Update shared on 12 Dec 2025
Analysts have maintained their fair value estimate for Adani Energy Solutions at ₹1,161.60 per share, reflecting unchanged assumptions on discount rate, revenue growth, profit margin and future P/E as they await clearer catalysts for a rerating.
What's in the News
- Diamond Power Infrastructure received a letter of intent from Adani Energy Solutions to supply 7,668 km of AL 59 Zebra conductor for the Khavda Project, a contract valued at about INR 2,760.6 crore including tax, with execution targeted by November 23, 2026 (company announcement)
- Adani Group outlined that its first large scale Battery Energy Storage Systems project, of 1,126 MW / 3,530 MWh, will initially be implemented by Adani Green Energy under the integrated utility platform, with future roles for Adani Energy Solutions and Adani Power to be detailed as and when they become disclosable events (business expansion update)
- Adani Energy Solutions signed an agreement to supply 60 MW of renewable energy to RSWM Ltd, helping the textile company lift the share of renewables in its energy mix from 33 percent to a targeted 70 percent in the near term (client agreement)
- A special shareholders meeting, conducted via postal ballot in India on December 7, 2025, has been convened to consider material modifications in previously approved material related party transactions (shareholder meeting notice)
- A board meeting scheduled for October 27, 2025 will review and approve the company unaudited financial results for the quarter and half year ended September 30, 2025 (regulatory filing)
Valuation Changes
- Fair Value Estimate, unchanged at ₹1,161.60 per share, indicating no revision to the base case valuation.
- Discount Rate, steady at 12.76 percent, reflecting an unchanged view on risk and cost of capital.
- Revenue Growth, effectively unchanged at about 19.62 percent, with only immaterial rounding adjustments in the model.
- Net Profit Margin, stable at roughly 12.21 percent, with no meaningful alteration to profitability assumptions.
- Future P/E, maintained at about 41.87x, signaling no change in the long term valuation multiple applied.
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