Adani Energy Solutions Ltd
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]
- Market Cap ₹ 94,919 Cr.
- Current Price ₹ 790
- High / Low ₹ 1,138 / 588
- Stock P/E 136
- Book Value ₹ 164
- Dividend Yield 0.00 %
- ROCE 5.13 %
- ROE 3.81 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 69.2% CAGR over last 5 years
- Promoter holding has increased by 1.25% over last quarter.
Cons
- Stock is trading at 4.82 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Tax rate seems low
- Company has a low return on equity of 4.07% over last 3 years.
- Earnings include an other income of Rs.1,200 Cr.
- Company has high debtors of 195 days.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Utilities Power Power Power Distribution
Part of BSE 500 BSE 200 Nifty Next 50 Nifty 500 Nifty Energy
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
-0 | 23 | 274 | 810 | 835 | 833 | 858 | 755 | 740 | 688 | 1,517 | 1,938 | 2,649 | |
-0 | 23 | 208 | 785 | 841 | 848 | 881 | 765 | 742 | 716 | 1,504 | 1,889 | 2,579 | |
Operating Profit | -0 | 0 | 66 | 25 | -5 | -15 | -23 | -10 | -2 | -28 | 13 | 49 | 70 |
OPM % | 1% | 24% | 3% | -1% | -2% | -3% | -1% | -0% | -4% | 1% | 3% | 3% | |
-0 | 1 | 147 | 799 | 775 | 802 | 796 | 679 | 701 | 615 | 995 | 1,109 | 1,200 | |
Interest | -0 | 19 | 270 | 819 | 794 | 733 | 767 | 690 | 763 | 416 | 348 | 530 | 570 |
Depreciation | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
Profit before tax | -0 | -18 | -57 | 5 | -25 | 54 | 6 | -21 | -65 | 170 | 659 | 627 | 700 |
Tax % | -0% | -0% | 21% | -0% | 21% | -0% | -0% | -0% | 0% | 10% | 1% | ||
-0 | -18 | -57 | 4 | -25 | 42 | 6 | -21 | -65 | 170 | 595 | 618 | 698 | |
EPS in Rs | -0.00 | -0.16 | -0.51 | 0.04 | -0.22 | 0.39 | 0.05 | -0.19 | -0.59 | 1.53 | 5.33 | 5.14 | 5.81 |
Dividend Payout % | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% | -0% |
Compounded Sales Growth | |
---|---|
10 Years: | 56% |
5 Years: | 18% |
3 Years: | 38% |
TTM: | 64% |
Compounded Profit Growth | |
---|---|
10 Years: | 42% |
5 Years: | 69% |
3 Years: | 123% |
TTM: | 88% |
Stock Price CAGR | |
---|---|
10 Years: | 37% |
5 Years: | 26% |
3 Years: | -39% |
1 Year: | -28% |
Return on Equity | |
---|---|
10 Years: | 2% |
5 Years: | 3% |
3 Years: | 4% |
Last Year: | 4% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 0.05 | 1,090 | 1,100 | 1,100 | 1,100 | 1,100 | 1,100 | 1,100 | 1,100 | 1,115 | 1,115 | 1,201 |
Reserves | -0 | -18 | 1,149 | 1,021 | 2,753 | 4,059 | 3,711 | 2,987 | 2,877 | 9,211 | 9,806 | 18,497 |
-0 | 2,627 | 5,304 | 7,976 | 7,797 | 7,154 | 7,856 | 7,864 | 8,549 | 2,602 | 5,166 | 7,902 | |
-0 | 12 | 68 | 683 | 597 | 498 | 268 | 234 | 141 | 38 | 308 | 964 | |
Total Liabilities | 0 | 3,711 | 7,621 | 10,779 | 12,247 | 12,811 | 12,934 | 12,185 | 12,666 | 12,966 | 16,395 | 28,564 |
-0 | -0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 9 | 10 | |
CWIP | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | 0 | 8 | 4 | 30 |
Investments | -0 | 3,683 | 3,686 | 3,815 | 3,783 | 6,958 | 5,984 | 6,203 | 6,681 | 6,721 | 9,030 | 13,207 |
0 | 28 | 3,934 | 6,964 | 8,463 | 5,852 | 6,948 | 5,981 | 5,984 | 6,237 | 7,352 | 15,318 | |
Total Assets | 0 | 3,711 | 7,621 | 10,779 | 12,247 | 12,811 | 12,934 | 12,185 | 12,666 | 12,966 | 16,395 | 28,564 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
-0 | -11 | 57 | -15 | 50 | 23 | -17 | -22 | 3 | -15 | -209 | -955 | |
-0 | -3,683 | -3,747 | -2,311 | -246 | -266 | 1,971 | 191 | 240 | -1,665 | -2,001 | -9,164 | |
0 | 3,694 | 3,691 | 2,325 | 703 | -234 | -1,184 | -961 | -248 | 1,681 | 2,210 | 10,587 | |
Net Cash Flow | 0 | 0 | 2 | -0 | 506 | -477 | 770 | -793 | -6 | 0 | -0 | 468 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 412 | 102 | 50 | 13 | 4 | 41 | 0 | 0 | 1 | 55 | 195 | |
Inventory Days | ||||||||||||
Days Payable | ||||||||||||
Cash Conversion Cycle | 412 | 102 | 50 | 13 | 4 | 41 | 0 | 0 | 1 | 55 | 195 | |
Working Capital Days | -41,485 | -3,140 | -250 | -505 | -473 | 250 | -329 | -214 | -176 | -77 | -24 | |
