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Adani Energy Solutions share price

NSE: ADANIENSOLBSE: 539254PowerLarge Cap

Adani Energy Solutions Limited · Formerly Adani Transmission · Face value ₹10 · Listed Jul 2015
Last close ₹1,294.00down ₹17.60 (1.34%)BSE ₹1,295.00

Share price at the NSE close on 28 Oct 2026. Previous close ₹1,311.60.

28 Oct: open ₹1,305.00, high ₹1,306.40, low ₹1,278.10

52-week range of traded prices to 28 Oct 2026
₹803.10Low, 23 Jan 2026₹1,789.00High, 21 Jul 2026
Market cap
₹1,58,250 Cr63rd largest listed
P/E
42.68
P/B
5.06
Dividend yield
Nonein the last 12 months
ROE
13.6%
ROCE
10.0%
Debt to equity
1.59
Volume, NSE
12,21,76148.0% delivered

Adani Energy Solutions share price chart

Daily closes since Jul 2015, adjusted for splits and bonuses

+40.5%over a year · Nifty 500 −8.8%

Results20-session average 20,19,586 shares a day, 43.1% delivered

About Adani Energy Solutions

Adani Energy Solutions Limited builds and operates power transmission lines and substations across India, and distributes electricity to homes and businesses in Mumbai and Mundra.123 It also provides smart meters to electricity distribution companies, and sells power and energy services to industrial and commercial customers, data centres and utilities.3

Its transmission network spans 16 states.4 Its Mumbai customers are served through its subsidiary Adani Electricity Mumbai Limited.35 A subsidiary, Adani Cooling Solutions Limited, runs its cooling business, which makes chilled water at central plants and pipes it to buildings, airports, data centres and industrial estates for a metered fee.6

Its transmission business began in 2006 to carry power from the Mundra plant; the company was incorporated in 2013 and separated from Adani Enterprises in 2015.78 It has grown through its own projects and by buying transmission assets from GMR, Reliance Infrastructure and KEC, and entered power distribution in 2018.7

The Adani family, the company's promoter, held 73.39% of it in Sep 2026.9 Gautam S. Adani, founder and chairman of the Adani Group, is its non-executive chairman, and Kandarp Patel is its whole-time director and chief executive officer.1011

Adani Energy Solutions key points

Results

  • In the quarter to Sep 2026, consolidated operational revenue was ₹7,167 crore; total EBITDA (earnings before interest, tax, depreciation and amortisation, plus other and one-time regulatory income) rose 67% to ₹3,548 crore, and profit after tax 145% to ₹1,364 crore, against a year earlier.1213
  • In the half year to Sep 2026, operational revenue was ₹14,351 crore against ₹9,548 crore a year earlier, total EBITDA ₹6,726 crore against ₹4,144 crore, and profit after tax ₹2,600 crore against ₹1,096 crore.14
  • In the year to Mar 2026, operating revenue was ₹18,296 crore as the company presents it, EBITDA ₹8,726 crore and adjusted profit after tax ₹2,393 crore.15
  • Net debt (borrowings less cash) was ₹41,067 crore at Sep 2026, and net debt to EBITDA 3.63 times, against 4.4 times a year earlier.16

Market position

  • Its market share in transmission projects awarded by tariff-based competitive bidding (TBCB, where bidders compete on tariff) was 17% in the half year to Sep 2026, against 29% in the year to Mar 2026.1718
  • Its share of smart meter bids was 19% in the year to Mar 2026; its presentation of 23 Oct 2026 gives about 19% under the Revamped Distribution Sector Scheme (RDSS, the central government's programme to modernise state distribution companies).1920
  • It is the only private company with 4 high-voltage direct current (HVDC) lines, used to move bulk power over long distances, the company says.20

Business segments

  • Operational revenue by business21
    Itemhalf year to Sep 2026half year to Sep 2025
    Distribution₹6,702 crore₹6,478 crore
    Energy solutions platform₹4,103 crore₹410 crore
    Transmission₹3,117 crore₹2,474 crore
    Smart metering₹428 crore₹185 crore
  • Distribution. Adani Electricity Mumbai Limited served 3.29 million customers and sold 6,190 million units of power in the half year to Sep 2026, against 5,589 million a year earlier; its provisional distribution loss (power lost in the network) was 4.29%.2223
  • Smart metering. 14.8 million meters installed by Sep 2026, 60% of the 24.6 million contracted in 10 projects, which carry a revenue potential of ₹29,519 crore over their contract periods.232425
  • Energy solutions platform. Supplied 25,333 million units of power in the half year to Sep 2026. It has supply tie-ups of about 4.6 GW of solar and wind power and about 3.5 GWh of battery storage.2326

