ADANIENSOL
Adani Energy Solutions share price & financials
- Price
- ₹1,722.6
- Market cap
- ₹2.0L Cr
- Sector
- Power
- Calls analysed
- 7
Adani Energy Solutions Limited Q1 FY27
What went well
- Transitioned to a full-scale utility with four core businesses (transmission, distribution, smart metering, energy solutions) now fully operational.
- Achieved significant growth in transmission and energy solutions, with distribution and smart metering growing at a stable pace.
- Deployed a substantial quarterly capex of approximately INR3,500 crores, demonstrating strong execution on project pipeline.
What to watch
- Perceived quarter-on-quarter decline in smart metering operating revenue/EBITDA (Q1 FY27 vs Q4 FY26) due to accounting treatment, though actual operating revenue from commissioned meters increased from INR68 crores to INR161 crores.
- Potential for P&L variability in the Energy Solutions business due to market prices and demand fluctuations (e.g., delayed monsoon), which management aims to mitigate by tying up sales to purchases.
What Adani Energy Solutions Limited does
Adani Energy Solutions builds, owns and operates high-voltage power transmission lines across India, earning long-term regulated/contracted tariffs on a build-own-operate-transfer basis. It also runs the Mumbai power-distribution licence (AEML), supplying electricity to retail consumers, and installs and services smart electricity meters for state utilities under long-tenure concession contracts. A newer district-cooling vertical rounds out the portfolio.
Segments
- Transmission
- Distribution
- Smart Metering
- Trading
- Others
- Market position
- India's largest private-sector transmission & distribution company
- Transmission network
- 27,949 ckm
- Transformation capacity
- 1,23,175 MVA
- Mumbai power distribution customers (AEML)
- 3.18 million
- Smart meters installed
- 11.4 million (crossed 1 crore cumulative)
- Smart meter order book
- 2.46 crore meters
Guidance record · Q1 FY27
what the last two calls moved 21 tracked 3 delivered 1 missed 17 open- UP DISCOM Privatization Bidding went quiet said Q4 FY25 Promised: bidding documents expected within a month Q1 FY27: No update provided on the UP DISCOM opportunity for the fifth consecutive quarter.
- FY27 Total Capex at risk said Q4 FY26 Promised: INR 21,000-22,000 crores Q1 FY27: Q1 FY27 capex was ~INR 3,500 crores. This represents an annualized run-rate of INR 14,000 crores, which is below the guided range for FY27.
- FY26 Total Capex delivered, diluted said Q4 FY25 Promised: Rs 16,000-18,000 crores Q4 FY26: Final FY26 capex was INR 14,431 crores, meeting the revised lower guidance.
All 21 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 42.4%, net profit up 129.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6,184 | 5,830 | 6,375 | 6,819 | 6,596 +7% | 6,730 +15% | 7,443 +17% | 9,711 +42% |
| EBITDA | 1,715 | 1,661 | 2,040 | 1,811 | 1,955 +14% | 1,995 +20% | 2,145 +5% | 3,008 +66% |
| Net profit | 773 | 625 | 714 | 539 | 557 −28% | 574 −8% | 723 +1% | 1,237 +129% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +69.1% 1Y
1Y: ₹811.75 on 10 Sept 2025 → ₹1,373. High ₹1,741.6 (21 Jul 2026), low ₹811.75 (10 Sept 2025).
How the price took the results
close before → close after
- Q1 FY27
- −1.0%
- 22 Jul
- Q4 FY26
- +3.7%
- 24 Apr
- Q3 FY26
- −12.1%
- 23 Jan
- Q2 FY26
- +2.1%
- 31 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 27.6% a year over 3 years, FY23 to FY26. Operating margin narrowed to 28.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹13.3k Cr | ₹16.6k Cr | ₹23.8k Cr | ₹27.6k Cr |
| Operating profit | ₹4.5k Cr | ₹5.7k Cr | ₹7.1k Cr | ₹7.9k Cr |
| Operating margin | 34.0% | 34.1% | 29.7% | 28.7% |
| Interest | ₹2.8k Cr | ₹2.8k Cr | ₹3.3k Cr | ₹3.6k Cr |
| Depreciation | ₹1.6k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹2.0k Cr |
| Net profit | ₹1.3k Cr | ₹1.2k Cr | ₹921 Cr | ₹2.4k Cr |
| Net margin | 9.6% | 7.2% | 3.9% | 8.7% |
| ROCE | 10.0% | 9.0% | 10.0% | 10.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1.1k Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.1k Cr | ₹1.2k Cr | ₹1.2k Cr |
| Reserves | ₹7.8k Cr | ₹8.8k Cr | ₹10.6k Cr | ₹11.5k Cr | ₹22.2k Cr | ₹24.2k Cr |
| Borrowings | ₹27.1k Cr | ₹29.9k Cr | ₹34.3k Cr | ₹37.1k Cr | ₹45.5k Cr | ₹49.2k Cr |
| Other liabilities | ₹7.2k Cr | ₹7.7k Cr | ₹7.9k Cr | ₹8.8k Cr | ₹13.7k Cr | ₹18.2k Cr |
| Total liabilities | ₹43.2k Cr | ₹47.5k Cr | ₹53.9k Cr | ₹58.5k Cr | ₹82.7k Cr | ₹92.8k Cr |
| Fixed assets | ₹27.0k Cr | ₹30.3k Cr | ₹32.6k Cr | ₹38.9k Cr | ₹39.4k Cr | ₹46.8k Cr |
| Capital work in progress | ₹5.3k Cr | ₹5.1k Cr | ₹6.2k Cr | ₹3.0k Cr | ₹7.0k Cr | ₹2.1k Cr |
| Investments | ₹442 Cr | ₹561 Cr | ₹1.4k Cr | ₹766 Cr | ₹1.8k Cr | ₹2.6k Cr |
| Other assets | ₹10.6k Cr | ₹11.6k Cr | ₹13.7k Cr | ₹15.8k Cr | ₹34.4k Cr | ₹41.3k Cr |
| Total assets | ₹43.2k Cr | ₹47.5k Cr | ₹53.9k Cr | ₹58.5k Cr | ₹82.7k Cr | ₹92.8k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jul 2026
Since Jun 2025, DIIs added +6.16 pp while FIIs trimmed −5.54 pp. The shareholder count shrank 25% to 3,76,377.
