ADANIENSOL
Large CapAdani Energy Solutions Limited
Power
Adani Energy Solutions Limited (AESL) is a key player in India's energy infrastructure, focusing on power transmission, distribution (Mumbai), and smart metering solutions. It is part of the Adani Portfolio, emphasizing a high-growth, utility-core strategy with a national footprint.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 42/100margin compression · Rev +17% YoY · PAT +1% YoY · +11% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,443 Cr | +16.8% | +10.6% |
| EBITDA | ₹2,145 Cr | +5.1% | +7.5% |
| Operating margin | 29.0% | -300 bps | -100 bps |
| PAT | ₹723 Cr | +1.3% | +26.0% |
| PAT margin | 9.7% | -149 bps | +118 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
AESL reports robust FY26 performance with operational revenue up 7.3% YoY to Rs 18,296 Cr and EBITDA up 12.7% YoY to Rs 8,726 Cr, driven by transmission and smart metering. Q4FY26 also saw strong growth, with capex increasing 1.24x YoY to Rs 14,232 Cr for FY26.
While operational performance and revenue growth are strong, particularly in smart metering and transmission, the significant increase in Net Debt to EBITDA from 3.2x to 4.5x in FY26 raises concerns about leverage. The high capex is driving growth but also increasing debt, warranting close monitoring of financial health.
Transmission Asset Commissioning
Recently commissioned transmission assets contributed to operational revenue growth.
Smart Metering Segment Growth
Robust growth in the smart metering segment, with installations surpassing 1 Cr and a large order book.
New Transmission Project Wins
Won the South Kalamb S/s – Part A project, adding 47 ckm and Rs 120 Cr annual tariff.
Distribution Consumer Base Expansion
Consumer base in Mumbai circle increased due to new customer additions.
Transmission Projects Commissioned
During FY26, five transmission projects were commissioned, including one HVDC project (Mumbai HVDC).
Transmission Network Expansion
Total transmission network reached 27,949 ckm, with 20,023 ckm operational and 7,926 ckm under construction as of March 2026.
Smart Meter Installations
Crossed 1 Cr cumulative smart meter installations in Q4FY26, with monthly installation rate increasing 3x YoY.
Untapped Smart Meter Market
The untapped country-level market opportunity stands at 103 mn smart meters.
Improved Distribution Efficiency
Distribution loss consistently improving to 4.21% in FY26 and collection efficiency remains near 100%.
Increasing Leverage
UNDER_STRESSNet Debt to EBITDA increased to 4.5x in FY26 from 3.2x in FY25, indicating higher financial leverage.
High Capital Expenditure
Capex in FY26 increased by 1.24x to Rs 14,232 Cr, requiring significant funding for ongoing projects.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides both Q4 and full-year FY26 results with explicit YoY comparisons for both periods, indicating the importance of both sequential momentum and annual performance trends in the company's reporting.
Operational Revenue
FY26: Rs 18,296 Cr (7.3% YoY); Q4FY26: Rs 4,400 Cr (6.9% YoY).
EBITDA
FY26: Rs 8,726 Cr (12.7% YoY); Q4FY26: Rs 2,372 Cr (5% YoY).
Adjusted PAT
FY26: Rs 2,393 Cr (32% YoY); Q4FY26: Rs 723 Cr (28% YoY).
Capex
FY26: Rs 14,232 Cr (1.24x YoY); Q4FY26: Rs 4,939 Cr (1.24x YoY).
Focus on Safety Transformation
Management emphasizes reinforcing AESL’s focus on safety transformation and innovation, organizing a 'Safety Technology Expo'.
Renewable Power Procurement Target
Commitment to increase renewable power procurement to 60% by FY27 and 100% auxiliary consumption from renewable sources by 2030.
ESG Leadership
Aims to maintain Zero Waste to Landfill and Single Use Plastic Free status for all operational sites.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt to EBITDA | 4.5x (FY26) | Trend in leverage, especially with continued high capex and new project wins. |
| Smart Meter Orderbook Execution | 2.46 Cr meters orderbook | Pace of meter installations and securing new contracts from the 103 mn untapped market. |
| Transmission Project Commissioning | 7,926 ckm under construction | Timely commissioning and revenue realization from under-construction transmission assets. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
60BullishSMA20 +44.7% / mo · near 52W high
Technical chart
ADANIENSOLdaily · 1Y+59.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 70. Wait for confirmation.
- SMA20 rising (~7.0% over last month) — short-term momentum positive.
- RSI(14) at 70 — overbought zone; risk of mean reversion.
- MACD above signal, histogram expanding — bullish momentum building.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 14/25 to the score.
- Cash flow contributes 4/10 to the score.
- Balance sheet contributes 2/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -150.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 61st percentile of the scored universe and 63rd percentile within Power. Main check: balance sheet trust is weak at 53/100.
Healthy Trust Lite: Promoter holding is 72.7%. Key concern: Debt/equity is 1.93.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 63rd pctile, median 67 · Large: 35th pctile, median 74
99 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 72.7%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 1.5%.
- ▸4 years of positive FCF.
Trust risks
- ▸Debt/equity is 1.93.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 84.60
- P/B
- 7.45
- EV/EBITDA
- 24.43
- Market Cap
- 189773.00Cr
Profitability
- ROE
- 9.44%
- ROCE
- 9.65%
- ROA
- 2.58%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 23.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- 28.00%
- EPS 3Y
- 21.00%
Balance Sheet
- Debt/Equity
- 1.93
- Interest Coverage
- 2.20×
- Altman Z
- 2.74
- Book Value
- 212.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- 10997.00 Cr
- EPS TTM
- 19.00
Shareholding
- Promoter Hold
- 72.72%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 96%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.