Adani Power Ltd.
NSE: ADANIPOWER
Utilities · Utilities - Independent Power Producers
₹189.00 last close on 30 Oct 2026 −1.15%
Research updated
Adani Energy Solutions Ltd.
NSE: ADANIENSOLUtilitiesUtilities - Independent Power Producers
- Last close
- ₹1,349.50
- Day change
- −₹15.50 (−1.14%)vs
- Market cap
- ₹1.58 lakh crIndian rupees
- Research updated
- 3 reports
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About Adani Energy Solutions
Adani Energy Solutions Ltd. is a prominent player in India’s energy sector, with a comprehensive focus on the development, operation, and management of efficient energy infrastructure. The company is pivotal in enhancing energy accessibility through its involvement in the entire energy value chain, including generation, transmission, distribution, and renewable energy projects. Adani Energy Solutions Ltd. has a diversified portfolio with operations in both conventional and renewable energy, which underscores its commitment to sustainable energy practices. Notably, the company is a subsidiary of the larger Adani Group, known for its significant presence across infrastructure sectors such as logistics and agribusiness. Its renewable energy initiatives include solar and wind power projects, reflecting the global shift towards cleaner energy sources. The company plays a crucial role in India's efforts to meet growing energy demands and transition to sustainable energy solutions. Adani Energy Solutions Ltd. significantly contributes to India's energy landscape, facilitating an increase in energy availability and supporting the country's economic growth with a sustainable approach. This positions the company as an essential entity in advancing India’s energy infrastructure and sustainability goals.
- Sector
- Utilities
- Industry
- Utilities - Independent Power Producers
- Listing
- NSE: ADANIENSOL
- Chief executive
- Mr. Kandarp Patel
- Employees
- 3,514
- Headquarters
- Ahmedabad, India
- ISIN
- INE931S01010
- Website
- adanienergysolutions.com
Public research · Report of
Business model & financial foundation
AESL (NSE: ADANIENSOL), Power transmission, distribution and smart metering: revenue of ₹27,588 crore in FY26 (+16.1% on FY25), an EBITDA margin of 32.9% and net profit of ₹2,283 crore.
- Revenue, FY26 (₹ crore)
- 27,588
- consolidated
- Revenue growth, FY26
- +16.1%
- on FY25
- EBITDA margin, FY26
- 32.9%
- EBITDA (pre regulatory deferral, excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 2,283
- to owners
- Return on equity, FY26
- 9.2%
- on average equity
- Market capitalisation (₹ crore)
- 1,58,422
- at the close of 22 Oct 2026
Company profile
Adani Energy Solutions is India's largest private power transmission company (20,023 ckm operating and 9,779 ckm under construction at September 2026), owns the Mumbai suburban distribution licence (AEML) and the Mundra SEZ licence (MUL), runs a 24.6 mn-meter smart-metering order book under 10-year DBFOOT contracts and, since FY27, an energy solutions platform supplying renewable power to C&I and data-centre customers. Transmission earns either cost-plus regulated returns or fixed 35-year TBCB tariffs; distribution earns a regulated return on equity set by MERC.
| Item | Value |
|---|---|
| Legal name | Adani Energy Solutions Limited (formerly Adani Transmission Limited) |
| Exchange and ticker | NSE: ADANIENSOL; BSE: 539254 |
| ISIN | INE931S01010 |
| Sector | Utilities |
| Industry | Power transmission, distribution and smart metering |
| Headquarters | Ahmedabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP |
| Market capitalisation | ₹1,58,422 crore (22 Oct 2026) |
| Shares outstanding | 120.13 crore shares (FY26) |
| Price | ₹1,295 (close, 22 Oct 2026) |
| 52-week range | ₹803.1 - ₹1,789 (to 22 Oct 2026) |
| Website | https://www.adanienergysolutions.com |
Corporate structure and shareholding
Parent: Adani family promoter group (S B Adani Family Trust and related entities); 73.39% of shares at 30 Sep 2026.
