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Adani Green Energy

ADANIGREEN NSE
₹1,388.00 +48.70 (+3.64%)
P/E
121.97
View as Markdown
MCP
Close 4 Nov 2026 ₹1,388.00 +327.50 +30.9% 1Y
Start ₹1,060.50

Key Fundamentals

LargecapPowerUtilities

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
7.39%
Debt to Equity
5.48
EPS (TTM)
₹11.38
Book Value
₹131.09
Market Cap
—
P/E (TTM)
121.97
P/B
10.59
ROE
11.40%
Dividend Yield
0.00%
EBITDA
₹11,659 Cr
52W High
₹1,631.50
52W Low
₹765.00
Day Range
₹1,323.60 – ₹1,391.20
Volume
22,44,997

Peer Comparison

Utilities › Power › Power Generation

Adani Green peer comparison
NTPC
₹321.9510.50₹3,09,905 Cr1.460.93%15.10%8.92%₹2,00,543 Cr₹30,459 Cr
Adani Green (this company)
₹1,388.00121.97₹2,25,153 Cr10.590.00%11.40%7.39%₹14,809 Cr₹2,249 Cr
JSW Energy
₹511.0045.99₹92,288 Cr2.550.40%7.51%8.16%₹18,965 Cr₹2,460 Cr
NHPC
₹78.4920.76₹80,260 Cr1.902.03%9.32%5.75%₹12,210 Cr₹4,267 Cr
NTPC Green Energy
₹83.51117.62₹69,433 Cr3.630.00%2.79%3.56%₹3,285 Cr₹605 Cr
NLC India
₹247.6810.70₹32,822 Cr1.601.67%11.90%8.42%₹18,381 Cr₹3,366 Cr
ACME Solar Holdings
₹421.0044.74₹29,572 Cr3.560.05%10.40%8.91%₹2,370 Cr₹602 Cr
Median 7 companies₹321.9544.74₹80,260 Cr2.550.40%10.40%8.16%₹14,809 Cr₹2,460 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

43 Weak

Data confidence 100/100

Category scores

Quality
58
Good
Returns, margins, earnings quality 22% weight
Valuation
18
Poor
Cheap vs sector & own history 24% weight
Growth
57
Good
Sales & profit trajectory 9% weight
Financial Health
18
Poor
Solvency, leverage, coverage 9% weight
Momentum
74
Strong
Trend strength, vol-adjusted 12% weight
Ownership
50
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company's median sales growth is 31.4% of last 10 years

Weaknesses

5
  • Stock is trading at 9.04 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • Company has a low return on equity of 13.4% over last 3 years.
  • Company might be capitalizing the interest cost

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3412
OscillatorsBearish342
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
62.48
Neutral
MACD (12,26,9)
12.22
Bullish
SMA (50)
1,289.40
Bullish
SMA (200)
1,226.78
Bullish

As of

Analyst Rating

Based on 11 analysts
BUY91%

10 of 11 analysts rate Buy, 0 Hold, 1 Sell.

As of

BUY
10
91%
HOLD
0
0%
SELL
1
9%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Sep 2026 against Sep 2025.

Revenue

Revenue growth by window
10YIrregular period
5Y+32.85%
3Y+18.38%
1Y+15.31%
TTM+21.18%

Net profit

Net profit growth by window
10YIrregular period
5Y+61.30%
3Y+26.87%
1Y−0.70%
TTM−3.27%

Operating cash flow

Operating cash flow growth by window
10Y—
5Y+44.64%
3Y+11.74%
1Y+21.17%
TTM—

10Y: The statements do not go back far enough for this window.

