Adani Energy Solutions Cash Flow Statement

Financials in millions INR. Fiscal year is April - March.

Millions INR. Fiscal year is Apr - Mar.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar '26 Mar 31, 2026	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022
Net Income	22,825	10,600	11,373	12,563	12,046
Depreciation & Amortization	19,782	18,652	17,360	15,791	14,098
Other Amortization	-	407.7	400.9	286.8	173.4
Loss (Gain) on Sale of Assets	165.8	-38	-37.3	2	41.2
Loss (Gain) on Sale of Investments	-1,189	-1,259	-431	-212.4	-101.2
Change in Accounts Receivable	-15,025	3,273	-6,048	-3,950	-1,054
Change in Inventory	-442.1	-4,761	-1,034	982	-158.5
Change in Accounts Payable	19,670	9,672	929.7	2,196	4,335
Change in Other Net Operating Assets	29,883	10,279	12,090	-15,016	-8,763
Other Operating Activities	34,388	40,294	25,602	24,790	20,167
Operating Cash Flow	109,967	86,952	60,376	37,770	40,966
Operating Cash Flow Growth	26.47%	44.02%	59.85%	-7.80%	8.25%
Capital Expenditures	-144,318	-93,781	-54,295	-47,022	-41,909
Cash Acquisitions	-505	-25,816	-347.9	-431	-1,435
Divestitures	-	8,150	-	-	-
Investment in Securities	22.1	-22,161	1,885	-10,051	-408.1
Other Investing Activities	3,912	-22,699	3,290	4,187	4,652
Investing Cash Flow	-140,829	-152,276	-49,430	-46,987	-39,480
Short-Term Debt Issued	4,553	-	3,613	7,312	-
Long-Term Debt Issued	165,687	72,518	54,590	51,696	82,116
Total Debt Issued	170,240	72,518	58,202	59,008	82,116
Short-Term Debt Repaid	-	-5,654	-	-	-5,111
Long-Term Debt Repaid	-104,829	-41,852	-31,552	-35,991	-55,958
Total Debt Repaid	-104,829	-47,506	-31,552	-35,991	-61,068
Net Debt Issued (Repaid)	65,412	25,012	26,650	23,017	21,048
Issuance of Common Stock	-	83,731	-	38,500	-
Repurchase of Common Stock	-	-	-	-30,755	-3.4
Common Dividends Paid	-	-	-857.8	-	-
Other Financing Activities	-39,109	-28,991	-31,225	-21,530	-23,393
Financing Cash Flow	26,303	79,752	-5,432	9,232	-2,349
Miscellaneous Cash Flow Adjustments	0.7	54.7	0.7	0.9	116.5
Net Cash Flow	-4,558	14,483	5,514	15.9	-746.3
Free Cash Flow	-34,351	-6,829	6,081	-9,252	-942.5
Free Cash Flow Margin	-12.45%	-2.87%	3.66%	-6.96%	-0.84%
Free Cash Flow Per Share	-28.59	-5.83	5.45	-8.31	-0.86
Cash Interest Paid	40,749	29,839	32,297	22,125	23,651
Cash Income Tax Paid	4,291	2,287	3,001	2,456	2,669
Levered Free Cash Flow	-109,516	-52,153	-33,410	-42,637	-10,726
Unlevered Free Cash Flow	-86,811	-32,558	-16,529	-25,514	3,923
Change in Working Capital	34,085	18,463	5,939	-15,788	-5,642

Source: S&P Global Market Intelligence. Utility template. Financial Sources.