Adani Energy Solutions Limited

BSE: ADANIENSOL539254ISIN INE931S01010

Utilities
Power Distribution
BSE 200

Share price

₹1,416.00+50.90 (+3.73%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹1,789.00
52W low: ₹804.70
Off 52W high: -20.85%
1M return: +5.17%
3M return: -13.18%
6M return: +0.63%
1Y return: +43.71%
20D avg volume: 73,733
50 DMA: ₹1,372.74
200 DMA: ₹1,318.14

Key ratios Consolidated

Market cap: ₹1,73,170 Cr
Current price: ₹1,416.00
52W high / low: ₹1,789.00 / ₹804.70
Face value: ₹10.00
P/E: 44.43
P/B: 5.53
EPS (TTM): ₹31.87
Book value / share: ₹255.97
ROE: —
ROCE: 10.10%
Operating margin: —
Net margin: —
Debt / equity: 1.84
Net debt: ₹47,164 Cr
Interest cover: 2.16
Dividend yield: —
Dividend / share (TTM): —
Payout: —
Cash conversion cycle: 18.7 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	10,076	9,711	7,443	6,730	6,596	6,819	6,375	5,830	6,184	5,379	4,707	4,563
	163.79	141.12	144.81	214.79	171.32	206.21	221.81	170.13	176.10	111.42	148.33	261.69
	10,239	9,852	7,588	6,944	6,767	7,025	6,596	6,000	6,360	5,490	4,855	4,824
	8,756	8,440	6,760	5,803	5,688	5,864	5,412	4,976	5,694	4,443	4,359	4,253
	3,244	0.00	1,516	1,508	1,601	1,724	1,333	1,476	1,761	1,638	1,268	1,468
	172.81	67.22	391.94	230.69	189.47	192.04	365.90	343.77	490.20	165.87	114.71	737.46
	289.83	227.97	307.64	317.51	236.26	231.23	233.92	229.91	292.94	276.17	179.44	259.46
	1,180	1,152	954.26	912.95	871.66	894.03	826.17	809.12	812.94	810.93	749.99	760.04
	600.58	585.35	507.81	496.19	509.41	464.82	461.65	462.38	484.07	497.85	467.51	457.64
	3,268	6,407	3,083	2,338	2,281	2,358	2,191	469.59	1,853	1,054	1,579	570.92
	1,484	1,412	827.75	1,141	1,079	1,162	1,185	1,024	665.92	1,047	496.35	571.36
	0.00	28.55	0.00	0.00	0.00	0.00	0.00	-0.14	0.24	-1,507	0.00	0.00
	1,484	1,441	827.75	1,141	1,079	1,162	1,185	1,024	666.16	-460.44	496.35	571.36
	403.23	155.91	187.42	227.00	188.57	119.11	287.41	66.07	178.92	136.57	168.59	166.18
	1,364	1,237	722.65	574.06	557.10	538.94	686.54	625.30	773.39	-1,191	381.29	348.25
	11.01	9.57	5.27	6.34	6.19	6.88	6.57	4.85	6.09	-7.39	2.94	2.92
Key metrics
	3,265	3,178	2,290	2,551	2,460	2,521	2,473	2,295	1,963	848.34	1,714	1,789
	32.40%	32.70%	30.80%	37.90%	37.30%	37.00%	38.80%	39.40%	31.70%	15.80%	36.40%	39.20%
	13.50%	12.70%	9.70%	8.50%	8.40%	7.90%	10.80%	10.70%	12.50%	-22.10%	8.10%	7.60%
	3.10%	—	2.30%	—	2.80%	—	3.10%	—	—	—	—	—
	52.80%	42.40%	16.80%	15.40%	6.70%	26.80%	35.40%	27.80%	—	—	—	—
	144.80%	129.40%	5.30%	-8.20%	-28.00%	145.30%	80.10%	79.60%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	33,960	27,588	23,767	16,607	13,293	11,258	9,926	11,416	7,305	3,944
	664.51	737.13	679.46	610.95	547.74	603.95	532.60	265.33	255.35	110.71
	34,624	28,325	24,447	17,218	13,840	11,861	10,459	11,681	7,561	4,055
	29,759	24,115	20,525	14,979	13,164	10,843	9,422	10,575	6,816	2,584
