Order Book Or Contract Wins
Expected: Next 12-15 monthsHIGH confidence
What: Transmission Pipeline: ₹78,000 Cr
“Now with this another HVDC project, our project pipeline has reached to about ~INR 78,000 crores.”
Adani Energy Solutions Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +34.4%Average5w StreakRe-Entry
In , Adani Energy Solutions Ltd (Power - Transmission/Equipment) is outperforming Nifty 500 with +34.4% relative strength. Fundamentals: Average. On a 5-week streak.
Adani Energy Solutions Ltd Key Facts
- PE Ratio
- 71.2x
- Market Cap
- ₹1,62,606 Cr
- PAT Growth YoY
- +1%
- Revenue Growth YoY
- +17%
- OPM
- 29.0%
- RS vs Nifty 500
- +34.4%
PE: Mid ContractionStrong Opportunity
What's Happening
💎PE falling while earnings hold — value emerging
👔Promoter buying — stake up 1.3% this quarter
🌐FII stake decreased 5.6% this quarter
🏛️DII accumulation — stake up 4.6%
💰Trading 44% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Order Book Or Contract Wins
Next 12-15 monthsHIGH
2. Operating Leverage Inflection
OngoingHIGH
3. Interest Cost Reduction Deleveraging
FYTDMEDIUM
Key Risks
1. Prolonged and abnormal monsoons in Western India delayed project execution and i
MEDIUM2. Delays in obtaining transmission licenses and Right of Way (ROW) orders from gov
LOWSector-Specific Signals
Transmission Project Pipeline₹78,000 Cr
Total Smart Meters Installed92 lakh
Transmission Line Availability99.7%0%
T&D Losses (AEML)4.03%
Key Numbers
PAT Growth YoY
+1%
Stable
Revenue YoY
+17%
Stable
Operating Margin
29.0%
-300 bps YoY
PE Ratio
71.2
Current Price
₹1,354
Fundamental Score
42/100
Average
3Y PAT CAGR
+23%
Market Cap
1.6L Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Adani Energy Solutions Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
Operating Leverage Inflection
Expected: OngoingHIGH confidence
What: Smart Meter EBITDA Margin: 80-85%
Impact: ₹253 Cr EBITDA in H1
“That portfolio gives us close to around 80% to 85% EBITDA margins... we have reported an EBITDA of around INR253 crores... for this half year.”
Interest Cost Reduction Deleveraging
Expected: FYTDMEDIUM confidence
What: Bond Buybacks: $95 million
“In this financial year, we did a bond buyback of $95 million. $50 million we did in Q1 and $45 million we did in Q2.”
Adjusted PAT growth of 30%
MEDIUM confidence
What: Adjusted PAT growth of 30%
“The adjusted PAT growth, if we consider the one-time effect of deferred tax of INR185 crores last year in quarter 3, the adjusted PAT growth is 30 percentage.”
What Are the Key Risks for Adani Energy Solutions Ltd?
Earnings deceleration risks from management commentary
Prolonged and abnormal monsoons in Western India delayed project execution and i
MEDIUMTrigger: Rain started in May and continued through the Diwali period, affecting construction and cooling demand.
Management view: Using working seasons to accelerate execution and catch up on delayed timelines.
Monitor: climate
Delays in obtaining transmission licenses and Right of Way (ROW) orders from gov
LOWTrigger: Navinal project was delayed due to the timing of license issuance from CERC.
Management view: Directly negotiating with landowners while simultaneously using government legal frameworks.
Monitor: regulatory
What Is Adani Energy Solutions Ltd's Management Saying?
