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Adani Energy Solutions Q2 FY27 Share Price & Earnings Call Analysis

₹1,365.00+5.49% today
Market cap
₹1.67L Cr
P/E
57.16
ROE
9.44%
PEG
2.69
Price to sales
5.50
Debt to equity
1.93
52W high / low
₹1,742 / ₹813
Sales growth (5Y)
22.68%
EBITDA margin
29.87%
Net profit margin
8.52%
Promoter holding
73.39%
Sales (last year)
₹30,480 Cr

Guidance scorecard · Q2 FY27 call

What Adani Energy Solutions Ltd's management guided
and where it ranks in Power

#7of 24 in
Power
Revenue20–40%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ1 FY27 call

20–40%
  • Targeting to capture a market opportunity of 7.5 gigawatts by 2031 in the Energy Solutions business, focusing on long-term renewable capacity tie-ups, especially RTC (Round-the-Clock) loads.
  • Current tied-up renewable capacity stands at around 5 gigawatts, with 4 gigawatts from sister company Adani Green and the rest from third parties.
  • Significant growth expected from data centers, utilities, and conventional C&I customers, with a burgeoning 50+ gigawatt market in the C&I space by 2030-31.
  • Energy Solutions aims to scale into a large vertical within Adani Energy Solutions Limited, with a robust pipeline of long-term contracts.

2 more points from Adani Energy Solutions Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Adani Energy Solutions Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • AESL delivered a quarterly capex of approximately INR 3,500 crores, focusing on deploying logged-in opportunities and completing projects sequentially.
  • IntelliSmart acquisition is underway, expected to expand smart metering portfolio to about 47 million meters, including natural growth provisions.
  • Energy Solutions platform may incur some capex for enabling transactions, such as last-mile connectivity infrastructure for consumers or generators, though it is not a heavy capex-based business.

2 more points from Adani Energy Solutions Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Ask what Adani Energy Solutions Ltd said on fundraising →

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • Adani Energy Solutions is targeting a market opportunity of approximately 7.5 gigawatts by 2031.
  • They have already secured around 5 gigawatts of renewable energy tie-ups on a take-or-pay basis with generators.
  • Approximately 4,000 MW of this capacity is tied up with Adani Green Energy Limited (AVL), while the rest is from third parties.
  • They currently have about 350 MW of long-term contracts with C&I (Commercial & Industrial) customers.
  • The business expects to scale up and convert most of the purchased capacity into long-term sales contracts, minimizing open market exposure.

2 more points from Adani Energy Solutions Ltd's call on the order book

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Full Q1 FY27 analysis
Full Power ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Power
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Adani Energy Solutions Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Power companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹1,624 Cr8.3
240%+Flat₹28,982 Cr48.7
340%+Flat₹15,130 Cr573.5
440%+Flat₹15,007 Cr95.7
520–40%Flat₹3.78L Cr26.5
620–40%Flat₹1.95L Cr100.7

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Adani Energy Solutions Ltd announcements

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Financials of Adani Energy Solutions Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Adani Energy Solutions Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +73.22%73.22%74.95%69.94%69.94%69.94%71.19%71.19%71.19%72.72%74.71%73.39%
FIIs +17.49%17.49%15.53%18.66%17.34%17.58%15.85%13.06%13.47%12.23%10.14%9.57%
DIIs +3.82%3.80%3.97%5.38%5.85%6.33%6.89%9.97%10.14%10.24%11.77%13.61%
Public +5.46%5.49%5.54%6.03%6.87%6.16%6.08%5.79%5.20%4.81%3.39%3.44%
No. of Shareholders4,76,6264,78,1254,93,6214,50,2835,49,5205,27,1375,00,9264,89,2484,37,5714,03,6253,85,3153,82,685

Financials of Adani Energy Solutions Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +3,6744,5634,7075,3796,1845,8306,3756,8196,5966,7307,4439,71110,076
Expenses +2,3243,0923,1413,7284,4694,1704,3355,0094,6404,7345,2986,7036,975
Operating Profit1,3501,4711,5661,6511,7151,6612,0401,8111,9551,9952,1453,0083,101
OPM %37%32%33%31%28%28%32%27%30%30%29%31%31%
Other Income +93262204-1,395176170222206171215227170447
Interest6417607508118138098268948729139541,1521,180
Depreciation432458468498484462462465509496508585601
Profit before tax370515552-1,0535945599746587468019101,4411,767
Tax %23%32%31%13%-30%-12%27%18%25%28%21%14%23%
Net Profit +284348381-1,1917736257145395575747231,2371,364
EPS in Rs2.472.913.24-7.395.624.685.394.274.444.605.699.5710.82

