Adani Energy Solutions Limited (ADANIENSOL)

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Adani Energy Solutions Limited (ADANIENSOL) · mywealthgrid

About

Adani Energy Solutions Limited operates in power distribution within India's utilities sector, with ₹1.94 lakh crore market capitalization. The company's consolidated business generates ₹6,700–9,700 crore in quarterly revenue across regulated distribution and higher-margin service lines at 28–35% operating margins. Recent quarters show strong profit growth, with net profit reaching ₹1,236 crore in Jun 2026.

Founded: 2013
Face value: ₹10

Market cap

₹1,59,340 Cr

P/E

54.6×

P/B

6.3×

Dividend yield

ROE

9.6%

ROCE

11.1%

Debt / equity

1.92

OPM

32.9%

EPS (TTM)

₹24.3

Book value

₹211.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Elevated valuation (PE 66.5) following 103% stock appreciation; verify if earnings growth assumptions justify multiple and assess downside risk
High leverage (D/E 1.92) constrains financial flexibility; verify interest coverage, debt maturity, and refinancing risks in rising rate environment
Core distribution business at 4–8% OPM offers minimal buffer for tariff cuts or cost inflation; verify regulatory tariff outlook and cost pressure trends
Revenue volatility in smaller business segment (₹640–1,250 Cr quarterly, down 27% Mar–Jun 2026); verify if cyclical or structural issue

Generated analysis · source review pending

Growth drivers

30-35% OPM consolidated operations could drive profit expansion if scaled; verify market opportunity and competitive positioning in higher-margin services
Quarterly revenue scaled to ₹9,711 Cr (Jun 2026) shows substantial market presence; verify network expansion opportunity and market share trends
Profit growth (122% Sep–Jun 2026) outpacing revenue growth (47%) suggests operational improvement; verify margin sustainability and drivers

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,326.4+1.6%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 32.9%
+Revenue CAGR of 22.7% over the last 5 years
+High promoter holding of 74.7% with no pledge

Cons

−Low return on equity of 8.4% (3-yr avg)
−Heavily leveraged (debt/equity 1.9)

Research score

Structured signal from quality, growth, valuation and momentum.

51/100

Business quality: 29
Growth: 93
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY NEXT 50 NIFTY 100 NIFTY 200 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,944	7,305	9,926	11,258	13,293	16,607	23,767	27,588
COGS	816	2,488	3,643	3,600	5,979	6,488	6,950	7,352
Gross profit	3,129	4,818	6,283	7,657	7,313	10,119	16,817	20,236
	303	2,056	2,333	3,451	2,796	3,948	8,410	11,152
	2,826	2,762	3,950	4,206	4,518	6,171	8,407	9,084
OPM %	71.6%	37.8%	39.8%	37.4%	34%	37.2%	35.4%	32.9%
Depreciation	579	882	1,329	1,427	1,608	1,776	1,906	1,978
Interest	886	1,391	2,117	2,365	2,781	2,767	3,259	3,633
	111	351	1,115	1,286	1,588	147	-827	737
Profit before tax	1,472	840	1,714	2,383	2,752	1,776	1,101	3,115
Tax	329	281	424	436	435	580	179	722
Tax %	22.3%	33.5%	24.8%	18.3%	15.8%	32.7%	16.3%	23.2%
	1,143	559	1,290	1,947	2,316	1,196	922	2,393
PAT margin %	29%	7.7%	13%	17.3%	17.4%	7.2%	3.9%	8.7%
EPS (₹)	9.9	1.4	9	8.9	11.1	12.9	16.1	24.7
EPS adjusted (₹)	10.4	5.1	11.1	11	11.3	10.2	8.8	19
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	1,090	1,100	1,100	1,100	1,100	1,100	1,100	1,115	1,115	1,201	1,201
Reserves	-20	1,847	3,108	3,535	4,120	7,819	8,813	10,547	11,526	20,867	24,226
Minority interest	—	—	1,849	3,408	4,342	1,104	1,094	1,098	1,062	943	1,098
	8,878	8,660	9,605	17,937	23,525	26,961	29,815	34,199	37,009	40,206	48,898
	1,524	1,204	1,604	6,681	6,625	6,250	6,643	6,973	7,867	10,743	17,411
Total equity & liabilities	11,473	12,811	17,265	32,661	39,711	43,234	47,464	53,932	58,579	73,960	92,835
	10,547	9,853	9,291	24,412	24,687	26,987	30,272	32,645	38,920	38,759	45,971
CWIP	10	1,343	2,353	694	2,209	5,240	5,060	6,200	3,003	5,695	2,054
Investments	20	105	10	336	580	442	561	1,370	766	9,751	2,644
	896	1,510	5,611	7,219	12,236	10,565	11,572	13,716	15,890	19,755	42,167
Total assets	11,473	12,811	17,265	32,661	39,711	43,234	47,464	53,932	58,579	73,960	92,835

