Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Oct
Source: Bse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result21 Jul, 07:32 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)
Technical timing lens
Trend score and candlestick chart
54NeutralSMA20 -8.0% / mo · MACD +
Stock trend: 54
Sector RS: —
Power FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
ADANIENSOLD candles · FIT view-3.3%Latest close ₹1364.90 on 2026-10-19
Bar
-0.2%
RSI
51
MACD hist
14.10
52W pos
57%
2026-10-19O ₹1368.00H ₹1387.80L ₹1364.00C ₹1364.90Vol 13.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
ADANIENSOLNifty PowerNifty 500
- ADANIENSOL
- -21.1%
- Nifty 500
- -5.6%
- Nifty Power
- -13.0%
- Vs Nifty 500
- -15.5 pp
Chart stats
19 Oct 2026- From 52W high
- -23.7%
- 52W range position
- 57%
- ATR (14)
- 3.4%
- Volume vs 20D
- 0.66x
- Avg traded value
- ₹259 Cr
- 20D price channel
- ₹1,241.2 - ₹1,432.4
₹1,789
₹803.1 - ₹1,789
₹46
Latest completed session
20-session average
36.8% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED24
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +42.4% · PAT +129.5% YoY
Technical
Neutral54
Price trend and sector-relative-strength timing.
Valuation
Legacy model-86.3%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +42% YoY · PAT +130% YoY · margin expansion · +30% QoQ · operating leverage
Filed 21 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 57.10
- P/B
- 6.43
- EV/EBITDA
- 19.83
- Market Cap
- 166609.00Cr
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
- 2.60
- 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
- 57%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 9,711+30.5% vs prev
Net Profit
₹ CrLatest: 1,237+71.1% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 51. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~8.7% over last month) — short-term momentum negative.
- RSI(14) at 51 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 24% off 52W high · 70% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
87
RS percentile
Stage 3 Topping
1M return
-5.0%
3M return
-21.1%
6M return
-0.2%
1Y return
+48.2%
RS 1D
+1
RS 20D
-4
Sector rank
#17
Industry rank
-
Stage evidence
- 21.6% below the 52-week closing high after prior strength.
- The 30-week proxy has stalled (+3.2% over 20 sessions).
- Price has not yet confirmed a full Stage 4 downtrend.
50-DMA
price below
200-DMA
price above
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 159.97+0.96%
RS vs Nifty 500160
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth14/25
Quality0/20
Balance Sheet3/15
Cash Flow4/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
24
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
24/100 · legacy band OVERVALUED
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 -86.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
57.1
PB
6.4
EV/EBITDA
19.8
ROE
9.4%
ROCE
9.7%
FCF Yield
—
Debt/Equity
1.9
MoS
-86.3%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
24
Previous: 24
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-86.3%
Previous: -79.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
24
24
24
24
24
24
24
24
24
24
24
24
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹340.46
-300.9% MoS
Growth-justified P/E
30.1
Growth-justified Value
₹732.65
-86.3% MoS
PEG
3.52
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
POWERGRID
Large
Power Grid Corporation of India Limited
Power Transmission
match 155
38
14.6
15.3%
-50%
WATCHLIST
DPSCLTD
Small
DPSC Limited
Power Transmission
match 124
18
51.1
1.4%
-1237%
OVERVALUED
PIXTRANS
Small
Pix Transmissions Limited
Power Transmission
match 121
61
19.0
16.4%
+41%
UNDERVALUED
OMPOWER
Small
Om Power Transmission Limited
Power Transmission
match 120
77
12.3
38.2%
+60%
DEEP VALUE
TATAPOWER
Large
Tata Power Company Limited
Power Generation
match 95
26
28.6
10.2%
-12%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-22T03:40:49.340Z
Management commentary snapshot
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.
Growth engines
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.
Capacity and execution
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.
Tailwinds
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.
Headwinds
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.
Risk radar
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 71st percentile within Power. Main check: balance sheet trust is weak at 53/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
101 docs text-extracted · 27 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Power: 71st pctile, median 65 · Large: 35th pctile, median 73
Evidence depth
Financial-only
101 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
90
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
53
watch · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
68
acceptable · quarterly consistency
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.
Continue researching Adani Energy Solutions Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement Under Regulation 30 (LODR) - Update 29 Sep - SEBI passed settlement order; Adani Energy Solutions and directors to pay Rs 37.05 lakh.
Source: Bse
Announcement
Announcement Under Regulation 30 (LODR) - Update 22 Sep - SEBI passed settlement order against Adani Energy Solutions; settlement amount is ₹9,75,000.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Sep - AESL says S&P Global ranked it world’s #1 ESG-scored utility, score rising to 90.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 26 Aug - AESL wins Rs 4,700 crore Maharashtra transmission project for evacuating 4,500 MW renewable/storage power.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Aug
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 19 Aug - India Ratings affirmed IND AA+/Stable ratings; assigned INR AA+/Stable for Rs 50,000 million bank loans.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 14 Aug - Executed SPA to acquire 100% of Vizag Power Transmission Limited for the Rs 8,500 crore Andhra Pradesh project.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug - Adani Energy Solutions schedules investor meetings on August 12, 17 and 18, 2026.
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 1 Aug - SES ESG raises Adani Energy Solutions ESG score to 75.7/100 for 2026 from 74.2/100 in 2025.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Jul
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 9 Jul - ICRA reaffirmed/assigned AA+ and A1+ ratings for Adani Energy Solutions’ facilities, CP and NCDs.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.