MarketFriction

Adani Energy Solutions Ltd

NSE ADANIENSOL · BSE 539254 · Power Distribution
₹1,326.40 +0.90%
NSE close2026-10-01
52 week range803.10 - 1,789.00
Market cap₹1,59,693 Cr.
P/E54.7
Nifty Next 50Nifty 100Nifty 200Nifty 500Nifty EnergyNifty Commodities No price band Delivery 33.5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales3,6744,5634,7075,3796,1845,8306,3756,8196,5966,7307,4439,711
Expenses2,3243,0923,1413,7284,4694,1704,3355,0094,6404,7345,2986,703
Operating Profit1,3501,4711,5661,6511,7151,6612,0401,8111,9551,9952,1453,008
OPM %37%32%33%31%28%28%32%27%30%30%29%31%
Other Income93262204-1,395176170222206171215227170
Interest6417607508118138098268948729139541,152
Depreciation432458468498484462462465509496508585
Profit before tax370515552-1,0535945599746587468019101,441
Tax %23%32%31%13%-30%-12%27%18%25%28%21%14%
Net Profit284348381-1,1917736257145395575747231,237
EPS in Rs2.472.913.24-7.395.624.685.394.274.444.605.699.57
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales2,1942,8763,9447,30511,4169,92611,25813,29316,60723,76727,58830,480
Expenses2678931,1184,5287,1585,9767,0518,77510,89616,70119,58321,376
Operating Profit1,9271,9832,8262,7784,2583,9504,2064,5185,7117,0678,0059,104
OPM %88%69%72%38%37%40%37%34%34%30%29%30%
Other Income70221113362611,1151,2861,583611-827721783
Interest9579048861,3912,2382,1172,3652,7812,7673,2593,6333,891
Depreciation5605695798821,1741,3291,4271,6081,7761,9061,9782,099
Profit before tax4805321,4728401,1071,6201,7001,7121,7801,0753,1153,898
Tax %23%22%22%33%36%20%27%25%33%14%23%
Net Profit3684161,1435597061,2901,2361,2811,1969222,3933,090
EPS in Rs3.353.7910.395.086.7411.1310.9511.2610.208.8219.0024.30
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth29%23%28%21%
Compounded Profit Growth20%13%21%22%
Stock Price CAGR42%-4%17%50%
Return on Equity12%11%10%9%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1,0901,1001,1001,1001,1001,1001,1001,1001,1151,1151,2011,201
Reserves-71,5721,8474,9576,9437,3997,8198,81310,63411,52620,86724,226
Borrowings9,7018,5858,97510,42820,13724,24627,09529,90234,27037,07039,92649,176
Other Liabilities7084898907814,3796,9667,2197,6507,9138,82711,90818,153
Total Liabilities11,49211,74612,81117,26532,55839,71143,23447,46453,93258,53873,90292,757
Fixed Assets10,57310,0609,8539,29124,41224,92426,98730,27232,64538,92039,55546,804
CWIP102581,3432,3536942,2125,2555,0606,2003,0035,7022,054
Investments02010503363134425611,3707662,6382,644
Other Assets9091,4071,5105,6217,11712,26210,55011,57213,71615,84926,00741,256
Total Assets11,49211,74612,81117,26532,55839,71143,23447,46453,93258,53873,90292,757
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity-351,5442,1892,1982,5915,4373,7844,0973,7776,0389,04510,997
Cash from Investing Activity-1,864-816-1,730-3,192-3,050-5,643-4,009-3,936-4,699-4,943-15,222-14,083
Cash from Financing Activity1,902-722-4551,589381,250-745-235923-5437,6262,630
Net Cash Flow364596-4211,045-969-7525511,448-456
Free Cash Flow-2288108291,2371,3932,675-168-94-925608-334-3,435
CFO/OP-20%84%119%89%100%132%102%104%89%111%131%143%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1,2553024243632373539826576
Inventory Days
Days Payable
Cash Conversion Cycle1,2553024243632373539826576
Working Capital Days-11,796-473-128-115-17514-122-97-78-57-34-50
ROCE %1%13%12%17%10%11%11%10%10%9%10%10%
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Jul 2026
Promoters73.22%73.22%74.95%69.94%69.94%69.94%71.19%71.19%71.19%72.72%74.71%73.39%
FIIs17.49%17.49%15.53%18.66%17.34%17.58%15.85%13.06%13.47%12.23%10.14%10.31%
DIIs3.82%3.80%3.97%5.38%5.85%6.33%6.89%9.97%10.14%10.24%11.77%13.05%
Public5.46%5.49%5.54%6.03%6.87%6.16%6.08%5.79%5.20%4.81%3.39%3.26%
No. of Shareholders4,76,6264,78,1254,93,6214,50,2835,49,5205,27,1375,00,9264,89,2484,37,5714,03,6253,85,3153,76,377

