ADANIENSOL IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Maharashtra State Electricity Distribution Co. Limited | CONTRACT | — | — | — | CAPEX | FY27 | EST | 80% |
| “We wish to inform you that Powerpulse Trading Solutions Limited ("PTSL"), a wholly- owned subsidiary of the Company has, upon obtaining the requisite approvals…” ORDER p.1 · 08-SEP-26 · +1 DOC | ||||||||
| MSEDCL | CONTRACT | — | — | — | CAPEX | FY27 | EST | 80% |
| “Consequent to the aforesaid agreement, PTSL has entered into a Power Purchase Agreement ("PPA") with MSEDCL on 8th September 2026 in accordance with the afores…” ORDER p.1 · 08-SEP-26 · +1 DOC | ||||||||
| Authority. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “6 High Performance Utility” award awarded by the Central Electricity Authority (CEA), Ministry of Power.” AR DOC | ||||||||
| Maharashtra | CONTRACT | CT 0 | — | — | — | FY26 | EST | 75% |
| “She has served as Additional Chief Secretary – Home Ministry for the Government of Maharashtra and as a Director on the Board of Bharat Heavy Electricals Limit…” AR · +2 DOC | ||||||||
| BHELBharat Heavy Electricals Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “She has served as Additional Chief Secretary – Home Ministry for the Government of Maharashtra and as a Director on the Board of Bharat Heavy Electricals Limit…” AR · +1 DOC | ||||||||
| HDFCBANKHDFC Bank Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Mr. Ahuja has served on the boards of several prominent companies, including HDFC Bank Limited, HDFC Securities Limited, Jubilant Foodworks and Adani Enterpris…” AR DOC | ||||||||
| HDFC Securities Limited | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Mr. Ahuja has served on the boards of several prominent companies, including HDFC Bank Limited, HDFC Securities Limited, Jubilant Foodworks and Adani Enterpris…” AR DOC | ||||||||
| JUBLFOODJubilant Foodworks Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Mr. Ahuja has served on the boards of several prominent companies, including HDFC Bank Limited, HDFC Securities Limited, Jubilant Foodworks and Adani Enterpris…” AR DOC | ||||||||
| Office | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “She served in the Prime Minister's Office for six years, from 1985 to 1991 working on foreign policy and security matters.” AR · +1 DOC | ||||||||
| TATAPOWERTata Power Co. Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Before joining Adani Energy Solutions, he served as the CEO & Managing Director of Tata Power for over seven years and prior to that he held the role of the Ma…” AR DOC | ||||||||
| TATASTEELTata Steel Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Mr. Hemant Nerurkar served as an Executive Director of Tata Steel Limited for India and South-East Asia, since April 9, 2009, and was appointed as Managing Dir…” AR DOC | ||||||||
| Uttar Pradesh | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Commitment to Sustainable Progress SBTi/Net zero commitment Tax transparency audit UNGC participant IBBI 2040 Commitment to the Nation’s Progress ADANI …” AR DOC | ||||||||
| Renewable Energy | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Stakeholders Impacted KPI's Mapped � Grid Reliability Index � SAIDI : System Average Interruption Duration Index � SAIFI : System Average Interruption Frequenc…” AR · +1 DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing wit…” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Benefits FY 2024-25 (Current FY) FY 2023-24 (Previous FY) No. of employees covered as a % of total employees No. of workers covered as a % of total workers Ded…” AR · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “Non Current Financial Assets - Others (` in crore) Particulars As at March 31, 2026 As at March 31, 2025 Balances held as Margin Money or security against borr…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “38.88 37.39 Total 38.88 37.39 25 Non Current Financial Liabilities - Others (` in crore) Particulars As at March 31, 2025 As at March 31, 2024 Payable on purch…” AR DOC | ||||||||
| Maharashtra State Electricity Distribution Co. Limited | UNSTATED | — | — | — | — | FY24 | EST | 70% |
| “2 In previous financial year 2023-24, an Appeal has been filed by Adani Electricity Mumbai Limited at APTEL under Section 111 of the Electricity Act, 2003, cha…” AR DOC | ||||||||
