Adani Energy Solutions' ₹3,500-crore QIP subscribed over 3x; shares drop 3%

Shares of Adani Energy Solutions Ltd (AESL) witnessed selling pressure on Tuesday despite the company successfully closing its ₹3,500-crore qualified institutional placement (QIP).

The AESL shares fell as much as 3.43% to an intraday low of ₹1,644.60 on the BSE, in an otherwise positive broader market. At the time of writing, the Adani Group stock was down 2.3% at ₹1,664, valuing the company at around ₹1.99 lakh crore.

Adani Energy Solutions has been among the top-performing Adani Group stocks this year, rising about 60% year-to-date, 12% over the past month, and more than doubling over the past year.

The stock touched ₹1,789 on July 21, 2026, its highest level since the Hindenburg report was released on January 24, 2023. It had hit its 52-week low of ₹745.45 on September 5, 2025.

QIP attracts over 3x bids

The QIP, which opened on July 27, reportedly attracted bids worth more than ₹10,800 crore, or over three times the base issue size.

The issue was priced at ₹1,615 per equity share, a 5.18% discount to Monday's closing price of ₹1,703.30 on the BSE. Despite strong investor demand, the company chose not to exercise the green shoe option.

Domestic mutual funds and insurance companies emerged as the largest buyers in the issue, highlighting strong institutional interest, according to reports.

The QIP involved the issuance of around 21.7 million equity shares at the base issue size. The proceeds will be used for capital expenditure, loan repayments, acquisitions, and general corporate purposes.

The company is authorised to raise up to ₹10,000 crore through the QIP route. Its board approved the fundraising proposal on July 1, while shareholders cleared it at an extraordinary general meeting held earlier this month.

For the April-June quarter of FY27, Adani Energy Solutions reported a 124.3% year-on-year jump in consolidated net profit to ₹1,149 crore from ₹512 crore a year earlier. Revenue from operations increased 42.4% to ₹9,711 crore from ₹6,819 crore, while EBITDA rose 30% to ₹3,008.4 crore from ₹2,314.5 crore.

However, the company's EBITDA margin narrowed to 30.98% in Q1 FY27 from 33.94% a year ago, as revenue growth outpaced the increase in operating profit.

Separately, the company announced that it has signed a binding securities purchase and subscription agreement to acquire IntelliSmart Infrastructure Pvt. Ltd., the smart metering joint venture between NIIF and EESL, for ₹3,050 crore. Subject to regulatory approvals, the acquisition will strengthen Adani Energy Solutions' position as India's largest smart metering platform, with more than 4.7 crore smart meters under management.

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