Transmission network

  • At Sep 2026 its transmission business had 20,023 circuit kilometres (ckm) of lines in operation and 9,779 ckm under construction, with 1,43,425 megavolt-amperes (MVA) of transformation capacity, the substations' capacity to change voltage.27
  • Transmission system availability (how much of the time its lines could carry power) was 99.8% in the quarter to Sep 2026; transmission availability earned ₹136 crore of incentives in the year to Mar 2026.2628

Order book

  • The transmission order book (projects not yet built) was ₹87,222 crore at Sep 2026, against about ₹71,779 crore at Mar 2026. Transmission projects Vizag and Satara, won in the quarter, add about 2,000 ckm and ₹1,474 crore of yearly tariff.2930
  • The company puts the locked-in tariff of its transmission projects under construction at ₹10,994 crore; for its cost-plus assets (paid a regulated return on cost), the figure is an estimated billing.1731

Expansion and capital spending

  • Capital spending was ₹7,850 crore in the half year to Sep 2026, 1.3 times a year earlier, with transmission spending up 1.7 times on project wins.32
  • It has applied for parallel distribution licences (the right to supply where another distributor operates) in Maharashtra, Gujarat and Uttar Pradesh. On its earnings call of 22 Jul 2026, it said the matter was pending with the regulator, with no movement.3334

What the company expects

  • The company stated in its annual report for the year to Mar 2026 that it targets 30,000 circuit kilometres of transmission lines by 2030.35
  • The company stated in its annual report for the year to Mar 2026 that it targets more than 4 million customers in Mumbai in the near term.36
  • On its earnings call of 22 Jul 2026, the company said it believes its energy solutions platform can capture a market opportunity of 7.5 GW or more by 2031.37

Recent events

  • On 8 Sep 2026, subsidiary Powerpulse Trading Solutions Limited signed a 25-year agreement to supply 2,500 MW of round-the-clock power to Maharashtra State Electricity Distribution Company Limited, under an award Adani Power assigned to it.38
  • On 30 Jul 2026, the company closed a qualified institutional placement (a sale of new shares to large institutional investors), allocating 2,16,71,826 shares at ₹1,615.00 each.39
  • On 9 Jun 2026, the company agreed to buy all of IntelliSmart Infrastructure, adding 22.3 million smart meters, for ₹3,050 crore including redemption of debentures held by the seller; its presentation of 23 Oct 2026 says closing is subject to regulatory approvals.4041

Last updated

All 41 sources, each with its page
  1. 1. Annual report, 31 May 2026, page 111
  2. 2. Investor presentation, 23 Oct 2026, page 8
  3. 3. Annual report, 31 May 2026, page 45
  4. 4. Exchange filing, 9 Jun 2026, page 3
  5. 5. Annual report, 31 May 2026, page 352
  6. 6. Annual report, 31 May 2026, page 119
  7. 7. Annual report, 31 May 2026, page 425
  8. 8. Annual report, 31 May 2026, page 1
  9. 9. Investor presentation, 23 Oct 2026, page 5
  10. 10. Annual report, 31 May 2026, page 379
  11. 11. Annual report, 31 May 2026, page 347
  12. 12. Investor presentation, 23 Oct 2026, page 9
  13. 13. Investor presentation, 23 Oct 2026, page 18
  14. 14. Investor presentation, 23 Oct 2026, page 11
  15. 15. Annual report, 31 May 2026, page 64
  16. 16. Investor presentation, 23 Oct 2026, page 9
  17. 17. Investor presentation, 23 Oct 2026, page 8
  18. 18. Annual report, 31 May 2026, page 64
  19. 19. Annual report, 31 May 2026, page 64
  20. 20. Investor presentation, 23 Oct 2026, page 8
  21. 21. Investor presentation, 23 Oct 2026, page 13
  22. 22. Investor presentation, 23 Oct 2026, page 25
  23. 23. Investor presentation, 23 Oct 2026, page 9
  24. 24. Investor presentation, 23 Oct 2026, page 42
  25. 25. Investor presentation, 23 Oct 2026, page 8
  26. 26. Investor presentation, 23 Oct 2026, page 9
  27. 27. Investor presentation, 23 Oct 2026, page 23
  28. 28. Annual report, 31 May 2026, page 90
  29. 29. Investor presentation, 23 Oct 2026, page 9
  30. 30. Annual report, 31 May 2026, page 61
  31. 31. Investor presentation, 23 Oct 2026, page 41
  32. 32. Investor presentation, 23 Oct 2026, page 16
  33. 33. Annual report, 31 May 2026, page 52
  34. 34. Earnings call, 22 Jul 2026, page 16
  35. 35. Annual report, 31 May 2026, page 111
  36. 36. Annual report, 31 May 2026, page 138
  37. 37. Earnings call, 22 Jul 2026, page 16
  38. 38. Exchange filing, 8 Sep 2026, page 1
  39. 39. Exchange filing, 30 Jul 2026, page 1
  40. 40. Exchange filing, 9 Jun 2026, page 2
  41. 41. Investor presentation, 23 Oct 2026, page 8

