Adani Green Energy
ADANIGREEN · NSE · Mega Cap
Adani Green Energy
India's largest pure-play renewables IPP — 17.2 GW operational targeting 50 GW by FY30. Khavda solar park anchors multi-year build-out.
Scoring breakdown
SageOne-style fundamental · TQ-100 technical · solar overlays
52-week position
Real snapshot from Screener
Investment thesis
One-liner · bull · bear · monitorables
One-liner. Adani Green Energy: capacity compounding meets falling tariffs — capital recycling and offtaker mix decide equity IRR.
Bull case for Adani Green Energy: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.
Bear case for Adani Green Energy: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.
- 01Quarterly capacity commissioned vs guidance
- 02Receivable days from DISCOMs and large customers
- 03Net debt / EBITDA trajectory
- 04Order book to revenue cover
- 05Average realized tariff and merchant exposure
- 06Capital recycling via InvIT / asset sales
- 07Equity IRR vs cost of equity
Solar exposure
Directness · policy linkage · BOM
Valuation snapshot
Multiple methods · solar-specific multiples
| Method | Value | Hist %ile |
|---|---|---|
| P/E (TTM) | 126.0x | — |
| Forward P/E | — | — |
| EV/EBITDA | 30.9x | — |
| EV/Sales | 25.7x | — |
| P/B | 11.5x | — |
| FCF Yield | -7.0% | — |
| EV / MW | ₹19 cr | — |
Project pipeline
2 tracked projects
Financials
Source: Screener.in (consolidated) · ticker ADANIGREEN · last updated 2026-05-11
Ratio analysis (derived from statements)
Growth · profitability · returns · leverage · cash flow · valuation
Annual P&L · 5 years
₹ Crore. Source: Screener.in consolidated.
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales | 5,133 | 7,776 | 9,220 | 11,212 | 12,928 |
| Operating Profit | 3,512 | 4,970 | 7,339 | 8,889 | 10,768 |
| OPM % | 68% | 64% | 80% | 79% | 83% |
| Net Profit | 489 | 973 | 1,260 | 2,001 | 1,987 |
| EPS (₹) | 3.13 | 6.15 | 6.94 | 9.12 | 10.03 |
Quarterly results · last 4 quarters
₹ Crore.
| Metric | Dec 2024 | Jun 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 2,618 | 3,800 | 3,008 | 3,502 |
| OPM % | 86% | 80% | 87% | 82% |
| Net Profit | 5 | 824 | 644 | 514 |
Balance sheet · 5 years
₹ Crore.
| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity Capital | 1,564 | 1,584 | 1,584 | 1,584 | 1,647 |
| Reserves | 1,050 | 5,720 | 9,058 | 10,553 | 18,318 |
| Borrowings | 52,832 | 54,223 | 64,858 | 80,040 | 1,03,545 |
| Fixed Assets | 28,452 | 48,336 | 62,284 | 79,914 | 1,02,153 |
| Total Assets | 58,954 | 66,909 | 88,086 | 1,10,764 | 1,44,097 |
Cash flow · 4 years
₹ Crore.
| Activity | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|
| Operating | 7,265 | 7,713 | 8,364 | 10,135 |
| Investing | -18,730 | -21,060 | -19,828 | -26,227 |
| Financing | 15,986 | 13,953 | 12,068 | 15,615 |
| Net Cash Flow | 4,521 | 606 | 604 | -477 |
Shareholding pattern
Latest disclosed
Policy linkages
Schemes where this company is a confirmed or likely beneficiary