	6,268	6,348	5,584	5,459	5,224	2,779	2,887	3,697	2,291	—
	862.66	1,004	1,366	1,029	755.13	821.23	755.89	924.21	838.94	—
	1,143	1,093	1,033	951.70	986.65	885.07	930.76	973.24	586.92	42.25
	4,199	3,633	3,259	2,767	2,781	2,365	2,117	2,238	1,391	885.63
	2,190	1,978	1,906	1,776	1,608	1,427	1,329	1,174	882.15	—
	15,096	10,059	7,377	2,996	1,809	2,566	1,402	1,567	826.24	260.61
	4,865	4,210	3,922	2,240	676.14	1,018	1,037	1,107	744.40	1,472
	28.55	0.00	-1,506	-460.01	1,036	682.47	582.81	0.00	0.00	0.00
	4,894	4,210	2,416	1,780	1,712	1,700	1,620	1,107	744.40	1,472
	973.56	722.09	178.99	580.13	435.33	436.06	424.23	542.88	281.04	328.74
	3,897	2,393	921.69	1,196	2,316	1,236	1,290	706.49	559.20	1,143
	32.19	24.68	16.14	12.87	11.10	8.90	5.75	2.94	2.30	—
Key metrics
	11,283	9,822	7,581	6,322	6,101	5,493	5,066	4,519	3,018	2,357
	33.22%	35.60%	31.90%	38.10%	45.90%	48.80%	51.00%	39.60%	41.30%	59.80%
	11.48%	8.70%	3.90%	7.20%	17.40%	11.00%	13.00%	6.20%	7.70%	29.00%
	—	10.10%	8.90%	—	—	—	—	—	—	—
	32.55%	16.10%	43.10%	24.90%	18.10%	13.40%	-13.00%	56.30%	85.20%	—
	61.85%	159.60%	-22.90%	-48.40%	87.40%	-4.20%	82.50%	26.30%	-51.10%	—
	—	-3,435	-682.92	—	—	—	—	—	—	—
	—	4.60	9.43	—	—	—	—	—	—	—
	—	1.84	1.75	—	—	—	—	—	—	—
	—	47,164	38,016	—	—	—	—	—	—	—
	—	18.7	29.0	—	—	—	—	—	—	—
Balance sheet
	—	92,835	73,960	—	—	—	—	—	—	—
	—	17,826	13,587	—	—	—	—	—	—	—
	—	1,735	2,190	—	—	—	—	—	—	—
	—	5,734	4,218	—	—	—	—	—	—	—
	—	669.45	625.24	—	—	—	—	—	—	—
	—	3,708	2,566	—	—	—	—	—	—	—
	—	44,227	37,049	—	—	—	—	—	—	—
	—	4,994	2,956	—	—	—	—	—	—	—
	—	15,446	9,923	—	—	—	—	—	—	—
	—	48,898	40,206	—	—	—	—	—	—	—
	—	3,531	3,214	—	—	—	—	—	—	—
	—	45,367	36,992	—	—	—	—	—	—	—
	—	26,526	23,011	—	—	—	—	—	—	—
Cash flow
	—	10,997	8,695	—	—	—	—	—	—	—
	—	-14,083	-15,228	—	—	—	—	—	—	—
	—	2,630	7,975	—	—	—	—	—	—	—
	—	14,432	9,378	—	—	—	—	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	768.19	918.59	1,252	640.48	664.82	825.46	1,007	348.69	468.17	113.89	415.67	885.01
	320.41	285.17	351.06	295.60	306.09	287.32	333.14	309.51	270.44	195.47	175.43	200.84
	1,089	1,204	1,603	936.08	970.91	1,113	1,340	658.20	738.61	309.36	591.10	1,086
	1,023	1,140	1,395	801.02	832.33	962.78	1,134	494.44	558.94	232.72	516.76	971.52
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	395.10	565.74	688.31	314.00	474.15	626.83	855.41	213.65	249.25	76.39	91.84	737.46
	5.54	5.49	2.11	1.50	1.09	1.41	0.19	2.50	2.56	1.61	1.20	0.45
	290.06	277.37	251.92	216.98	197.58	159.73	141.55	136.48	131.74	120.18	107.80	102.96
	0.32	0.32	0.32	0.31	0.32	0.28	0.26	0.15	0.10	0.09	0.10	0.09
	331.79	291.05	452.81	268.23	159.19	174.53	136.20	19.71	3.33	5.35	18.87	130.56
	65.79	63.79	207.72	135.06	138.58	150.00	206.53	163.76	179.67	76.64	74.34	114.33
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	65.79	63.79	207.72	135.06	138.58	150.00	206.53	163.76	179.67	76.64	74.34	114.33