Results

Consolidated; ₹ crore.Adani Energy Solutions quarterly results

Revenue growth, 12 months
+32.6%
Net profit growth, 12 months
–

Quarter to Sep 2026, against the quarter before

Revenue
₹10,076 Crup 3.75%
Net profit
₹1,364 Crup 10.30%
Net margin
13.5%

Revenue by quarter

₹5,830 CrDec 24₹6,375 CrMar 25₹6,819 CrJun 25₹6,596 CrSep 25₹6,730 CrDec 25₹7,443 CrMar 26₹9,711 CrJun 26₹10,076 CrSep 26
Peak revenue ₹10,076 Cr, quarter to Sep 2026; lowest ₹5,830 Cr, quarter to Dec 2024

Net profit by quarter, a loss in red

₹625 CrDec 24₹687 CrMar 25₹539 CrJun 25₹557 CrSep 25₹574 CrDec 25₹723 CrMar 26₹1,237 CrJun 26₹1,364 CrSep 26
₹ croreDec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue5,8306,3756,8196,5966,7307,4439,71110,076
Net profit6256875395575747231,2371,364
Net margin10.7%10.8%7.9%8.4%8.5%9.7%12.7%13.5%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

Business segments

Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit

  • Distribution₹12,450 Crup 1.50%50.1%
  • Transmission₹9,824 Crup 17.93%39.5%
  • Trading₹1,091 Crdown 20.97%4.4%
  • Smart Meter₹828 Cr3.3%
  • Others₹648 Cr2.6%
The pill is the change in revenue on the year before; the share is of all the businesses together.

Valuation

Today, against the company's own history. Dividend yield is not shown: no dividend in the years on record. Its history crosses a change of basis in the accounts in the year to Mar 2019: days before it are of the company before the change.Adani Energy Solutions PE ratio and valuation

Price to earnings

At or below today's level on 10% of 988 trading days over the last 5 years.

LowestHighest
Its median74.10Industry median18.80
Price to book

At or below today's level on 40% of 1,927 trading days since Nov 2018.

LowestHighest
Its median6.60Industry median1.45

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year+7.2%+115.3%−50.2%0.0%
3 years−2.0%+19.0%−17.7%0.0%
5 years+0.6%+11.3%−9.6%0.0%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 1, 3 and 5 years is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count. Earnings growth over 1, 3 and 5 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the years to Mar 2021, Mar 2023 and Mar 2025.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.Adani Energy Solutions shareholding pattern

Shareholding by group

  • Promoters73.39%
  • Foreign institutions9.56%
  • Indian institutions13.61%
  • Individuals and others3.44%
Holder
Gautambhai Shantilal Adani and Rajeshbhai Shantilal Adani (on behalf of S.B. Adani Family Trust)Promoter49.20%
Adani Tradeline Private LimitedPromoter7.98%
Gelt Bery Trade and Investment LimitedPromoter5.30%
Life Insurance Corporation of IndiaInsurance companies3.13%
Afro Asia Trade and Investments LimitedPromoter2.47%
Worldwide Emerging Market Holding LimitedPromoter2.47%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jul 2026: promoters unchanged, foreign institutions −0.75 pts, Indian institutions +0.57 pts, mutual funds +0.55 pts.