Financials of Adani Energy Solutions Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +1312,1942,8763,9447,30511,4169,92611,25813,29316,60723,76727,58833,960
Expenses +292678931,1184,5287,1585,9767,0518,77510,89616,70119,58323,710
Operating Profit1011,9271,9832,8262,7784,2583,9504,2064,5185,7117,0678,00510,250
OPM %78%88%69%72%38%37%40%37%34%34%30%29%30%
Other Income +370221113362611,1151,2861,583611-8277211,059
Interest739579048861,3912,2382,1172,3652,7812,7673,2593,6334,199
Depreciation375605695798821,1741,3291,4271,6081,7761,9061,9782,190
Profit before tax-54805321,4728401,1071,6201,7001,7121,7801,0753,1154,919
Tax %34%23%22%22%33%36%20%27%25%33%14%23%
Net Profit +-73684161,1435597061,2901,2361,2811,1969222,3933,897
EPS in Rs-0.063.353.7910.395.086.7411.1310.9511.2610.208.8219.0030.68
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%0%

Financials of Adani Energy Solutions Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital1,0901,1001,1001,1001,1001,1001,1001,1001,1151,1151,2011,2011,223
Reserves-71,5721,8474,9576,9437,3997,8198,81310,63411,52620,86724,22630,081
Borrowings +9,7018,5858,97510,42820,13724,24627,09529,90234,27037,07039,92649,17651,801
Other Liabilities +7084898907814,3796,9667,2197,6507,9138,82711,90818,15320,196
Total Liabilities11,49211,74612,81117,26532,55839,71143,23447,46453,93258,53873,90292,757103,300
Fixed Assets +10,57310,0609,8539,29124,41224,92426,98730,27232,64538,92039,55546,80446,354
CWIP102581,3432,3536942,2125,2555,0606,2003,0035,7022,0543,103
Investments02010503363134425611,3707662,6382,6443,460
Other Assets +9091,4071,5105,6217,11712,26210,55011,57213,71615,84926,00741,25650,384
Total Assets11,49211,74612,81117,26532,55839,71143,23447,46453,93258,53873,90292,757103,300

Financials of Adani Energy Solutions Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +-351,5442,1892,1982,5915,4373,7844,0973,7776,0389,04510,997
Cash from Investing Activity +-1,864-816-1,730-3,192-3,050-5,643-4,009-3,936-4,699-4,943-15,222-14,083
Cash from Financing Activity +1,902-722-4551,589381,250-745-235923-5437,6262,630
Net Cash Flow364596-4211,045-969-7525511,448-456
Free Cash Flow-2288108291,2371,3932,675-168-94-925608-334-3,435
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit-20%84%119%89%100%132%102%104%89%111%131%143%

Financials of Adani Energy Solutions Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days1,2553024243632373539826576
Inventory Days
Days Payable
Cash Conversion Cycle1,2553024243632373539826576
Working Capital Days-11,796-473-128-115-17514-122-97-78-57-34-50
ROCE %1%13%12%17%10%11%11%10%10%9%10%10%

Guidance history

How Adani Energy Solutions Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%FlatPlanned—Rising
Q3 FY26 call →20–40%FlatPlannedNone planned—
Q2 FY26 call →20–40%FlatPlannedNone planned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

26out of 100

Momentum score · price trend

26 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+40.5%82%
Last 6 months−8.8%41%
Last 3 months−22.4%14%

The price is 68.4% below its all-time high of ₹4,090.5 (16 Sept 2022). Stocks more than 20% below their peak have their score halved, so 52 became 26.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Adani Energy Solutions Ltd: 0.4 × 82 + 0.4 × 41 + 0.2 × 14 = 52, halved to 26 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Adani Energy Solutions Ltd's management said in earlier quarters

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