Adani Green Energy Ltd

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Adani Green Energy Ltd

₹ 1,295 1.38%
01 Oct 9:44 a.m.
adanigreenenergy.com BSE: 541450 NSE: ADANIGREEN F&O
About

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]

Key Points

Part of Adani Group[1]
The company is part of the Adani Group, a leading Indian conglomerate with 10 publicly listed firms across sectors such as energy & utilities, transport & logistics, materials, metals & mining, etc. As of FY26, the promoter group owned about a 62% stake in the company.

Website BSE NSE F&O
  • Market Cap ₹ 2,13,252 Cr.
  • Current Price ₹ 1,295
  • High / Low ₹ 1,632 / 765
  • Stock P/E 110
  • Book Value ₹ 121
  • Dividend Yield 0.00 %
  • ROCE 7.39 %
  • ROE 11.4 %
  • Face Value ₹ 10.0
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Pros

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

Cons

  • Stock is trading at 10.5 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

* 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

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
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
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%
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
Profit before tax 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%
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
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 15m Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
28 502 1,480 2,058 2,549 3,124 5,133 7,792 9,220 11,212 12,928 13,559
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%
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
Profit before tax -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%
-9 -47 -138 -475 -68 182 489 973 1,260 2,001 1,987 2,146
EPS in Rs -0.58 -0.37 -1.00 -3.03 -0.15 1.34 3.13 6.15 6.94 9.12 10.03 10.83
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 85%
5 Years: 33%
3 Years: 18%
TTM: 11%
Compounded Profit Growth
10 Years: 70%
5 Years: 44%
3 Years: 17%
TTM: 4%
Stock Price CAGR
10 Years: %
5 Years: 2%
3 Years: 9%
1 Year: 20%
Return on Equity
10 Years: 12%
5 Years: 15%
3 Years: 13%
Last Year: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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
4,132 4,347 9,864 11,142 14,867 24,209 52,832 54,223 64,858 80,040 103,545
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 88,086 110,764 142,988
2,781 4,341 9,120 10,388 12,554 16,429 28,452 48,336 62,284 79,914 102,138
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
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 88,086 110,764 142,988

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
28 649 1,625 1,965 1,601 3,060 7,265 7,713 8,364 10,135
-1,511 -4,428 -2,666 -3,743 -9,137 -18,663 -3,857 -21,060 -19,828 -26,227
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

Consolidated / View Standalone

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

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Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
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Total Operational RE Capacity
MW AC
Solar Capacity Utilization Factor (CUF)
%
Solar Operational Capacity
MW AC
Solar Plant Availability
%
Wind Capacity Utilization Factor (CUF)
%
Wind Operational Capacity
MW AC
Hybrid (Solar-Wind) Operational Capacity
MW AC

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Shareholding Pattern

Numbers in percentages

3 Recently
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
56.26% 56.37% 56.37% 57.51% 60.93% 60.93% 60.93% 61.91% 62.44% 62.44% 62.44% 62.43%
18.16% 18.03% 18.15% 16.91% 15.16% 13.68% 12.45% 11.58% 11.29% 11.42% 11.10% 11.84%
1.49% 1.50% 1.55% 1.46% 1.45% 1.73% 2.40% 2.86% 2.98% 4.31% 4.56% 4.82%
24.09% 24.10% 23.93% 24.11% 22.45% 23.64% 24.22% 23.64% 23.30% 21.84% 21.92% 20.90%
No. of Shareholders 6,76,2716,93,0646,68,5867,42,5796,28,4259,00,7709,95,7009,89,8219,77,4839,35,7169,30,9707,99,143

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

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