Adani Energy Solutions
- P/E
- 46.09
Key Fundamentals
LargecapPowerUtilitiesPrice-based figures as of · EPS basis: Consolidated · TTM
- ROCE
- 9.65%
- Debt to Equity
- 1.65
- EPS (TTM)
- ₹30.68
- Book Value
- ₹255.97
- Market Cap
- —
- P/E (TTM)
- 46.09
- P/B
- 5.52
- ROE
- 9.44%
- Dividend Yield
- 0.00%
- EBITDA
- ₹9,822 Cr
- 52W High
- ₹1,789.00
- 52W Low
- ₹803.10
- Volume
- 0
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 100/100
Category scores
- Quality
- 62
- Good
- Returns, margins, earnings quality 22% weight
- Valuation
- 27
- Poor
- Cheap vs sector & own history 24% weight
- Growth
- 72
- Strong
- Sales & profit trajectory 9% weight
- Financial Health
- 29
- Poor
- Solvency, leverage, coverage 9% weight
- Momentum
- 71
- Strong
- Trend strength, vol-adjusted 12% weight
- Ownership
- 50
- Average
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
Key Insights
Strengths
2- Company is expected to give good quarter
- Company's median sales growth is 28.0% of last 10 years
Weaknesses
3- Stock is trading at 4.77 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 10.5% over last 3 years.
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Strong Bullish | 4 | 4 | 11 |
| Oscillators | Bearish | 3 | 4 | 2 |
| Moving Averages | Strong Bullish | 1 | 0 | 9 |
Oscillators
Bearish
Overall
Strong Bullish
Moving Averages
Strong Bullish
Key readings
- RSI (14)
- 58.40
- Neutral
- MACD (12,26,9)
- 0.65
- Bullish
- SMA (50)
- 1,372.59
- Bullish
- SMA (200)
- 1,317.87
- Bullish
As of
Analyst Rating
9 of 10 analysts rate Buy, 1 Hold, 0 Sell.
As of
Growth Rate
From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.
Revenue
| 10Y | +28.81% |
|---|---|
| 5Y | +22.68% |
| 3Y | +27.56% |
| 1Y | +16.08% |
| TTM | +32.55% |
Net profit
| 10Y | +20.59% |
|---|---|
| 5Y | +13.15% |
| 3Y | +23.16% |
| 1Y | +159.54% |
| TTM | +60.08% |
Operating cash flow
| 10Y | +21.69% |
|---|---|
| 5Y | +23.78% |
| 3Y | +42.79% |
| 1Y | +21.58% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 10Y | −58.81 pp |
|---|---|
| 5Y | −10.77 pp |
| 3Y | −4.97 pp |
| 1Y | −0.71 pp |
| TTM | +1.03 pp |
Revenue by year
| Mar 2017 | ₹2,876 Cr |
|---|---|
| Mar 2018 | ₹3,944 Cr |
| Mar 2019 | ₹7,305 Cr |
| Mar 2020 | ₹11,416 Cr |
| Mar 2021 | ₹9,926 Cr |
| Mar 2022 | ₹11,258 Cr |
| Mar 2023 | ₹13,293 Cr |
| Mar 2024 | ₹16,607 Cr |
| Mar 2025 | ₹23,767 Cr |
| Mar 2026 | ₹27,588 Cr |
Net profit by year
| Mar 2017 | ₹416 Cr |
|---|---|
| Mar 2018 | ₹1,143 Cr |
| Mar 2019 | ₹559 Cr |
| Mar 2020 | ₹706 Cr |
| Mar 2021 | ₹1,290 Cr |
| Mar 2022 | ₹1,236 Cr |
| Mar 2023 | ₹1,281 Cr |
| Mar 2024 | ₹1,196 Cr |
| Mar 2025 | ₹922 Cr |
| Mar 2026 | ₹2,393 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
Adani Energy Solutions Ltd trades at ₹1,377.9 as of 2026-11-02 with a market cap of ₹1,68,058.4 crore. The company has delivered strong compounded sales growth of 29% over the past 10 years and TTM profit growth of 64%, but carries elevated debt with a debt-to-equity ratio of 1.93 and pays no dividend despite reporting consistent profits.