Fundamentals

Market Cap₹ 1,59,693 Cr.
Current Price₹ 1,306
Stock P/E54.7
Book Value₹ 212
ROCE9.65 %
ROE9.44 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)21%
Compounded Profit Growth (TTM)22%
Consolidated figures.
Valuation
Market capRs 159,338 Cr
Enterprise valueRs 204,567 Cr
P/E (TTM)54.58x
Price to book6.27x
Price to sales5.23x
EV / EBITDA20.69x
EV / EBIT26.27x
EV / sales6.71x
Price to cash flow14.49x
Earnings yield1.83%
P/E, 3-year average82.91x
P/B, 3-year average6.07x
P/E, 5-year average110.62x
P/B, 5-year average10.79x
Profitability
Operating margin (excl. other income)29.02%
Operating margin (incl. other income)31.63%
EBITDA margin32.44%
Pre-tax margin12.79%
Net profit margin9.58%
Net margin, latest quarter11.83%
ROE9.61%
ROCE9.88%
ROA2.74%
ROE, 3-year average8.35%
ROCE, 3-year average9.05%
ROA, 3-year average2.12%
ROE, 5-year average9.89%
ROCE, 5-year average9.67%
ROA, 5-year average2.30%
ROIC (approx.)8.47%
Tax rate23.18%
Other income / net worth2.83%
Growth
Sales growth (latest year)16.08%
Profit growth (latest year)115.34%
Sales CAGR, 3 years27.56%
Sales CAGR, 5 years22.68%
Profit CAGR, 3 years22.02%
Profit CAGR, 5 years13.27%
Sales growth QoQ30.47%
Profit growth QoQ68.05%
Sales growth YoY (latest quarter)42.41%
Profit growth YoY (latest quarter)124.22%
Per share
EPS (TTM)Rs 24.30
EPS (latest year)Rs 19.00
EPS (latest quarter)Rs 9.57
EPS, 3-year averageRs 12.67
EPS, 5-year averageRs 12.05
Book value per shareRs 211.67
Sales per shareRs 253.73
Cash flow per shareRs 91.54
Free cash flow per shareRs -28.59
Efficiency
Asset turnover0.30x
Fixed asset turnover0.59x
Inventory turnover24.81x
Inventory days15 days
Debtor days76 days
Debtors turnover4.81x
Cash conversion cycle76 days
Working capital days-50 days
Leverage
Total debtRs 49,176 Cr
Cash and bankRs 3,947 Cr
Net debtRs 45,229 Cr
Debt to equity1.93x
Net debt / EBITDA4.57x
Interest coverage2.00x
Current ratio (filing 2026-03-31)1.15x
Quick ratio (filing 2026-03-31)1.11x
Trade payables (filing 2026-03-31)Rs 4,994 Cr
Owners' fund to total sources27.41%
Debt to assets53.02%
Cash flow
Cash from Operating Activity (latest year)Rs 10,997 Cr
Cash from Investing Activity (latest year)Rs -14,083 Cr
Cash from Financing Activity (latest year)Rs 2,630 Cr
Net Cash Flow (latest year)Rs -456 Cr
Free cash flow (latest year)Rs -3,435 Cr
FCFE (approx.: FCF + change in debt)Rs 5,815 Cr
Cash from ops / profit, 5 years4.83x
Sales to cash flow2.51x
Statement figures
Net sales (TTM)Rs 30,480 Cr
Net sales (latest year)Rs 27,588 Cr
Sales (latest quarter)Rs 9,711 Cr
Operating profit excl. other income (latest year)Rs 8,005 Cr
Operating profit (latest quarter)Rs 3,008 Cr
Other income (TTM)Rs 783 Cr
EBITDA (TTM)Rs 9,887 Cr
PBDT (TTM)Rs 5,997 Cr
Profit before tax (TTM)Rs 3,898 Cr
Tax (latest year)Rs 722 Cr
Net profit (TTM)Rs 2,919 Cr
Net profit (latest year)Rs 2,283 Cr
Net profit (latest quarter)Rs 1,149 Cr
Depreciation (TTM)Rs 2,099 Cr
Depreciation (latest quarter)Rs 585 Cr
Interest (TTM)Rs 3,891 Cr
Cost of goods sold (latest year)Rs 16,609 Cr
Total expenditure (latest year)Rs 19,583 Cr
Total income (latest year)Rs 28,309 Cr
Share capitalRs 1,201 Cr
ReservesRs 24,226 Cr
Shareholders' fundsRs 25,428 Cr
Total assetsRs 92,757 Cr
Net blockRs 46,804 Cr
Capital work in progressRs 2,054 Cr
InvestmentsRs 2,644 Cr
ReceivablesRs 5,734 Cr
InventoryRs 669 Cr
Other liabilitiesRs 18,153 Cr
Shares outstanding (crore)120.13
Ownership
Promoter holding73.39% (+2.20 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 54.6 is at the 35th percentile of its own 9.4-year range (median 73.4, low 16.4, high 395.0).
P/B 6.27 is at the 42th percentile (median 7.66).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodADANIENSOLNifty 50Difference
1 week-1.1%-2.8% +1.7 pts
1 month-4.0%-6.8% +2.8 pts
3 months-15.5%-7.6% -7.8 pts
6 months+41.9%+0.4% +41.5 pts
1 year+48.3%-9.9% +58.3 pts
2 years+29.3%-13.6% +42.8 pts
3 years+63.7%+14.2% +49.5 pts
5 years-15.9%+27.9% -43.8 pts
207 mutual fund schemes hold about ₹15,445 Cr. Over three months 156 bought more and 26 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Aggressive Hybrid Fund3.04%2,693 +2%
SBI Focused Fund4.15%2,126 +3%
Quant ELSS Tax Saver Fund4.13%555 +151%
Aditya Birla SL Large Cap Fund1.56%463 +10%
SBI Midcap Fund1.73%425 -28%
SBI Midcap Fund1.73%422 -28%
SBI Large & Midcap Fund0.91%386 +9%
SBI Large Cap Fundd0.64%354 +103%
SBI Arbitrage Fund0.68%321 -15%
Aditya Birla SL Flexi Cap Fund1.10%320 +100%
SBI ELSS Tax Saver Fund1.01%320 +13%
Edelweiss Arbitrage Fund1.99%296 +24%
ICICI Pru Arbitrage Fund0.78%270 -14%
Kotak Arbitrage Fund(M0.34%261 -21%
Quant Flexi Cap Fund3.40%250 +9%
Quant Mid Cap Fund3.04%245 +84%
UTI Nifty200 Momentum 30 Index Fund2.83%239 +11%
HDFC Large & Mid Cap Fund0.70%213 +9%
Aditya Birla SL Focused Fund2.57%205 +63%
ICICI Pru Nifty Next 50 Index Fund1.83%185 +8%
Aditya Birla SL Multi-Cap Fund2.40%181 +192%
Altiva Hybrid Long-Short Fund1.88%174 +2342%
Tata Arbitrage Fund0.65%161 -19%
Nippon India Arbitrage Fund0.92%160 +12%
Nippon India Arbitrage Fund(M0.92%155 +12%

