Adani Energy Solutions Ltd. share price target

AESL reached a critical operational turning point in FY26 by commissioning the landmark Mumbai HVDC project in Q4FY26. Operationally, the smart metering segment exceeded its annual installation target of 7Mn units, successfully deploying 8.3 Mn metersbringing the cumulative total to approximately 11.3Mn units. AESL doubled its RAB from Rs540Mn to Rs1.05Bn. The emerging C&I (Commercial and Industrial) segment is also gaining traction, with 5,000GW of renewable capacity already contracted. This positions AESL to capture substantial demand from India's growing data center market. The recent price...

ADANIENS execution has been strong across segments Smart meter eyeing opportunity but stock valuation rich ADANIENS reported a steady performance with Q4FY26/FY26 EBITDA (ex-SCA) growing ~13% YoY. And the growth trajectory is expected to materially accelerate over FY2728E, with EBITDA estimated to rise by ~42% and ~24% YoY, respectively, driven by significant capitalization of ~INR 210bn in FY27E and ~INR 130bn in FY28E across transmission, distribution, and smart metering segments. The transmission business continues to provide strong visibility, with the order book increasing to INR 718bn in...

Rating: ACCUMULATE | CMP: Rs961 | TP: Rs1,090 Powering on multi-engine growth model Vishal Periwal vishalperiwal@plindia.com | 91-22-63782549...

AESL delivered a robust performance in Q3FY26, with net sales rising 15.4% YoY to Rs67.3Bn and EBITDA increasing 20% YoY to Rs20Bn. The transmission growth remained tepid at 4.2%/-5.1% YoY/QoQ, due to delays in project commissioning. However, the smart meter roll-out was above expectations at 9.25Mn cumulative meters installed. The Distribution segment delivered a stable performance, with RAB at Rs93.42Bn as of this quarter, recording a growth of 22% YoY. AESL won the bid for the coveted Khavda South Olpad HVDC project, pegged at NTC project cost of approx. Rs120Bn and a levelised tariff of...

We initiate coverage on Adani Energy Solutions (ADANIENS) with a BUY rating and a TP of Rs1,195/share. AESL, with presence in various facets of the energy domain is a leading energy solution provider in transmission and distribution segments. AESL is well-poised in the smart-metering business and chasing growth via the energy solutions business. With a strong order book in smart meters' division and work-in-hand in the transmission divisions, we project an...

Adani Energy Solutions (AESL) reported a good set of Q1FY26 results – revenue was INR 63bn (+32% YoY), EBITDA came in at INR 18bn (+10% YoY) and profit was INR 5.1bn (vs. losses of INR 8.2bn YoY; losses booked in base quarter due to Dahanu plant divestment).

Strong fundamentals fueling a resilient growth

Company Update

Adani Energy Solutions Limited (AESL) is operating a mix of regulated and unregulated businesses. It has transitioned from operating regulated transmission assets to becoming a leader in competitively built transmission.

Becoming a one-stop-solution provider in power sector

Update Sept 2022 HOLD' for long term gains