- TTM profit growth stands at 64%, indicating a sharp acceleration in earnings over the trailing twelve months
- Compounded sales growth of 29% over 10 years and 28% over 3 years reflects a sustained, high-growth revenue trajectory
- TTM revenue growth of 33% shows the company continues to expand its top line at a healthy pace
- Compounded profit growth of 21% over 3 years and 20% over 10 years demonstrates long-term earnings consistency
- The stock has delivered a 1-year return CAGR of 29% and a 10-year CAGR of 39%, reflecting strong long-term wealth creation
- Median sales growth of 28% over the last 10 years underscores the company's ability to scale revenues consistently across business cycles
- The company is expected to deliver a good upcoming quarter based on operational momentum
- Debt-to-equity ratio of 1.93 is elevated, indicating significant leverage on the balance sheet which raises financial risk
- The company pays zero dividend despite reporting repeated profits, offering no income return to shareholders
- Price-to-book ratio of 5.38 means investors are paying over five times the book value, which is expensive for a capital-intensive power infrastructure business
- Return on equity of 9.02% as of the latest period and a 3-year average of 10% is modest, particularly given the high leverage employed
- ROCE of 8.72% is low relative to the cost of debt typically seen in infrastructure companies, raising questions about capital allocation efficiency
- The 5-year stock CAGR of -8% shows the stock destroyed value over that period despite strong operational growth, highlighting the risk of valuation compression
- ROE has trended down from a 10-year average of 12% to 9% in the last year, suggesting declining efficiency of shareholder capital
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: Adani Energy Solutions is actively expanding its transmission asset base with the Rs 4,700 crore Satara Power acquisition and strengthening its leadership team in cybersecurity and commercial strategy. No notable headwinds emerged in the recent news cycle. The upcoming 1HFY27 results call on October 23 will be a key catalyst to watch for operational and financial performance signals.
- Satara Power acquisition signed Oct 7
Adani Energy Solutions executed a Share Purchase Agreement to acquire 100% equity of Satara Power Transmission Limited for a Rs 4,700 crore transmission project, expanding its infrastructure portfolio.
- New CISO and sales chief Oct 22
Arvind Sharma (23+ years cybersecurity experience) appointed CISO and Rahul Bhutiani appointed Chief of Strategic Customer Acquisition to lead merchant power and data center demand aggregation, both effective October 22, 2026.
- 1HFY27 results call scheduled Oct 13
Investor call scheduled for October 23, 2026, to discuss unaudited financial results for the quarter and half year ended September 30, 2026.
Quarterly Results
₹ Cr| Particulars | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,674 | 4,563 | 4,707 | 5,379 | 6,184 | 5,830 | 6,375 | 6,819 | 6,596 | 6,730 | 7,443 | 9,711 | 10,076 |
| Expenses | 2,324 | 3,092 | 3,141 | 3,728 | 4,469 | 4,170 | 4,335 | 5,009 | 4,640 | 4,734 | 5,298 | 6,703 | 6,975 |
| Operating Profit | 1,350 | 1,471 | 1,566 | 1,651 | 1,715 | 1,661 | 2,040 | 1,811 | 1,955 | 1,995 | 2,145 | 3,008 | 3,101 |
| OPM % | 37% | 32% | 33% | 31% | 28% | 28% | 32% | 27% | 30% | 30% | 29% | 31% | 31% |
| Other Income | 93 | 262 | 204 | −1,395 | 176 | 170 | 222 | 206 | 171 | 215 | 227 | 170 | 447 |
| Interest | 641 | 760 | 750 | 811 | 813 | 809 | 826 | 894 | 872 | 913 | 954 | 1,152 | 1,180 |
| Depreciation | 432 | 458 | 468 | 498 | 484 | 462 | 462 | 465 | 509 | 496 | 508 | 585 | 601 |
| PBT | 370 | 515 | 552 | −1,053 | 594 | 559 | 974 | 658 | 746 | 801 | 910 | 1,441 | 1,767 |
| Tax % | 23% | 32% | 31% | 13% | −30% | −12% | 27% | 18% | 25% | 28% | 21% | 14% | 23% |
| Net Profit | 284 | 348 | 381 | −1,191 | 773 | 625 | 714 | 539 | 557 | 574 | 723 | 1,237 | 1,364 |
| EPS (₹) | 2.47 | 2.91 | 3.24 | −7.39 | 5.62 | 4.68 | 5.39 | 4.27 | 4.44 | 4.6 | 5.69 | 9.57 | 10.82 |
Profit & Loss
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 131 | 2,194 | 2,876 | 3,944 | 7,305 | 11,416 | 9,926 | 11,258 | 13,293 | 16,607 | 23,767 | 27,588 | 33,960 |