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Distribution	12,450.02	1,238.75	21,148.01	5,384.03	15,763.98	7.86
Transmission	9,823.88	3,964.84

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	79.3%	65.9%	63.3%	68%	55%	60.9%	70.8%	73.4%
EBITDA margin %	71.6%	37.8%	39.8%	37.4%	34%	37.2%	35.4%	32.9%
EBIT margin %	57%	25.7%	26.4%	24.7%	21.9%	26.5%	27.4%	25.8%
PAT margin %	29%	7.7%	13%	17.3%	17.4%	7.2%	3.9%	8.7%
Working capital
Receivable days	24	36	37	35	39	34	65	76
Inventory days	16	54	23	25	9	14	33	33
Payable days	18	181	124	163	110	97	155	248
NWC days	22	-92	-64	-103	-61	-48	-58	-139
Leverage
Current ratio	0.75	0.6	0.71	0.8	0.99	1.01	1.37	1.15
Debt to EBITDA	3.4	6.49	6.82	7.09	7.57	6	4.78	5.38
Debt to equity	2.28	3.87	3.02	3.01	2.93	2.93	1.82	1.92
Interest coverage	2.7	1.5	1.5	1.4	1.2	1.8	2.2	2.2
Asset turnover	0.23	0.22	0.23	0.24	0.25	0.28	0.32	0.3
Return ratios
Return on assets %	6.6%	1.7%	3%	4.1%	4.3%	2%	1.2%	2.6%
Return on capital employed %	15.8%	10.4%	10%	8.6%	7.8%	10.3%	12.5%	11.1%
Return on equity %	27.2%	12.1%	14.5%	19.6%	19.9%	9.5%	4.2%	9.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.22%	73.22%	73.22%	74.94%	69.94%	69.94%	69.94%	71.19%	71.19%	71.19%	72.73%	74.71%
	17.73%	17.49%	17.49%	15.54%	18.66%	17.33%	17.58%	15.85%	13.05%	13.47%	12.23%	10.13%
	3.87%	3.83%	3.8%	3.97%	5.38%	5.85%	6.33%	6.89%	9.96%	10.14%	10.25%	11.76%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	5.18%	5.46%	5.49%	5.55%	6.02%	6.88%	6.15%	6.07%	5.8%	5.2%	4.79%	3.4%
No. of shareholders	—	—	—	—	—	—	—	—	4,89,248	4,37,571	4,03,625	3,85,315

Promoter holding up 1.49 percentage points since Sep 2023.

26 deals · 23 Sept 2021 – 5 Jun 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
5 Jun 2026	GQG PARTNERS EMERGING MARKETS EQUITY FUND	Block	NSE	Sell	63,65,796	₹1,504.80	₹957.92 Cr
5 Jun 2026	SBI MUTUAL FUND	Block	NSE	Buy	63,65,796	₹1,504.80	₹957.92 Cr
22 May 2026	QATAR HOLDING LLC	Block	BSE	Sell	48,05,974	₹1,339.00	₹643.52 Cr
22 May 2026	BIRLA MUTUAL FUND	Block	BSE	Buy	48,05,974	₹1,339.00	₹643.52 Cr
18 Nov 2025	GQG PARTNERS INTERNATIONAL EQUITY CIT	Block	NSE	Buy	37,10,846	₹1,021.55	₹379.08 Cr
18 Nov 2025	RELIANCE TRUST INSTITUTIONAL RETIREMENT TRUST SERIES ELEVEN	Block	NSE	Sell	37,10,846	₹1,021.55	₹379.08 Cr
18 Nov 2025	RELIANCE TRUST INSTITUTIONAL RETIREMENT TRUST SERIES TWELVE	Block	NSE	Sell	16,83,797	₹1,021.55	₹172.01 Cr
18 Nov 2025	GQG PARTNERS EMERGING MARKETS EQUITY CIT	Block	NSE	Buy	16,83,797	₹1,021.55	₹172.01 Cr
6 Aug 2025	ENVESTCOM HOLDING RSC LTD	Bulk	NSE	Sell	1,10,00,000	₹790.00	₹869.00 Cr
6 Aug 2025	ENVESTCOM HOLDING RSC LTD	Bulk	BSE	Sell	1,09,83,999	₹790.00	₹867.74 Cr