Red flags

F-score 6 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2024-06-05Emerging Market Investment DMCCPromoter Groupbuy2,800,000Rs 266.77 CrMarket Purchase
2024-06-03Emerging Market Investment DMCCPromoter Groupbuy1,800,000Rs 220.01 CrMarket Purchase
2024-05-31Emerging Market Investment DMCCPromoter Groupbuy2,200,000Rs 247.29 CrMarket Purchase
2022-08-23Gelt bery Trade and lnvestnent LimPromoter Groupbuy100Rs 0.04 CrMarket Purchase
2022-07-06Adani Tradeline Private LimitedPromoter Groupother99,491,719Others
2021-09-23Adani Tradeline LLP (earlier knownPromoter Groupother200,000Rs 30.95 CrRevokation of Pledge
2021-09-21Shri Gautam S. Adani/Shri Rajesh SPromoter Groupother600,000Rs 98.57 CrRevokation of Pledge
2021-09-17Adani Tradeline LLP (earlier knownPromoter Groupother9,000,000Rs 1638.32 CrRevokation of Pledge
2021-09-17Shri Gautam S. Adani/Shri Rajesh SPromoter Groupother350,000Rs 63.71 CrRevokation of Pledge
2021-09-16Shri Gautam S. Adani/Shri Rajesh SPromoter Groupother50,000Rs 9.58 CrRevokation of Pledge
2021-09-13Shri Gautam S. Adani/Shri Rajesh SPromoter Groupother700,000Rs 131.00 CrPledge Creation
2021-09-09Shri Gautam S. Adani/Shri Rajesh SPromoter Groupother2,300,000Rs 415.55 CrRevokation of Pledge
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹9,711 Cr +42.4% vs Jun 2025. Net profit ₹1,237 Cr +129.5%.

