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Adani Energy Solutions Ltd (ADANIENSOL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 539254 NSE: ADANIENSOL Power Generation/Distribution | Large Cap | Adani Energy Solut. Share Price

₹1,519.90 27.50 (1.84%)

As on 04-Jun'26 16:59

Adani Energy Solutions Ltd (ADANIENSOL)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 539254 NSE: ADANIENSOL Power Generation/Distribution | Large Cap | Adani Energy Solut. Share Price

₹1,519.90 27.50 (1.84%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,82,583 Cr.
Current Price
₹1,519.9
52-Week Low / High
₹745 / 1,578
TTM EPS
₹4.8
TTM Sales
₹3,383 Cr.
Book Value per Share
₹174.1
P/E Ratio
319.69
Higher than its 5-year historical median
Industry PE
29.7
Price to Book (P/B)
8.73
Lower than its 5-year historical median
Price to Sales (P/S)
53.97
Lower than its 5-year historical median
EV/EBITDA
132.94
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
2.81%
Underperforms industry median
Return on Capital Employed (ROCE)
4.76%
Underperforms industry median
Return on Assets (ROA)
1.77%
Operating Profit Margin
6.5%
Net Profit Margin
16.88%
Gross Profit Margin
18.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
74.58%
Operating Profit Growth (1 Year)
-
350.15%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-7.55%
Asset Quality
Promoter Holding
72.73%
Pledged shares (%) of Promoter's holding (%)
0.54%
Reserves
₹19,716 Cr.
Equity
₹1,201.3 Cr.
Face Value
₹10
All Time Low / High
₹25.25 / 4238.55

Adani Energy Solutions stock performance

Key Ratios
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Quality

Not Good
Check detailed performance

Valuation

Overvalued

Check Valuation charts

Price Trend

Strong
Check Price chart
Q.1 Is Adani Energy Solutions Ltd a good quality company?
Adani Energy Solutions Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

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We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

View More
How does Adani Energy Solutions Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Adani Energy Solutions Ltd vs industry peers?
Adani Energy Solutions Ltd revenue CAGR is 17.70%, compared to the industry median CAGR of 17.64%, indicating stable growth and maintaining its market share.
Q.1 Promoter shareholding and pledge status of Adani Energy Solutions Ltd?
Promoters hold 72.73% of the Adani Energy Solutions Ltd, with 0.54% of their stake pledged, indicating low pledge risk.
Q.1 Stock return of Adani Energy Solutions Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 47.3% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Adani Energy Solutions Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ9.3%7.1%6.6%6.2%5.4%5.7%4.6%6.9%5.3%4.8%-
Value Creation
Index ⓘ		-0.3-0.4-0.4-0.5-0.5-0.5-0.6-0.4-0.5-0.6-

Growth Parameters ⓘ
Sales ⓘ8108358338587557406881,5171,9383,3833,383
Sales YoY Gr.-3.2%-0.3%3%-12%-2%-7%120.6%27.7%74.6%-
Adj EPS ⓘ0-0.30.4-0.4-0.2-0.91.454.23.74.8
YoY Gr.--1350%NA-222.2%NANANA249.3%-16.1%-10.8%-
BVPS (₹) ⓘ19.318.215.913.911.47.792.697.9164174.1174.1
Adj Net
Profit ⓘ		1.8-27.139.7-48.6-21.3-103158554500445571
Cash Flow from Ops. ⓘ-14.949.623.1-17.4-222.8-15.3-209-606442-
Debt/CF from Ops. ⓘ-534.9194.7456.9-641.8-486.14112.2-170.2-24.7-1328.8-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ17.2%35%70.1%74.6%
Adj EPS ⓘ78.7%NA37.7%-10.8%
BVPSⓘ27.7%72.4%23.4%6.2%
Share Price 47.3% -1.1% 22.4% 74.3%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		0.1-1.32.1-3-1.5-9.82.85.23.32.22.7
Op. Profit
Mgn % ⓘ		3.1-0.7-1.3-2.7-1.3-0.3-4.10.92.66.56.5
Net Profit
Mgn % ⓘ		0.2-3.34.8-5.7-2.8-13.92336.525.813.216.9
Debt to
Equity ⓘ		3.84.867.38.513.80.30.50.40.60.5
Working Cap
Days ⓘ		2,3583,1842,9852,4362,8392,8572,9251,4571,9701,794263
Cash Conv.
Cycle ⓘ		41281-10-9-3-1165911256