	8.50	14.69	8.59	20.85	37.23	6.43	8.85	—	—	—	—	—
	57.29	49.10	199.13	114.21	101.35	156.43	197.68	163.76	179.67	76.64	74.34	114.33
	0.47	0.41	1.65	0.95	0.85	1.30	1.65	1.38	1.55	0.69	0.66	1.03
Key metrics
	356.17	341.48	459.96	352.35	336.48	310.01	348.34	300.39	311.51	196.91	182.24	217.38
	46.40%	37.20%	36.70%	55.00%	50.60%	37.60%	34.60%	86.10%	66.50%	172.90%	43.80%	24.60%
	7.50%	5.30%	15.90%	17.80%	15.20%	19.00%	19.60%	47.00%	38.40%	67.30%	17.90%	12.90%
	1.00%	—	1.50%	—	1.20%	—	1.30%	—	—	—	—	—
	15.50%	11.30%	24.30%	83.70%	42.00%	624.80%	142.30%	-60.60%	—	—	—	—
	-43.50%	-68.60%	0.70%	-30.30%	-43.60%	104.10%	165.90%	43.20%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	3,579	3,383	1,938	1,517	688.00	739.81	755.23	857.79	832.83	835.29
	1,252	1,240	1,109	994.54	614.79	700.86	679.43	795.83	798.58	775.03
	4,832	4,623	3,046	2,512	1,303	1,441	1,435	1,654	1,631	1,610
	4,359	3,992	2,420	1,853	1,132	1,505	1,456	1,648	1,577	1,635
	0.00	0.00	0.00	—	—	—	—	—	—	—
	1,963	2,103	1,395	1,006	685.24	734.11	754.43	857.21	828.25	815.61
	14.64	6.11	6.86	2.05	1.18	1.57	3.80	3.27	4.45	6.07
	1,036	826.21	529.95	347.84	416.08	762.96	690.24	767.19	733.45	794.16
	1.27	1.23	0.60	0.34	0.15	0.26	0.29	0.30	0.12	0.08
	1,344	1,055	487.60	35.18	29.85	6.38	7.11	20.11	11.14	19.03
	472.36	631.36	626.60	659.34	170.29	-64.61	-21.21	5.54	54.00	-24.63
	0.00	0.00	0.00	—	—	—	—	—	—	—
	472.36	631.36	626.60	659.34	170.29	-64.61	-21.21	5.54	54.00	-24.63
	52.63	60.24	8.85	64.43	0.01	—	—	—	11.60	—
	419.73	571.12	617.75	594.91	170.28	-64.61	-21.21	5.54	42.40	-24.63
	3.48	4.75	5.27	5.33	1.35	-2.65	-2.30	—	-2.39	—
Key metrics
	1,510	1,459	1,157	1,008	586.52	698.61	669.32	773.03	787.57	769.61
	42.18%	43.10%	59.70%	66.40%	85.20%	94.40%	88.60%	90.10%	94.60%	92.10%
	11.73%	16.90%	31.90%	39.20%	24.80%	-8.70%	-2.80%	0.60%	5.10%	-2.90%
	—	4.70%	4.40%	—	—	—	—	—	—	—
	25.77%	74.60%	27.70%	120.50%	-7.00%	-2.00%	-12.00%	3.00%	-0.30%	—
	-32.22%	-7.50%	3.80%	249.40%	363.60%	-204.60%	-482.90%	-86.90%	272.10%	—
	—	436.13	-974.31	—	—	—	—	—	—	—
	—	0.77	-1.55	—	—	—	—	—	—	—
	—	0.53	0.40	—	—	—	—	—	—	—
	—	10,990	7,430	—	—	—	—	—	—	—
	—	181.8	97.0	—	—	—	—	—	—	—
Balance sheet
	—	35,838	28,564	—	—	—	—	—	—	—
	—	5,547	3,049	—	—	—	—	—	—	—
	—	44.96	470.31	—	—	—	—	—	—	—
	—	2,598	1,037	—	—	—	—	—	—	—
	—	26.71	28.00	—	—	—	—	—	—	—
	—	624.88	709.83	—	—	—	—	—	—	—
	—	9.89	9.53	—	—	—	—	—	—	—
	—	939.92	549.78	—	—	—	—	—	—	—
	—	4,692	1,998	—	—	—	—	—	—	—
	—	11,035	7,900	—	—	—	—	—	—	—
	—	1,258	1,097	—	—	—	—	—	—	—
	—	9,777	6,803	—	—	—	—	—	—	—
	—	20,917	19,699	—	—	—	—	—	—	—
Cash flow
	—	441.92	-955.19	—	—	—	—	—	—	—
	—	-3,695	-9,164	—	—	—	—	—	—	—
	—	2,828	10,587	—	—	—	—	—	—	—
	—	5.79	19.12	—	—	—	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +70.05%
Sales CAGR 5Y: +34.97%
Profit CAGR 3Y: +49.69%
Profit CAGR 5Y: —
Sales YoY (TTM): +25.77%
Profit YoY (TTM): -32.22%

