Adani Energy Solutions Ltd
AESL, part of the Adani portfolio, is a multidimensional organization with presence in various facets of the energy domain, namely power transmission, distribution, smart metering, and cooling solutions. AESL is India's largest private transmission company.[1]
- Market Cap ₹ 1,09,839 Cr.
- Current Price ₹ 914
- High / Low ₹ 1,348 / 588
- Stock P/E 178
- Book Value ₹ 164
- Dividend Yield 0.00 %
- ROCE 5.29 %
- ROE 4.03 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 70.8% CAGR over last 5 years
Cons
- Stock is trading at 5.58 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Tax rate seems low
- Company has a low return on equity of 4.18% over last 3 years.
- Earnings include an other income of Rs.1,109 Cr.
- Company has high debtors of 195 days.
- Promoter holding has decreased over last 3 years: -4.97%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Power Generation & Distribution Industry: Power Generation And Supply
Part of BSE 500 BSE 200 Nifty 100 Equal Weight BSE Allcap BSE LargeCap
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 23 | 274 | 810 | 835 | 833 | 858 | 755 | 740 | 688 | 1,517 | 1,938 | |
| 0 | 23 | 208 | 785 | 841 | 848 | 881 | 765 | 742 | 716 | 1,504 | 1,889 | |
| Operating Profit | 0 | 0 | 66 | 25 | -5 | -15 | -23 | -10 | -2 | -28 | 13 | 49 |
| OPM % | 1% | 24% | 3% | -1% | -2% | -3% | -1% | -0% | -4% | 1% | 3% | |
| 0 | 1 | 147 | 799 | 775 | 802 | 796 | 679 | 701 | 615 | 995 | 1,109 | |
| Interest | 0 | 19 | 270 | 819 | 794 | 733 | 767 | 690 | 763 | 416 | 348 | 530 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Profit before tax | 0 | -18 | -57 | 5 | -25 | 54 | 6 | -21 | -65 | 170 | 659 | 627 |
| Tax % | 0% | 0% | 21% | 0% | 21% | 0% | 0% | 0% | 0% | 10% | 1% | |
| 0 | -18 | -57 | 4 | -25 | 42 | 6 | -21 | -65 | 170 | 595 | 618 | |
| EPS in Rs | 0.00 | -0.16 | -0.51 | 0.04 | -0.22 | 0.39 | 0.05 | -0.19 | -0.59 | 1.53 | 5.33 | 5.14 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 56% |
| 5 Years: | 18% |
| 3 Years: | 38% |
| TTM: | 28% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 43% |
| 5 Years: | 71% |
| 3 Years: | 126% |
| TTM: | 4% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 36% |
| 3 Years: | -30% |
| 1 Year: | -14% |
| Return on Equity | |
|---|---|
| 10 Years: | 2% |
| 5 Years: | 3% |
| 3 Years: | 4% |
| Last Year: | 4% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 0.05 | 1,090 | 1,100 | 1,100 | 1,100 | 1,100 | 1,100 | 1,100 | 1,100 | 1,115 | 1,115 | 1,201 |
| Reserves | 0 | -18 | 1,149 | 1,021 | 2,753 | 4,059 | 3,711 | 2,987 | 2,877 | 9,211 | 9,806 | 18,497 |
| 0 | 2,627 | 5,304 | 7,976 | 7,797 | 7,154 | 7,856 | 7,864 | 8,549 | 2,602 | 5,166 | 7,902 | |
| 0 | 12 | 68 | 683 | 597 | 498 | 268 | 234 | 141 | 38 | 308 | 964 | |
| Total Liabilities | 0 | 3,711 | 7,621 | 10,779 | 12,247 | 12,811 | 12,934 | 12,185 | 12,666 | 12,966 | 16,395 | 28,564 |
| 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 9 | 10 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 4 | 30 |
| Investments | 0 | 3,683 | 3,686 | 3,815 | 3,783 | 6,958 | 5,984 | 6,203 | 6,681 | 6,721 | 9,030 | 13,207 |
| 0 | 28 | 3,934 | 6,964 | 8,463 | 5,852 | 6,948 | 5,981 | 5,984 | 6,237 | 7,352 | 15,318 | |
| Total Assets | 0 | 3,711 | 7,621 | 10,779 | 12,247 | 12,811 | 12,934 | 12,185 | 12,666 | 12,966 | 16,395 | 28,564 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | -11 | 57 | -15 | 50 | 23 | -17 | -22 | 3 | -15 | -209 | -955 | |
| 0 | -3,683 | -3,747 | -2,311 | -246 | -266 | 1,971 | 191 | 240 | -1,665 | -2,001 | -9,164 | |
