Adani Energy Solutions Ltd (AESL) is all set to announce its financial results for the quarter and full fiscal year ending March 31, 2025, on Thursday, April 24. The company board is scheduled to meet today to consider and approve the audited financial statements. As anticipation builds, the stock has shown upward momentum. On Thursday, shares of AESL rose by approximately 2.30%, reaching ₹960.30, up from the previous session’s close of ₹938.75. Despite this rise, the stock still trades nearly 30% below its 52-week high of ₹1,347.90 recorded in August 2024, giving it a market capitalization of ₹1.15 lakh crore.
Brokerage houses remain bullish on AESL’s performance, forecasting strong year-on-year (YoY) growth in both revenue and operating profit, although sequential (quarter-on-quarter) numbers may appear relatively subdued. Elara Capital projects the company’s revenue at ₹5,439.8 crore, marking a 15.6% YoY increase but a 6.7% decline from the previous quarter. EBITDA is estimated at ₹1,882.2 crore, up 20.4% YoY but down 11.4% QoQ, while net profit is expected to reach ₹506.9 crore — a substantial 32.2% YoY jump, albeit 18.9% lower on a QoQ basis. Despite the sequential decline, Elara maintains a ‘buy’ rating on the stock.
In its quarterly business update to the stock exchanges, Adani Energy Solutions highlighted notable operational achievements. The company’s total transmission network spanned 26,969 circuit kilometers as of March 31, 2025, thanks to aggressive bidding and multiple new order wins. During Q4FY25 alone, AESL added 140 circuit kilometers. More impressively, its under-construction order book surged by nearly 350%, skyrocketing from ₹17,000 crore at the start of the fiscal year to ₹59,396 crore, reflecting significant momentum in project acquisition.
AESL has also ramped up its smart infrastructure. It installed 31 lakh smart meters during the quarter, bringing its total customer base to 31.8 lakh. The company also increased its power transformation capacity to 90,236 MVA (megavolt ampere), demonstrating operational scalability.
Investor interest in the company has remained strong. Mutual fund exposure in Adani Energy Solutions increased by 22.35%, with 28 fund houses holding stakes in the company. As of March 31, 2025, approximately 5,16,725 retail shareholders held investments worth up to ₹2 lakh in the firm, while promoter shareholding stood at a commanding 69.94%.
Looking ahead, Ventura Securities has projected impressive growth for the company over the FY24–FY27 period. They estimate AESL’s revenue, EBITDA, and net profit to grow at a compounded annual growth rate (CAGR) of 21.5%, 30.7%, and 52.1% respectively. By FY27, revenue is expected to touch ₹29,786 crore, EBITDA ₹12,740 crore, and net profit ₹4,002 crore. Margins are also anticipated to expand, with EBITDA margin at 42.8% and net margin at 13.4%.
Reaffirming confidence in the company’s future, Ventura Securities has maintained a ‘buy’ recommendation, setting a 24-month price target of ₹1,675. Similarly, Prabhudas Lilladher has also assigned a ‘buy’ rating, pegging the target price at ₹1,178.
