WatchTalking point
Growing, but less profitably
Revenue grew 16.1% but EBITDA margin fell 2.6 percentage points to 35.6%, so the company kept less of each rupee of revenue as operating profit.
Importance 63 / 95 · growth
Adani Energy Solutions Limited · Research view
Adani Energy Solutions Limited
NSE: ADANIENSOLBSE: 539254ISIN INE931S01010Face value ₹10consolidated
₹1,326
+1.18% · 2026-10-01 · 52-wk ₹813–₹1,742
Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Compounding revenue
Revenue compounded at 25.1% a year over 4 years (₹11,258 → ₹27,588).
Importance 62 / 95 · growth
ConcernTalking point
Margins at a multi-year low
EBITDA margin of 35.6% is the thinnest in 4 years (prior range 38.1% to 42.7%).
Importance 58 / 95 · profitability
Context
Higher P/E than peers
Trades at 51.52× earnings — 142% above the power median of 21.28×.
Importance 56 / 95 · valuation
Section 03 · The company
Who is this company?
Classified by the exchange under Utilities › Power › Power › Power Distribution.
- Market cap
- ₹1.59 L cr
- FY2026 revenue
- ₹27,588 cr
- FY2026 net profit
- ₹2,393 cr
- Net worth
- ₹26,526 cr
- Total debt
- ₹48,898 cr
- EPS (basic)
- ₹24.68
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 9 power.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Revenue grew 16.1% but EBITDA margin fell 2.6 percentage points to 35.6%, so the company kept less of each rupee of revenue as operating profit.
Rule REVENUE_UP_MARGIN_DOWN
- Revenue growth per year
- +25.1%over 4 years
- Revenue growth
- +16.1%vs last year
- Net profit growth
- +159.6%vs last year
- Change in net profit since FY22
- +23%
Revenue compounded at 25.1% a year over 4 years (₹11,258 → ₹27,588).
Net profit rose 159.6% to ₹2,393 — but FY2025 was a depressed ₹922 (vs a ~₹1,947 historical norm), so this is a recovery. Profit has compounded 5.3% a year over 4 years.
Revenue grew 16.1% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹9,711 cr, up 42.4% from ₹6,819 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 net profit was ₹1,237 cr, up 129.4% from ₹539 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 net profit grew 129.4% while revenue grew 42.4% vs the same quarter last year — a gap of 87.0 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 6,184 | — | 773 | — | 12.5% |
| Q3 FY25 | 5,830 | +27.8% | 625 | +79.6% | 10.7% |
| Q4 FY25 | 6,375 | +35.4% | 687 | +80.1% | 10.8% |
| Q1 FY26 | 6,819 | +26.8% | 539 | −145.3% | 7.9% |
| Q2 FY26 | 6,596 | +6.7% | 557 | −28.0% | 8.4% |
| Q3 FY26 | 6,730 | +15.4% | 574 | −8.2% | 8.5% |
| Q4 FY26 | 7,443 | +16.8% | 723 | +5.3% | 9.7% |
| Q1 FY27 | 9,711 | +42.4% | 1,237 | +129.4% | 12.7% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹30,480 crTTM
- EBITDA
- ₹10,450 crTTM
- EBIT
- ₹8,352 crTTM
- PBT
- ₹4,490 crTTM
- Net profit
- ₹3,090 crTTM
C. Corporate actions
No verified corporate actions on record for this company.
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
EBITDA margin of 35.6% is the thinnest in 4 years (prior range 38.1% to 42.7%).
Rule MARGIN_AT_MULTI_YEAR_LOW
- EBITDA margin now
- 35.6%
- 5-year range
- 35.6–42.7%
- ROE FY2026
- 9.7%
- ROCE FY2026
- 11.3%
ROE rose from 5.0% to 9.7% — but FY2025 was a depressed year, so this is a rebound rather than a step-up.
EBITDA margin fell from 38.2% to 35.6% of revenue.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 4.60×).
Rule CFO_CONSISTENTLY_EXCEEDS_PAT
Operating cash flowNet profit
- Total debt
- ₹48,898 cr
- Operating cash flow ÷ net profit
- 4.60×FY2026
- Free cash flow
- ₹−3,435 cr
- Current ratio
- 1.15×
Net worth compounded at 24.6% a year over 4 years (₹11,007 → ₹26,526) — though FY2025 saw a one-off step-change of 68% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net debt is 4.35× EBITDA.
