Adani Energy Solutions
Adani Energy Solutions
Power F&OKey Fundamentals
LargecapPower DistributionPowerTapetide Score
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Key Insights
Strengths
1- Company's median sales growth is 28.0% of last 10 years
Weaknesses
3- Stock is trading at 6.27 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.
Growth Rate
AI Analysis — Bull vs Bear
Adani Energy Solutions Ltd has a market capitalisation of about ₹1,59,074 crore and trades at 53.2x earnings and 5.68x book value (6.32x on another basis). Sales have compounded at 28% over 3 years and 21% on a TTM basis, and profits at 21% over 3 years. Return on equity is modest at 9-10.5%, and the company pays no dividend. The stock has risen 52% over 1 year but is down 3% annualised over 5 years.
- Sales growth has been high and consistent: 29% CAGR over 10 years, 28% over 3 years, 23% over 5 years and 21% TTM. Median sales growth over the last decade is 28%.
- Profit growth has picked up recently. It was 13% CAGR over 5 years, then 21% over 3 years and 22% TTM, which suggests newer assets are starting to add to earnings.
- Profits have compounded at 20% over 10 years, tracking the 29% sales CAGR over the same period. That points to a lasting growth path rather than a one-off spike.
- The stock has returned 42% CAGR over 10 years and 52% over the last year, showing strong long-term value creation and renewed market interest.
- At a market cap of about ₹1,59,074 crore, it is one of the largest listed power transmission and distribution companies in India. It is positioned to benefit from grid expansion and the integration of renewable energy.
- TTM profit growth of 22% is slightly ahead of TTM sales growth of 21%, so margins held steady or improved slightly over the last year.
- The company retains all its earnings (0% dividend yield) and puts them back into a capital-heavy growth pipeline. That can fund expansion without relying only on external capital.
- At 53.2x earnings, the valuation is demanding against 3-year profit growth of 21%. That implies a PEG ratio of about 2.5 and an earnings yield of only about 1.9%.
- The price-to-book ratio of 5.68-6.32x is high for a business earning about 10% ROE. The market is paying well above book value for returns that are only moderate.
- Return on equity is low and has been falling: 12% over 10 years, 11% over 5 years, 10-10.5% over 3 years and 9% last year. The expanding capital base is not yet producing better returns.
- Profit growth has trailed sales growth over the long run: 20% versus 29% over 10 years, and 13% versus 23% over 5 years. Costs such as interest and depreciation have grown faster than revenue.
- The company pays no dividend (0% yield) despite reporting repeated profits, so shareholders get no cash return to cushion the high valuation.
- The stock has fallen 3% annualised over 5 years even though sales grew 23% over the same period. Price returns have been volatile and tied to sentiment around the wider group.
- Debt-to-equity is missing from the data (null). For a capital-intensive utility with ROE of about 9%, the unknown leverage and interest-rate exposure is a significant blind spot.
- Last-year ROE of 9% is below what equity investors in India typically expect as a cost of equity (roughly 12-14%). That raises questions about how efficiently the company allocates capital.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- 25-year 2,500 MW MSEDCL PPA Sep 9
Subsidiary PowerPulse Trading Solutions signed a 25-year power purchase agreement with MSEDCL to supply 2,500 MW of round-the-clock renewable power. It gives the company long-term contracted revenue visibility beyond its core transmission business.
- First ESG rating: 'Leader' Sep 18
Niche99 gave the company its first ESG rating, a score of 75/100, and placed it in the 'Leader' category for sustainability practices. That could help with ESG-linked funding and institutional investor interest.
- SEBI probe settled for ₹9.75 lakh Sep 22
The company settled SEBI proceedings over alleged listing agreement violations by paying ₹9,75,000, without admitting guilt. The amount is immaterial and closes the matter, though it shows governance scrutiny of the group is still active.
- Eight new power subsidiaries formed Sep 25
The company incorporated eight wholly owned subsidiaries in India for electricity generation and distribution, each with ₹5 lakh paid-up capital. These look like vehicles for future projects or bids, with no near-term financial impact.
- Analyst/investor meet on Sep 24 Sep 18
The company scheduled a meeting with analysts and investors for September 24. No agenda or financial details were disclosed.