| Expenses | 29 | 267 | 893 | 1,118 | 4,528 | 7,158 | 5,976 | 7,051 | 8,775 | 10,896 | 16,701 | 19,583 | 23,710 |
| Operating Profit | 101 | 1,927 | 1,983 | 2,826 | 2,778 | 4,258 | 3,950 | 4,206 | 4,518 | 5,711 | 7,067 | 8,005 | 10,250 |
| OPM % | 78% | 88% | 69% | 72% | 38% | 37% | 40% | 37% | 34% | 34% | 30% | 29% | 30% |
| Other Income | 3 | 70 | 22 | 111 | 336 | 261 | 1,115 | 1,286 | 1,583 | 611 | −827 | 721 | 1,059 |
| Interest | 73 | 957 | 904 | 886 | 1,391 | 2,238 | 2,117 | 2,365 | 2,781 | 2,767 | 3,259 | 3,633 | 4,199 |
| Depreciation | 37 | 560 | 569 | 579 | 882 | 1,174 | 1,329 | 1,427 | 1,608 | 1,776 | 1,906 | 1,978 | 2,190 |
| PBT | −5 | 480 | 532 | 1,472 | 840 | 1,107 | 1,620 | 1,700 | 1,712 | 1,780 | 1,075 | 3,115 | 4,919 |
| Tax % | 34% | 23% | 22% | 22% | 33% | 36% | 20% | 27% | 25% | 33% | 14% | 23% | — |
| Net Profit | −7 | 368 | 416 | 1,143 | 559 | 706 | 1,290 | 1,236 | 1,281 | 1,196 | 922 | 2,393 | 3,897 |
| EPS (₹) | −0.06 | 3.35 | 3.79 | 10.39 | 5.08 | 6.74 | 11.13 | 10.95 | 11.26 | 10.2 | 8.82 | 19 | 30.68 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,090 | 1,100 | 1,100 | 1,100 | 1,100 | 1,100 | 1,100 | 1,100 | 1,115 | 1,115 | 1,201 | 1,201 | 1,223 |
| Reserves | −7 | 1,572 | 1,847 | 4,957 | 6,943 | 7,399 | 7,819 | 8,813 | 10,634 | 11,526 | 20,867 | 24,226 | 30,081 |
| Borrowings | 9,701 | 8,585 | 8,975 | 10,428 | 20,137 | 24,246 | 27,095 | 29,902 | 34,270 | 37,070 | 39,926 | 49,176 | 51,801 |
| Other Liabilities | 708 | 489 | 890 | 781 | 4,379 | 6,966 | 7,219 | 7,650 | 7,913 | 8,827 | 11,908 | 18,153 | 20,196 |
| Total Liabilities | 11,492 | 11,746 | 12,811 | 17,265 | 32,558 | 39,711 | 43,234 | 47,464 | 53,932 | 58,538 | 73,902 | 92,757 | 1,03,300 |
| Fixed Assets | 10,573 | 10,060 | 9,853 | 9,291 | 24,412 | 24,924 | 26,987 | 30,272 | 32,645 | 38,920 | 39,555 | 46,804 | 46,354 |
| CWIP | 10 | 258 | 1,343 | 2,353 | 694 | 2,212 | 5,255 | 5,060 | 6,200 | 3,003 | 5,702 | 2,054 | 3,103 |
| Investments | 0 | 20 | 105 | 0 | 336 | 313 | 442 | 561 | 1,370 | 766 | 2,638 | 2,644 | 3,460 |
| Other Assets | 909 | 1,407 | 1,510 | 5,621 | 7,117 | 12,262 | 10,550 | 11,572 | 13,716 | 15,849 | 26,007 | 41,256 | 50,384 |
| Total Assets | 11,492 | 11,746 | 12,811 | 17,265 | 32,558 | 39,711 | 43,234 | 47,464 | 53,932 | 58,538 | 73,902 | 92,757 | 1,03,300 |
Cash Flow
₹ Cr| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | −35 | 1,544 | 2,189 | 2,198 | 2,591 | 5,437 | 3,784 | 4,097 | 3,777 | 6,038 | 9,045 | 10,997 |
| Investing | −1,864 | −816 | −1,730 | −3,192 | −3,050 | −5,643 | −4,009 | −3,936 | −4,699 | −4,943 | −15,222 | −14,083 |
| Financing | 1,902 | −722 | −455 | 1,589 | 38 | 1,250 | −745 | −235 | 923 | −543 | 7,626 | 2,630 |
| Net Cash Flow | 3 | 6 | 4 | 596 | −421 | 1,045 | −969 | −75 | 2 | 551 | 1,448 | −456 |
| Free Cash Flow | −228 | 810 | 829 | 1,237 | 1,393 | 2,675 | −168 | −94 | −925 | 608 | −334 | −3,435 |
| CFO/EBITDA | −20 | 84 | 119 | 89 | 100 | 132 | 102 | 104 | 89 | 111 | 131 | 143 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 1,255 | 30 | 24 | 24 | 36 | 32 | 37 | 35 | 39 | 82 | 65 | 76 |
| Cash Conversion Cycle | 1,255 | 30 | 24 | 24 | 36 | 32 | 37 | 35 | 39 | 82 | 65 | 76 |
| Working Capital Days | Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number. | −473 | −128 | −115 | −175 | 14 | −122 | −97 | −78 | −57 | −34 | −50 |
| ROCE % | 1% | 13% | 12% | 17% | 10% | 11% | 11% | 10% | 10% | 9% | 10% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Adani Energy Solutions insights
62 extracted metrics across FY14–FY27.
Documents
- Q1 FY27 concall · Jul 2026Transcript PPT Recording
- Concall · Apr 2026Transcript PPT Recording
- Q3 FY26 concall · Jan 2026Transcript PPT Recording
- Q2 FY26 concall · Oct 2025Transcript PPT Recording
- 8 Jul 2026
- 18 Jun 2026
- 27 Apr 2026
- 26 Feb 2026
- 3 Sep 2025
- General announcements 30 Oct 2026
- General announcements 22 Oct 2026
Frequently Asked Questions about Adani Energy Solutions
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Company Information
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 is India's largest private transmission company.
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