before Tax | 5 | -25 | 54 | 6 | -21 | -65 | 170 | 659 | 627 | 631 | 545 |
| Tax % | 21.11% | -0.00% | 21.48% | 0.00% | -0.00% | -0.00% | 0.01% | 9.77% | 1.41% | 9.54% | 14.92% |
| Net Profit | 4 | -25 | 42 | 6 | -21 | -65 | 170 | 595 | 618 | 571 | 464 |
| EPS | 0.03 | -0.67 | 0.39 | 3.43 | -2.30 | -2.65 | 1.35 | 5.33 | 5.14 | 4.75 | — |
| 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:
- 35%
- 3 Years:
- 70%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 50%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 17%
- 1 Year:
- 69%
RETURN ON EQUITY
- 10 Years:
- 1%
- 5 Years:
- 2%
- 3 Years:
- 4%
- Last Year:
- 3%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 1,021 | 904 | 651 | 431 | 157 | -254 | 9,211 | 9,806 | 18,497 | 19,716 | |
| 8,222 | 9,924 | 10,700 | 11,135 | 10,694 | 11,680 | 2,602 | 5,187 | 7,964 | 12,940 | |
| Trade Payables | 11 | 9 | 29 | 124 | 9 | 3 | 3 | 99 | 550 | 940 |
| 426 | 310 | 344 | 143 | 238 | 150 | 35 | 189 | 351 | 1,041 | |
| Total Liabilities | 10,780 | 12,248 | 12,824 | 12,934 | 12,198 | 12,679 | 12,966 | 16,395 | 28,564 | 35,838 |
| 1 | 1 | 1 | 1 | 1 | 1 | 0 | 9 | 10 | 10 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 4 | 30 | 35 |
| 3,815 | 3,783 | 6,958 | 5,984 | 6,203 | 6,681 | 6,721 | 9,030 | 13,207 | 15,394 | |
| 5 | 3 | 2 | 0 | 0 | 0 | 0 | 10 | 28 | 27 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 227 | 1,037 | 2,598 | |
| Cash & Bank | 338 | 519 | 188 | 1,176 | 18 | 389 | 817 | 661 | 1,096 | 1,366 |
| 6,622 | 7,942 | 5,675 | 5,772 | 5,975 | 5,608 | 5,420 | 6,454 | 13,157 | 16,408 | |
| Total Assets | 10,780 | 12,248 | 12,824 | 12,934 | 12,198 | 12,679 | 12,966 | 16,395 | 28,564 | 35,838 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -10 | 53 | 46 | -16 | -38 | 10 | -19 | -209 | -606 | 442 | |
| Cash from Investing | -2,311 | -246 | -266 | 1,971 | 191 | 240 | -1,585 | -2,001 | -9,164 | -3,695 |
| Cash from Financing | 2,325 | 703 | -234 | -1,184 | -961 | -248 | 1,681 | 2,210 | 10,238 | 2,828 |
| -0 | 506 | -477 | 770 | -793 | -6 | 80 | -0 | 468 | -425 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - GQG Partners LLC has submitted the Exchange a copy of Disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011.
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 - 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 - Adani Energy Solutions Limited has informed the Exchange about Schedule of meet
2026-08-19 - Adani Energy Solutions Limited has informed the Exchange about Credit Rating- New
2026-08-18 - Adani Energy Solutions Limited has informed the Exchange about Schedule of meet
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 - 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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