| Entity | Holding | Business |
|---|---|---|
| Adani Electricity Mumbai Limited (AEML) | n.d. | Integrated Mumbai suburban distribution licensee (3.29 mn consumers) under MERC cost-plus regulation; Qatar Investment Authority holds a minority stake |
| Adani Transmission (India) Limited (ATIL) | 100% | Cost-plus (RAB) inter-state lines incl. Mundra-Mohindergarh HVDC |
| Maharashtra Eastern Grid Power Transmission Co Ltd (MEGPTCL) | 100% | Cost-plus Tiroda-Aurangabad transmission |
| MPSEZ Utilities Limited (MUL) | n.d. | Mundra SEZ distribution licensee |
| TBCB transmission SPVs (about 30 operating, 15 under construction) | 100% | 35-year fixed-tariff transmission service agreements won under tariff-based competitive bidding |
| Smart metering SPVs (10 contracts) | 100% | DBFOOT smart-meter contracts with discoms (24.6 mn meters, 10-year terms) |
Holding percentages for AEML and MUL were not retrieved from the FY26 annual report this run (gap). IntelliSmart (100% from NIIF/EESL for Rs 3,050 cr) awaits CCI approval.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 71.19% | 72.73% | 74.71% | 73.39% |
| Promoter holding pledged | 0.55% | 0.54% | 0.00% | 0.00% |
| Foreign institutions | 13.47% | 12.23% | 10.13% | 9.56% |
| Domestic institutions | 10.14% | 10.25% | 11.76% | 13.61% |
| of which mutual funds | 6.44% | 6.59% | 8.08% | 9.38% |
| Retail | 2.38% | 2.11% | 2.04% | 2.02% |
| Other | 2.81% | 2.68% | 1.35% | 1.42% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
AESL owns and builds transmission networks, distributes electricity in Mumbai, deploys smart meters and sells energy solutions. Revenue combines regulated tariff / distribution income with SCA construction, meter services and the Energy Solutions Platform.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share | capex, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Transmission (operational revenue / operating EBITDA, ex-SCA) | 5,214 | 29.5% | 4,767 | 69.3% | 8,793 | 61.8% |
| Distribution (AEML + MUL) | 12,450 | 70.5% | 2,108 | 30.7% | 1,883 | 13.2% |
| Smart Metering (revenue/ebitda = Non-Ind AS; *_ind_as = Ind AS 115 basis) | 3,556 | 25.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Power Grid Corporation of India (POWERGRID) | |
| Tata Power (TATAPOWER) | Mumbai and Odisha distribution plus transmission; closest integrated T&D comparable |
| CESC (CESC) | Kolkata distribution licensee; regulated distribution comparable to AEML |
| Torrent Power (TORNTPOWER) | Private urban distribution licensee (Ahmedabad, Surat, Mumbai fringe) |
| IndiGrid Infrastructure Trust (INDIGRID) | |
| Genus Power Infrastructures (GENUSPOWER) | Smart-meter AMISP competitor under RDSS |
| NTPC (NTPC) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations (incl. SCA construction income) | 10,960 | 13,065 | 16,355 | 23,766 | 27,588 |
| Cost of revenue (vendor classification) * | 5,205 | 6,521 | 8,157 | 13,167 | 16,032 |
| Other operating costs (vendor classification) * | 866.6 | 1,224 | 1,279 | 1,091 | 1,282 |
| EBITDA (vendor classification) * | 5,477 | 6,042 | 6,214 | 7,491 | 8,323 |
| EBIT * | 4,044 | 4,451 | 4,480 | 4,210 | 6,526 |
| Finance costs | 2,344 | 2,740 | 2,701 | 3,135 | 3,633 |
| PBT after net movement in regulatory deferral balances | 1,700 | 1,712 | 1,780 | 1,075 | 3,115 |
| Tax expense net of deferred assets recoverable/adjustable | 464.7 | 435.3 | 580.1 | 153.2 | 722.1 |
| Profit for the period | 1,236 | 1,281 | 1,196 | 921.7 | 2,393 |
| Diluted EPS (₹) * | 8.90 | 11.10 | 10.20 | 9.05 | 19.00 |
| Other income | 680.0 | 737.1 | |||
| Cost of power purchased + purchases of stock-in-trade | 7,352 | ||||
| Employee benefits expense | 1,093 | ||||
| SCA construction expenses + other expenses | 10,059 | ||||
| EBITDA (pre regulatory deferral, excl. other income) | 9,084 | ||||
| Depreciation and amortisation | 1,978 | ||||
| Exceptional items (pre-tax) | -1,506 | 0.00 | |||
| Net movement in regulatory deferral account balances (net) | -1,341 | -1,096 | |||
| Non-controlling interests | 110.2 | ||||
| Profit attributable to owners | 2,283 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 11,007 | 12,876 | 13,703 | 23,011 | 26,526 |
| Borrowings * | 29,945 | 34,270 | 37,070 | 39,926 | 49,176 |
