Adani Green Energy Ltd
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]
- Market Cap ₹ 1,40,389 Cr.
- Current Price ₹ 852
- High / Low ₹ 1,179 / 758
- Stock P/E 190
- Book Value ₹ 89.8
- Dividend Yield 0.00 %
- ROCE 8.87 %
- ROE 9.41 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company has delivered good profit growth of 40.7% CAGR over last 5 years
Cons
- Stock is trading at 9.49 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of 0.11% over last 3 years.
- Earnings include an other income of Rs.981 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Utilities Power Power Power Generation
Part of BSE 500 BSE 200 BSE Dollex 200 Nifty Next 50 Nifty 500
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 10 | 1,719 | 318 | 1,247 | 2,473 | 10,672 | 7,629 | 12,001 | 19,613 | 18,552 | |
| 0 | 30 | 1,697 | 363 | 1,288 | 2,444 | 10,550 | 7,772 | 11,767 | 18,078 | 17,477 | |
| Operating Profit | -0 | -20 | 21 | -45 | -41 | 29 | 122 | -143 | 234 | 1,535 | 1,075 |
| OPM % | -203% | 1% | -14% | -3% | 1% | 1% | -2% | 2% | 8% | 6% | |
| 0 | 8 | 67 | 303 | 333 | 656 | 530 | 713 | 826 | 1,037 | 981 | |
| Interest | 1 | 27 | 131 | 288 | 214 | 258 | 775 | 892 | 1,521 | 1,749 | 1,345 |
| Depreciation | 0 | 10 | 9 | 8 | 3 | 4 | 7 | 11 | 30 | 61 | 91 |
| Profit before tax | -1 | -49 | -52 | -39 | 75 | 423 | -130 | -333 | -491 | 762 | 620 |
| Tax % | 0% | 0% | -11% | -11% | -79% | 14% | -55% | -2% | 11% | 14% | |
| -1 | -49 | -46 | -35 | 134 | 364 | -58 | -328 | -546 | 654 | 674 | |
| EPS in Rs | -0.06 | -0.39 | -0.34 | -0.22 | 0.86 | 2.33 | -0.37 | -2.07 | -3.45 | 4.13 | 4.11 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 74% |
| 3 Years: | 22% |
| TTM: | -9% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 41% |
| 3 Years: | 112% |
| TTM: | 62% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | -4% |
| 3 Years: | -6% |
| 1 Year: | -14% |
| Return on Equity | |
|---|---|
| 10 Years: | 1% |
| 5 Years: | 1% |
| 3 Years: | 0% |
| Last Year: | 9% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 160 | 1,274 | 1,564 | 1,564 | 1,564 | 1,564 | 1,564 | 1,584 | 1,584 | 1,584 | 1,647 |
| Reserves | -1 | -50 | -120 | 594 | 624 | 906 | 705 | 4,072 | 5,914 | 6,628 | 13,149 |
| 65 | 549 | 3,487 | 2,363 | 2,062 | 5,310 | 17,289 | 13,591 | 22,922 | 20,244 | 17,461 | |
| 52 | 8 | 396 | 890 | 2,145 | 6,517 | 8,405 | 9,417 | 10,963 | 13,411 | 12,188 | |
| Total Liabilities | 276 | 1,781 | 5,327 | 5,412 | 6,395 | 14,297 | 27,963 | 28,664 | 41,383 | 41,867 | 44,445 |
| 87 | 78 | 69 | 62 | 62 | 67 | 74 | 614 | 877 | 1,501 | 1,514 | |
| CWIP | 0 | 1 | 0 | 1 | 1 | 1 | 8 | 385 | 217 | 669 | 1,600 |
| Investments | 165 | 1,354 | 1,530 | 2,030 | 682 | 2,920 | 17,839 | 20,755 | 22,995 | 23,747 | 25,596 |
| 24 | 349 | 3,728 | 3,319 | 5,650 | 11,309 | 10,042 | 6,910 | 17,294 | 15,950 | 15,735 | |
| Total Assets | 276 | 1,781 | 5,327 | 5,412 | 6,395 | 14,297 | 27,963 | 28,664 | 41,383 | 41,867 | 44,445 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0 | -24 | -663 | 534 | 1,490 | -718 | 1,455 | 5,003 | -2,482 | 1 | |
| -224 | -1,541 | -2,242 | 185 | -896 | -2,274 | -12,488 | -2,491 | -7,393 | 4,539 | |
| 225 | 1,571 | 2,937 | -649 | -503 | 2,807 | 11,028 | -2,013 | 9,754 | -4,303 | |
| Net Cash Flow | 0 | 6 | 31 | 71 | 91 | -185 | -5 | 499 | -121 | 237 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 189 | 189 | 361 | 27 | 377 | 31 | 53 | 74 | 82 | |
| Inventory Days | 145 | |||||||||
| Days Payable | 60 | |||||||||
| Cash Conversion Cycle | 189 | 189 | 361 | 27 | 377 | 31 | 139 | 74 | 82 | |
| Working Capital Days | 7,202 | 395 | 1,872 | 275 | -537 | -62 | -127 | -356 | -121 | |
| ROCE % | -2% | 2% | 5% | 7% | 9% | 4% | 3% | 5% | 9% |
Documents
Announcements
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Further Update On USA Matter
16h - Jan 30/31, 2026: US court passed procedural order in SEC case; company not a party, no charges.
