Adani Energy Solutions
ADANIENSOL · NSE · Mega Cap
Adani Energy Solutions
Transmission, distribution and smart-metering platform — second-order renewable beneficiary.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. Adani Energy Solutions: renewable evacuation super-cycle + grid modernization order book provide multi-year visibility.
Bull case for Adani Energy Solutions: 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 for Adani Energy Solutions: 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.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 70.8x | — |
| Forward P/E | — | — |
| EV/EBITDA | 26.4x | — |
| EV/Sales | 7.6x | — |
| P/B | 6.3x | — |
| FCF Yield | -1.9% | — |
Project pipeline
0 tracked projects
Financials
Source: Screener.in (consolidated) · ticker ADANIENSOL · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 5 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales | 11,258 | 13,293 | 16,607 | 23,767 | 27,588 |
| Operating Profit | 4,206 | 4,518 | 5,711 | 7,067 | 7,989 |
| OPM % | 37% | 34% | 34% | 30% | 29% |
| Net Profit | 1,236 | 1,281 | 1,196 | 922 | 2,393 |
| EPS (₹) | 10.95 | 11.26 | 10.20 | 8.82 | 19.00 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
|---|---|---|---|---|
| Sales | 6,184 | 5,830 | 6,375 | 6,819 |
| OPM % | 28% | 28% | 32% | 27% |
| Net Profit | 773 | 625 | 714 | 539 |
Balance sheet · 5 years
₹ Crore.
| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 1,100 | 1,115 | 1,115 | 1,201 | 1,201 |
| Reserves | 8,813 | 10,634 | 11,526 | 20,867 | 24,226 |
| Borrowings | 29,902 | 34,270 | 37,070 | 40,275 | 49,176 |
| Fixed Assets | 30,272 | 32,645 | 38,920 | 39,555 | 46,804 |
| Total Assets | 47,464 | 53,932 | 58,538 | 73,902 | 92,835 |
Cash flow · 5 years
₹ Crore.
| Activity | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Operating | 4,097 | 3,777 | 6,038 | 8,695 | 10,997 |
| Investing | -3,936 | -4,699 | -4,943 | -15,222 | -14,083 |
| Financing | -235 | 923 | -543 | 7,975 | 2,630 |
| Net Cash Flow | -74 | 1 | 552 | 1,448 | -456 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary