Adani Green
Adani Green
Power F&OKey Fundamentals
LargecapPower GenerationPowerTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
1- Company's median sales growth is 31.4% of last 10 years
Weaknesses
6- Stock is trading at 10.6 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has low interest coverage ratio.
- Tax rate seems low
- Company has a low return on equity of 13.4% over last 3 years.
- Company might be capitalizing the interest cost
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAdani Green Energy Ltd commands a market cap of ₹2,11,777 Cr and trades at a PE of 100.4x with a price-to-book of 11.17x. The company has delivered strong 5-year compounded sales growth of 33% and profit growth of 44%, but carries a low interest coverage ratio, pays zero dividend, and reports a 3-year ROE of only 13%, reflecting the capital-intensive nature of its renewable energy buildout.
- Exceptional long-term revenue scale-up with 10-year compounded sales CAGR of 85%, indicating rapid capacity additions in India's growing renewable energy sector
- Median sales growth of 31.4% over the last 10 years demonstrates consistent top-line expansion across business cycles
- 5-year compounded profit CAGR of 44% shows the company has been able to translate revenue growth into meaningful earnings expansion
- TTM revenue growth of 11% continues to show positive momentum even on a much larger base compared to earlier years
- 3-year compounded sales growth of 18% and profit growth of 17% indicate broadly stable operating leverage in recent years
- 1-year stock CAGR of 33% reflects renewed market confidence and improving sentiment around the company after prior volatility
- 5-year ROE average of 15% is reasonable for a capital-intensive infrastructure business that is still in a heavy investment phase
- Operating in the power sector with long-term PPAs (power purchase agreements) provides revenue visibility, supported by India's policy push toward 500 GW non-fossil fuel capacity by 2030
- PE ratio of 100.4x is extremely elevated, pricing in significant future growth and leaving little margin of safety if execution falters
- Price-to-book of 11.17x (cited as 10.7x book value) is very high, suggesting the stock carries a substantial premium over its net asset base
- Zero dividend yield despite repeated profitability indicates shareholders receive no current income return on their investment
- Low interest coverage ratio flags that debt servicing consumes a significant portion of operating earnings, raising refinancing and solvency risk
- Last year ROE declined to 11% from the 3-year average of 13% and 5-year average of 15%, showing a deteriorating trend in return on equity
- Possible capitalization of interest costs may be inflating reported asset values and understating true operating expenses, flattering profitability metrics
- Low tax rate raises questions about the sustainability of post-tax earnings once tax holidays or incentives expire
- TTM profit growth has decelerated sharply to just 4% compared to the 3-year CAGR of 17%, suggesting margin pressure or rising finance costs on the enlarged debt base
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- 139 MW solar project commissioned Sep 1
Commissioned 139 MW solar project in Khavda, Gujarat, bringing total renewable capacity to 20,280.80 MW and BESS capacity to 3,551 MWh.
- Investor interactions scheduled Sep-Oct Sep 9
Scheduled investor and analyst interactions from Sep 14-24, 2026 including site visits and meetings at major financial conferences in India and Asia. Earlier announced meetings across Mumbai, Chennai, and London from Aug 26 to Sep 8.
- EGM approves director re-appointments Sep 3
Shareholders approved re-appointment of three independent directors at the Sep 3, 2026 EGM with significant majority support on all resolutions.
