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Adani Group's power transmission and distribution company, operating high-voltage transmission lines and electricity distribution in Indian cities.
Adani Group's power transmission and distribution company, operating high-voltage transmission lines and electricity distribution in Indian cities.
Most transmission lines are won through competitive bids and then paid a fixed annual charge for being available, over decades, whatever power flows; this is what carries the profit. The Mumbai distribution business is a regulated utility whose tariffs are set by the state regulator. The Adani family's group controls it.
In one line: India's American Electric Power (transmission focus).
Moat: wide (regulatory licence, scale, installed base). Regulated transmission/distribution licences and a large network of high-voltage lines are difficult to replicate.
Headquarters: Ahmedabad, India · Founded: 2015 · Employees: 8,127
Size Adani Energy Solutions (ADANIENSOL.NS) is an India Utilities company (Electric Utilities) with a market value of $18.9B, the 53rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,457 on 6 Nov 2026.
Performance Over six months the shares gained 5.1%, against +0.9% for the median peer and 0.0% for the India market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 32.5% over the last twelve months (peer median +2.6%); the operating margin is 24.7% (peer median 18.3%).
Valuation It trades at 37.4× forward earnings against a peer median of 17.8× (most expensive of 20).
Capital Return on invested capital runs 8.5 points below its cost of capital (16.6% WACC).
Credit Adani Energy Solutions has 1 bond outstanding ($318M), rated BBB- by the agencies.
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹340B | ₹276B | ₹238B | ₹166B | ₹132B |
| Revenue growth | — | +16% | +43% | +26% | — |
| Gross profit | ₹118B | ₹79.7B | ₹71.5B | ₹50.7B | ₹36.1B |
| EBITDA | ₹106B | ₹91.8B | ₹84.9B | ₹62.5B | ₹46.8B |
| Net income | ₹37.1B | ₹22.8B | ₹10.6B | ₹11.4B | ₹12.4B |
| Free cash flow | n/a | -₹71.0B | -₹27.6B | -₹22.7B | -₹26.7B |
| Capital expenditure | n/a | ₹144B | ₹93.8B | ₹54.3B | ₹47.0B |
| Total debt | ₹518B | ₹492B | ₹399B | ₹371B | ₹343B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Adani Energy Solutions ADANIENSOL.NS | $18.9B | +5% | +33% | 25% | 37.4× | n/a |
| Tata Power TATAPOWER.NS | $11.9B | -20% | -4% | 13% | 25.0× | n/a |
| Torrent Power TORNTPOWER.NS | $6.78B | -26% | +8% | 13% | 23.3× | n/a |
| Power Grid Corporation of India POWERGRID.NS | $25.6B | -17% | +3% | 55% | 14.4× | n/a |
| CESC CESC.NS | $1.77B | -32% | +9% | 12% | 9.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ADANIENSOL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.5% | +5.8% | 3rd highest of 21 |
| 6-month return | +5.1% | +0.9% | 8th highest of 21 |
| Distance from 52-week high | -18.5% | -9.5% | 7th lowest of 21 |
| Revenue growth (TTM) | +32.5% | +2.6% | highest of 21 |
| Operating margin | 24.7% | 18.3% | 7th highest of 21 |
| Forward P/E | 37.4× | 17.8× | most expensive of 20 |
| ROIC minus cost of capital | -8.5 pp | -1.5 pp | 2nd lowest of 21 |
| EV / EBITDA | 21.1× | 12.5× | most expensive of 14 |
| Net debt / EBITDA | 4.2× | 5.3× | 7th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Adani Energy Solutions ADANIENSOL.NS | India | $18.9B | +5% | +33% | 25% | 37.4× | n/a | n/a |
| Alliant Energy LNT | United States | $18.8B | +1% | +5% | 23% | 20.8× | n/a | n/a |
| SDIC Power 600886.SS | China | $19.0B | +16% | -3% | 32% | 17.5× | -1.6% | +6.5% |
| NRG Energy NRG | United States | $18.6B | -36% | +13% | 5% | 9.0× | 15.4% | +27.9% |
| Power Assets 0006.HK | Hong Kong | $17.8B | +3% | -12% | 50% | 21.0× | 35.8% | -9.5% |
| Evergy EVRG | United States | $20.2B | +8% | +4% | 26% | 19.4× | n/a | n/a |
| Uniper UN0.DE | Germany | $20.6B | 0% | -14% | -8% | 33.3× | 1.7% | +3.6% |
| Kansai Electric Power 9503.T | Japan | $17.3B | +2% | +2% | 6% | 8.2× | 11.0% | +5.6% |
| Cki 1038.HK | Hong Kong | $21.6B | +9% | -9% | -3% | 7.1× | -0.9% | -9.3% |
| CMS Energy CMS | United States | $21.7B | -5% | +8% | 20% | 17.1× | n/a | n/a |
| Huaneng Power International 600011.SS | China | $16.4B | +9% | -5% | 9% | 13.5× | -2.1% | +6.2% |
| Terna TRN.MI | Italy | $22.0B | -2% | +11% | 42% | 17.8× | n/a | n/a |
| Emera EMA.TO | Canada | $15.7B | 0% | +11% | 19% | 20.2× | n/a | n/a |
| Edison International EIX | United States | $22.8B | -14% | +3% | 27% | 9.2× | n/a | n/a |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 24.5× | n/a | n/a |
| Kepco 015760.KS | South Korea | $14.4B | -30% | +2% | 13% | 4.5× | -1.9% | +10.7% |
| GD Power Development 600795.SS | China | $14.4B | +13% | -1% | 9% | 19.2× | -0.4% | +3.4% |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% | +2.0% |
Adani Energy Solutions has 1 bond outstanding with $318M face value. The agencies rate it BBB-.