Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Adani Energy Solutions Ltd
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 3,358 | 3,664 | 3,674 | 4,563 | 4,707 | 5,379 | 6,184 | 5,830 | 6,375 | 6,819 | 6,596 | 6,730 | 7,443 |
| Expenses + | 2,154 | 2,395 | 2,324 | 3,092 | 3,141 | 3,728 | 4,469 | 4,170 | 4,335 | 5,009 | 4,640 | 4,734 | 5,298 |
| Operating Profit | 1,203 | 1,269 | 1,350 | 1,471 | 1,566 | 1,651 | 1,715 | 1,661 | 2,040 | 1,811 | 1,955 | 1,995 | 2,145 |
| OPM % | 36% | 35% | 37% | 32% | 33% | 31% | 28% | 28% | 32% | 27% | 30% | 30% | 29% |
| Other Income + | 502 | 108 | 93 | 262 | 204 | -1,395 | 176 | 170 | 222 | 206 | 171 | 215 | 227 |
| Interest | 630 | 616 | 641 | 760 | 750 | 811 | 813 | 809 | 826 | 894 | 872 | 913 | 954 |
| Depreciation | 416 | 419 | 432 | 458 | 468 | 498 | 484 | 462 | 462 | 465 | 509 | 496 | 508 |
| Profit before tax | 660 | 343 | 370 | 515 | 552 | -1,053 | 594 | 559 | 974 | 658 | 746 | 801 | 910 |
| Tax % | 33% | 47% | 23% | 32% | 31% | 13% | -30% | -12% | 27% | 18% | 25% | 28% | 21% |
| Net Profit + | 440 | 182 | 284 | 348 | 381 | -1,191 | 773 | 625 | 714 | 539 | 557 | 574 | 723 |
| EPS in Rs | 3.49 | 1.57 | 2.47 | 2.91 | 3.24 | -7.39 | 5.62 | 4.68 | 5.39 | 4.27 | 4.44 | 4.60 | 5.69 |
Financials of Adani Energy Solutions Ltd
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 131 | 2,194 | 2,876 | 3,944 | 7,305 | 11,416 | 9,926 | 11,258 | 13,293 | 16,607 | 23,767 | 27,588 |
| Expenses + | 29 | 267 | 893 | 1,118 | 4,528 | 7,158 | 5,976 | 7,051 | 8,775 | 10,896 | 16,701 | 19,599 |
| Operating Profit | 101 | 1,927 | 1,983 | 2,826 | 2,778 | 4,258 | 3,950 | 4,206 | 4,518 | 5,711 | 7,067 | 7,989 |
| OPM % | 78% | 88% | 69% | 72% | 38% | 37% | 40% | 37% | 34% | 34% | 30% | 29% |
| Other Income + | 3 | 70 | 22 | 111 | 336 | 261 | 1,115 | 1,286 | 1,583 | 611 | -827 | 737 |
| Interest | 73 | 957 | 904 | 886 | 1,391 | 2,238 | 2,117 | 2,365 | 2,781 | 2,767 | 3,259 | 3,633 |
| Depreciation | 37 | 560 | 569 | 579 | 882 | 1,174 | 1,329 | 1,427 | 1,608 | 1,776 | 1,906 | 1,978 |
| Profit before tax | -5 | 480 | 532 | 1,472 | 840 | 1,107 | 1,620 | 1,700 | 1,712 | 1,780 | 1,075 | 3,115 |
| Tax % | 34% | 23% | 22% | 22% | 33% | 36% | 20% | 27% | 25% | 33% | 14% | 23% |
| Net Profit + | -7 | 368 | 416 | 1,143 | 559 | 706 | 1,290 | 1,236 | 1,281 | 1,196 | 922 | 2,393 |
| EPS in Rs | -0.06 | 3.35 | 3.79 | 10.39 | 5.08 | 6.74 | 11.13 | 10.95 | 11.26 | 10.20 | 8.82 | 19.00 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Adani Energy Solutions Ltd
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,090 | 1,100 | 1,100 | 1,100 | 1,100 | 1,100 | 1,100 | 1,100 | 1,115 | 1,115 | 1,201 | 1,201 |
| Reserves | -7 | 1,572 | 1,847 | 4,957 | 6,943 | 7,399 | 7,819 | 8,813 | 10,634 | 11,526 | 20,867 | 24,226 |
| Borrowings + | 9,701 | 8,585 | 8,975 | 10,428 | 20,137 | 24,246 | 27,095 | 29,902 | 34,270 | 37,070 | 40,275 | 49,176 |
| Other Liabilities + | 708 | 489 | 890 | 781 | 4,379 | 6,966 | 7,219 | 7,650 | 7,913 | 8,827 | 11,559 | 18,231 |
| Total Liabilities | 11,492 | 11,746 | 12,811 | 17,265 | 32,558 | 39,711 | 43,234 | 47,464 | 53,932 | 58,538 | 73,902 | 92,835 |
| Fixed Assets + | 10,573 | 10,060 | 9,853 | 9,291 | 24,412 | 24,924 | 26,987 | 30,272 | 32,645 | 38,920 | 39,555 | 46,804 |
| CWIP | 10 | 258 | 1,343 | 2,353 | 694 | 2,212 | 5,255 | 5,060 | 6,200 | 3,003 | 5,702 | 2,054 |
| Investments | 0 | 20 | 105 | 0 | 336 | 313 | 442 | 561 | 1,370 | 766 | 2,638 | 2,644 |
| Other Assets + | 909 | 1,407 | 1,510 | 5,621 | 7,117 | 12,262 | 10,550 | 11,572 | 13,716 | 15,849 | 26,007 | 41,334 |
| Total Assets | 11,492 | 11,746 | 12,811 | 17,265 | 32,558 | 39,711 | 43,234 | 47,464 | 53,932 | 58,538 | 73,902 | 92,835 |
Financials of Adani Energy Solutions Ltd
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -35 | 1,544 | 2,189 | 2,198 | 2,591 | 5,437 | 3,784 | 4,097 | 3,777 | 6,038 | 8,695 | 10,997 |
| 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 | -455 | 1,589 | 38 | 1,250 | -745 | -235 | 923 | -543 | 7,975 | 2,630 |
| Net Cash Flow | 3 | 6 | 4 | 596 | -421 | 1,045 | -969 | -75 | 2 | 551 | 1,448 | -456 |
| Free Cash Flow | -228 | 810 | 829 | 1,237 | 1,393 | 2,675 | -168 | -94 | -925 | 608 | -683 | -3,435 |
| CFO/OP | -20% | 84% | 119% | 89% | 100% | 132% | 102% | 104% | 89% | 111% | 126% | 143% |
Financials of Adani Energy Solutions Ltd
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 1,255 | 30 | 24 | 24 | 36 | 32 | 37 | 35 | 39 | 82 | 65 | 76 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 1,255 | 30 | 24 | 24 | 36 | 32 | 37 | 35 | 39 | 82 | 65 | 76 |
| Working Capital Days | -11,796 | -473 | -128 | -115 | -175 | 14 | -122 | -97 | -78 | -57 | -34 | -21 |
| ROCE % | 1% | 13% | 12% | 17% | 10% | 11% | 11% | 10% | 10% | 9% | 10% | 10% |