TL;DR: Adani Green Energy continues steady capacity expansion, crossing the 20,280 MW mark with a new 139 MW solar commissioning in Khavda. Governance appears stable with smooth EGM approvals and active investor engagement through multiple conferences. No material headwinds surfaced in recent news. The near-term outlook hinges on continued execution of its capacity pipeline and upcoming investor interactions that may provide forward guidance.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,162 | 2,220 | 2,311 | 2,527 | 2,794 | 3,005 | 2,340 | 3,073 | 3,800 | 3,008 | 2,618 | 3,502 | 4,431 |
| Expenses | 81 | 521 | 645 | 693 | 415 | 788 | 460 | 671 | 758 | 405 | 377 | 620 | 446 |
| Operating Profit | 2,081 | 1,699 | 1,666 | 1,834 | 2,379 | 2,217 | 1,880 | 2,402 | 3,042 | 2,603 | 2,241 | 2,882 | 3,985 |
| OPM % | 96% | 77% | 72% | 73% | 85% | 74% | 80% | 78% | 80% | 87% | 86% | 82% | 90% |
| Other Income | 178 | 353 | 264 | 234 | 271 | 294 | 280 | 39 | 189 | 158 | 208 | 117 | 230 |
| Interest | 1,393 | 1,165 | 1,242 | 1,224 | 1,426 | 1,448 | 1,251 | 1,368 | 1,525 | 1,635 | 1,698 | 1,626 | 2,001 |
| Depreciation | 451 | 474 | 481 | 497 | 596 | 621 | 618 | 663 | 767 | 834 | 886 | 885 | 1,026 |
| PBT | 415 | 413 | 207 | 347 | 628 | 442 | 291 | 410 | 939 | 292 | -135 | 488 | 1,188 |
| Tax % | 34% | 29% | 33% | 24% | 28% | 6% | -37% | 29% | 25% | -81% | -27% | 11% | 22% |
| Net Profit | 323 | 371 | 256 | 310 | 629 | 515 | 474 | 383 | 824 | 644 | 5 | 514 | 983 |
| EPS in Rs | 2.03 | 2.35 | 1.62 | 0.95 | 2.82 | 1.74 | 3.11 | 1.45 | 4.39 | 3.54 | -0.25 | 2.41 | 5.13 |
Profit & Loss
| Particulars | Mar 2016 15m | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 28 | 502 | 1,480 | 2,058 | 2,549 | 3,124 | 5,133 | 7,792 | 9,220 | 11,212 | 12,928 | 13,559 |
| Expenses | 14 | 98 | 637 | 532 | 1,099 | 883 | 1,621 | 2,822 | 1,902 | 2,323 | 2,143 | 1,848 |
| Operating Profit | 13 | 403 | 843 | 1,526 | 1,450 | 2,241 | 3,512 | 4,970 | 7,318 | 8,889 | 10,785 | 11,711 |
| OPM % | 48% | 80% | 57% | 74% | 57% | 72% | 68% | 64% | 79% | 79% | 83% | 86% |
| Other Income | 7 | 80 | 42 | 73 | -111 | 385 | 507 | 667 | 1,262 | 1,316 | 1,072 | 713 |
| Interest | 23 | 334 | 552 | 1,121 | 995 | 1,953 | 2,617 | 2,911 | 5,006 | 5,492 | 6,484 | 6,960 |
| Depreciation | 6 | 333 | 543 | 1,062 | 394 | 486 | 849 | 1,300 | 1,903 | 2,498 | 3,372 | 3,631 |
| PBT | -9 | -184 | -210 | -585 | -50 | 187 | 553 | 1,426 | 1,671 | 2,215 | 2,001 | 1,833 |
| 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 | 2,146 |
| EPS in Rs | -0.58 | -0.37 | -1 | -3.03 | -0.15 | 1.34 | 3.13 | 6.15 | 6.94 | 9.12 | 10.03 | 10.83 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 160 | 1,274 | 1,564 | 1,564 | 1,564 | 1,564 | 1,564 | 1,584 | 1,584 | 1,584 | 1,647 |
| Reserves | -9 | -71 | -223 | 369 | 792 | 636 | 1,050 | 5,720 | 8,250 | 10,553 | 18,318 |
| Borrowings | 4,132 | 4,347 | 9,864 | 11,142 | 14,867 | 24,209 | 52,832 | 54,223 | 64,858 | 80,040 | 1,03,545 |
| Other Liabilities | 1,286 | 610 | 4,503 | 1,582 | 1,201 | 2,283 | 3,508 | 5,382 | 13,394 | 18,587 | 19,478 |
| 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 |
| 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 |
| CWIP | 1,962 | 267 | 1,725 | 743 | 1,208 | 4,452 | 19,899 | 5,291 | 6,427 | 14,480 | 19,031 |
| Investments | 7 | 26 | 87 | 77 | 477 | 502 | 574 | 1,149 | 1,515 | 2,743 | 2,983 |
| Other Assets | 819 | 1,525 | 4,777 | 3,449 | 4,185 | 7,309 | 10,029 | 12,133 | 17,860 | 13,627 | 18,836 |
| 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 |
Cash Flow
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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/OP | — | 7 | 78 | 108 | 137 | 72 | 88 | 146 | 106 | 97 | 95 |
Ratios
| Particulars | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 | -12,275 | -218 | -678 | -182 | -193 | -407 | -572 | -175 | -905 | -436 | -369 |
| ROCE % | — | 2% | 4% | 4% | 8% | 10% | 8% | 8% | 10% | 9% | 7% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY15–FY27.
Documents
Frequently Asked Questions about Adani Green
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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. [1]
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