Adani Energy Solutions (ADANIENS IN) – Company Initiation – Powering on multi-engine growth model – Accumulate
Published on 04 Mar 2026
Overall, ADANIENS’s consolidated EBITDA (ex-SCA) is expected to grow at ~31% CAGR over FY26E–28E, driven by ~32%/~9%/~98% growth in transmission/distribution/smart metering segments, along with incremental contribution from Service Concession Arrangement (SCA) income under Ind AS 115. ADANIENS trades at 13x FY28E EV/EBITDA, a premium to peers trading at 9–11x. The higher valuation reflects ADANIENS’s stronger EBITDA growth outlook, with a projected 31% CAGR (FY26E-28E), compared to low-teens growth for peers. We initiate coverage on ADANIENS with ‘Accumulate’ rating and assign SoTP-based TP of Rs1,090.
