ADANIENSOL

Adani Energy Solutions Limited

Power transmission, urban distribution and smart metering across the Adani group

Utilities›Power›Power›Power Distribution

adanienergysolutions.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1365.90
Market cap
1,64,002 Cr
Stock P/E
56.2
P/B
6.45
Dividend yield
0.1%
ROE (FY26)
8.6%
ROCE (FY26)
8.9%
Operating margin (FY26)
25.8%
Debt / equity (FY26)
1.92
OCF / EBITDA (FY26)
121.1%
OCF / EBITDA (3Y)
108.7%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Adani Energy Solutions (AESL), part of the Adani Group, builds and runs electricity transmission lines, distributes power in Mumbai and Mundra, installs smart meters, and sells energy solutions to commercial and industrial customers.

Company snapshot

1stBy market cap

Ranked among 1 companies in Power Distribution.

Segment mix

Reportable segments as of 2024-09-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 48.7% of revenue

SegmentRevenue shareRevenuePBTAssets
Distribution
48.7%
3,014 Cr332 Cr20,441 Cr
Others
6.1%
377 Cr62 Cr1,511 Cr
Trading
7.9%
490 Cr0.09 Cr0 Cr
Transmission
37.2%
2,303 Cr837 Cr35,164 Cr
Unallocable income—0 Cr176 Cr11,991 Cr

What we see

Positives
  • ✓109% of operating profit came in as cash over the last three years — profits are backed by real cash.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales3,674 Cr4,563 Cr4,707 Cr5,379 Cr6,184 Cr5,830 Cr6,375 Cr6,819 Cr6,596 Cr6,730 Cr7,443 Cr9,711 Cr
Operating expenses (approx.)2,169 Cr3,035 Cr3,141 Cr3,134 Cr4,397 Cr3,705 Cr4,124 Cr4,505 Cr4,307 Cr4,394 Cr5,298 Cr6,703 Cr
EBITDA1,505 Cr1,527 Cr1,566 Cr2,244 Cr1,787 Cr2,125 Cr2,251 Cr2,315 Cr2,289 Cr2,336 Cr2,145 Cr3,008 Cr
OPM %41.0%33.5%33.3%41.7%28.9%36.5%35.3%33.9%34.7%34.7%28.8%31.0%
Other income93 Cr262 Cr148 Cr111 Cr176 Cr170 Cr222 Cr206 Cr171 Cr215 Cr145 Cr141 Cr
Interest641 Cr760 Cr750 Cr811 Cr813 Cr809 Cr826 Cr894 Cr872 Cr913 Cr954 Cr1,152 Cr
Depreciation432 Cr458 Cr468 Cr498 Cr484 Cr462 Cr462 Cr465 Cr509 Cr496 Cr508 Cr585 Cr
Profit before tax369 Cr514 Cr550 Cr-1,054 Cr594 Cr559 Cr974 Cr658 Cr746 Cr801 Cr910 Cr1,392 Cr
Tax %23.0%32.3%30.7%-13.0%-30.1%-11.8%29.5%18.1%25.3%28.3%20.6%11.2%
Net profit284 Cr348 Cr381 Cr-1,191 Cr773 Cr625 Cr687 Cr539 Cr557 Cr574 Cr723 Cr1,237 Cr
EPS (₹)₹2.47₹2.92₹2.94₹-7.39₹6.09₹4.85₹6.57₹6.88₹6.19₹6.34₹5.27₹9.57

