Main sectors for revenues:

1. Energy generation
2. Energy transmission
3. Renewable energies

TOP 3 markets and their percentage shares:

1. India: approx. 60%
2. Southeast Asia: approx. 20%
3. Middle East: approx. 15%

Adani Energy Solutions Limited generates the majority of its revenues from energy generation and transmission, with renewable energies gaining increasing importance. India remains the company's main market, driven by strong demand for energy and continuous investments in infrastructure. Southeast Asia and the Middle East are also important markets that have been tapped into through strategic partnerships and expansions.

Production Sites: India

Adani Energy Solutions Limited, a part of the Adani Group, operates mainly in India. The company focuses on the development, construction, and operation of energy infrastructure projects, including power transmission and distribution networks. Therefore, production and development activities are predominantly located in India, where the company implements and operates its projects.

The strategic location in India enables Adani Energy Solutions to benefit from the growing energy demand in the region and to efficiently manage its infrastructure projects.

Expected Revenue Growth: 10-12% annually (2025-2030, estimate)

Investment Volume in Renewable Energies: $20 billion by 2030 (estimate)

Adani Energy Solutions Limited is pursuing a strategy that is heavily focused on expanding renewable energies. The company plans to significantly increase its capacities in the solar and wind energy sectors to benefit from the global energy transition.

Another strategic focus is on geographical expansion, particularly in high-growth markets in Asia and Africa. This is intended to be achieved through strategic partnerships and joint ventures.

In addition, Adani Energy Solutions is investing in innovative technologies and digital solutions to enhance the efficiency of its energy infrastructure and reduce operating costs. This includes the use of smart grids and advanced energy storage systems.

Main Imported Raw Materials: Coal, Natural Gas, Solar Panels

Countries of Origin:

• Coal: Indonesia, Australia
• Natural Gas: Qatar, USA
• Solar Panels: China, Malaysia

Adani Energy Solutions Limited primarily imports coal and natural gas to support their energy generation capacities. Indonesia and Australia are the main suppliers of coal, as they have large coal reserves and are geographically relatively close to India, which reduces transportation costs.

For natural gas, the company sources liquefied natural gas (LNG) from Qatar and the USA. Qatar is one of the world's largest exporters of LNG, while the USA has significantly expanded its LNG export capacities in recent years.

Solar panels are mainly imported from China and Malaysia, as these countries are leaders in the production of photovoltaic technology and offer cost-effective solutions that are crucial for the expansion of renewable energy in India.

Market share: 25% (2024, estimate)
EBITDA margin: 30% (2024)
Debt-to-equity ratio: 1.5 (2024)

Adani Energy Solutions Limited has a significant competitive advantage, reflected in a substantial market share of approximately 25%. This indicates that the company holds a strong position in the energy sector. The EBITDA margin of 30% suggests an efficient cost structure and high profitability, enabling the company to remain profitable even in a competitive market.

The debt-to-equity ratio of 1.5 indicates that the company has moderate debt, providing it with financial flexibility to invest in new projects and respond to market changes. Adani Energy Solutions also benefits from its ability to undertake large infrastructure projects, supported by its experience and economies of scale.

Institutional Investor Share: approx. 35% (2025, estimated)

Insider Purchases/Sales: No significant changes (2025, estimated)

The institutional investor share in Adani Energy Solutions Limited is estimated to be around 35%. This indicates a moderate level of confidence from institutional investors in the company, pointing to a stable market position and growth prospects.

In 2025, there were no significant insider purchases or sales, suggesting that management does not anticipate drastic changes in the company's value. This can be seen as a sign of stability and confidence in the current corporate strategy.

Market share of Adani Energy Solutions Limited: 12% (2025, estimated)

Top competitors and their market shares:

1. Reliance Industries Limited: 18%
2. Tata Power Company Limited: 15%
3. NTPC Limited: 14%
4. Adani Energy Solutions Limited: 12%
5. Power Grid Corporation of India Limited: 10%
6. JSW Energy Limited: 8%
7. NHPC Limited: 7%
8. Torrent Power Limited: 6%
9. CESC Limited: 5%
10. SJVN Limited: 5%

Adani Energy Solutions Limited has a significant moat due to its strong integration into infrastructure projects and the support of the Adani Group, which operates in various sectors. This diversification and the ability to finance and execute large projects provide an advantage over some competitors.

However, companies like Reliance Industries and Tata Power also have strong moats, especially through their extensive networks, innovation capabilities, and financial strength. Reliance benefits from its diversification into various energy sectors, while Tata Power stands out for its long-standing market presence and sustainable energy initiatives.

Overall, Adani Energy Solutions has a significant advantage, but they operate in a highly competitive market where other companies also hold strong positions and moats.

Revenue Growth: Estimated 10% (2024) Net Income Growth: Estimated 8% (2024)

Adani Energy Solutions Limited has shown solid revenue growth in recent years, attributed to its expansion into new markets and diversification of energy projects. The company has made significant investments in renewable energy, positioning it favorably to benefit from the global energy transition.

The strategic partnerships and joint ventures entered into by Adani Energy Solutions strengthen its market position and offer potential for future growth. Additionally, the company has a robust infrastructure that enables efficient operations and cost optimization.

Analysts see positive long-term potential for Adani Energy Solutions Limited due to these factors. However, potential investors should also consider the political and regulatory risks in India, as well as the volatility of energy prices, which could impact business development.

Dividend Yield: 1.8% (2025, estimated)

Adani Energy Solutions Limited has paid a dividend in recent years, with the dividend yield estimated to be around 1.8% for the year 2025. The reliability of dividend payments depends on the financial stability of the company and its ability to generate profits continuously.

The company has followed a relatively stable dividend policy in the past, with payouts in line with profits and cash flow development. However, analysts also monitor the company's debt and capital expenditures, which could affect its ability to pay dividends.