NSE: ADANIENSOL · BSE: 539254
ADANI ENERGY SOLUTION LTD
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADANI ENERGY SOLUTION LTD ◆ | 1,57,560 | 47.9 | 5.94 | 20.8 | 9.0 | 5.4 | 22.7 | 32.7 |
| AMPVOLTS LIMITED | 59 | 19.8 | 1.15 | — | 3.1 | 2.7 | — | 31.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 47.9 | 19.4 | 27 of 31 | 13% |
| P/B | 5.9 | 1.4 | 32 of 35 | 9% |
| ROCE | 5.4 | 3.1 | 12 of 38 | 70% |
| ROE | 9.0 | 8.7 | 17 of 35 | 53% |
| Debt / Equity | 1.8 | 0.8 | 29 of 35 | 18% |
| 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 | 157560 | 6339 | 5 of 38 | 89% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Adani Energy Solutions provides Q2 FY27 analyst call recording | investor communications | low | — | — |
| 23 Oct 2026 · Q2 FY27 profit rises 145%; transmission order book reaches Rs 87,222 crore | investor communications | medium | — | — |
| 22 Oct 2026 · Adani Energy Solutions appoints two senior executives | management changes | high | — | — |
| 22 Oct 2026 · AESL Q2 FY27 PAT doubles to Rs 1,364 cr, EBITDA up 67% YoY | compliance | low | — | — |
| 22 Oct 2026 · Consolidated September profit jumps 145% as revenue rises 53% | results | high | — | — |
| 22 Oct 2026 · Q2 FY27 results: Consolidated PAT jumps 137% YoY to Rs 2,600 cr | results | high | — | — |
| 13 Oct 2026 · Adani Energy Solutions schedules Q2 FY27 investor call on Oct 23, 2026 | board shareholder meetings | low | — | — |
| 8 Oct 2026 · RTA confirmation certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · AESL acquires 100% stake in Satara Power Transmission via SPA | strategic transactions | high | — | — |
| 7 Oct 2026 · Investor interaction schedule for Adani Annual Conference 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.