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 ₹ 2,01,575 Cr.
- Current Price ₹ 1,678
- High / Low ₹ 1,714 / 745
- Stock P/E 89.9
- Book Value ₹ 212
- Dividend Yield 0.00 %
- ROCE 9.65 %
- ROE 9.44 %
- Face Value ₹ 10.0
Pros
- Promoter holding has increased by 1.98% over last quarter.
- Company's median sales growth is 28.0% of last 10 years
Cons
- Stock is trading at 7.93 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Company has a low return on equity of 10.5% over last 3 years.
* 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 BSE Dollex 200 Nifty Next 50 Nifty 500
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 131 | 2,194 | 2,876 | 3,944 | 7,305 | 11,416 | 9,926 | 11,258 | 13,293 | 16,607 | 23,767 | 27,588 | |
| 29 | 267 | 893 | 1,118 | 4,528 | 7,158 | 5,976 | 7,051 | 8,775 | 10,896 | 16,701 | 19,583 | |
| 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 |
| OPM % | 78% | 88% | 69% | 72% | 38% | 37% | 40% | 37% | 34% | 34% | 30% | 29% |
| 3 | 70 | 22 | 111 | 336 | 261 | 1,115 | 1,286 | 1,583 | 611 | -827 | 721 | |
| Interest | 73 | 957 | 904 | 886 | 1,391 | 2,238 | 2,117 | 2,365 | 2,781 | 2,767 | 3,259 | 3,633 |
| Depreciation | 37 | 560 | 569 | 579 | 882 | 1,174 | 1,329 | 1,427 | 1,608 | 1,776 | 1,906 | 1,978 |
| Profit before tax | -5 | 480 | 532 | 1,472 | 840 | 1,107 | 1,620 | 1,700 | 1,712 | 1,780 | 1,075 | 3,115 |
| Tax % | 34% | 23% | 22% | 22% | 33% | 36% | 20% | 27% | 25% | 33% | 14% | 23% |
| -7 | 368 | 416 | 1,143 | 559 | 706 | 1,290 | 1,236 | 1,281 | 1,196 | 922 | 2,393 | |
| EPS in Rs | -0.06 | 3.35 | 3.79 | 10.39 | 5.08 | 6.74 | 11.13 | 10.95 | 11.26 | 10.20 | 8.82 | 19.00 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 29% |
| 5 Years: | 23% |
| 3 Years: | 28% |
| TTM: | 16% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 20% |
| 5 Years: | 13% |
| 3 Years: | 21% |
| TTM: | -2% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 47% |
| 5 Years: | 11% |
| 3 Years: | 30% |
| 1 Year: | 91% |
| Return on Equity | |
|---|---|
| 10 Years: | 12% |
| 5 Years: | 11% |
| 3 Years: | 10% |
| Last Year: | 9% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
| 9,701 | 8,585 | 8,975 | 10,428 | 20,137 | 24,246 | 27,095 | 29,902 | 34,270 | 37,070 | 39,926 | 49,176 | |
| 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 |
| 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 |
| 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 Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -35 | 1,544 | 2,189 | 2,198 | 2,591 | 5,437 | 3,784 | 4,097 | 3,777 | 6,038 | 9,045 | 10,997 | |
| -1,864 | -816 | -1,730 | -3,192 | -3,050 | -5,643 | -4,009 | -3,936 | -4,699 | -4,943 | -15,222 | -14,083 | |
| 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
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| 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
In beta| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Transmission Network Length (Operational + Under-construction) ckm |
|
|||||||||
| AEML Distribution Loss % ・Standalone data |
||||||||||
| AEML Units Sold MUs ・Standalone data |
||||||||||
| Average Transmission System Availability % |
||||||||||
| AEML Consumer Base million ・Standalone data |
||||||||||
| Cumulative Smart Meters Installed million |
||||||||||
| Power Transformation Capacity (Operational + Under-construction) MVA |
||||||||||
| Smart Meter Orderbook million meters |
||||||||||
Extracted by Screener AI
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Credit Rating
1d - Crisil ESG Ratings assigned Adani Energy Solutions an updated ESG score of 65/100 on July 14, 2026.
-
Announcement under Regulation 30 (LODR)-Credit Rating
11 Jul - CareEdge assigned Adani Energy Solutions first surveillance ESG rating of 86.2/100 on July 10, 2026.
-
Announcement under Regulation 30 (LODR)-Credit Rating
9 Jul - ICRA reaffirmed/assigned AA+ and A1+ ratings for Adani Energy Solutions’ facilities, CP and NCDs.
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
8 Jul - Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
3 Jul - Newspaper Advertisement-Notice of Extra-Ordinary General meeting through Video Conferencing / Other Audio Visual Means ("VC/ OAVM") facility and Remote E-voting Information
Annual reports
-
Financial Year 2026
from bse
-
Financial Year 2025
from bse
-
Financial Year 2024
from bse
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
Concalls
-
Apr 2026Transcript PPT REC
-
Jan 2026Transcript PPT REC
-
Oct 2025Transcript PPT REC
-
Jul 2025Transcript PPT
-
Apr 2025Transcript PPT
-
Jan 2025Transcript PPT
-
Oct 2024Transcript PPT
-
Jul 2024Transcript PPT
-
Jul 2024TranscriptAI SummaryPPT
-
May 2024Transcript PPT
-
Feb 2024Transcript PPT
-
Nov 2023TranscriptPPTREC
-
Aug 2023Transcript PPT
-
May 2023TranscriptAI SummaryPPT
-
Feb 2022TranscriptPPT
-
Nov 2021TranscriptPPT
-
Oct 2021TranscriptAI SummaryPPT
-
Aug 2021Transcript PPT
-
May 2021TranscriptAI SummaryPPT
-
Mar 2021TranscriptAI SummaryPPT
-
Mar 2021TranscriptAI SummaryPPT
-
Mar 2021TranscriptAI SummaryPPT
-
Feb 2021TranscriptAI SummaryPPT
-
Feb 2021TranscriptAI SummaryPPT
-
Feb 2021TranscriptAI SummaryPPT
-
Feb 2021TranscriptAI SummaryPPT
-
Nov 2020TranscriptAI SummaryPPT
-
Oct 2020TranscriptAI SummaryPPT
-
Sep 2020TranscriptPPT
-
Feb 2020TranscriptPPT
-
Dec 2019TranscriptPPT
-
Aug 2019Transcript PPT
-
May 2019TranscriptPPT
-
Sep 2017TranscriptPPT
-
Jul 2016TranscriptAI SummaryPPT
Business Segments[1]
A) Power Distribution (50% in FY26 vs 55% in FY25)[2] [3]
The company has a power distribution network of 485 sq km, serving 13 Mn+ consumers in metropolitan Mumbai and the industrial hub of Mundra SEZ. It has applied for licenses in 3 new areas, including Navi Mumbai, Greater Noida, and Mundra Subdistrict.