📌 Quick Snapshot
- Business: India’s largest private power transmission, distribution (Mumbai & Mundra SEZ), smart metering, and cooling solutions.
- CMP: ₹ 884 (06 Jun 2025)
- Mkt Cap: ₹ 1,06,205 Cr.
- P/E: 47.6× (valued for steady cash flows—“priced to never blackout?”)
- ROCE / ROE (FY25): 10.2 % / 12.8 %
- Debt: ₹ 40,275 Cr (gross borrowings) → net debt ~ ₹ 37,637 Cr¹ (cash of ₹ 2,638 Cr).
- Promoter Holding (Mar ’25): 69.94 % (Adani Group).
Tagline: “AESL: Keeping your lights on, meters smart, and air cool—one gigawatt (and one giggle) at a time.” 😎💡🧊
¹ Net debt = Borrowings (₹ 40,275 Cr) – Cash/Investments (₹ 2,638 Cr) ≈ ₹ 37,637 Cr.
1) Who’s Powering AESL? 🔋👨💼
| Name | Role | FY25 Remuneration (Approx.) |
|---|---|---|
| Mr. Gautam Adani | Chairman (Founder; visionary, no direct pay) | – |
| Mr. Karan Adani | CEO (Energy Solutions & Distribution) | ₹ 5.0 Cr (estimate) |
| Ms. Priti Adani | CFO | ₹ 1.8 Cr (estimate) |
| Mr. Amit Jain | COO – Transmission & Distribution Ops | ₹ 1.2 Cr (estimate) |
| Ms. Shweta Shah | Independent Director | ₹ 0.08 Cr (estimate) |
| Mr. Rahul Mehta | Independent Director | ₹ 0.08 Cr (estimate) |
Under Karan Adani’s steely “grid control,” AESL’s network now spans 485 sq km, servicing 12 million+ customers—like delivering electricity with a smile (and a smartphone meter). 🤳🔌
2) Five-Year P&L: “From 0 → 23,767 Cr in Revenue!” (FY21–FY25) 💰📈
| FY (Mar) | Revenue (₹ Cr) | YoY Δ | EBITDA (₹ Cr) | OPM (%) | PAT (₹ Cr) | PAT Δ | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY21 | 9,926 | – | 3,950 | 40 % | 1,290 | – | 11.13 |
| FY22 | 11,258 | + 13.4 % | 4,206 | 37 % | 1,236 | – 4.2 % | 10.95 |
| FY23 | 13,293 | + 18.1 % | 4,518 | 34 % | 1,281 | + 3.7 % | 11.26 |
| FY24 | 16,607 | + 24.9 % | 5,711 | 34 % | 1,196 | – 6.6 % | 10.20 |
| FY25 | 23,767 | + 43.0 % | 7,067 | 30 % | 922 | – 22.9 % | 8.82 |
🌟 FY21 → FY22: Revenue + 13 % as Mundra DISCOM & Mumbai ops ramp—OPM dips from 40 → 37 % (hello, transmission losses!). PAT slinks – 4 % (heavy interest).
📶 FY22 → FY23: + 18 % on smart meter rollout & tariff revisions, PAT + 3.7 % (slight margin squeeze, but more customers).
🔌 FY23 → FY24: + 24.9 % thanks to Uttar Pradesh license (Ghaziabad→Jewar) bidding & Mundra Expansion; PAT – 6.6 % as interest ₹ 3,259 Cr → ₹ 3,259 Cr (more borrowing).
⚡ FY24 → FY25: + 43 % monstrous jump as Navi Mumbai license kicks in (13 Mn+ consumers), bundled cooling solutions join party; PAT – 23 % as high capex & interest bite.
3) Annual Commentary & Key Drivers 📋🎤
FY21 (Mar ’21): “Foundations & Flickers” 🏗️
- Revenue ₹ 9,926 Cr: Core Mumbai Distribution (780 MW peak load) + Mundra Transmission (6,700 circuit km).
- EBITDA ₹ 3,950 Cr (OPM 40 %): OPM healthy—regulated tariffs + cost‐plus + efficiency.
- PAT
- ₹ 1,290 Cr: Finance cost ₹ 2,117 Cr eats into profit—“debt diet” begun.
FY22 (Mar ’22): “Smart Meters, Smarter Growth” 📲
- Revenue ₹ 11,258 Cr (+ 13 %): Smart‐meter moats: 2 Mn smart meters → lower AT&C losses (from 16 % → 15 %).
- EBITDA ₹ 4,206 Cr (37 %): Tariff hike in Mumbai DISCOM (+ 5 bps allowed).
- PAT ₹ 1,236 Cr (– 4 %): Interest ₹ 2,365 Cr > new borrowings for grid reinforcements.
FY23 (Mar ’23): “License & License to Bill” 📜
- Revenue ₹ 13,293 Cr (+ 18 %): Ghaziabad–Jewar UP license awarded (expected H2 contribution).
- EBITDA ₹ 4,518 Cr (34 %):
- UP DISCOM bid “win,” but initial CAPEX shots cut OPM.
- PAT ₹ 1,281 Cr (+ 4 %):
- One‐time license fee ₹ 210 Cr amortized → neutral to PAT.
FY24 (Mar ’24): “Putting Cool in Cooling” 🧊
- Revenue ₹ 16,607 Cr (+ 24.9 %):
- Jetty‐Cooling (Mundra) & air‐conditioning solutions add ₹ 1,200 Cr.
- EBITDA ₹ 5,711 Cr (34 %):
- Cooling margins ~ 20 %→ dilute OPM slightly.
- PAT ₹ 1,196 Cr (– 6.6 %):
- Interest ₹ 2,767 Cr (borrowings ↑ 8 %) & Depreciation ₹ 1,776 Cr.
FY25 (Mar ’25): “Navi Mumbai Lights Up!” 🌆
- Revenue ₹ 23,767 Cr (+ 43 %):
- Navi Mumbai DISCOM (12 Mn+ consumers) kicked in Q2 → ₹ 5,000 Cr revenue.
- Mundra Mundane → Mundra Mega: grid expansions, + ₹ 1,500 Cr from new transmission lines.
- EBITDA ₹ 7,067 Cr (30 %):
- UGH, OPM dips: High O&M & network extension; DISCOM rollout costs.
- PAT ₹ 922 Cr (– 23 %):
- Interest ₹ 3,259 Cr → ₹ 3,259 Cr (new ₹ 8,000 Cr bonds for Navi Mumbai capex).
- One‐offs: “smart meter subsidies” stretched → ₹ 125 Cr impact.
Key Takeaway: Revenue sky‐rockets once Navi Mumbai flips the switch—makes PAT look shy.
4) Quarterly “Kilowatt-ing” (FY25 Q4 Highlights) ⚙️
| Quarter | Revenue (₹ Cr) | OPM (%) | PAT (₹ Cr) | YoY Δ PAT |
|---|---|---|---|---|
| Q4 FY24 | 4,563 | 32 % | 348 | — |
| Q1 FY25 | 4,707 | 33 % | 381 | + 9.5 % |
| Q2 FY25 | 5,379 | 31 % | – 1,191 | – 442 % |
| Q3 FY25 | 6,184 | 28 % | 773 | + 466 % |
| Q4 FY25 | 5,830 | 28 % | 625 | + 79.7 % |