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales8108358338587557406881,5171,9383,383
Operating Expenses ⓘ + 7858418448817657427161,5041,8893,164
Manufacturing Costs7598198288577557346861,4671,8363,099
Material Costs0000000000
Employee Cost 13643421276
Other Costs ⓘ 121511207629354759
Operating Profit ⓘ 25-5-11-23-10-2-281349219
Operating Profit Margin (%) 3.1%-0.6%-1.3%-2.7%-1.3%-0.3%-4.1%0.9%2.5%6.5%
Other Income ⓘ + 7997757997966797016159951,1091,240
Exceptional Items ⓘ 0000000000
Interest ⓘ 819794733767690763416348530826
Depreciation ⓘ 0000000011
Profit Before Tax ⓘ 5-25546-21-65170659627631
Tax ⓘ 1012000064960
Profit After Tax 4-25426-21-65170595618571
PAT Margin (%) 0.5%-3.0%5.1%0.7%-2.8%-8.7%24.8%39.2%31.9%16.9%
Adjusted EPS (₹)0.0-0.20.40.1-0.2-0.61.55.35.14.8
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Valuation of Adani Energy Solut. - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 2,1212,0041,7501,5311,25784610,32710,92219,69920,917
Share Capital ⓘ 1,1001,1001,1001,1001,1001,1001,1151,1151,2011,201
Reserves ⓘ 1,021904651431157-2549,2119,80618,49719,716
Debt +7,6769,0719,43310,63010,47711,4492,6005,0657,90012,721
Long Term Debt6,7558,0608,58410,6309,75410,5371,7404,1026,8039,777
Short Term Debt9201,01184907239128609631,0972,943
Minority Interest0000000000
Trade Payables1192912493399550940
Others Liabilities ⓘ 9731,1641,611648455381373104151,260
Total Liabilities ⓘ 10,78012,24812,82412,93412,19812,67912,96616,39528,56435,838

Fixed Assets

Net Fixed Assets ⓘ +111111091010
Gross Block1112222101213
Accumulated Depreciation0001111223
CWIP ⓘ 000000843035
Investments ⓘ 3,8153,7836,9585,9846,2036,6816,7219,03013,20715,394
Inventories5320000102827
Trade Receivables1112910970022271,0372,598
Cash Equivalents 3385191881,176183898176611,0961,366
Others Assets ⓘ 6,5117,9135,6655,6765,9755,6085,4186,45413,15716,408
Total Assets ⓘ 10,78012,24812,82412,93412,19812,67912,96616,39528,56435,838

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + -155023-17-223-15-209-606442
PBT ⓘ 5-25546-21-65170659627631
Adjustment ⓘ 2119-65-171566-199-646-578-412
Changes in Working Capital ⓘ -365857-5-3289-157-647306
Tax Paid ⓘ -5-4-23-116-74-65-8-83
Cash Flow From Investing Activity ⓘ + -2,311-246-2671,971191240-1,585-2,001-9,164-3,695
Capex 10-100-1-22-5-19-6
Net Investments -286379-232-123-3721-68-204-3,120654
Others ⓘ -2,026-625-332,093563239-1,495-1,792-6,026-4,343
Cash Flow From Financing Activity ⓘ + 2,325703-234-1,184-961-2481,6812,21010,2382,828
Net Proceeds from Shares ⓘ 0000003,85008,3730
Net Proceeds from Borrowing ⓘ 4,407-300-6931,040-4722031,0192,3092,2912,473
Interest Paid ⓘ -508-878-656-831-531-716-288-202-211-154
Dividend Paid ⓘ 0000000000
Others ⓘ -1,5741,8811,115-1,39342264-2,900103-215509
Net Cash Flow ⓘ -0506-477770-793-680-0468-425

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)0.18-1.192.260.34-1.52-6.153.055.64.032.81
ROCE (%)9.337.086.576.195.445.714.616.945.294.76
Asset Turnover Ratio0.090.070.070.070.060.060.050.10.090.11
PAT to CFO Conversion(x)-3.75N/A0.55-2.83N/AN/A-0.09-0.35-0.980.77
Working Capital Days
Receivable Days42.3030.708.6022.6023.4000.6027.60119.10196.10
Inventory Days2.101.70100002.403.603
Payable Days0000000000

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *2.892.582.280.490.810.810.790.790.550.54
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Adani Energy Solutions Ltd FAQs

The current trading price of Adani Energy Solut. on 04-Jun-2026 16:59 is ₹1,519.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Adani Energy Solut. stood at ₹1,82,583 Cr

The latest P/E ratio of Adani Energy Solut. as of 03-Jun-2026 is 319.7.

The latest P/B ratio of Adani Energy Solut. as of 03-Jun-2026 is 8.73.

The 52-week high of Adani Energy Solut. is ₹1,578 and the 52-week low is ₹745.5.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Adani Energy Solut. is ₹3,383 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Adani Energy Solutions Ltd is a below average quality company.