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,876 Cr3,944 Cr7,305 Cr11,416 Cr9,926 Cr11,258 Cr13,293 Cr16,607 Cr23,767 Cr27,588 CrSign in free for the trailing twelve months
Operating expenses (approx.)893 Cr1,118 Cr4,543 Cr7,162 Cr5,976 Cr7,051 Cr8,775 Cr10,436 Cr15,360 Cr18,504 CrSign in free for the trailing twelve months
EBITDA1,983 Cr2,826 Cr2,762 Cr4,254 Cr3,950 Cr4,206 Cr4,518 Cr6,171 Cr8,407 Cr9,084 CrSign in free for the trailing twelve months
OPM %69.0%71.6%37.8%37.3%39.8%37.4%34.0%37.2%35.4%32.9%Sign in free for the trailing twelve months
Other income22 Cr111 Cr255 Cr265 Cr533 Cr604 Cr548 Cr611 Cr679 Cr737 CrSign in free for the trailing twelve months
Interest904 Cr886 Cr1,391 Cr2,238 Cr2,117 Cr2,365 Cr2,781 Cr2,767 Cr3,259 Cr3,633 CrSign in free for the trailing twelve months
Depreciation569 Cr579 Cr882 Cr1,174 Cr1,329 Cr1,427 Cr1,608 Cr1,776 Cr1,906 Cr1,978 CrSign in free for the trailing twelve months
Profit before tax532 Cr1,472 Cr840 Cr1,249 Cr1,714 Cr2,383 Cr1,716 Cr1,776 Cr1,101 Cr3,115 CrSign in free for the trailing twelve months
Tax %21.7%22.3%33.4%43.5%24.8%18.3%25.4%32.7%16.3%23.2%Sign in free for the trailing twelve months
Net profit416 Cr1,143 Cr559 Cr706 Cr1,290 Cr1,947 Cr1,281 Cr1,196 Cr922 Cr2,393 CrSign in free for the trailing twelve months
EPS (₹)₹3.79₹9.94₹2.30₹7.63₹9.02₹8.90₹11.10₹12.87₹16.14₹24.68Sign in free for the trailing twelve months
Dividend payout %————0.0%0.0%0.0%7.2%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital1,100 Cr1,100 Cr1,100 Cr1,100 Cr1,100 Cr1,100 Cr1,115 Cr1,115 Cr1,201 Cr1,201 Cr
Reserves1,847 Cr4,957 Cr6,943 Cr7,399 Cr7,819 Cr8,813 Cr10,547 Cr11,526 Cr20,867 Cr24,226 Cr
Borrowings8,660 Cr9,605 Cr17,937 Cr23,525 Cr25,775 Cr29,815 Cr34,199 Cr37,009 Cr40,206 Cr48,898 Cr
Other liabilities1,204 Cr1,604 Cr5,949 Cr6,625 Cr7,435 Cr6,643 Cr6,973 Cr7,867 Cr10,743 Cr17,411 Cr
Total liabilities12,811 Cr17,265 Cr31,929 Cr39,711 Cr43,234 Cr47,464 Cr53,932 Cr58,579 Cr73,960 Cr92,835 Cr
Fixed assets (net)9,533 Cr8,970 Cr22,837 Cr23,100 Cr25,166 Cr27,905 Cr30,295 Cr36,437 Cr37,049 Cr44,227 Cr
CWIP1,343 Cr2,353 Cr694 Cr2,209 Cr5,240 Cr5,060 Cr6,200 Cr3,003 Cr5,695 Cr2,054 Cr
Investments105 Cr—336 Cr550 Cr660 Cr561 Cr1,370 Cr766 Cr9,751 Cr2,644 Cr
Loans & advances——9 Cr2,409 Cr24 Cr8 Cr477 Cr408 Cr6 Cr6 Cr
Inventories39 Cr35 Cr366 Cr541 Cr234 Cr250 Cr152 Cr255 Cr625 Cr669 Cr
Trade receivables190 Cr258 Cr722 Cr1,000 Cr1,014 Cr1,071 Cr1,438 Cr1,565 Cr4,218 Cr5,734 Cr
Cash & bank13 Cr609 Cr188 Cr1,233 Cr264 Cr189 Cr191 Cr742 Cr2,190 Cr1,735 Cr
Other assets1,589 Cr5,040 Cr6,777 Cr8,669 Cr10,632 Cr12,421 Cr13,809 Cr15,403 Cr14,425 Cr35,767 Cr
Total assets12,811 Cr17,265 Cr31,929 Cr39,711 Cr43,234 Cr47,464 Cr53,932 Cr58,579 Cr73,960 Cr92,835 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity2,189 Cr2,197 Cr2,591 Cr5,437 Cr3,784 Cr4,097 Cr3,777 Cr6,038 Cr8,695 Cr10,997 Cr
Cash from investing-1,761 Cr-3,211 Cr-3,138 Cr-5,643 Cr-4,025 Cr-3,948 Cr-4,699 Cr-4,943 Cr-15,228 Cr-14,083 Cr
Cash from financing-455 Cr1,590 Cr38 Cr1,250 Cr-745 Cr-235 Cr923 Cr-543 Cr7,975 Cr2,630 Cr
Net cash flow-27 Cr577 Cr-509 Cr1,045 Cr-986 Cr-86 Cr2 Cr551 Cr1,443 Cr-456 Cr
Free cash flow (OCF − Capex)829 Cr1,236 Cr1,393 Cr2,675 Cr-168 Cr-94 Cr-925 Cr608 Cr-683 Cr-3,435 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %12.4%15.1%8.6%10.5%10.7%11.6%9.6%9.0%6.9%8.9%
ROE %14.1%18.9%7.0%7.8%12.2%10.9%9.8%8.3%4.6%8.6%
Debtor days24243632373539346576
Inventory days535853293311174138
Days payable34197173156211125115193286
Cash conversion cycle2523-102-88-90-143-75-64-87-172
OCF / EBITDA %110.4%77.8%93.8%127.8%95.8%97.4%83.6%97.8%103.4%121.1%
OCF / EBITDA % (3 years)——92.2%103.9%107.7%107.3%92.0%93.4%96.9%108.7%
Debt / equity2.941.592.232.772.893.012.932.931.821.92
Current ratio0.730.750.601.570.710.800.991.011.371.15
Net debt / EBITDA4.36—6.435.246.467.047.535.884.525.19