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Swing Capital

Adani Energy Solutions Ltd

NSE: ADANIENSOL BSE: 539254Energy

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]

₹1,279
52W: ₹745 — ₹1464
PE 269 · Book ₹174 · +635% vs book
Market Cap₹1,53,632 Cr
Stock P/E269Price to Earnings
ROCE4.89%Return on Capital
ROE2.81%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 96.0% CAGR over last 5 years
  • +Promoter holding has increased by 1.54% over last quarter.

Weaknesses

  • −Stock is trading at 7.26 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has low interest coverage ratio.
  • −Tax rate seems low
  • −Company has a low return on equity of 3.78% over last 3 years.
  • −Earnings include an other income of Rs.1,240 Cr.
  • −Company has high debtors of 280 days.

Shareholding Pattern

Promoters72.72%
FIIs12.23%
DIIs10.24%
Public4.81%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters74.95%69.94%▼5.069.94%69.94%71.19%▲1.371.19%71.19%72.72%▲1.5
FIIs15.53%18.66%▲3.117.34%▼1.317.58%▲0.215.85%▼1.713.06%▼2.813.47%▲0.412.23%▼1.2
DIIs3.97%5.38%▲1.45.85%▲0.56.33%▲0.56.89%▲0.69.97%▲3.110.14%▲0.210.24%▲0.1
Public5.54%6.03%▲0.56.87%▲0.86.16%▼0.76.08%▼0.15.79%▼0.35.2%▼0.64.81%▼0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales8854161144683491,0078256656401,252
Expenses8684091124273589928036345841,143
Operating Profit177141-915233057109
OPM %2%2%1%9%-3%2%3%5%9%9%
Net Profit1147477180164198156101114199
EPS ₹1.020.670.691.51.361.651.30.840.951.66

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,383Cr, up 74.6% YoY. OPM at 6%.

Debt Position

Borrowings at ₹11,037Cr. Debt-to-equity ratio: 0.56x. Moderate leverage.

Capex Cycle

CWIP at ₹35Cr (350% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 10.24% (+6.42pp change). FIIs: 12.23% (-7.42pp change). Promoters hold 72.72%.

Margin & Efficiency

ROCE improving from 0% (Mar 2015) to 5% (Mar 2026). Working capital days: -55.

Valuation

PE 269x with 4.89% ROCE. Price is 635% above book value of ₹174. Dividend yield: 0%.

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