Consolidated

Sales CAGR 3Y: +27.56%
Sales CAGR 5Y: +22.68%
Profit CAGR 3Y: +1.09%
Profit CAGR 5Y: +13.16%
Sales YoY (TTM): +32.55%
Profit YoY (TTM): +61.85%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 73.39%

Quarter	September 2026	June 2026
Promoter %	73.39%	73.39%

Holder	Type	Holding	Previous	Change
Gautambhai Shantilal Adani and Rajeshbhai Shantilal Adani (on behalf of S.B. Adani Family Trust)	Promoter Group	49.20%	49.20%	0.00%
Adani Tradeline Private Limited	Promoter Group	7.98%	7.98%	0.00%
Gelt Bery Trade and Investment Limited	Promoter Group	5.30%	5.30%	0.00%
Sbi Aggressive Hybrid Fund	Public	4.01%	—	—
Life Insurance Corporation Of India	Public	3.13%	3.13%	0.00%
Afro Asia Trade And Investments Limited	Promoter Group	2.47%	2.47%	0.00%
Worldwide Emerging Market Holding Limited	Promoter Group	2.47%	2.47%	0.00%
Emerging Market Investment DMCC	Promoter Group	2.21%	2.21%	0.00%
Goldman Sachs Trust Ii - Goldman Sachs Gqg Partners International Opportunities Fund	Public	1.71%	2.67%	-0.96%
Adani Infra (India) Limited	Promoter Group	1.51%	1.51%	0.00%
Ardour Investment Holding Ltd	Promoter Group	1.23%	—	—
Infinite Trade and Investment Limited	Promoter Group	0.72%	0.72%	0.00%
Flourishing Trade And Investment Limited	Promoter Group	0.30%	0.30%	0.00%
Body Corp-Ltd Liability Partnership	Public	0.01%	0.01%	0.00%
Sagar Rajesh Adani	Promoter Group	0.00%	0.00%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Adani Energy Solutions Limited	1,73,170	1,416.00	44.43	10.10%	+32.55% TTM	+61.85% TTM	+43.71%
AMPVOLTS LIMITED S	67	25.90	22.33	6.00%	+1,024.83% TTM	+531.91% TTM	+14.40%

