Operates a regulated power utility across four verticals: electricity distribution, interstate and intrastate transmission, smart metering, and an Energy Solutions platform that supplies renewable power and battery storage to commercial and industrial customers. Distribution is the largest revenue stream at 50.1% of FY26 segment revenue, covering licensed areas including the AEML Mumbai concession where the regulatory asset base has grown from ₹5,400 crore at acquisition to over ₹10,500 crore. Transmission contributed 39.5% of segment revenue from roughly 28,000 circuit-km of operational lines on a RAB-based regulated tariff model, and earned ₹3,964.84 crore in segment EBIT — the largest absolute EBIT across segments. Smart metering (3.3%) and energy trading and others (combined 7%) round out the reported segments, with the smart meter installed base at 1.34 crore meters against a 2.46 crore order book. Power purchase and other operating costs dominate the cost base — materials at 23% of revenue and other opex at 36.5% — while depreciation adds 7.2%, reflecting the asset-heavy model. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Distribution (50%), Transmission (40%), Trading (4%), Smart Meter (3%), Others (3%). Capex-heavy, regulated power utility with RAB-based transmission assets, licensed distribution and large build-out cycle in smart metering and C&I energy supply.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11,258 | 13,293 | 16,607 | 23,767 | 27,588 |
| EBITDA (ex other income) | 4,889 | 5,553 | 5,711 | 6,901 | 9,084 |
| margin % | 43.4 | 41.8 | 34.4 | 29.0 | 32.9 |
| Owners' profit | 1,205 | 1,256 | 1,137 | 1,060 | 2,283 |
| EPS, as reported (₹) | 8.90 | 11.10 | 12.87 | 16.14 | 24.68 |
| ROE % · ROCE % | 17.7 · 9.7 | 18.2 · 9.6 | 8.7 · 9.0 | 4.0 · 8.9 | 9.0 · 10.1 |
| Debt / equity (x) | 2.71 | 2.68 | 2.70 | 1.75 | 1.84 |
| Cash from operations | 4,097 | 3,777 | 6,038 | 8,695 | 10,997 |
| Capex | (4,191) | (4,702) | (5,430) | (9,378) | (14,432) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,184 | 5,830 | 6,375 | 6,819 | 6,596 | 6,730 | 7,443 | 9,711 |
| Profit before tax | 666 | 1,024 | 1,185 | 1,162 | 1,079 | 1,141 | 828 | 1,441 |
| Net profit | 773 | 625 | 687 | 539 | 557 | 574 | 723 | 1,237 |
| EPS (₹) | 6.09 | 4.85 | 6.57 | 6.88 | 6.19 | 6.34 | 5.27 | 9.57 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Transmission | 9,824 | 38.2 |
| Distribution | 12,450 | 48.4 |
| Smart Meter | 535 | 2.1 |
| Trading | 1,091 | 4.2 |
| Others | 1,487 | 5.8 |
| Other | 137 | 0.5 |
| Smart Meter (Non Ind AS - refer note b) | 182 | 0.7 |
| Total, before eliminations | 25,705 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA |
|---|
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · AESL subsidiary wins 2,500 MW 25-year power supply order from MSEDCL | business updates | high | — | — |
| 3 Sept 2026 · GQG Partners sells 1.63% stake in Adani Energy Solutions | ownership changes | high | — | — |
| 1 Sept 2026 · AESL ranked World #1 ESG-scored Utility by S&P Global | compliance | low | — | — |
| 26 Aug 2026 · AESL wins Rs 4,700 cr Maharashtra transmission project for 4,500 MW renewable evacuation | business updates | high | — | — |
| 21 Aug 2026 · Investor and analyst meetings scheduled in London and Abu Dhabi | board shareholder meetings | low | — | — |
| 19 Aug 2026 · Adani Energy gets AA+ rating affirmation, new Rs 5000 cr loan facility assigned | credit debt | medium | — | — |
| 18 Aug 2026 · Site visit to Mumbai HVDC and analyst meet on Aug 21, 2026 | board shareholder meetings | low | — | — |
| 7 Aug 2026 · Adani Energy Solutions schedules investor and analyst meetings in August 2026 | board shareholder meetings | low | — | — |
| 1 Aug 2026 · ESG rating upgrade: score rises to 75.7 from 74.2 by SES ESG Research | business updates | medium | — | — |
| 30 Jul 2026 · Adani Energy Solutions raises 3500 crore via QIP at discount to floor price | fund raising | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| ROE % |
|---|
| ROCE % |
|---|
| Rev CAGR 5y % |
|---|
| EBITDA m. % |
|---|
| ADANI ENERGY SOLUTION LTD ◆ | 1,64,936 | 50.2 | 6.22 | 21.6 | 9.0 | 5.4 | 22.7 | 32.7 |
| AMPVOLTS LIMITED | 67 | 22.6 | 1.32 | — | 3.1 | 2.7 | — | 31.3 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 50.2 | 20.4 | 29 of 34 | 15% |
| P/B | 6.2 | 1.6 | 32 of 35 | 9% |
| ROCE | 5.4 | 3.1 | 12 of 38 | 70% |
| ROE | 9.0 | 8.8 | 17 of 36 | 54% |
| Debt / Equity | 1.8 | 0.8 | 30 of 36 | 17% |
| EBITDA margin | 32.7 | 41.1 | 23 of 33 | 31% |
| Revenue growth | 42.4 | 7.8 | 8 of 33 | 78% |
| Profit growth | 129.4 | 7.6 | 5 of 34 | 88% |
| Market cap | 164936 | 6460 | 5 of 38 | 89% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
