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Adani Energy Solutions Limited · Research view

Adani Energy Solutions Limited

NSE: ADANIENSOLBSE: 539254ISIN INE931S01010Face value ₹10standalone
₹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
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.

Revenue growth+16.1%Change in EBITDA margin−2.6 percentage points

Importance 63 / 95 · growth

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
₹3,383 cr
FY2026 net profit
₹571 cr
Net worth
₹20,917 cr
Total debt
₹11,035 cr
EPS (basic)
₹4.75
Listed
NSE · BSE
Reporting
Ind-ASApr–Mar

Peer set used on this page: 9 power.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY22 to FY26₹ crore · consolidated
₹'000 cr01234001REVENUENET PROFIT740-65FY22688170FY232k595FY242k618FY253k571FY26
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
+46.2%over 4 years
Revenue growth
+74.6%vs last year
Net profit growth
−7.5%vs last year
Change in net profit since FY22
+984%

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

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated
₹'000 cr035810012REVENUENET PROFIT6k773Q2 '256k625Q3 '256k687Q4 '257k539Q1 '267k557Q2 '267k574Q3 '267k723Q4 '2610k1,237Q1 '27
RevenueNet profit
QuarterRevenueYoYNet profitYoYNet margin
Q2 FY256,184—773—12.5%
Q3 FY255,830+27.8%625+79.6%10.7%
Q4 FY256,375+35.4%687+80.1%10.8%
Q1 FY266,819+26.8%539−145.3%7.9%
Q2 FY266,596+6.7%557−28.0%8.4%
Q3 FY266,730+15.4%574−8.2%8.5%
Q4 FY267,443+16.8%723+5.3%9.7%
Q1 FY279,711+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?

Margins — FY22 to FY26% of revenue · consolidated
-5%0%5%10%15%20%25%30%35%40%45%50%55%60%65%70%75%80%85%90%95%43.1%12.4%FY22FY23FY24FY25FY26
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
43.1%
5-year range
43.1–94.4%
ROE FY2026
2.8%
ROCE FY2026
4.9%

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 — FY22 to FY26₹ crore · consolidated
₹'000 cr01020304kFY2210kFY2311kFY2420kFY2521kFY26
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 flow vs net profit₹ crore · FY22–FY26
0k0k0k1k3-65FY22-15170FY23-209595FY24-955618FY25442571FY26
Operating cash flowNet profit
Total debt
₹11,035 cr
Operating cash flow ÷ net profit
0.77×FY2026
Free cash flow
₹436 cr
Current ratio
1.18×

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%

JSWENERGY60.9%ADANIENSOL16.1%ADANIGREEN15.3%NLCINDIA14.4%NHPC11.9%POWERGRID2.1%NTPC-0.4%ADANIPOWER-3.5%TATAPOWER-4.7%

EBITDA margin

ADANIENSOL · 7th of 9 · set median 43.2%

ADANIGREEN90.2%POWERGRID83.3%JSWENERGY58.4%NHPC54.3%ADANIPOWER43.2%NLCINDIA37.5%ADANIENSOL35.6%NTPC30.8%TATAPOWER23.8%

Return on equity

ADANIENSOL · 6th of 9 · set median 11.4%

ADANIPOWER20.9%POWERGRID16.5%NLCINDIA16.0%NTPC13.7%TATAPOWER11.4%ADANIENSOL9.7%NHPC9.0%JSWENERGY8.8%ADANIGREEN7.6%

P/E ratio

ADANIENSOL · 8th of 9 · set median 21.3×

NLCINDIA10.4×NTPC10.8×POWERGRID14.9×NHPC16.9×TATAPOWER21.3×ADANIPOWER26.1×JSWENERGY34.6×ADANIENSOL51.5×ADANIGREEN98.9×
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?

Adjusted close — 2023-08 to 2026-10₹ per share · split / bonus adjusted
0k₹1,3262023202420252026
Watch

Over 4 years the stock returned 17.8% a year while profit compounded at 5.3% a year.

Rule STOCK_RAN_AHEAD

Business vs stock — 5-year compound annual rate
Net profit5.3%/yrShare price17.8%/yr
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%
RSI (14) · 0–10035.2 — neutral
0305070100OVERSOLDOVERBOUGHT35.2
Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

  • Watch
    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.
    REVENUE_UP_MARGIN_DOWN · conviction 63
  • Concern
    Margins at a multi-year low
    EBITDA margin of 35.6% is the thinnest in 4 years (prior range 38.1% to 42.7%).
    MARGIN_AT_MULTI_YEAR_LOW · conviction 58
  • Watch
    Stock has run ahead of the business
    Over 4 years the stock returned 17.8% a year while profit compounded at 5.3% a year.
    STOCK_RAN_AHEAD · conviction 56
  • Concern
    Meaningful debt load
    Net debt is 4.35× EBITDA.
    HIGH_LEVERAGE · conviction 44
  • Concern
    Thin interest cover
    Operating profit covers interest only 2.16× (FY2026).
    INTEREST_COVER_LOW · conviction 42
  • Watch
    Receivables stretching
    Receivable days rose from 65 to 76 — collections are slower.
    RECEIVABLE_DAYS_JUMP · conviction 42
  • Concern
    Margins compressing
    EBITDA 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.

Income & balance sheet — ₹ crore, consolidated
MetricFY22FY23FY24FY25FY26
Revenue7406881,5171,9383,383
Total income1,4411,3032,5123,0464,623
EBITDA6995871,0081,1571,459
Profit before tax−65170659627631
Net profit−65170595618571
EPS (₹)−2.61.45.35.34.8
Net worth3,97710,32710,92219,69920,917
Total debt8,5472,6005,1657,90011,035
Operating cash flow3−15−209−955442
Free cash flow2−38−215−974436
Key ratios — consolidated
RatioFY22FY23FY24FY25FY26
Growth
Revenue growth YoY—-7.0120.527.774.6
Profit growth YoY——249.43.8-7.5
Profitability
EBITDA margin %94.485.366.459.743.1
Net margin %-4.513.123.720.312.4
Return on equity %-1.62.45.64.02.8
Return on capital %5.64.66.95.34.9
Leverage & cash
Debt to equity2.150.250.470.400.53
Cash flow ÷ profit—-0.09-0.35-1.550.77
Current ratio0.971.541.251.531.18
Financials: BSE Integrated Filing inline XBRL (SEBI taxonomy), normalised to standard metric keys. Prices: NSE end-of-day, raw OHLC preserved; a corporate-action factor produces the adjusted series. The insight engine writes factual observations from fixed rules — it does not make recommendations. Not investment advice.