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10YIrregular period
5Y+11.69 pp
3Y+19.64 pp
1Y+4.14 pp
TTM+5.91 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹502 Cr
Mar 2018₹1,480 Cr
Mar 2019₹2,058 Cr
Mar 2020₹2,549 Cr
Mar 2021₹3,124 Cr
Mar 2022₹5,133 Cr
Mar 2023₹7,792 Cr
Mar 2024₹9,220 Cr
Mar 2025₹11,212 Cr
Mar 2026₹12,928 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017−₹47.00 Cr
Mar 2018−₹138 Cr
Mar 2019−₹475 Cr
Mar 2020−₹68.00 Cr
Mar 2021₹182 Cr
Mar 2022₹489 Cr
Mar 2023₹973 Cr
Mar 2024₹1,260 Cr
Mar 2025₹2,001 Cr
Mar 2026₹1,987 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹3,640 Cr −7.3% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Adani Green Energy Ltd trades at ₹1,337 as of 2026-11-02 with a market cap of ₹2,18,399 crore. The company carries a PE of 117.49x and a debt-to-equity ratio of 5.19x, reflecting an aggressive capital structure funding rapid capacity expansion. Revenue has compounded at 85% over 10 years, though trailing twelve-month profit declined 11%.

Bull Case 7
  • Exceptional long-term revenue growth with 10-year compounded sales CAGR of 85%, indicating sustained capacity additions and scaling in the renewable energy space
  • Median sales growth of 31.4% over the last 10 years demonstrates consistent top-line expansion across market cycles
  • 5-year compounded profit growth of 44% shows the company has been able to translate revenue scale into earnings over a multi-year horizon
  • TTM revenue growth of 21% indicates continued operational momentum even on a larger base
  • Stock has recovered significantly from its 52-week low of ₹765 to ₹1,337, a gain of approximately 75% from the bottom, reflecting improving market confidence
  • 5-year ROE average of 15% is the highest among the reported ROE periods, suggesting the business model generated improving returns as it scaled during that window
  • 1-year stock CAGR of 15% shows positive recent price momentum despite broader market volatility
Bear Case 7
  • Debt-to-equity ratio of 5.19x is extremely elevated, exposing the company to significant interest rate and refinancing risk
  • TTM compounded profit has declined 11%, signalling near-term earnings pressure even as revenues grew 21%
  • Zero dividend yield despite reporting repeated profits suggests all cash flows are being absorbed by debt servicing and capex rather than returned to shareholders
  • Low interest coverage ratio indicates that operating profits barely cover interest obligations on the heavy debt load
  • Price-to-book ratio of 10.2x (also flagged at 9.04x book value) means investors pay a substantial premium over the net asset base
  • ROE of 6.65% as of the latest period and 3-year average ROE of 13.4% are modest relative to the premium valuation, reflecting the drag from high leverage costs
  • Potential capitalisation of interest costs may flatter reported profits and asset values, making true operating profitability lower than stated

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Adani Green is delivering strong growth with 45% YoY revenue increase, 24% capacity expansion to 20.8 GW, and improving EBITDA margins at 92%. However, grid infrastructure is lagging behind generation capacity — solar grid availability dropped to 78.9% from 89%, directly curtailing output and contributing to a 24% QoQ profit decline. The rising share of fixed-tariff PPAs (56% vs 37%) and BESS deployment are positive structural shifts. The key risk remains whether transmission infrastructure can keep pace with rapid capacity additions; resolution of grid constraints will be the primary driver of near-term earnings trajectory.

Headwinds 4
  • Solar grid availability drops sharply Oct 21

    Solar grid availability fell to 78.9% in H1FY27 from 89% in H1FY26, forcing intentional production curtailment despite 99.3% plant availability. CEO acknowledged a disconnect between generation readiness and transmission infrastructure.

  • Net profit drops 24% QoQ Oct 21

    Consolidated net profit declined 24% QoQ to ₹747 crore from ₹983 crore in Q1FY27, while revenue also fell 6% sequentially from ₹4,280 crore to ₹4,019 crore.

  • Net debt at ₹1.03 trillion Oct 21

    Capex of ₹160 billion with debt drawal of ₹13,700 crore in H1FY27 pushed net debt to ₹1.03 trillion, reflecting heavy leverage to fund rapid capacity expansion.