Mutual fund holdings

235 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 129 of the 154 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 1 more fund filed its first portfolio on record, holding it.All 235 funds holding Adani Energy Solutions

Bought for the first time
5
Added
100
Cut
54
Held unchanged
75
Sold out
1
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Promoter and insider buying and selling

Trades made since 28 Oct 2025.Adani Energy Solutions insider trading

No promoter, director, key manager or employee bought or sold on the market.

  • Promoters and promoter group: no market trade · 1 pledge filing of unclear kind
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

Adani Energy Solutions competitors and peers

Power, 44 listed companies, priced on 28 Oct 2026. The table lists the 8 companies closest to Adani Energy Solutions in market cap. 1 company in its own group left out: one owns more than half of the other, directly or through a company it controls, or one owner more than half of both.Power stocks

Where the company sits among the companies nearest its size

Return on equity across, P/E up, size is market cap
Company
NTPC logoNTPCNTPC2,94,53610.611.45+2.4%+15.9%14.3%8.1%2.96%
Power Grid Corporation of India logoPower Grid Corporation of IndiaPOWERGRID2,33,81714.712.33+2.3%+3.0%16.5%10.2%3.58%
Adani Green Energy logoAdani Green EnergyADANIGREEN2,09,027111.549.68+20.9%−7.1%9.1%6.3%0.00%
Tata Power Company logoTata Power CompanyTATAPOWER1,07,04427.712.71−4.2%−4.8%10.3%6.8%0.75%
JSW Energy logoJSW EnergyJSWENERGY88,55738.192.41+26.4%+14.6%7.0%6.0%0.41%
NHPC logoNHPCNHPC74,77519.701.80+12.0%+24.1%9.4%3.6%2.16%
NTPC Green Energy logoNTPC Green EnergyNTPCGREEN70,124115.533.70––3.2%3.4%0.00%
Torrent Power logoTorrent PowerTORNTPOWER58,45325.153.06+4.1%−15.4%12.7%11.9%1.72%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

Latest announcements

Routine notices left out.Adani Energy Solutions announcements

Adani Energy Solutions share price by year

Each calendar year to 2025.Adani Energy Solutions share price history

YearClose at year endChangeHighest closeLowest close
20251,027.35+27.4%1,027.35646.65
2024806.20−22.9%1,275.20600.75
20231,045.75−59.6%2,784.10642.90
20222,589.25+48.7%4,105.401,731.10
20211,740.85+297.9%2,029.60406.10
2020437.50+32.0%440.05163.85
2019331.40+67.0%341.90195.25
2018198.40−11.5%250.95120.40
2017224.15+295.0%235.8056.65
201656.75+53.8%64.7526.55
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
27 Oct 20261,264.301,311.601,260.601,311.601,283.1016,86,73644.6%
26 Oct 20261,221.001,260.801,207.501,258.001,241.4413,01,98330.7%
23 Oct 20261,295.401,302.001,200.001,220.001,225.4230,68,61435.2%
22 Oct 20261,323.901,336.801,287.001,295.401,310.6823,30,30941.1%
21 Oct 20261,370.201,380.001,324.001,324.001,342.9712,89,01047.5%
19 Oct 20261,368.001,387.801,364.001,364.901,372.1213,03,80952.2%
16 Oct 20261,363.801,383.301,354.001,365.901,366.4215,38,20554.7%
15 Oct 20261,359.901,381.901,338.701,354.201,362.3517,56,00343.4%
14 Oct 20261,298.001,364.001,284.401,364.001,346.7838,91,43452.4%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.

Ex-dateEventPrice factorWhat happened
27 Jan 2023Price move–Between two trading sessions the price moved by a fifth or more. No corporate action is on record. Not adjusted for.
Each event is noted and not adjusted for.

Company details

Chairperson
Gautam S. Adani
At the end of the quarter to Sep 2026
Managing director
Anil Sardana
At the end of the quarter to Sep 2026
Chief executive
Kandarp Patel
At the end of the quarter to Sep 2026
NSE symbol
ADANIENSOL
BSE code
539254
ISIN
INE931S01010
Industry
Power
Former symbols
ADANITRANS
CIN
L40300GJ2013PLC077803
Corporate identity number, the registrar of companies' code for it
Incorporated
2013
Registered office
Adani Corporate House, Shantigram, Near Vaishnav Devi Circle, S. G. Highway, Khodiyar, Ahmedabad 382421, Gujarat
Share registrar
MUFG Intime India Pvt. Ltd
Keeps the register of shareholders and handles transfers and dividend payments