Operating profit covers interest only 2.16× (FY2026).
Section 08 · Relative position
How does it compare with peers?
Ranked against 9 power (FY2026, consolidated).
Revenue growth
ADANIENSOL · 2nd of 9 · set median 11.9%
EBITDA margin
ADANIENSOL · 7th of 9 · set median 43.2%
Return on equity
ADANIENSOL · 6th of 9 · set median 11.4%
P/E ratio
ADANIENSOL · 8th of 9 · set median 21.3×
Context
Trades at 51.52× earnings — 142% above the power median of 21.28×.
Rule PE_ABOVE_PEERS
- P / E
- 51.5×TTM to Jun 26
- P / B
- 6.0×latest book
- P / S
- 5.2×TTM sales
- Earnings yield
- 1.9%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 66.5× · P/S 5.6× · ROE 9.7%. TTM and full-year profit differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Watch
Over 4 years the stock returned 17.8% a year while profit compounded at 5.3% a year.
Rule STOCK_RAN_AHEAD
- 1-year return
- +47.9%
- 3-year return
- +63.6%
- 5-year return
- —
- From 52-wk high
- −23.9%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹1,529
- vs 200-day avg
- Above₹1,278
- RSI (14)
- 35.2neutral
- MACD histogram
- -2.2
- From 52-wk high
- −23.9%
- From 52-wk low
- +63.1%
- 30-day volatility
- 41.8%ann.
- 6-month return
- +37.0%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchGrowing, but less profitablyRevenue grew 16.1% but EBITDA margin fell 2.6 percentage points to 35.6%, so the company kept less of each rupee of revenue as operating profit.REVENUE_UP_MARGIN_DOWN · conviction 63
- ConcernMargins at a multi-year lowEBITDA margin of 35.6% is the thinnest in 4 years (prior range 38.1% to 42.7%).MARGIN_AT_MULTI_YEAR_LOW · conviction 58
- WatchStock has run ahead of the businessOver 4 years the stock returned 17.8% a year while profit compounded at 5.3% a year.STOCK_RAN_AHEAD · conviction 56
- ConcernMeaningful debt loadNet debt is 4.35× EBITDA.HIGH_LEVERAGE · conviction 44
- ConcernThin interest coverOperating profit covers interest only 2.16× (FY2026).INTEREST_COVER_LOW · conviction 42
- WatchReceivables stretchingReceivable days rose from 65 to 76 — collections are slower.RECEIVABLE_DAYS_JUMP · conviction 42
- ConcernMargins compressingEBITDA margin fell from 38.2% to 35.6% of revenue.MARGIN_COMPRESSED_YOY · conviction 41
Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11,258 | 13,293 | 16,607 | 23,767 | 27,588 |
| Total income | 11,861 | 13,840 | 17,218 | 24,447 | 28,325 |
| EBITDA | 4,810 | 5,065 | 6,782 | 9,087 | 9,822 |
| Profit before tax | 1,700 | 1,712 | 1,780 | 2,416 | 4,210 |
| Net profit | 1,947 | 2,316 | 1,196 | 922 | 2,393 |
| EPS (₹) | 17.7 | 20.8 | 12.9 | 16.1 | 24.7 |
| Net worth | 11,007 | 12,760 | 13,703 | 23,011 | 26,526 |
| Total debt | 29,815 | 34,199 | 37,009 | 40,206 | 48,898 |
| Operating cash flow | 4,097 | 3,777 | 6,038 | 8,695 | 10,997 |
| Free cash flow | −94 | −925 | 608 | −683 | −3,435 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 18.1 | 24.9 | 43.1 | 16.1 |
| Profit growth YoY | — | 19.0 | -48.4 | -22.9 | 159.6 |
| Profitability | |||||
| EBITDA margin % | 42.7 | 38.1 | 40.8 | 38.2 | 35.6 |
| Net margin % | 16.4 | 16.7 | 6.9 | 3.8 | 8.4 |
| Return on equity % | 17.7 | 19.5 | 9.0 | 5.0 | 9.7 |
| Return on capital % | 8.3 | 7.9 | 10.3 | 12.6 | 11.3 |
| Leverage & cash | |||||
| Debt to equity | 2.71 | 2.68 | 2.70 | 1.75 | 1.84 |
| Cash flow ÷ profit | 2.10 | 1.63 | 5.05 | 9.43 | 4.60 |
| Current ratio | 0.80 | 0.99 | 1.01 | 1.37 | 1.15 |