Positives 6
  • Revenue surges 45% YoY in Q2 Oct 21

    Consolidated revenue from power supply grew 45% YoY to ₹4,019 crore in Q2FY27, with H1FY27 revenue up 36% YoY to ₹8,299 crore.

  • Capacity up 24% to 20.8 GW Oct 10

    Operational renewable capacity rose 24% YoY to 20,763 MW with 4,083 MW of greenfield additions in H1FY27, spanning 14,550 MW solar, 2,947 MW wind, and 3,266 MW hybrid.

  • EBITDA margin expands to 92% Oct 21

    EBITDA from power supply surged 51% YoY to ₹3,835 crore with margin improving to 92% from 90.5%, reflecting strong operational efficiency.

Neutral 2
  • Board met Oct 21 for Q2 Oct 10

    Board meeting was scheduled for October 21 to consider Q2FY27 financial results, with an investor call on October 22 and trading window reopening October 23.

  • Investor meetings in Singapore Oct 7

    Adani Green will hold investor meetings at the Adani Annual Conference 2026 in Singapore on November 18-19, 2026.

Quarterly Results

₹ Cr
ADANIGREEN quarterly results, ₹ crore
Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
2,220
2,311
2,527
2,794
3,005
2,340
3,073
3,800
3,008
2,618
3,502
4,431
4,258
Expenses
521
645
693
415
788
460
671
758
405
377
620
446
461
Operating Profit
1,699
1,666
1,834
2,379
2,217
1,880
2,402
3,042
2,603
2,241
2,882
3,985
3,797
OPM %
77%
72%
73%
85%
74%
80%
78%
80%
87%
86%
82%
90%
89%
Other Income
353
264
234
271
294
280
39
189
158
208
117
230
262
Interest
1,165
1,242
1,224
1,426
1,448
1,251
1,368
1,525
1,635
1,698
1,626
2,001
2,119
Depreciation
474
481
497
596
621
618
663
767
834
886
885
1,026
1,084
PBT
413
207
347
628
442
291
410
939
292
−135
488
1,188
856
Tax %
29%
33%
24%
28%
6%
−37%
29%
25%
−81%
−27%
11%
22%
22%
Net Profit
371
256
310
629
515
474
383
824
644
5
514
983
747
EPS (₹)
2.35
1.62
0.95
2.82
1.74
3.11
1.45
4.39
3.54
−0.25
2.41
5.13
4.09

Profit & Loss

₹ Cr
ADANIGREEN profit and loss, annual, ₹ crore
Particulars Mar 2016 15mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
28
502
1,480
2,058
2,549
3,124
5,133
7,792
9,220
11,212
12,928
14,809
Expenses
14
98
637
532
1,099
883
1,621
2,822
1,902
2,323
2,143
1,904
Operating Profit
13
403
843
1,526
1,450
2,241
3,512
4,970
7,318
8,889
10,785
12,905
OPM %
48%
80%
57%
74%
57%
72%
68%
64%
79%
79%
83%
87%
Other Income
7
80
42
73
−111
385
507
667
1,262
1,316
1,072
817
Interest
23
334
552
1,121
995
1,953
2,617
2,911
5,006
5,492
6,484
7,444
Depreciation
6
333
543
1,062
394
486
849
1,300
1,903
2,498
3,372
3,881
PBT
−9
−184
−210
−585
−50
187
553
1,426
1,671
2,215
2,001
2,397
Tax %
3%
−75%
−35%
−19%
22%
6%
12%
32%
25%
10%
1%
—
Net Profit
−9
−47
−138
−475
−68
182
489
973
1,260
2,001
1,987
2,249
EPS (₹)
−0.58
−0.37
−1
−3.03
−0.15
1.34
3.13
6.15
6.94
9.12
10.03
11.38
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
ADANIGREEN balance sheet, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital
160
1,274
1,564
1,564
1,564
1,564
1,564
1,584
1,584
1,584
1,647
1,647
Reserves
−9
−71
−223
369
792
636
1,050
5,720
8,250
10,553
18,318
19,945
Borrowings
4,132
4,347
9,864
11,142
14,867
24,209
52,832
54,223
64,858
80,040
1,03,545
1,18,372
Other Liabilities
1,286
610
4,503
1,582
1,201
2,283
3,508
5,382
13,394
18,587
19,478
21,949
Total Liabilities
5,569
6,160
15,709
14,658
18,424
28,692
58,954
66,909
88,086
1,10,764
1,42,988
1,61,913
Fixed Assets
2,781
4,341
9,120
10,388
12,554
16,429
28,452
48,336
62,284
79,914
1,02,138
1,14,050
CWIP
1,962
267
1,725
743
1,208
4,452
19,899
5,291
6,427
14,480
19,031
21,968
Investments
7
26
87
77
477
502
574
1,149
1,515
2,743
2,983
3,753
Other Assets
819
1,525
4,777
3,449
4,185
7,309
10,029
12,133
17,860
13,627
18,836
22,142
Total Assets
5,569
6,160
15,709
14,658
18,424
28,692
58,954
66,909
88,086
1,10,764
1,42,988
1,61,913

