Adani Energy Solutions Limited (ADANIENSOL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-281.7%

-₹2,485.60

vs ₹1,368.30 price

Levered DCF

-₹1,084.66

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.08

Grey zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	50.37×	95.73×	109.02×	89.46×	266.08×	100.71×	57.99×	95.72×
P/B	4.52×	4.38×	9.81×	9.41×	26.27×	11.2×	2.45×	3.01×
P/S	4.17×	4.07×	7.47×	8.32×	23.14×	10.06×	1.82×	3.31×
EV / EBITDA	17.84×	15.83×	25.81×	30.54×	68.64×	31.97×	9.75×	15.87×
Gross margin	45.4%	45.8%	51.8%	51.0%	54.1%	58.7%	56.2%	54.2%
Operating margin	41.3%	41.3%	45.8%	44.9%	46.0%	48.9%	47.5%	45.7%
Net margin	8.3%	4.5%	6.8%	9.5%	10.7%	12.3%	6.5%	7.7%
Current ratio	1.15×	1.37×	1.01×	0.99×	0.77×	0.71×	1.57×	0.6×
Debt / equity	1.93×	1.81×	2.93×	2.92×	3.02×	3.04×	2.88×	2.5×
Interest coverage	3.13×	4.25×	2.75×	2.15×	4.16×	4.37×	2.91×	3.05×
Dividend yield	0.0%	0.0%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	7.5%	0.0%	0.0%	0.1%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	9.0%	4.8%	9.0%	10.7%	12.2%	13.7%	8.7%	7.0%
Return on invested capital	10.8%	12.6%	9.5%	9.0%	8.6%	9.7%	9.5%	7.5%
Return on assets	2.5%	1.4%	1.9%	2.3%	2.5%	2.8%	1.9%	1.8%
Free cash flow yield	-3.0%	-0.7%	0.5%	-0.8%	-0.0%	-0.2%	12.9%	5.8%
Earnings yield	2.0%	1.1%	0.9%	1.1%	0.5%	1.2%	3.6%	2.3%
Enterprise value	₹1.6T	₹1.3T	₹1.6T	₹1.4T	₹2.9T	₹1.3T	₹440.1B	₹441.6B
Net debt / EBITDA	5.21×	4.41×	5.85×	7.19×	7.03×	6.77×	5.15×	7.17×
Cash conversion cycle (days)	-87	23	22	10	-30	-4	-21	-5