The key valuation ratios of Adani Energy Solutions Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Adani Energy Solutions Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Adani Energy Solutions Ltd

Adani Energy Solutions (AESL), part of the Adani portfolio, is a multidimensional organization with presence in various facets of the energy domain, namely power transmission, distribution, smart metering, and cooling solutions. AESL, with its integrated offering through the expansion of its distribution network through parallel licenses and competitive and tailored retail solutions, including a significant share of green power, is revolutionizing the way energy is delivered to the end consumer.

Business area of the company

The company is India’s largest integrated energy player with a pole position in the transmission and distribution business focussed on delivering reliable, affordable, and sustainable energy solutions. Its integrated portfolio is spanned across power transmission, distribution, smart metering, and energy solutions catering to various facets of the energy domain. The principal business of the Company and its subsidiaries (together referred to as the Group) includes: power transmission business, distribution of power, smart metering business, cooling solutions and other business activities. 

Power Transmission Business: The Group carries on the business of establishing, commissioning, setting up, operating and maintaining electric power transmission systems and to peruse acquisition of available opportunity in power transmission systems/networks. The Group develops, owns and operates transmission lines across the States of Andhra Pradesh, Assam, Bihar, Chhattisgarh, Gujarat, Haryana, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, Uttarakhand and West Bengal. The Group has also entered in to new business opportunities through Optical Ground Wire (OPGW) fibres on transmission lines with the ambition of expanding its telecom solutions to Telcos, Internet service providers and long distance communication operators. The commercialization of the network shall be done through leasing out spare capacities to potential communication players.

Distribution of Power: The Group has entered in Distribution business in Mumbai through acquisition of Integrated Mumbai Power Business. Further the group also provides facility of distribution of electricity, effluent & sewage treatment in Mundra SEZ area, Kutch, Gujarat.

Smart Metering Business: The Group’s Distribution Platform shall implement the Smart Metering Project on Design-Build-Finance- Own-Operate-Transfer (DBFOOT) basis. As a part of mandate won, Smart Meters and related Communication & Cloud infrastructure will be installed over a period of 27-30 months and maintained for the following 90 months approximately. The projects shall cover end to end Smart Metering for Distribution Infrastructure and End Consumers, enabling complete energy accounting with zero manual intervention.

Cooling Solutions: The District Cooling System (DCS) produces chilled water in a central plant and distributes cooling capacity in the form of chilled water from the central plant to multiple buildings through a network of underground pipes for use in space and process cooling. District Cooling Business: a centralized, energy-efficient and low carbon cooling solution to drive sustainability in cooling sector.

Other Business Activities: The Group also deals in various Bullions, other commodities and power trading business.

Awards and accolades

2021-22:

  • Greentech Energy Conservation Award 2021.
  • National CSR awards 2021 for Best Sustainability CSR report.
  • National CSR awards 2021 - Best COVID-19 solution for workforce management.
  • CII operation sustainability 2021 - Platinum winner - Economic sustainability category.

2022-23:

  • Won the Platinum award for Restoration Management at 43rd CII National Kaizen Competition.
  • Won Platinum award for Office innovation at the 3rd Edition of CII National Office Innovation Competition.
  • Won Platinum award for Quality Management at 15th CII National Competitiveness and Cluster Summit.
  • Won the Outstanding Achievements Award for Business Excellence at the 15th international business conclave by international achievers’ conference.

2023-24:

  • AEML received the CII 2023 DX Award in the Best Practices category as the Most Innovative Company for our unwavering commitment to innovation and excellence.
  • AEML received the highest award in the Best Innovative Leadership Development Programme category for ‘AE-Marvels’ by Economic Times HR World.
  • Adani Electricity has been bestowed with the prestigious distinction of Mumbai's No. 1 power distribution utility by the National Consumer Service Ratings.

2024-25

  • Adani Energy Solutions improved its Corporate Sustainability Assessment (CSA) score from S&P Global to 73/100 (as of November 2024), surpassing the global electricity utilities average of 42/100, driven by advancements in product stewardship, climate strategy, and human capital engagement.
  • Adani Energy Solutions achieved ‘’Net Water Positive’’ status for operational sites under UNSDG 6.
  • Adani Energy Solutions' CSRHUB score improved to 87%, well above the Electric & Gas Utilities industry average of 911 companies.
  • Adani Energy Solutions' Sustainalytics ESG score improved to 27.9 with ‘Medium Risk’ ratings in January 2025, surpassing the global Electric Utility Industry average of 36.5.
  • Adani Energy Solutions won the 5th CII’s CAP 2.0 award 2024 under the Resilient category in the Energy Mining and Heavy Manufacturing sector, highlighting the Company’s commitment to climate action and sustainability goals.
  • Adani Energy Solutions CDP Water Security 2024 score improved to –A (Leadership band) from B (Management band) last year and maintained a B (Management band) in the CDP Climate Change.