| 0 | 3,694 | 3,691 | 2,325 | 703 | -234 | -1,184 | -961 | -248 | 1,681 | 2,210 | 10,587 | |
| Net Cash Flow | 0 | 0 | 2 | -0 | 506 | -477 | 770 | -793 | -6 | 0 | -0 | 468 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 412 | 102 | 50 | 13 | 4 | 41 | 0 | 0 | 1 | 15 | 195 | |
| Inventory Days | 7 | |||||||||||
| Days Payable | 144 | |||||||||||
| Cash Conversion Cycle | 412 | 102 | 50 | 13 | 4 | 41 | 0 | 0 | 1 | 15 | 59 | |
| Working Capital Days | 354 | 142 | 165 | -64 | -101 | 250 | 125 | 350 | 280 | 178 | 198 | |
| ROCE % | 0% | 4% | 9% | 7% | 7% | 6% | 5% | 6% | 5% | 7% | 5% |
Documents
Announcements
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Submission Of Audio Recording Of Analyst'S / Investor'S Call Pertaining To The Audited Financial Results Of The Company For The Quarter And Year Ended 31St March, 2025.
9h - Audio recording link of Q4 FY25 audited financial results analyst call provided.
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Change In Internal Auditor And Appointment Of Secretarial Auditor Of The Company.
1d - Change of internal auditor and appointment of secretarial auditor for FY26-FY30, subject to shareholder approval.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
1d - QIP fund use report: Rs.175.32 Cr overutilized for transmission capex; deviation within 10%, no cost revision.
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Declaration Pursuant To Regulation 33 (3)(D) Of SEBI (LODR) Regulations, 2015 (SEBI Listing Regulations).
1d - Auditors issued unmodified opinion on FY25 financial results for Adani Energy Solutions.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
1d - FY25 PAT up 103% to Rs 2,427 Cr; orderbook Rs 59,936 Cr; smart meters 31.3 lakh installed
Annual reports
Concalls
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Apr 2025TranscriptNotesPPT
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Jan 2025Transcript PPT
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Oct 2024Transcript PPT
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Jul 2024Transcript PPT
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Jul 2024TranscriptNotesPPT
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Nov 2023TranscriptPPTREC
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Aug 2023Transcript PPT
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Feb 2022TranscriptPPT
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Nov 2021TranscriptPPT
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Oct 2021TranscriptNotesPPT
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Aug 2021Transcript PPT
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May 2021TranscriptNotesPPT
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Nov 2020TranscriptNotesPPT
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Dec 2019TranscriptPPT
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Aug 2019Transcript PPT
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May 2019TranscriptPPT
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Sep 2017TranscriptPPT
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Jul 2016TranscriptNotesPPT
Business Segments
1) Power Distribution (55% in H1 FY25 vs 62% in FY22): [1] [2] The company has a power distribution network of 485 sq km, serving 12 Mn+ consumers in metropolitan Mumbai and the industrial hub of Mundra SEZ. It has applied for licenses in 3 new areas including Navi Mumbai and Kutch, near existing DISCOMs in Mumbai and Mundra SEZ, and western UP, spanning Ghaziabad to Jewar-Bulandshahr. [3] [4]