ROCE % | 0% | 4% | 9% | 7% | 7% | 6% | 5% | 6% | 5% | 7% | 5% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Acquisition
5 Aug - Incorporation of wholly owned subsidiary Adani Electricity Vasai-Virar Limited for electricity business.
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Announcement under Regulation 30 (LODR)-Credit Rating
5 Aug - S&P revises Adani Electricity Mumbai outlook to Stable from Negative, rating reaffirmed at BBB-.
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Announcement under Regulation 30 (LODR)-Acquisition
4 Aug - Incorporation of three wholly owned electricity subsidiaries by Adani Energy Solutions on 4 Aug 2025.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
28 Jul - Transcript of Earnings Call pertaining to the Unaudited Financial Results of the Company for Q1 FY26.
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Submission Of Audio Recording Of Analyst'S / Investor'S Call Pertaining To The Unaudited Financial Results Of The Company For Q1FY26.
25 Jul - Audio recording of Q1 FY26 earnings call submitted for investor reference.
Annual reports
Concalls
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Jul 2025Transcript PPT
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Apr 2025Transcript PPT
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Jan 2025Transcript PPT
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Oct 2024Transcript PPT
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Jul 2024Transcript PPT
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Jul 2024TranscriptNotesPPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT
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Nov 2023TranscriptPPTREC
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Aug 2023Transcript PPT
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May 2023TranscriptNotesPPT
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Feb 2022TranscriptPPT
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Nov 2021TranscriptPPT
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Oct 2021TranscriptNotesPPT
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Aug 2021Transcript PPT
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May 2021TranscriptNotesPPT
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Mar 2021TranscriptNotesPPT
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Mar 2021TranscriptNotesPPT
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Mar 2021TranscriptNotesPPT
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Feb 2021TranscriptNotesPPT
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Feb 2021TranscriptNotesPPT
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Feb 2021TranscriptNotesPPT
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Feb 2021TranscriptNotesPPT
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Nov 2020TranscriptNotesPPT
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Oct 2020TranscriptNotesPPT
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Sep 2020TranscriptPPT
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Feb 2020TranscriptPPT
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Dec 2019TranscriptPPT
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Aug 2019Transcript PPT
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May 2019TranscriptPPT
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Sep 2017TranscriptPPT
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Jul 2016TranscriptNotesPPT
Business Segments
1) Power Distribution (55% in H1 FY25 vs 62% in FY22): [1] [2] The company has a power distribution network of 485 sq km, serving 12 Mn+ consumers in metropolitan Mumbai and the industrial hub of Mundra SEZ. It has applied for licenses in 3 new areas including Navi Mumbai and Kutch, near existing DISCOMs in Mumbai and Mundra SEZ, and western UP, spanning Ghaziabad to Jewar-Bulandshahr. [3] [4]