Adani Energy Solutions Ltd.

ADANIENSOLNSEPowerPower Generation/DistributionLarge Cap

₹1,507.4

▼ 1.04%

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Composite

The company is India’s largest integrated energy player with a pole position in the transmission and distribution business focussed on delivering reliable, affordable, and sustainable energy solutions. Its integrated portfolio is spanned across power transmission, distribution, smart metering, and energy solutions catering to various facets of the energy domain. The principal business of the Company and its subsidiaries (together referred to as the Group) includes: power transmission business, distribution of power, smart metering business, cooling solutions and other business activities.

www.adanienergysolutions.comSector: PowerIndustry: Power Generation/Distribution

Q-DITS fundamental score

52Composite

Growth

Profitability

Valuation

Quality

Solvency

Earnings

100

Key metrics

MCap

₹1.81L Cr

TTM PE

79.3x

Industry PE

26.7x

TTM EPS

₹19

Book Value

₹211.67

Face Value

₹10

Div Yield

PEG

3.6x

4.4x

ROE

10.1%

ROCE

9.7%

EBITDA mgn

31.6%

D/E

2.02

Int. Cover

1.9x

Curr. Ratio

1.27x

EPS

₹19

Growth — CAGR across horizons

Metric	1Y	3Y	5Y	10Y
Net Sales	16.1%	27.6%	22.7%	28.8%
EBITDA	13.1%	12.9%	12%	15.3%
Net Profit	-1.4%	22%	13.3%	20%

Score snapshot

Piotroski

5/9

Altman Z

1.11

Quality

23.8

Growth

88.4

Valuation

Earn. Qual

100

PEAD

SURGE

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Revenue, profitability & returns

Revenue & Net Profit (₹ Cr)

RevenueNet Profit

Margins (%)

EBITDA%PAT%

Return ratios (%)

ROEROCEROA

Annual financials — last 10 years

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
›RevenueCr	2,876	3,944	7,305	11,416	9,926	11,258	13,293	16,607	23,767	27,588
›EBITDACr	2,005	2,937	3,113	4,576	5,066	5,493	6,101	6,322	6,240	8,726
›EBITDA margin	69.7%	74.5%	42.6%	40.1%	51%	48.8%	45.9%	38.1%	32.6%	31.6%
›Net profitCr	416	1,143	559	706	1,290	1,236	1,281	1,196	922	2,393
›PAT margin	14.5%	29%	7.7%	6.2%	13%	11%	9.6%	7.2%	3.9%	8.7%
›EPS₹	₹3.79	₹10.39	₹5.08	₹6.75	₹11.13	₹10.95	₹11.26	₹10.2	₹8.82	₹19
›Revenue growth	30.9%	37.2%	85.2%	56.3%	-13%	13.4%	18.1%	24.9%	43.1%	16.1%
›PAT growth	13.2%	174.5%	-51.1%	26.3%	82.5%	-4.2%	3.6%	-6.6%	-22.9%	159.6%
›ROE	14.8%	32%	12.6%	14.3%	22.8%	19.1%	13.8%	9.8%	5.3%	10.1%
›ROCE	12.4%	16.6%	10%	11.2%	10.9%	10.8%	10.5%	9.5%	7.7%	9.7%
›ROA	3.4%	7.4%	2.2%	2%	3.1%	2.7%	2.5%	2.1%	1.4%	2.9%
›P/E	17x	18.4x	42.9x	28x	81.6x	216.6x	88.6x	100.6x	98.8x	49.2x
›P/B	2.4x	5x	5.2x	4x	16.4x	38x	9.5x	9.1x	4.7x	4.4x
›D/E	3	2.9	5.1	5.3	4.9	4.8	2.9	2.9	1.8	2
›Current ratio	0.7x	0.8x	0.7x	1.5x	0.7x	0.9x	1.3x	1.2x	1.7x	1.3x
›Interest cover	1.6x	2.7x	1.6x	1.5x	1.8x	1.7x	1.6x	1.6x	1.3x	1.9x

Quarterly results

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Metric	2023-12	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›RevenueCr	4,563	4,707	5,379	6,184	5,830	6,375	6,819	6,596	6,730	7,443
›Rev growth YoY	28.5%	40.2%	46.8%	68.3%	27.8%	35.4%	26.8%	6.7%	15.4%	16.8%
›EBITDACr	1,471	1,621	1,651	1,715	1,661	2,040	1,811	1,955	1,995	2,227
›EBITDA margin	32.2%	34.4%	30.7%	27.7%	28.5%	32%	26.6%	29.6%	29.7%	29.9%
›Net profitCr	348	381	-1,191	773	625	714	539	557	574	723
›PAT growth YoY	-27.1%	-12.1%	-751.2%	171.3%	79.5%	79.1%	145.5%	-27.8%	-8.1%	-2.5%
›EPS₹	₹2.91	₹3.24	₹-7.39	₹5.62	₹4.68	₹5.39	₹4.27	₹4.45	₹4.6	₹5.69

Balance sheet — last 10 years (₹ Cr)