Key quotes from recent conference calls
“For the full year, we will do about INR11,400 crores in transmission... last quarter, you had guided for transmission, about INR114 billion to INR115 billion. [Previous Transmission Capex guidance]”
“For the full year, we will do about... INR4,000 crores in smart metering... last quarter, you had guided for... smart meters, INR40 billion for this year. [Previous Smart Meter Capex guidance]”
“we have set up our own training facility at Gorda... Now we will be having 200 people trained available to us from this month. [Initiative: In-house Training Facility]”
“demand sluggishness this year is only because of the rain... it was raining in the Western India yesterday and today... abnormal. It continued up to almost Diwali period. [Risk (climate): MEDIUM]”
What Did Adani Energy Solutions Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
Not Disclosed
YoY +16%
Why: Largely due to stable operating performance in transmission and distribution and increasing contribution from smart meters.
Revenue growth is being driven by the ramp-up of the smart metering segment and commissioning of new transmission assets.
EBITDA
₹2,200 Cr
YoY +21%
Why: Driven by the operationalization of new transmission projects including Khavda-I, KPS-I, and Sangod-I.
EBITDA growth outpaced revenue growth, indicating margin expansion as new projects began contributing.
PAT
Not Disclosed
YoY +30%
Why: Adjusted for a one-time deferred tax effect of INR185 crores in the previous year's third quarter.
Underlying profitability remains strong when normalized for tax-related exceptional items.
Other Highlights
• Transmission project pipeline reached ~₹78,000 Cr following the Khavda South Olpad HVDC win.
• Smart meter installations reached 92 lakh units, on track to cross 1 crore by year-end.
• Average debt maturity profile for dollar and INR bonds stands at 7.9 years.
What Sector Metrics Matter for Adani Energy Solutions Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Transmission Project Pipeline
₹78,000 Cr
QoQ +₹18,000 Cr
Why: Increased following the win of the Khavda South Olpad HVDC project.
Total Smart Meters Installed
92 lakh
QoQ +19 lakh
Why: Steady execution of the existing order book.
Transmission Line Availability
99.7%
YoY 0%QoQ 0%
Why: Maintained high operational efficiency.
T&D Losses (AEML)
4.03%
QoQ 0%
Why: Continuous operational improvements in the Mumbai distribution business.
Smart Meter EBITDA Margin
80-85%
Consolidated Net Debt
₹38,000 Cr
Why: Reflects ongoing capex offset by cash generation and bond buybacks.
Net Debt / EBITDA
4.3x
QoQ -0.1x
Why: Improved from 4.4x in September due to higher EBITDA contribution.
C&I Aggregate Load
1,300 MW
QoQ +600 MW
Why: Rapid growth in the Commercial and Industrial segment serving 31 consumers.
What Is Adani Energy Solutions Ltd's Management Guidance?
Forward-looking targets from management for Ongoing
OPM Guidance
80–85%
Capex Plan
₹18000 Cr
Revenue Outlook
₹105 to ₹109
Margin Outlook
Smart Meter EBITDA Margins
Capex Plan
₹18,000 Cr to ₹20,000 Cr
Transmission capex per year
Volume
Smart Meter Installations
Management Tone: BULLISH
Guidance Changes
LOWERED
Total FY26 Capex: ₹17,000 Cr - ₹18,000 Cr → ₹14,500 Cr - ₹15,000 Cr
How Fast Is Adani Energy Solutions Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +17% | +28% | Stable |
| PAT (Net Profit) | +1% | +23% | Stable |
| OPM | 29.0% | -300 bps | Stable |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Other Top Power - Transmission/Equipment Stocks Beating Nifty 500
Frequently Asked Questions: Adani Energy Solutions Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Adani Energy Solutions Ltd's latest quarterly results?
Adani Energy Solutions Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: +1.3% (stable)
- Revenue Growth YoY: +16.8%
- Operating Margin: 29.0% (stable)
Is Adani Energy Solutions Ltd's profit growing or declining?
Adani Energy Solutions Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +1.3% (latest quarter)
- PAT Growth QoQ: +26.0% (sequential)
- 3-Year PAT CAGR: +23.2%
- Trend: Stable — consistent growth pattern
What is Adani Energy Solutions Ltd's revenue growth trend?