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Further Update On USA Matter
1d - Counsel accepted service Jan 30, 2026; defendants to move to dismiss; company not charged.
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Intimation Of Incorporation Of Step-Down Subsidiary Company
1d - Adani step-down subsidiary Windrix Energy Ltd incorporated Dec 13, 2025; Rs.100,000 paid-up; operations yet to commence.
- Equity Investor Presentation 1d
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
1d - Transcript of Q3 FY26 earnings call for quarter and nine months ended Dec 31, 2025; held Jan 23, 2026.
Annual reports
Concalls
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Jan 2026TranscriptAI SummaryPPT
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Nov 2025Transcript PPT REC
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Oct 2025TranscriptAI SummaryPPT
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Aug 2024Transcript PPT
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Jul 2024TranscriptAI SummaryPPT
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May 2024Transcript PPT REC
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Jan 2024TranscriptPPTREC
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Nov 2023TranscriptAI SummaryPPT
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Sep 2023TranscriptAI SummaryPPT
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Sep 2023TranscriptAI SummaryPPT
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Aug 2023Transcript PPT
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Jun 2023TranscriptAI SummaryPPT
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May 2023Transcript PPT REC
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Feb 2023Transcript PPT
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Oct 2022TranscriptAI SummaryPPT
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Oct 2022TranscriptAI SummaryPPT
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Sep 2022TranscriptAI SummaryPPT
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Jun 2022TranscriptAI SummaryPPT
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May 2022TranscriptAI SummaryPPT
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Apr 2022TranscriptAI SummaryPPT
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Mar 2022TranscriptAI SummaryPPT
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Feb 2022TranscriptPPT
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Dec 2021TranscriptAI SummaryPPT
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Nov 2021Transcript PPT
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Sep 2021TranscriptAI SummaryPPT
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Sep 2021TranscriptAI SummaryPPT
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Sep 2021TranscriptAI SummaryPPT
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Sep 2021TranscriptAI SummaryPPT
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Aug 2021Transcript PPT
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Mar 2021Transcript PPT
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Nov 2020TranscriptPPT
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Dec 2019TranscriptPPT
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Apr 2019TranscriptPPT
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Feb 2019TranscriptPPT
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Oct 2018TranscriptPPT
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Aug 2018TranscriptPPT
Part of Adani Group
The company is a part of the Adani Group, a leading Indian conglomerate with 9 publicly listed firms across sectors like energy & utility, transport & logistics, materials, metal & mining, etc. As of FY25, the promoter group owned about a 61% stake in the company. [1]