1–10 of 26

1 / 3

Mr. Gautam S. AdaniNon-Executive - Non Independent Director-Chairperson
Mr. Rajesh S. AdaniNon-Executive - Non Independent Director
Mr. Anil SardanaExecutive Director-MD
Mr. Kandarp PatelExecutive Director-CEO
Mr. Hemant NerurkarNon-Executive - Independent Director
Mrs. Lisa Caroline MaccallumNon-Executive - Independent Director
Mrs. Chandra IyengarNon-Executive - Independent Director
Mr. Anil AhujaNon-Executive - Independent Director
Mr. Ashok JagetiyaChief Financial Officer
Jaladhi ShuklaCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹1,314.6 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹1,324.3	-2.3	-0.2%	₹1,324.3	34,052	+36	1,141	675
23 Nov 2026	₹1,330.1	-0.8	-0.1%	₹1,330.1	427	+3	13	675
29 Dec 2026	₹1,339.7	+14.5	+1.1%	₹1,339.7	5	+5	6	675

Open the chart icon on a row for that contract's close over 103 stored sessions, with open interest as bars beneath it.

38

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
28	+5	5	₹113.0

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

111

across 18 fund houses

Held by these funds

5.28%

of the company's equity

All mutual funds

8.08%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

111 schemes · 18 fund houses

		Shares
Aggressive Hybrid FundNEW	SBI Mutual Fund	1.9 Cr	2,693.06	3.04%	1.582%	—
Focused Fund	SBI Mutual Fund	1.5 Cr	2,126.1	4.15%	1.249%	-0
Midcap Fund	SBI Mutual Fund	30 L	425.22	1.73%	0.25%	-10 L
Large and Midcap Fund	SBI Mutual Fund	27.2 L	385.53	0.91%	0.226%	-0
Large Cap Fund	SBI Mutual Fund	24.95 L	353.58	0.64%	0.208%	-0
Arbitrage FundNEW	SBI Mutual Fund	22.67 L	321.28	0.68%	0.189%	—
ELSS Tax Saver Fund	SBI Mutual Fund	22.55 L	319.59	1.01%	0.188%	-0
Nifty Next 50 Index Fund	ICICI Prudential Mutual Fund	13.07 L	185.3	1.83%	0.109%	+20,867

1–8 of 111

1 / 14

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Apr 2026Transcript AI SummaryPPTREC
Jan 2026Transcript AI SummaryPPTREC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results21 Jul 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

37 announcementsExport CSV

29 Sept 2026, 12:41 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2018	Mar 2019	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	79.3%	65.9%	63.3%	68%	55%	60.9%	70.8%	73.4%
EBITDA margin %	71.6%	37.8%	39.8%	37.4%	34%	37.2%	35.4%	32.9%
EBIT margin %	57%	25.7%	26.4%	24.7%	21.9%	26.5%	27.4%	25.8%
PAT margin %	29%	7.7%	13%	17.3%	17.4%	7.2%	3.9%	8.7%
Working capital
Receivable days	24	36	37	35	39	34	65	76
Inventory days	16	54	23	25	9	14	33	33
Payable days	18	181	124	163	110	97	155	248
NWC days	22	-92	-64	-103	-61	-48	-58	-139
Leverage
Current ratio	0.75	0.6	0.71	0.8	0.99	1.01	1.37	1.15
Debt to EBITDA	3.4	6.49	6.82	7.09	7.57	6	4.78	5.38
Debt to equity	2.28	3.87	3.02	3.01	2.93	2.93	1.82	1.92
Interest coverage	2.7	1.5	1.5	1.4	1.2	1.8	2.2	2.2
Asset turnover	0.23	0.22	0.23	0.24	0.25	0.28	0.32	0.3
Return ratios
Return on assets %	6.6%	1.7%	3%	4.1%	4.3%	2%	1.2%	2.6%
Return on capital employed %	15.8%	10.4%	10%	8.6%	7.8%	10.3%	12.5%	11.1%
Return on equity %	27.2%	12.1%	14.5%	19.6%	19.9%	9.5%	4.2%	9.4%