Adani Energy Solutions Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +16.8%
- Revenue Growth QoQ: +10.6% (sequential)
- 3-Year Revenue CAGR: +27.6%
How is Adani Energy Solutions Ltd's operating margin trending?
Adani Energy Solutions Ltd's operating margin is stable.
- Current OPM: 29.0%
- OPM Change YoY: -3.0% basis points
- OPM Change QoQ: -1.0% basis points
What is Adani Energy Solutions Ltd's 3-year profit and revenue CAGR?
Adani Energy Solutions Ltd's long-term compounding rates
- 3-Year Profit CAGR: +23.2%
- 3-Year Revenue CAGR: +27.6%
Is Adani Energy Solutions Ltd's growth accelerating or decelerating?
Adani Energy Solutions Ltd's earnings growth is stable with positive momentum on a sequential basis.
- YoY Acceleration: +9.5% bps
- Sequential Acceleration: +22.9% bps
- Margin Warning: Operating margins are under pressure
What is Adani Energy Solutions Ltd's trailing twelve month (TTM) performance?
Adani Energy Solutions Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹2,000 Cr
- TTM PAT Growth: +100.0% YoY
- TTM Revenue: ₹28,000 Cr
- TTM Revenue Growth: +16.1% YoY
- TTM Operating Margin: 29.0%
Is Adani Energy Solutions Ltd overvalued or undervalued?
Adani Energy Solutions Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 71.2x
- Price-to-Book: 6.4x
What is Adani Energy Solutions Ltd's current PE ratio?
Adani Energy Solutions Ltd's current PE ratio is 71.2x.
- Current PE: 71.2x
- Market Cap: 1.6 Lakh Cr
How does Adani Energy Solutions Ltd's valuation compare to its history?
Adani Energy Solutions Ltd's current PE is 71.2x.
- Current PE: 71.2x
- Valuation Assessment: Significantly Overvalued
What is Adani Energy Solutions Ltd's price-to-book ratio?
Adani Energy Solutions Ltd's price-to-book ratio is 6.4x.
- Price-to-Book (P/B): 6.4x
- Book Value per Share: ₹212
- Current Price: ₹1354
Is Adani Energy Solutions Ltd a fundamentally strong company?
Adani Energy Solutions Ltd is rated Average with a fundamental score of 41.65/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +16.8% (10% weight)
- PAT Growth YoY: +1.3% (10% weight)
- PAT Growth QoQ: +26.0% (10% weight)
- Margins stable (10% weight)
Is Adani Energy Solutions Ltd debt free?
Adani Energy Solutions Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹49,000 Cr
What is Adani Energy Solutions Ltd's return on equity (ROE) and ROCE?
Adani Energy Solutions Ltd's return ratios over recent years
- FY2024: ROCE 9.0%
- FY2025: ROCE 10.0%
- FY2026: ROCE 10.0%
Is Adani Energy Solutions Ltd's cash flow positive?
Adani Energy Solutions Ltd's operating cash flow is positive (FY2026).
- Cash from Operations (CFO): ₹11,000 Cr
- Free Cash Flow (FCF): ₹-3,000 Cr
- CFO/PAT Ratio: 460% (strong cash conversion)
What is Adani Energy Solutions Ltd's dividend yield?
Adani Energy Solutions Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹1354
Who holds Adani Energy Solutions Ltd shares — promoters, FII, DII?
Adani Energy Solutions Ltd's shareholding pattern (Mar 2026)
- Promoters: 72.7%
- FII (Foreign): 12.2%
- DII (Domestic): 10.2%
- Public: 4.8%
Is promoter holding increasing or decreasing in Adani Energy Solutions Ltd?
Adani Energy Solutions Ltd's promoter holding has increased recently.
- Current Promoter Holding: 72.7% (Mar 2026)
- Previous Quarter: 71.2% (Dec 2025)
- Change: +1.53% (increasing — positive signal)
How long has Adani Energy Solutions Ltd been outperforming Nifty 500?
