Adani Enterprises

ADANIENT · NSE · Mega Cap

K
Data Room
Back to companies
Solar Modules·Listed·Directness 55/100

Adani Enterprises

Houses Mundra Solar — the only Indian player today with operational wafer + cell + module integration. Mundra cell capacity 4,237 MW ALMM-II listed (FY26E prod 2,693 MW at 62%), expanding to 10 GW by FY28E. Pursuing polysilicon (Wave 4).

Solar ModulesSolar CellsIngots & WafersPolysilicon
Sell / Avoid
Last price
₹2507.00
52W: ₹1,753 – ₹2,613
-4.1% from 52W high
Mkt Cap
₹3.26 L Cr
P/E
103.0x
EV/EBITDA
30.9x
ROCE
6.0%
ROE
4.8%
Book Value
₹627.0
Promoter
74.7%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

A
Fundamental (30%)
29
Valuation (20%)
22
Technical (20%)
76
Solar exposure (10%)
55
Policy beneficiary (7.5%)
95
Project pipeline (5%)
92
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹1,753Current: ₹2,507₹2,613
P/E
103.0x
P/B
4.0x
Div Yield
0.05%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. Adani Enterprises: scale + integration + ALMM/PLI tailwind drive multi-year module margin expansion.

Bull case

Bull case for Adani Enterprises: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for Adani Enterprises: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover
  • 05Realization per watt vs cost per watt (EBITDA/watt)
  • 06Imported BOM dependence and ALMM/PLI compliance
  • 07Cell sourcing in light of ALMM List-II

Solar exposure

Directness · policy linkage · BOM

Primary segmentSolar Modules
Directness55/100
ALMM eligibleYes
PLI beneficiaryYes
Imported BOM—
Module capacity4 GW
Cell capacity4 GW

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)103.0x—
Forward P/E——
EV/EBITDA30.9x—
EV/Sales4.3x—
P/B4.0x—
FCF Yield-8.0%—
EV / GW (Module)₹1,08,178 cr—

Project pipeline

3 tracked projects

Mundra Module Phase 5
Gujarat · Module Mfg
Under Construction
4,000 MW· ₹5.50K Cr· COD FY26 Q4
Mundra Cell + Wafer
Gujarat · Cell Mfg
Under Construction
3,000 MW· ₹9.50K Cr· COD FY27
Mundra Polysilicon Pilot
Gujarat · Polysilicon
Announced
· ₹12.00K Cr· COD FY28

Financials

Source: Screener.in (consolidated) · ticker ADANIENT · last updated 2026-05-11

Open on Screener.in
Market Cap
₹3.26 L Cr
Price
₹2,507.00
Stock P/E
103.0x
Book Value
₹627.0
ROCE
6.0%
ROE
4.8%
Div Yield
0.05%
52W Range
₹1,753 – ₹2,613

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y2.6%
Sales 3Y CAGR-7.6%
Sales 5Y CAGR9.7%
PAT 1Y24.3%
PAT 3Y CAGR60.2%
PAT 5Y CAGR88.5%
Profitability
OPM latest14.0%
PAT margin latest9.9%
PAT margin 3Y avg7.2%
ROE4.8%
ROCE6.0%
Asset turnover0.38x
Leverage & cash
D / E1.32x
Net Debt / EBITDA7.62x
Borrowings / Assets40.8%
CFO / EBITDA0.17x
CFO / PAT0.24x
FCF (TTM proxy)₹-26.08K Cr
Valuation
P/E103.0x
EV/EBITDA30.9x
EV/Sales4.31x
P/B4.00x
FCF Yield-8.00%
Div Yield0.05%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales69,4201,27,54096,42197,8951,00,469
Operating Profit3,7148,81811,37714,25213,989
OPM %5%7%12%15%14%
Net Profit7882,4223,3358,0059,951
EPS (₹)6.3019.3025.3755.0272.31

Quarterly results · last 4 quarters

₹ Crore.

MetricJun 2025Sep 2025Dec 2025Mar 2026
Sales21,96121,24924,82032,439
OPM %15%16%15%12%
Net Profit9763,4145,727-167

Balance sheet · 5 years

₹ Crore.

ItemMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital110114114115129
Reserves22,14732,93738,96250,19980,797
Borrowings41,60453,20065,31091,8191,06,622
Fixed Assets30,12356,88165,97877,2601,38,112
Total Assets1,01,5861,41,2781,60,5861,97,8432,61,600

Cash flow · 5 years

₹ Crore.

ActivityMar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating1,38517,62610,3124,5132,357
Investing-17,041-15,459-18,767-25,709-28,438
Financing15,901-1,1988,87921,94728,484
Net Cash Flow2459694247512,403

Shareholding pattern

Latest disclosed

Promoters
74.67%
FII
10.80%
DII
6.70%
Public
7.84%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

Solar PLI (High-Efficiency PV Modules)
MNRE · 2021-04-28
Confirmed

Integrated polysilicon-to-module awardee

ALMM-I (Modules) · Active
MNRE · 2021-03-10
Confirmed

Mundra module supply

ALMM-II (Cells) · Effective June 2026
MNRE · 2026-06-01
Confirmed

ALMM-II cell listing 4,237 MW (Mundra Solar)

ALMM-III (Wafers) · Effective June 2028
MNRE · 2028-06-01
Likely

Existing Mundra wafer capability; integration scaling

Basic Customs Duty (BCD)
Ministry of Finance · 2022-04-01
Confirmed

Integrated value-chain protection

National Green Hydrogen Mission
MNRE · 2023-01-04
Likely

Integrated green-H2 stack