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ADANIENSOL
SEBI Registered Research Analyst – Fundamental & Technical View
Adani Energy Solutions Ltd. (AESL) is one of India’s leading private-sector power transmission and distribution companies, with additional exposure to smart metering and newer energy-solution businesses. The company is positioned to benefit from the ongoing expansion of India’s power-transmission infrastructure, renewable-energy integration and smart-metering requirements.
As of 6 October 2026, the stock was trading around ₹1,350–₹1,360, compared with its 52-week high of ₹1,789 and 52-week low of approximately ₹805. Business Standard
Fundamental Analysis
AESL delivered a very strong Q1 FY27 performance. Total income increased 40% YoY to ₹9,852 crore, while operational revenue rose 54% to ₹7,117 crore. EBITDA increased 58% YoY to ₹3,178 crore and operational EBITDA increased 70% to ₹2,779 crore. Most importantly, consolidated PAT increased 130% YoY to ₹1,237 crore. Adani
The transmission business remains the company's core strength. Transmission operating revenue grew 36% YoY, while transmission EBITDA increased 38%. The company’s transmission network reached approximately 27,949 circuit kilometres with availability of 99.6%. Adani
Another important growth area is smart metering. AESL had installed approximately 13.44 million meters cumulatively by the end of Q1 FY27. Its smart-meter order book stood at around 24.6 million meters, representing a potential revenue opportunity of approximately ₹29,519 crore. The company has also announced the acquisition of IntelliSmart, which is expected to take its overall smart-metering portfolio above 47 million meters. Adani
The transmission opportunity also remains significant. AESL reported a transmission project pipeline under construction of approximately ₹71,779 crore, while the near-term transmission tendering opportunity was estimated at around ₹1.1 lakh crore. Adani