Promoter group entities of Adani Energy Solutions Limited have increased their shareholding to 74.29% through the acquisition of 25,462,440 equity shares. The purchases, executed between March 24, 2026, and June 11, 2026, were disclosed to the stock exchanges under Regulation 29(2) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The acquisitions involved seven entities, including Adani Infra (India) Limited, Infinite Trade and Investment Ltd, and Ardour Investment Holding Ltd. Individual promoters Mr. Pranav Vinod Adani, Mr. Karan Gautam Adani, Mr. Sagar Rajesh Adani, and Mr. Jeet Gautam Adani also purchased shares. The transactions were conducted via open market and off-market routes.

Breakdown of Acquisitions

The following table details the shares acquired by each promoter entity:

*Note: Due to the relatively negligible number of shares held, the resulting percentage of shareholding is insignificantly low and effectively rounds off to near zero.

Post-Acquisition Shareholding

Prior to these acquisitions, the promoter and promoter group held 86,70,33,387 shares, representing 72.17% of the total paid-up share capital. Following the latest purchases, the total promoter holding has risen to 89,24,95,827 shares. The equity share capital of Adani Energy Solutions Limited stands at 120,12,82,642 shares of face value ₹10 each.

The Persons Acting in Concert (PAC) with the acquirers include other shareholders belonging to the promoter group, such as S. B. Adani Family Trust, Flourishing Trade and Investment Ltd, and Adani Tradeline Private Limited. The combined holding of the acquirers and PACs now constitutes 74.29% of the company's total voting capital.

Adani Energy Solutions has received a maintained Neutral rating from global brokerage Macquarie, which has set a target price of ₹1,450 for the stock. The brokerage's assessment reflects a measured outlook on the company amid a sweeping transformation underway across India's power sector.

Macquarie's Stance on Adani Energy Solutions

Macquarie's Neutral rating is underpinned by its view that India's power sector is currently experiencing a broad-based regulatory and operational reset. This reset spans the entire value chain — encompassing generation, transmission, and distribution — signalling a comprehensive structural shift in the sector's functioning.

The key parameters of Macquarie's rating are summarised below:

Sector Dynamics Driving the Outlook

According to Macquarie, the ongoing regulatory and operational changes across India's power sector present meaningful long-term opportunities for players like Adani Energy Solutions. However, the brokerage notes that the near-term risk-reward remains balanced, suggesting that while the structural tailwinds are real, they may take time to fully materialise into financial outcomes.

The broad-based nature of the reset — touching generation, transmission, and distribution simultaneously — indicates that the sector transformation is systemic rather than isolated, which could have wide-ranging implications for companies operating across these segments.