Adani Energy Solutions Ltd.

•

adanienergysolutions.comBSE: 539254NSE: ADANIENSOL

Market Cap₹ 1,73,892 Cr.

Current Price

High / Low₹ 1,789 / 792

Stock P/E374.9

Book Value₹ 200

Price to Book5.37

Dividend Yield0.00 %

ROCE4.8 %

ROE2.8 %

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 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

PowerPowerPower Generation/Distribution

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

S.No.	Name
1.	ADANIPOWER	214.50	29.02	413656.70	0.00	4866.60	47.24	18901.89	33.97	17.79	42.67
2.	NTPC	333.25	11.64	323141.40	2.70	6896.44	-88.71	50740.96	7.81	8.52	33.23
3.	POWERGRID	265.95	15.56	247349.56	3.38	3598.42	-0.89	11496.72	2.68	9.74	82.97
4.	ADANIGREEN	1314.20	121.34	216471.89	0.00	983.00	19.30	4431.00	16.61	9.90	91.24
5.	ADANIENSOL	1421.90	59.57	173891.90	0.00	12365.60	2194.43	97110.80	1324.06	9.71	31.27
6.	TATAPOWER	369.00	30.52	117908.03	0.68	1400.86	10.98	19051.26	5.63	11.63	21.53
7.	JSWENERGY	534.65	49.83	98027.15	0.37	532.70	-36.27	5207.13	1.24	8.50	55.22
8.	NHPC	76.80	20.32	77145.87	2.10	1178.09	4.15	3808.31	18.50	6.16	61.80
9.	NTPCGREEN	88.02	122.20	74168.55	0.00	304.84	38.26	1106.86	62.72	3.73	91.95
10.	TORNTPOWER	1304.15	28.28	65716.58	1.53	661.85	-10.75	8124.15	2.75	14.37	18.93
11.	NLCINDIA	271.45	11.73	37640.25	1.42	436.33	-48.01	4716.75	23.29	11.27	32.83
12.	ACMESOLAR	402.30	47.13	28437.55	0.05	235.33	79.88	857.50	67.81	9.23	85.63

Detailed Comparison with:

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:: 71%

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

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

214.50

29.02

413656.70

0.00

4866.60

47.24

18901.89

33.97

17.79

42.67

NTPC

333.25

11.64

323141.40

2.70

6896.44

-88.71

50740.96

7.81

8.52

33.23

POWERGRID

265.95

15.56

247349.56

3.38

3598.42

-0.89

11496.72

2.68

9.74

82.97

ADANIGREEN

1314.20

121.34

216471.89

0.00

983.00

19.30

4431.00

16.61

9.90

91.24

ADANIENSOL

1421.90

59.57

173891.90

0.00

12365.60

2194.43

97110.80

1324.06

9.71

31.27

TATAPOWER

369.00

30.52

117908.03

0.68

1400.86

10.98

19051.26

5.63

11.63

21.53

JSWENERGY

534.65

49.83

98027.15

0.37

532.70

-36.27

5207.13

1.24

8.50

55.22

NHPC

76.80

20.32

77145.87

2.10

1178.09

4.15

3808.31

18.50

6.16

61.80

NTPCGREEN

88.02

122.20

74168.55

0.00

304.84

38.26

1106.86

62.72

3.73

91.95

TORNTPOWER

1304.15

28.28

65716.58

1.53

661.85

-10.75

8124.15

2.75

14.37

18.93

NLCINDIA

271.45

11.73

37640.25

1.42

436.33

-48.01

4716.75

23.29

11.27

32.83

ACMESOLAR

402.30

47.13

28437.55

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

202

885

416

114

468

349

1,007

825

665

640

1,252

919

209

868

409

112

427

358

992

803

634

584

1,143

1,140

Operating Profit

-4

-6

-9

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

103

108

120

132

136

142

160

198

217

252

277

Depreciation

Profit before Tax

365

105

114

180

164

207

150

139

135

208

Tax %

17.64%

0.00%

4.29%

-4.29%

26.87%

15.44%

4.14%

23.03%

Net Profit

301

105

114

180

164

198

156

101

114

199

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

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

-5

-11

-23

-10

-2

-28

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

Profit before Tax

-25

-21

-65

170

659

627

631

545

Tax %

21.11%

-0.00%

21.48%

0.00%

-0.00%

0.01%

9.77%

1.41%

9.54%

14.92%

Net Profit

-25

-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%

—

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

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

124

550

940

426

310

344

143

238

150

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

Capital Work in Progress

3,815

3,783

6,958

5,984

6,203

6,681

6,721

9,030

13,207

15,394

227

1,037

2,598

Cash & Bank

338

519

188

1,176

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

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-10

-16

-38

-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

-0

468

-425

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