Activity

Compare
CompanyMcap (Cr)P/EROCE
Ampvolts Ltd6923.25.62 %
No bulk or block deals on record.
Ex-dateActionFactor
2024-06-14Annual General Meeting
2023-07-11Annual General Meeting
2022-07-18Annual General Meeting
2021-07-02 Annual General Meeting
2020-06-16 Annual General Meeting
2019-07-30 Annual General Meeting
2018-07-27 Annual General Meeting
2017-08-01 Annual General Meeting
2016-08-01 Annual General Meeting
DateTypeWhat it says
2026-09-29General UpdatesUpdates
2026-09-25General UpdatesGeneral Updates
2026-09-22General UpdatesUpdate
2026-09-18General UpdatesESG Rating
2026-09-18Concall / analyst meetSchedule of meet
2026-09-08General UpdatesLetter of Award for supply of 2,500 MW Round-the-Clock (RTC) Power and Execution of Power Purchase Agreement
2026-09-03Disclosure under SEBI TakeovGQG Partners LLC has submitted  the Exchange a copy of Disclosure under Regulation 29(2) of SEBI (SAST) Regulations, 2011.
2026-09-01Press ReleaseA press release dated September 01, 2026, titled "Adani Energy Solutions is World #1 ESG-Scored Utility".
2026-08-26Press ReleaseA press release dated August 26, 2026, titled "AESL Wins Rs 4,700 crore transmission project in Maharashtra for evacuation of 4,500 MW of Renewable & ...
2026-08-21Concall / analyst meetSchedule of meet
2026-08-19Credit Rating- NewCredit Rating- New
2026-08-18Concall / analyst meetSchedule of meet
2026-08-14General UpdatesExecution of Share Purchase Agreement for acquiring 100% Equity Shares of Vizag Power Transmission Limited
2026-08-07Concall / analyst meetSchedule of meet
2026-08-01Credit Rating- NewThe ESG Credit Rating
2026-07-30General UpdatesAllotment of Equity Share to Eligible Qualified Institutional Investors
2026-07-30General UpdatesIntimation regarding approval of closure of QIPs and Placement documents
2026-07-28Concall / analyst meetSchedule of meet
2026-07-28Concall / analyst meetTranscript
2026-07-28Shareholder meetingVoting results.
2026-07-27General UpdatesQualified Institution Placement of Equity Shares of face value Rs.10 each of the company.
2026-07-25Shareholder meetingProceedings of Extraordinary General Meeting held on July 25, 2026
2026-07-24Press ReleaseA press release dated July 24, 2026, titled "AESL wins Rs 8,500 crore Transmission project in Andhra Pradesh".
2026-07-22Concall / analyst meetLink of Recording
2026-07-21General UpdatesInvestors Presentation on Unaudited Financial Results (Standalone and Consolidated) for the quarter ended June 30, 2026
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.58
Max pain (expiry 2026-10-27)1,320
Largest call open interest at1,400
Largest put open interest at1,200
Implied volatility, at the money37.6%
Underlying at snapshot1,326.40
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Adani Energy Solutions Ltd?

Adani Energy Solutions Ltd (ADANIENSOL) has a market capitalisation of Rs 1,59,693 Cr. at the 2026-10-01 close.

What is the P/E ratio of Adani Energy Solutions Ltd?

Adani Energy Solutions Ltd trades at a P/E of 54.7 on trailing twelve-month profit, at the 2026-10-01 close.

What were Adani Energy Solutions Ltd's latest quarterly results?

In the Jun 2026 quarter, Adani Energy Solutions Ltd sales was Rs 9,711 Cr (+42.4% vs Jun 2025) and net profit was Rs 1,237 Cr.

What is the 52-week high and low of Adani Energy Solutions Ltd?

The 52-week high is Rs 1,789.00 and the 52-week low is Rs 803.10.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03