| SECI Limited | UNSTATED | — | — | — | — | 2026-07 | EST | 65% |
| “So currently, they have a contract with SECI and distribution companies as well and now they have a contract with me as well.” CONCALL · +1 DOC | ||||||||
| MSEDCL | UNSTATED | — | — | — | — | 2026-10 | EST | 65% |
| “We executed a 2,500-megawatt RE-RTC contract with MSEDCL.” CONCALL p.4 · 31-OCT-26 DOC | ||||||||
| China. | UNSTATED | — | — | — | CAPEX | 2026-10 | EST | 65% |
| “Raj Kumar Jain: So I think, Phillip, per se, we do not see the equipment bans in China because it's largely on a high tech side that there had been some reserv…” CONCALL p.12 · 31-OCT-26 DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “Now Enter your User ID a. For CDSL: 16 digits beneficiary ID, b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID, c. Members holding shares in Physi…” AR · +1 DOC | ||||||||
| BSEBSE Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 60% |
| “Further, they are not debarred from holding the office of a Director by virtue of any order passed by SEBI or any other such authority pursuant to circulars da…” AR DOC | ||||||||
| Mumbai | UNSTATED | — | — | — | — | 2026-10 | EST | 60% |
| “Also around those cities which is growing, like this year, we see consumption increase in the city of Mumbai of the order of 11 percentage to 12 percentage.” CONCALL p.14 · 31-OCT-26 · +1 DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| BHELBharat Heavy Electricals Ltd. | UNSTATED | 30,404 | 30,404–30,404 | — | CAPEX | FY26 | EST | 75% |
| “Achievements during the year • Secured order from Rajasthan Part-I Power Transmission Ltd (SPV under Adani Energy Solutions Ltd) for establishment of +/-800 kV…” AR DOC | ||||||||
| GVT&DGE Vernova T&D India Ltd. | UNSTATED | 3,618 | 3,618–3,618 | — | CAPEX | FY25 | EST | 75% |
| “Secured order for supply of 765kV power transformers and shunt reactors for Sterlite Group and supply of 765kV & 400kV GIS at Khavda for Adani Energy Solutions.” AR DOC | ||||||||
| GVT&DGE Vernova T&D India Ltd. | UNSTATED | 3,618 | 402–3,618 | — | — | FY26 | EST | 70% |
| “Key Project Wins During the year under review, your Company successfully secured major orders which include the following: Awarded major HVDC contract for Adan…” AR DOC | ||||||||
| TARILTransformers And Rectifiers (India) Ltd. | CONTRACT | 2,256 | 2,256–2,256 | — | CAPEX | FY25 | EST | 85% |
| “Awarded Order of Transformers for total contract value of Rs. 20.14 Crores from Adani Energy Solutions Limited (Against PPP-8,9 & 10 RTM Rajasthan Project) and” ORDER p.2 · 01-JUL-24 DOC | ||||||||
| Uttar Pradesh | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Ibrahim Khan, a humble biryani vendor, spent years moving between Gujarat, Uttar Pradesh, and Mumbai in search of work and stability.” AR DOC | ||||||||
| Office | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “ Online submission portal on the Adani Energy Solutions’ website Written submission in a closed and secured envelope and superscribed as “Protected Disclosu…” AR DOC | ||||||||
| RELIANCEReliance Industries Ltd. | CONTRACT | CT 59,936 | — | — | — | 2026-10 | EST | 70% |
| “At Adani Energy Solutions Limited, our transmission order book rose from ` 59,936 crore to ` 71,779 crore.” AR DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 1/1 | 100% | 07-NOV-26 |
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 5/5 | 100% | 07-NOV-26 |
| ORDERS | 1/1 | 100% | 07-NOV-26 |
| RATINGS | 0/13 | 0% | — |
| SCREENER | 1/1 | 100% | 07-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUST MOM 1M | +6.7% | 14-NOV-26 | from 15-OCT-26 · Bharat Heavy Electricals Ltd. +0.5% w 0 · HDFC Bank Ltd. +10.6% w 0 · Jubilant Foodworks Ltd. +3.5% w 0 · Central Depository Services (India) Ltd. +11.9% w 0 · BSE Ltd. +14.9% w 0 · Tata Power Co. Ltd. -0.5% w 0 |
| DISTRESS SCORE | 0.646 | 13-OCT-26 | roe 0.09 · operatingMargin 0.29 · debtToEquity 1.93 · interestCoverage 1.86 · assetTurnover 0.3 · leverage 3.65 |
| SUPP MOM 1M | +1.2% | 14-NOV-26 | from 15-OCT-26 · Bharat Heavy Electricals Ltd. +0.5% w 1 · GE Vernova T&D India Ltd. +11.9% w 0 · Reliance Industries Ltd. +10.3% w 0 · Transformers And Rectifiers (India) Ltd. -5.6% w 0 |