TL;DR: Adani Energy Solutions is building out its business, led by a 25-year, 2,500 MW round-the-clock renewable PPA with MSEDCL and eight new generation and distribution subsidiaries. A first-time 'Leader' ESG score of 75/100 helps its standing with investors. The ₹9.75 lakh SEBI settlement is financially immaterial but shows regulatory scrutiny of the group continues, and executing the round-the-clock renewable supply is a key risk. The overall trend is improving, and updates from the Sep 24 investor meeting on capex, order book and funding will show whether the momentum lasts.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,664 | 3,674 | 4,563 | 4,707 | 5,379 | 6,184 | 5,830 | 6,375 | 6,819 | 6,596 | 6,730 | 7,443 | 9,711 |
| Expenses | 2,395 | 2,324 | 3,092 | 3,141 | 3,728 | 4,469 | 4,170 | 4,335 | 5,009 | 4,640 | 4,734 | 5,298 | 6,703 |
| Operating Profit | 1,269 | 1,350 | 1,471 | 1,566 | 1,651 | 1,715 | 1,661 | 2,040 | 1,811 | 1,955 | 1,995 | 2,145 | 3,008 |
| OPM % | 35% | 37% | 32% | 33% | 31% | 28% | 28% | 32% | 27% | 30% | 30% | 29% | 31% |
| Other Income | 108 | 93 | 262 | 204 | -1,395 | 176 | 170 | 222 | 206 | 171 | 215 | 227 | 170 |
| Interest | 616 | 641 | 760 | 750 | 811 | 813 | 809 | 826 | 894 | 872 | 913 | 954 | 1,152 |
| Depreciation | 419 | 432 | 458 | 468 | 498 | 484 | 462 | 462 | 465 | 509 | 496 | 508 | 585 |
| PBT | 343 | 370 | 515 | 552 | -1,053 | 594 | 559 | 974 | 658 | 746 | 801 | 910 | 1,441 |
| Tax % | 47% | 23% | 32% | 31% | 13% | -30% | -12% | 27% | 18% | 25% | 28% | 21% | 14% |
| Net Profit | 182 | 284 | 348 | 381 | -1,191 | 773 | 625 | 714 | 539 | 557 | 574 | 723 | 1,237 |
| EPS in Rs | 1.57 | 2.47 | 2.91 | 3.24 | -7.39 | 5.62 | 4.68 | 5.39 | 4.27 | 4.44 | 4.6 | 5.69 | 9.57 |
Profit & Loss
| 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 | 30,480 |
| Expenses | 29 | 267 | 893 | 1,118 | 4,528 | 7,158 | 5,976 | 7,051 | 8,775 | 10,896 | 16,701 | 19,583 | 21,376 |
| 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 | 9,104 |
| 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 | 783 |
| Interest | 73 | 957 | 904 | 886 | 1,391 | 2,238 | 2,117 | 2,365 | 2,781 | 2,767 | 3,259 | 3,633 | 3,891 |
| Depreciation | 37 | 560 | 569 | 579 | 882 | 1,174 | 1,329 | 1,427 | 1,608 | 1,776 | 1,906 | 1,978 | 2,099 |
| PBT | -5 | 480 | 532 | 1,472 | 840 | 1,107 | 1,620 | 1,700 | 1,712 | 1,780 | 1,075 | 3,115 | 3,898 |
| 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 | 3,090 |
| EPS in Rs | -0.06 | 3.35 | 3.79 | 10.39 | 5.08 | 6.74 | 11.13 | 10.95 | 11.26 | 10.2 | 8.82 | 19 | 24.3 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Reserves | -7 | 1,572 | 1,847 | 4,957 | 6,943 | 7,399 | 7,819 | 8,813 | 10,634 | 11,526 | 20,867 | 24,226 |
| 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 |
| Other Liabilities | 708 | 489 | 890 | 781 | 4,379 | 6,966 | 7,219 | 7,650 | 7,913 | 8,827 | 11,908 | 18,153 |
| 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 |
| 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 |
| CWIP | 10 | 258 | 1,343 | 2,353 | 694 | 2,212 | 5,255 | 5,060 | 6,200 | 3,003 | 5,702 | 2,054 |
| Investments | 0 | 20 | 105 | 0 | 336 | 313 | 442 | 561 | 1,370 | 766 | 2,638 | 2,644 |
| 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 |
| 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 |
Cash Flow
| 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/OP | -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 | -11,796 | -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
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59 extracted metrics + investor summaries across FY14–FY27.
Documents
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.[1]
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