Cash Flow

₹ Cr
ADANIGREEN cash flow, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
28
649
1,625
1,965
1,601
3,060
7,265
7,713
8,364
10,135
Investing
—
−1,511
−4,428
−2,666
−3,743
−9,137
−18,663
−3,857
−21,060
−19,828
−26,227
Financing
—
1,559
3,942
1,045
2,161
7,083
15,986
−2,973
13,953
12,068
15,615
Net Cash Flow
—
76
162
3
383
−453
383
435
606
604
−477
Free Cash Flow
—
−889
−3,763
−1,244
−1,431
−4,529
−11,728
3,927
−7,987
−16,397
−15,857
CFO/EBITDA
—
7
78
108
137
72
88
146
106
97
95

Ratios

ADANIGREEN financial ratios, annual
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
850
245
209
134
106
141
129
103
53
50
60
Inventory Days
—
—
—
383
—
—
—
—
—
—
—
Days Payable
—
—
—
455
—
—
—
—
—
—
—
Cash Conversion Cycle
850
245
209
63
106
141
129
103
53
50
60
Working Capital Days
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
−218
−678
−182
−193
−407
−572
−175
−905
−436
−369
ROCE %
—
2%
4%
4%
8%
10%
8%
8%
10%
9%
7%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Adani Green insights

64 extracted metrics across FY15–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 62.43%
  • Others 17.95%
  • FIIs 11.33%
  • DIIs 5.29%
  • Public 2.99%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Adani Green Energy

What does Adani Green Energy Ltd do?
Adani Green Energy Limited, incorporated in 2015, is a holding company of several subsidiaries carrying business of renewable power generation within the group and is primarily involved in renewable power generation and other ancillary activities.
Where is Adani Green Energy Ltd (ADANIGREEN) listed?
Adani Green Energy Ltd trades as ADANIGREEN on the NSE and under code 541450 on the BSE.
Which sector does Adani Green Energy Ltd belong to?
Adani Green Energy Ltd is classified under the Power sector, in the Power Generation industry.
What is the PE ratio of Adani Green Energy Ltd?
Adani Green Energy Ltd trades at a PE ratio of 121.97 as of 4 Nov 2026, on earnings per share of ₹11.38, against a book value of ₹131.09 per share.
What is the 52-week high and low of Adani Green Energy Ltd?
Over the last 52 weeks Adani Green Energy Ltd has traded between ₹765 and ₹1,631.5 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Adani Green Energy Ltd?
Adani Green Energy Ltd reported a return on equity of 11.40%. Its debt-to-equity ratio is 5.48.

Company Information

Adani Green Energy Limited, incorporated in 2015, is a holding company of several subsidiaries carrying business of renewable power generation within the group and is primarily involved in renewable power generation and other ancillary activities.

Website adanigreenenergy.com
CEO Mr. Saurabh Shah
Employees 1,247
Listed 18 Jun 2018
Face Value ₹10

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