Adani Energy Solutions Limited (ADANIENSOL)
Large CapPower stocks · Large cap · NSE
Adani Energy Solutions Limited (AESL) is India's largest private-sector transmission company, a top-rated distribution company in Mumbai & Mundra, and a leading smart metering player. It offers integrated energy solutions, driving India's energy transition with a focus on infrastructure and utility.
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 argues for patience, 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 30 Jun 2026
Excellent · 100/100Rev +42% YoY · PAT +130% YoY · margin expansion · +30% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹9,711 Cr | +42.4% | +30.5% |
| EBITDA | ₹3,008 Cr | +66.1% | +40.2% |
| Operating margin | 31.0% | +400 bps | +200 bps |
| PAT | ₹1,237 Cr | +129.5% | +71.1% |
| PAT margin | 12.7% | +484 bps | +303 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
AESL reports robust Q1FY27 with operational revenue up 54% YoY to Rs 7,117 Cr and PAT soaring 130% YoY to Rs 1,237 Cr, driven by new transmission projects, Energy Solutions Platform, and smart meter rollout. Capex increased 1.57x YoY to Rs 3,498 Cr.
AESL's Q1FY27 results demonstrate strong execution across its integrated utility platform. Significant growth in revenue and PAT, coupled with aggressive capex and a substantial smart metering orderbook, supports the growth thesis. However, increased distribution loss and consumer complaints due to heatwave conditions warrant monitoring.
Transmission Business Expansion
Recently commissioned transmission projects and near-term tendering opportunity at ~Rs 1.1 lakh crore.
Smart Metering Rollout
Ongoing smart meter rollout, combined portfolio with IntelliSmart to exceed 47+ million smart meters, establishing AESL as India’s largest smart metering platform.
Energy Solutions Platform
Significant contribution from Energy Solutions Platform segment, with 13,181 MUs assured in Q1FY27 and 7.5 GW+ market potential.
Distribution Business Growth
Total units sold in Mumbai circle increased by 11% YoY, with consumer base growing due to new customer additions.
Transmission Network
Transmission network length increased to 27,949 ckms in Q1FY27 from 26,696 ckms in Q1FY26.
Power Transformation Capacity
Increased to 1,23,175 MVA in Q1FY27 from 93,236 MVA in Q1FY26.
Smart Metering Portfolio
Acquisition of IntelliSmart Infrastructure Private Limited (22.3 Mn meters) will combine with AESL's 24.6 Mn orderbook for 47+ Mn meters.
Strong Tendering Opportunity
Near-term transmission tendering opportunity at ~Rs 1.1 lakh crore remains solid.
Digital Initiatives
E-payment share increased due to digital initiatives centered around ease of payments for consumers.
Energy Transition Demand
AI Data Centers & RE-RTC Solutions identified as key demand drivers for Energy Solutions Platform.
Extreme Heatwave Conditions
Distribution loss, SAIDI, SAIFI, and CAIDI were impacted by extreme heatwave conditions resulting in higher energy consumption and network loading.
Increased Consumer Complaints
Consumer complaints increased due to higher load on account of strong and extended summer.
Regulatory Compliance
Distribution loss increased to 5.16% but remained within the regulatory permissible limit of 5.31%.
Operational Reliability
Reliability metrics (SAIDI, SAIFI, CAIDI) were impacted by extreme heatwave conditions and higher network loading.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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 investor presentation explicitly highlights 'Q1FY27 Financial Highlights (YoY)' and 'Q1FY27 Operational Highlights (YoY)', indicating a primary focus on year-over-year comparison for performance assessment.
Operational Revenue
Rs 7,117 crore in Q1FY27, up 54% YoY.
EBITDA
Rs 3,178 crore in Q1FY27, up 58% YoY.
PAT
Rs 1,237 crore in Q1FY27, up 130% YoY.
Transmission Network Length
27,949 ckms in Q1FY27 vs 26,696 ckms in Q1FY26.
Largest Smart Metering Platform
AESL will emerge as the largest sector player with industry-leading meter installation rate and huge untapped opportunity.
Integrated Utility Platform
India’s only Fully Integrated Utility Infrastructure Platform addressing huge unmet demand.
ESG Commitments
Target to increase renewable power procurement to 60% by FY2027 and maintain GHG emission intensity reduction.
Zero Harm Goal
Target Zero harm Zero Injury for work-related incidents.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Net Debt to EBITDA | 4.5x (Q1FY27) | Trend relative to FY25 (3.2x) and impact of ongoing capex and acquisitions on leverage. |
| Distribution Loss | 5.16% (Q1FY27) | Sustained performance within regulatory limits and mitigation efforts against extreme weather impacts. |
| Smart Meter Installation Rate | >23k daily average (Q1FY27) | Continued industry-leading deployment rate and conversion of orderbook into installed meters. |
| Transmission Tendering Wins | UC Orderbook Rs 71,779 Cr | Conversion of ~Rs 1.1 lakh crore near-term tendering opportunity into new project wins and orderbook growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
44NeutralSMA20 -8.1% / mo · MACD −
Technical chart
ADANIENSOLdaily · 1Y · AUTO+42.7%Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 34.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~8.9% over last month) — short-term momentum negative.
- RSI(14) at 34 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 21% off 52W high · 86% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 4.3% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.6%.
Valuation & score drivers
U-Score 24 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 24 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
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 3/15 to the score.
Main drags
- Fair-value margin of safety is negative at -94.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; 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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 59th percentile of the scored universe and 70th percentile within Power. Main check: balance sheet trust is weak at 53/100.
Healthy Trust Lite: Promoter holding is 73.4%. Key concern: Debt/equity is 1.93.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Power: 70th pctile, median 65 · Large: 35th pctile, median 73
87 documents have extracted text, 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 73.4%.
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 2.2%.
- ▸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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 59.00
- P/B
- 6.65
- EV/EBITDA
- 20.36
- Market Cap
- 172388.00Cr
Profitability
- ROE
- 9.44%
- ROCE
- 9.65%
- ROA
- 3.33%
- 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
- 2.34×
- Altman Z
- 2.65
- Book Value
- 212.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- 10997.00 Cr
- EPS TTM
- 24.30
Shareholding
- Promoter Hold
- 73.39%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 63%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Power, ranked by similarity
Peers
Business-comparable names in Power, ranked by similarity
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.