- Promoters
- 73.4%
- FIIs
- 10.3%
- DIIs
- 13.1%
- Public
- 3.3%
Since Jun 2025
- DIIs +6.16 pp
- FIIs −5.54 pp
- Public −2.82 pp
How it drifted, 12 quarters
Over this window DIIs went from 3.8% to 13.1% — +9.2 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 73.2%, FIIs 17.5%, DIIs 3.8%, Public 5.5%.Mar '24: Promoters 73.2%, FIIs 17.5%, DIIs 3.8%, Public 5.5%.Jun '24: Promoters 75.0%, FIIs 15.5%, DIIs 4.0%, Public 5.5%.Sep '24: Promoters 69.9%, FIIs 18.7%, DIIs 5.4%, Public 6.0%.Dec '24: Promoters 69.9%, FIIs 17.3%, DIIs 5.8%, Public 6.9%.Mar '25: Promoters 69.9%, FIIs 17.6%, DIIs 6.3%, Public 6.2%.Jun '25: Promoters 71.2%, FIIs 15.8%, DIIs 6.9%, Public 6.1%.Sep '25: Promoters 71.2%, FIIs 13.1%, DIIs 10.0%, Public 5.8%.Dec '25: Promoters 71.2%, FIIs 13.5%, DIIs 10.1%, Public 5.2%.Mar '26: Promoters 72.7%, FIIs 12.2%, DIIs 10.2%, Public 4.8%.Jun '26: Promoters 74.7%, FIIs 10.1%, DIIs 11.8%, Public 3.4%.Jul '26: Promoters 73.4%, FIIs 10.3%, DIIs 13.1%, Public 3.3%.
Who is on the register
Named in the Jul 2026 filing
Every holder of Adani Energy Solutions Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Gautambhai Shantilal Adani and Rajeshbhai Shantilal Adani (on behalf of S.B. Adani Family Trust) | 49.20% | −0.88 pp |
| Adani Tradeline Private Limited | 7.98% | −0.15 pp |
| Gelt Bery Trade And Investment Ltd | 5.30% | −0.09 pp |
| SBI Equity Hybrid Fund Mutual fund | 4.21% | unchanged |
| Life Insurance Corporation Of India Insurer | 3.13% | −0.20 pp |
| Goldman Sachs Trust Ii - Goldman Sachs Gqg Partners International Opportunities Fund Global fund house | 2.67% | −0.11 pp |
| Afro Asia Trade And Investments Limited | 2.47% | unchanged |
| Worldwide Emerging Market Holding Limited | 2.47% | unchanged |
| Emerging Market Investment Dmcc | 2.21% | unchanged |
| Adani Infra (India) Limited | 1.51% | unchanged |
| Gqg Partners Emerging Markets Equity Fund Global fund house | 1.27% | −0.09 pp |
| Ardour Investment Holding Ltd | 1.23% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in ADANIENSOL
Filings to Aug 2026
0 new, 7 added, 7 trimmed, 0 sold out — net −30.65 L shares (−5.5%).
- Held by funds
- ₹7.5k Cr
- 20 schemes
- Biggest holder
- SBI Aggressive Hybrid Fund
- ₹2.7k Cr · 3.0% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Aggressive Hybrid Fund SBI Mutual Fund | ₹2.7k Cr | −11.74 L | Aug '25 |
| SBI Focused Fund SBI Mutual Fund | ₹2.1k Cr | held | Aug '25 |
| SBI Midcap Fund SBI Mutual Fund | ₹425 Cr | −10.00 L | Oct '25 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹386 Cr | held | Jun '26 |
| SBI Large Cap Fund SBI Mutual Fund | ₹354 Cr | held | Jun '26 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹321 Cr | −5.77 L | Nov '24 |
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹320 Cr | held | Jun '26 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹247 Cr | held | Aug '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
7 added, 7 trimmed — net −30.65 L shares (−5.5%)
- Funds are sitting on
- +85%
- vs est. average cost
- Held by funds
- ₹7.5k Cr
- 20 schemes · ≈ 4.6% of the company
- Biggest holder
- SBI Aggressive Hybrid Fund
- ₹2.7k Cr · 3.0% of that fund
- Longest holder
- Nippon India ETF Nifty Next 50 Junior BeES
- 6y 6m · since Mar '20
Shares held by these funds +8099%
Aug '23 5.59 cr shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Adani Energy Solutions Limited
Guides on how to read this kind of business and the numbers that matter.