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
›Shareholders' equityCr	2,947	4,208	4,635	5,220	6,090	6,857	11,749	12,642	22,068	25,428
›ReservesCr	1,847	3,108	3,535	4,120	4,990	5,757	10,634	11,526	20,867	24,226
›Total borrowingsCr	0	0	0	0	0	0	0	0	0	0
›InvestmentsCr	620	3,878	2,732	4,202	6,167	6,951	7,236	7,441	14,261	26,294
›Total assetsCr	11,204	14,942	25,224	32,854	35,359	40,121	45,490	48,909	62,190	74,777
›Current assetsCr	1,377	2,352	4,935	8,685	4,999	5,478	8,907	9,618	16,674	19,842
›Current liabilitiesCr	1,884	2,930	6,690	5,886	6,689	5,928	7,017	8,017	10,016	15,568
›Trade payablesCr	27	39	1,237	1,752	1,241	1,608	1,800	1,516	2,956	4,994
›Gross blockCr	10,982	11,000	27,001	28,653	32,072	36,766	40,733	48,781	50,504	59,700

Cash flow statement (₹ Cr)

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
›Operating CF (CFO)Cr	2,189	2,198	2,591	5,437	3,784	4,097	3,777	6,038	9,045	10,997
›Investing CF (CFI)Cr	-1,761	-3,211	-3,138	-5,643	-4,025	-3,948	-4,699	-4,943	-15,228	-14,083
›Financing CF (CFF)Cr	-455	1,589	38	1,250	-745	-235	923	-543	7,626	2,630
›Net cash changeCr	-27	577	-509	1,045	-986	-86	2	551	1,443	-456
›Closing cashCr	13	609	188	1,233	264	189	191	742	2,190	1,735

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

Quality (25%)23.8

Growth (25%)88.4

Valuation (20%)17

Piotroski (15%)56

Earnings Quality (10%)100

Momentum (5%)—

Weighted blend, rescaled to the components available for this stock.

Piotroski F-Score

5/9

✓ROA positiveROA 2.87%

✓CFO positiveCFO ₹10996.68 Cr

✓ROA improving1.39% → 2.87%

✓CFO > PAT (low accruals)CFO 10996.68 vs PAT 2392.75

✗Leverage decreasedD/E 1.82 → 2.02

✗Liquidity improvedCR 1.66 → 1.27

✓No share dilutionEPS 8.82 → 19.0

✗Margin improvedEBITDA mgn 32.59% → 31.63%

✗Asset turnover upAsset TO 0.36 → 0.33

Altman Z-Scoredistress

1.11

0.057

0.324

0.09

0.34

0.369

>2.9 safe · 1.23–2.9 grey · <1.23 distress

Quality

23.8/100

ROE

10.1%

ROCE

9.7%

Margin

8.7%

Debt

Int. cover

1.9x

Growth

88.4/100

Revenue 3Y

27.6%

Profit 3Y

22%

EPS

115.3%

Valuation

17/100

49.2x

4.4x

EV/EBITDA

18.3x

vs universe median: PE 25.6x · PB 2.81x · EV 13.41x

Earnings quality

100/100

CFO₹10,997 Cr

PAT₹2,393 Cr

Accrual ratio-0.115

CFO/PAT4.6x

PEAD · SURGE

0 / 0

Revenue SUE-0.95

EPS SUE0.69

Latest quarter2026-03

Rev growth YoY16.8%

Shareholding pattern

Promoter72.7%

FII/FPI12.2%

DII10.3%

Public27.3%

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Metric	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›Promoter	73.2%	74.9%	69.9%	69.9%	69.9%	71.2%	71.2%	71.2%	72.7%
›FII / FPI	17.5%	15.5%	18.7%	17.3%	17.6%	15.9%	13.1%	13.5%	12.2%
›DII	3.8%	4%	5.4%	5.8%	6.3%	6.9%	10%	10.1%	10.3%
›Public / Retail	26.8%	25.1%	30.1%	30.1%	30.1%	28.8%	28.8%	28.8%	27.3%
›Promoter pledge	2.6%	2.3%	0.5%	0.8%	0.8%	0.8%	0.8%	0.6%	0.5%

Documents & filings

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Peer comparison

Company	MCap (Cr)	Revenue	PAT	PE	PB	ROE%	ROCE%	D/E
Adani Power Ltd.	4,46,344	54,241	12,971	34.8x	6.9x	21.9	17.8	0.82
NTPC Ltd.	3,54,656	1,87,385	27,146	13.1x	1.7x	13.9	11	1.35
Power Grid Corporation Of India Ltd.	2,71,950	46,733	18,835	17.1x	2.7x	17.3	12.9	1.41
Adani Green Energy Ltd.	2,47,282	12,928	1,570	149.7x	12.8x	14.4	9.9	5.24
Tata Power Company Ltd.	1,28,485	62,429	4,410	34.3x	3.3x	13.6	11.6	1.81
JSW Energy Ltd.	1,04,573	18,901	2,751	46.7x	3.1x	9.7	8.5	2.53
NTPC Green Energy Ltd.	80,977	2,858	502	155x	4.3x	3.8	5.1	0.97