Calls	Strike	Puts
28	+5	5	₹113.0

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Adani Power LimitedADANIPOWERADANIPOWER	₹3,78,385 Cr	₹4,31,941 Cr	₹59,033 Cr	₹22,070 Cr	36.5%	₹14,255 Cr	23.9%	17.3%	21.2%	89
Adani Energy Solutions LimitedADANIENSOLADANIENSOL	₹1,59,340 Cr	₹2,08,239 Cr	₹30,480 Cr	₹9,778 Cr	32.9%	₹2,919 Cr	8.7%	11.1%	9.6%	-139
Jsw Energy LimitedJSWENERGYJSWENERGY	₹88,925 Cr	₹1,64,771 Cr	₹18,965 Cr	₹10,149 Cr	53.3%	₹1,967 Cr	14.6%	8.6%	7.7%	28
Ntpc Green Energy LimitedNTPCGREENNTPCGREEN	₹76,755 Cr	₹1,06,013 Cr	₹3,285 Cr	₹2,860 Cr	86.6%	₹607 Cr	18.2%	3.3%	2.8%	-32
Nhpc LimitedNHPCNHPC	₹72,073 Cr	₹1,24,207 Cr	₹12,210 Cr	₹5,787 Cr	45.1%	₹3,797 Cr	36.3%	4.4%	9.3%	77
Torrent Power LimitedTORNTPOWERTORNTPOWER	₹62,630 Cr	₹76,363 Cr	₹29,184 Cr	₹5,596 Cr	19.1%	₹2,324 Cr	8.5%	13.2%	13.2%	-285
Nlc India LimitedNLCINDIANLCINDIA	₹35,109 Cr	₹62,911 Cr	₹18,381 Cr	₹6,125 Cr	32%	₹3,367 Cr	21.6%	8.2%	17.5%	171
Acme Solar Holdings LimitedACMESOLARACMESOLAR	₹30,577 Cr	₹49,565 Cr	₹2,370 Cr	₹2,058 Cr	88%	₹603 Cr	24.6%	8.5%	10.4%	63
Sjvn LimitedSJVNSJVN	₹22,757 Cr	₹54,860 Cr	₹5,005 Cr	₹3,492 Cr	74%	₹639 Cr	14.2%	5.9%	4.5%	100
Cesc LimitedCESCCESC	₹17,448 Cr	₹38,767 Cr	₹18,853 Cr	₹3,478 Cr	18.6%	₹1,551 Cr	8.7%	10.2%	12.6%	11
Nava LimitedNAVANAVA	₹15,652 Cr	₹17,873 Cr	₹4,310 Cr	₹1,656 Cr	40%	₹756 Cr	24.2%	12.5%	9.6%	178
Juniper Green Energy LimitedJNPRJNPR	₹15,263 Cr	₹28,184 Cr	₹719 Cr	₹606 Cr	84.3%	₹40 Cr	5.6%	—	1.2%	—

Date	Category	Subject	Filing
29 Sept 2026, 12:41 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
29 Sept 2026, 8:39 am	Company Update General	Announcement Under Regulation 30 (LODR) - Update	PDF
22 Sept 2026, 7:35 pm	Company Update General	Announcement Under Regulation 30 (LODR) - Update	PDF
18 Sept 2026, 6:16 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
18 Sept 2026, 6:13 pm	Company Update General	Intimation For ESG Rating	PDF
8 Sept 2026, 11:12 pm	Company Update General	Intimation Regarding Letter Of Award For Supply Of 2,500 MW Round-The-Clock (RTC) Power And Execution Of Power Purchase Agreement.	PDF
3 Sept 2026, 10:01 am	Insider Trading / SAST Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011	PDF
1 Sept 2026, 6:13 pm	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,544	2,189	5,437	3,784	4,097	3,777	6,038	8,695	10,997
	-816	-1,761	-5,643	-4,025	-3,948	-4,699	-4,943	-15,228	-14,083
	-722	-455	1,250	-745	-235	923	-543	7,975	2,630
Net cash flow	6	-27	1,045	-986	-86	2	551	1,443	-456
Free cash flow	—	—	—	-168	-94	-925	608	-683	-3,435
CFO / Operating profit %	—	—	—	95.8%	97.4%	83.6%	97.8%	103.4%	121.1%

Adani Energy Solutions Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

38

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

1

Announcements

1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

3

38

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Distribution · revenue

Adani Energy Solutions Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Option chain38

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Board meetings1

Ratio timeline

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Futures3

Option chain38

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Distribution · revenue

3

38

1

1

3

38