Adani Energy Solutions Ltd has been outperforming Nifty 500 for 5 consecutive weeks, indicating building momentum.
Is Adani Energy Solutions Ltd a new momentum entry or an established outperformer?
Adani Energy Solutions Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
What are the growth catalysts for Adani Energy Solutions Ltd?
Adani Energy Solutions Ltd has 4 key growth catalysts identified from recent earnings analysis
- Order Book Or Contract Wins — Significant bidding opportunities expected from both central and state levels.
- Operating Leverage Inflection — High-margin smart meter installations are scaling rapidly.
- Interest Cost Reduction Deleveraging — Utilizing surplus cash from the Mumbai distribution business to reduce debt.
- Adjusted PAT growth of 30% — Strong operational performance and normalization of prior year tax items.
What are the key risks in Adani Energy Solutions Ltd?
Adani Energy Solutions Ltd has 2 key risks worth monitoring
- [MEDIUM] Prolonged and abnormal monsoons in Western India delayed project execution and i — Rain started in May and continued through the Diwali period, affecting construction and cooling demand.
- [LOW] Delays in obtaining transmission licenses and Right of Way (ROW) orders from gov — Navinal project was delayed due to the timing of license issuance from CERC.
What did Adani Energy Solutions Ltd's management say in the latest earnings call?
In Q3 FY26, Adani Energy Solutions Ltd's management highlighted
- "For the full year, we will do about INR11,400 crores in transmission... last quarter, you had guided for transmission, about INR114 billion to INR115 ..."
- "For the full year, we will do about... INR4,000 crores in smart metering... last quarter, you had guided for... smart meters, INR40 billion for this y..."
- "we have set up our own training facility at Gorda... Now we will be having 200 people trained available to us from this month. [Initiative: In-house ..."
What is Adani Energy Solutions Ltd's management guidance for growth?
Adani Energy Solutions Ltd's management has provided the following forward guidance for Ongoing
- Revenue outlook: ₹105 to ₹109
- OPM guidance: 80–85%
- Capex plan: ₹18000 Cr for Transmission capex per year
- Management tone: bullish
- Milestone: [LOWERED] Total FY26 Capex: ₹17,000 Cr - ₹18,000 Cr → ₹14,500 Cr - ₹15,000 Cr
What sector-specific metrics matter most for Adani Energy Solutions Ltd?
Adani Energy Solutions Ltd's most important sub-sector-specific KPIs from the latest concall
- Transmission Project Pipeline: ₹78,000 Cr (QoQ +₹18,000 Cr) — Increased following the win of the Khavda South Olpad HVDC project.
- Total Smart Meters Installed: 92 lakh (QoQ +19 lakh) — Steady execution of the existing order book.
- Transmission Line Availability: 99.7% (YoY 0%) (QoQ 0%) — Maintained high operational efficiency.
- T&D Losses (AEML): 4.03% (QoQ 0%) — Continuous operational improvements in the Mumbai distribution business.
- Smart Meter EBITDA Margin: 80-85%
- Consolidated Net Debt: ₹38,000 Cr — Reflects ongoing capex offset by cash generation and bond buybacks.
Is Adani Energy Solutions Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Adani Energy Solutions Ltd may be worth studying
- Earnings growing at +1.3% YoY
- Cash flow is positive — CFO ₹11,000 Cr
What is the investment thesis for Adani Energy Solutions Ltd?
Adani Energy Solutions Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +16.8% YoY
- Growth catalyst: Order Book Or Contract Wins
Risk Factors (Bear Case)
- Margins under pressure
- Appears significantly overvalued
- Key risk: Prolonged and abnormal monsoons in Western India delayed project execution and i
What is the future outlook for Adani Energy Solutions Ltd?
Adani Energy Solutions Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: stable
- Valuation: Significantly Overvalued
- Key Catalyst: Order Book Or Contract Wins
- Key Risk: Prolonged and abnormal monsoons in Western India delayed project execution and i
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.