Filings & corporate actions

Recent announcements

Transcript of Earnings call pertaining to the Unaudited Financial Results of the Company for Q2 FY 2730 Oct 2026 · Company Update / General
Audio Recording of Analyst''s / Investor''s Call pertaining to Unaudited Financial Results of the Company for the quarter and half year ended September 30, 202626 Oct 2026 · Company Update / General
Investors Presentation on Unaudited Financial Resutls for the Quarter and Half year ended September 30, 2026a23 Oct 2026 · Company Update / General
Changes in Senior Management Personnel of the Company22 Oct 2026 · Company Update / Change in Management
AESL delivers Record Q2 Performance, Sustains Strong Growth Momentum22 Oct 2026 · Company Update / Press Release / Media Release
Outcome of Board Meeting held on October 22, 2026 and Submission of Unaudited FInancial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 202622 Oct 2026 · Result / Financial Results
Outcome of the Board Meeting held on October 22, 2026 for adoption of Unaudited Financial Results (Standalone and Consolidated) of the Company for the Quarter and half year ended September 30, 202622 Oct 2026 · Board Meeting / Outcome of Board Meeting
Investor Call13 Oct 2026 · Company Update / Analyst / Investor Meet
Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 20188 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Intimation for Execution of Share Purchase Agreement for Acquiring 100% equity shares of Satara Power Transmission Limited7 Oct 2026 · Company Update / Acquisition
Intimation of Interaction with Investors7 Oct 2026 · Company Update / Analyst / Investor Meet
Adani Energy Solutions Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 22/10/2026 ,inter alia, to consider and approve Unaudited Financial ....5 Oct 2026 · Board Meeting / Board Meeting
Closure of Trading Window29 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Announcement Under Regulation 30 (LODR) - Update29 Sep 2026 · Company Update / General
Incorporation of Wholly Owned Subsidiaries25 Sep 2026 · Company Update / Acquisition
Announcement under Regulation 30 (LODR) - Update22 Sep 2026 · Company Update / General
Intimation of interaction with Investors''18 Sep 2026 · Company Update / Analyst / Investor Meet
Intimation for ESG Rating18 Sep 2026 · Company Update / General
Intimation regarding Letter of Award for supply of 2,500 MW Round-the-Clock (RTC) Power and Execution of Power Purchase Agreement8 Sep 2026 · Company Update / General
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for GQG Partners Emerging Market Equity Fund3 Sep 2026 · Insider Trading / SAST / Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011
Adani Energy Solutions is World #1 ESG-Scored Utility1 Sep 2026 · Company Update / Press Release / Media Release
AESL Wins Rs 4,700 crore Transmission project in Maharashtra for evacuation of 4,500 MW of Renewable & Storage Power26 Aug 2026 · Company Update / Press Release / Media Release
Intimation of Investor / Analyst meet21 Aug 2026 · Company Update / Analyst / Investor Meet
Intimation of Credit Ratings19 Aug 2026 · Company Update / Credit Rating
Intimation of Interaction with Investors18 Aug 2026 · Company Update / Analyst / Investor Meet
Intimation for Execution of Share Purchase Agreement for Acquiring 100% Equity shares of Vizag Power Transmission Limited14 Aug 2026 · Company Update / Acquisition
Intimation of interaction with Analyst / Investors7 Aug 2026 · Company Update / Analyst / Investor Meet
Intimation Under Regulation 30 of SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015_ESG Credit Rating1 Aug 2026 · Company Update / Credit Rating
Allotment of Equity Shares to Eligible Qualified Institutional Investors30 Jul 2026 · Company Update / Allotment of Equity Shares
Intimation regarding approval of Closure of QIPs and Placement Document30 Jul 2026 · Company Update / Qualified Institutional Placement
Intimation of Investor Meet28 Jul 2026 · Company Update / Analyst / Investor Meet
Transcript of Earnings Call pertaining to the Unaudited Financial Results of the Company for Q1 FY 2728 Jul 2026 · Company Update / General
Voting Results of the Extra-Ordinary General Meeting28 Jul 2026 · AGM/EGM / EGM
Intimation - Qualified Institution Placement of Equity Shares of face value of Rs. 10 each of the Company27 Jul 2026 · Company Update / Qualified Institutional Placement
Proceedings of the Extra Ordinary General Meeting of the Company held on July 25, 202625 Jul 2026 · AGM/EGM / EGM
AESL wins ~ Rs. 8500 Crore Transmission Project in Andhra Pradesh24 Jul 2026 · Company Update / Press Release / Media Release
Audio Recordings of Analyst''s / Investor''s call pertaining to Unaudited Financial Results of the Company for the quarter ended June 30, 202622 Jul 2026 · Company Update / General
Audio Recording of Analyst''s / Investor''s Call pertaining to Unaudited Financial Results of the Company for the Quarter ended June 30, 202622 Jul 2026 · Company Update / General
Audio Recording of Analyst''s / Investor''s Call pertaining to Unaudited Financial Results of the Company for the Quarter ended June 30, 202622 Jul 2026 · Company Update / General
Investors'' presentation on Unaudited Financial Results (Standalone and Consolidated) for the quarter ended June 30, 202621 Jul 2026 · Company Update / General

Board meetings

22 Oct 2026 Board Meeting - Financial Results
21 Jul 2026 Board Meeting - Financial Results