| Cash and cash equivalents * | 189.1 | 190.6 | 742.1 | 2,190 | 1,735 |
| Trade receivables * | 1,071 | 1,438 | 1,565 | 2,383 | 3,620 |
| Inventories * | 250.1 | 151.9 | 255.3 | 625.2 | 669.5 |
| Trade payables * | 1,608 | 1,800 | 1,722 | 3,305 | 7,410 |
| Net property, plant and equipment * | 6,399 | 6,973 | 7,842 | 8,727 | 9,539 |
| Capital work in progress * | 5,060 | 6,971 | 4,208 | 6,784 | 5,354 |
| Total assets * | 47,464 | 53,932 | 58,579 | 73,960 | 92,835 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 2,487 | 2,175 | 4,779 | 6,538 | 10,997 |
| Free cash flow (vendor definition) * | -94.3 | -925.2 | 608.1 | -333.6 | -3,435 |
| Capital expenditure (the provider's sign: an outflow is negative) * | -4,191 | -4,702 | -5,430 | -9,378 | |
| Dividends paid (the provider's sign: an outflow is negative) * | -0.34 | -85.8 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 109.98 | 111.37 | 111.55 | 117.14 | 120.13 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations (incl. SCA construction income) | 5,830 | 6,375 | 6,819 | 6,596 | 6,730 | 7,443 | 9,711 | 10,076 |
| Cost of revenue (vendor classification) * | 3,005 | 3,362 | 3,658 | 3,384 | 4,031 | 5,766 | ||
| Other operating costs (vendor classification) * | 469.6 | 527.7 | 615.9 | 692.2 | 959.8 | 709.1 | ||
| EBITDA (vendor classification) * | 1,831 | 2,262 | 2,017 | 2,210 | 2,372 | 3,178 | ||
| EBIT * | 1,368 | 1,800 | 1,552 | 1,714 | 1,864 | 2,593 | ||
| Finance costs | 809.1 | 826.2 | 894.0 | 872.0 | 913.0 | 954.3 | 1,152 | |
| PBT after net movement in regulatory deferral balances | 559.4 | 974.0 | 658.1 | 745.7 | 801.1 | 910.1 | 1,441 | |
| Tax expense net of deferred assets recoverable/adjustable | -66.1 | 260.3 | 119.1 | 188.6 | 227.0 | 187.4 | 204.5 | |
| Profit for the period | 625.3 | 713.7 | 538.9 | 557.1 | 574.1 | 722.7 | 1,237 | |
| Diluted EPS (INR) | 4.85 | 5.50 | 4.27 | 4.44 | 4.60 | 5.69 | 9.57 | |
| Other income | 206.2 | 171.3 | 215.0 | 144.8 | 141.1 | |||
| Cost of power purchased + purchases of stock-in-trade | 1,916 | 1,790 | 1,739 | 1,908 | 3,628 | |||
| Employee benefits expense | 231.2 | 236.0 | 318.0 | 307.6 | 228.0 | |||
| SCA construction expenses + other expenses | 2,358 | 2,281 | 2,338 | 3,083 | 2,847 | |||
| EBITDA (pre regulatory deferral, excl. other income) | 2,315 | 2,289 | 2,335 | 2,145 | 3,008 | |||
| Depreciation and amortisation | 464.8 | 509.0 | 496.2 | 507.8 | 585.4 | |||
| Exceptional items (pre-tax) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Net movement in regulatory deferral account balances (pre-tax) | -503.9 | -333.5 | -339.4 | 82.3 | 28.6 | |||
| Non-controlling interests | 26.5 | 23.1 | 21.8 | 38.9 | 87.5 | |||
| Profit attributable to owners | 512.5 | 534.0 | 552.3 | 683.8 | 1,149 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 12.6% | 19.2% | 25.2% | 45.3% | 16.1% |
| EBITDA margin | 32.9% | ||||
| Net margin | 8.3% | ||||
| Return on equity | 9.2% | ||||
| Return on capital employed | 10.4% | 10.1% | 9.2% | 7.4% | 9.4% |
| Return on assets | 2.7% | ||||
| Borrowings less cash (₹ crore) | 29,756 | 34,079 | 36,328 | 37,736 | 47,442 |
| Borrowings less cash / EBITDA | 5.22x | ||||
| Interest cover | 1.73x | 1.62x | 1.66x | 1.34x | 1.80x |
| Asset turnover | 0.24x | 0.26x | 0.29x | 0.36x | 0.33x |
| Receivable days | 36 | 40 | 35 | 37 | 48 |
| Inventory days (on revenue) | 8 | 4 | 6 | 10 | 9 |
| Payable days (on revenue) | 54 | 50 | 38 | 51 | 98 |
| Cash conversion | 4.82x | ||||
| Capex intensity | 38.2% | 36.0% | 33.2% | 39.5% | |
| Free cash flow (₹ crore) | -1,704 | -2,527 | -650.4 | -2,840 | |
| EPS, diluted (₹) | 8.90 | 11.10 | 10.20 | 9.05 | 19.00 |
| Book value per share (₹) | 100.1 | 115.6 | 122.8 | 196.4 | 220.8 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (pre regulatory deferral, excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (pre regulatory deferral, excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 22 Oct 2026); market data at the close of 22 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Adani Energy Solutions includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Adani Energy Solutions
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 22 Oct 2026; page updated 2 Nov 2026.
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