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 10.5 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
Growth Rate
AI Analysis — Bull vs Bear
Adani Green Energy (market cap about Rs 2,10,427 crore) grew sales at a 33% 5-year CAGR and 85% 10-year CAGR, and it added 5.1 GW of greenfield capacity in FY26, up from 3.3 GW in FY25. The stock trades at 98.2x earnings and 10.93x book value. Return on equity was 13% over 3 years and 11% last year. TTM profit growth has slowed to 4%, and the company has low interest coverage and pays no dividend.
- Long-term revenue growth is high: sales compounded at 85% over 10 years, 33% over 5 years and 18% over 3 years, with a 10-year median sales growth of 31.4%.
- Capacity additions are speeding up. Greenfield additions were 5.1 GW in FY26, about 1.5x the 3.3 GW added in FY25. Operational capacity reached 14.2 GW at end-FY25, up 30% YoY.
- Energy sales rose 34% YoY to 37,567 million units in FY26, after 28% growth to 27,969 million units in FY25. New capacity is turning into generation volume.
- Operating margins are high. FY26 EBITDA margin was about 91% (91.7% in FY25), and power supply EBITDA grew 23% YoY to Rs 10,865 crore.
- Profits have grown over the long run, with profit compounding at 44% over 5 years and 70% over 10 years.
- Revenue from power supply grew 22% YoY to Rs 11,602 crore in FY26, and cash profit rose 11% to Rs 5,399 crore.
- The stock has recovered recently, returning 24% over 1 year compared with 8% annualised over 3 years.
- The valuation is high: 98.2x P/E and 10.93x P/B. That is a lot to pay per unit of earnings and book value for a capital-heavy utility business.
- Returns on capital are modest. ROE was 13.4% over 3 years and fell to 11% last year, which sits oddly against a P/B above 10x.
- Growth is slowing. TTM profit growth of 4% trails TTM sales growth of 11%, and both are far below the 5-year CAGRs of 44% for profit and 33% for sales.
- The balance sheet is leveraged. Interest coverage is low, and the company may be capitalising interest costs, which could make reported profits look better than the underlying economics.
- Cash profit grew only 11% in FY26 while EBITDA grew 23%. Finance and other costs are absorbing a growing share of operating gains.
- Shareholders have seen weak long-term returns: a 5-year stock CAGR of 2% and a 3-year CAGR of 8%, despite 33% 5-year sales growth.
- The dividend yield is 0% even though the company reports repeated profits, so returns depend entirely on price appreciation. The low tax rate may also not last.
- Governance and regulatory overhang: in November 2024, US authorities brought indictments involving group leadership over solar power supply contracts. This could affect cost and access for the company's heavy capital needs.
This is AI-generated analysis, not financial advice. Do your own due diligence. Data notes: the provided key metrics had no values for ROE, debt-to-equity, EPS and the 52-week high and low. The roe field uses last year's 11% from the growth metrics, and debt_to_equity is left null. FY25 and FY26 operating figures come from the company's results press releases.
AI News Digest
- Dominant BESS leadership in India Oct 1
On October 1, 2026, Adani Green brought 481.9 MW of renewable capacity and 3,081 MWh of BESS online in Gujarat, taking total BESS capacity to 6.63 GWh, more than 50% of India's operational storage. The Khavda site is the world's largest single-location BESS, and the company targets 10+ GWh of new storage in FY27 and 50 GWh over five years.
- Investor and analyst meetings scheduled Sep 9
From September 14 to 24, 2026, the company will hold investor and analyst interactions, including site visits and meetings at major financial conferences in India and Asia. This points to active investor outreach but is not a material event in itself.
- EGM approves independent director re-appointments Sep 3
At the EGM on September 3, 2026, shareholders approved the re-appointment of three independent directors. All resolutions passed with large majorities, which suggests governance continuity.
TL;DR: Adani Green's main development is the October 1 addition of 3,081 MWh of storage, which takes it to 6.63 GWh and more than half of India's operational BESS capacity, strengthening its lead in grid-scale storage. The other items are routine: investor outreach and a smooth EGM, with no negative news in this set. The key risk is execution, since adding 10+ GWh in FY27 and 50 GWh in five years will need large capital spending and timely commissioning. The trend looks positive, and the company's progress against its FY27 storage target will be the main thing to watch.
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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