Milestones:

  • 2006: Development of 220kV transmission line for Mundra Thermal Power Station.
  • 2009: Commissioning of First 400 kV transmission line (Mundra-Dehgam transmission line).
  • 2010: Commissioning of FSC at Sami S/S to support evacuation system.
  • 2011: Commissioning of 400kV Mohindergarh-Bhiwani transmission line.
  • 2011: Commissioning of 400kV Mohindergarh-Dhanoda transmission line.
  • 2012: Commissioning of 400 kV Tiroda-Warora transmission line.
  • 2012: Commissioning of First HVDC transmission line (± 500 kV MundraMohindergarh transmission line).
  • 2012: Completion of 400kV Kawai - Chhabra transmission line as an EPC contract.
  • 2013: Conversion of Mundra system into ISTS as a license company.
  • 2014: Commissioning of First 765 kV transmission line (Tiroda- Aurangabad transmission line).
  • 2015: Demerger of Adani Transmission Limited (ATL) from Adani Enterprises Limited (AEL).
  • 2015: Listing of ATL on BSE and NSE Stock Exchanges.
  • 2015: Award of STL, RRWTL and CWRTL project.
  • 2016: Award of ATRL project.
  • 2016: Award of NKTL project.
  • 2016: Acquisition of GMR assets (MTSCL and ATSCL).
  • 2016: Completion of 400kV Mundra- Zerda transmission line as an EPC contract.
  • 2017: Award of Public- Private Partnership (PPP) 8, 9 and 10 projects.
  • 2017: Acquisition of Reliance Infrastructure Limited's assets (WTGL & WTPL).
  • 2018: Award of FBTL, GTL, OCBTL project.
  • 2018: Acquisition of Reliance Infrastructure Limited’s Power Generation, Transmission & Distribution Business in Mumbai.
  • 2018: Commissioning of ATRL Project.
  • 2019: Award of LOI for KVTPL (Kharghar Vikhroli Transmission Private Limited).
  • 2019: Award of LOI for LBTL (Lakadia Banaskantha Transco Limited) and JKTL (Jam Khambaliya Transco Limited).
  • 2019: Award of LOI for BKTL (Bikaner - Khetri Transmission Limited) and WTL (WRSS XXI (A) Transco Limited).
  • 2019: Commissioning of PPP 8, 9 & 10 project.
  • 2019: Commissioning of STL, RRWTL project.
  • 2019: Acquisition of KEC asset.
  • 2020: Acquisition of Alipurduar Transmission Limited from KPTL.
  • 2020: Acquisition of KVTPL (Kharghar Vikhroli Project).
  • 2021: Acquisition of Warora Kurnool Transmission Limited from Essel Infraprojects Ltd.
  • 2021: Commissioning of Fatehgarh Bhadla Transmission Limited.
  • 2021: Award of LoI for MP Power Transmission Package II Limited.
  • 2021: Commissioning of Ghatampur Transmission Limited.
  • 2021: Award of LoI for Khavda Bhuj Transmission Limited.
  • 2021: Award of LoI for Karur Transmission Limited.
  • 2021: Acquisition of MUL.
  • 2022: Foray into Smart Meter Business by winning Bombay Electric Supply & Transport (BEST) project to install 10.8 Lakh Smart Meters.
  • 2022: Adani Transmission announced to become net zero by 2050.
  • 2022: Completed Rs 3,850 Crore Primary Equity Transaction With IHC.
  • 2023: Received award of Letter of Intent (LoI) for Khavda II A Transmission Ltd.
  • 2023: Received award of Letter of Intent (LoI) for WRSR Transmission Ltd.
  • 2023: Won bid to install 7.7 Lakh “Smart Meters” for Assam Power Distribution Company Limited (APDCL).
  • 2024: Commissioned largest inter regional 765 KV Warora Kurnool Transmission Line.
  • 2024: Won bid to install 41.2 lakh smart meters for Andhra Pradesh Discoms.
  • 2024: Won bid to install 116 lakh smart meters for MESDCL Discom.
  • 2025: Adani Energy Solutions raised Rs 8,773 crore to fund the transmission and smart metering opportunity. It is the largest fundraise in the Indian power sector through a QIP.
  • 2025: In line with the ESG commitment, AESL has divested 500 MW of Adani Dahanu Thermal Power Plant in Adani Electricity.
  • 2025: Won Rs 25,000 cr Bhadla-Fatehpur HVDC project, the largest transmission order win till date for AESL.
  • 2025: The company is first in the Indian power sector to join the Utilities for Net Zero Alliance (UNEZA), a global alliance for clean energy and renewable infrastructure development.
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