Adani Green Energy Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Renewable Power Generation & Other Related Ancillary Activities: 85.9% • Sale of Goods/ Equipments & Related Services: 14.1%
AI Sector View
AI GENERATEDPower
Operationally, power remains one of the strongest sectors in the dataset. Power generation rose 8.0% YoY (2026-07), IIP-electricity was 10.0% YoY (2026-06), electricity core output was 9.0% YoY (2026-07), and coal offtake increased 10.0% YoY (2026-07). FPI outflows are a headwind at INR -10736 crore over 3 months to 2026-08-31, but the fundamental demand signal is strong enough to retain a positive stance.
PROS
- Company has delivered good profit growth of 61.3% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 20.1%
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 32.9% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 5.11x)
CONS
- Company has a high debt-to-equity of 5.24x
- A large part of profit comes from other income (141.5% of PBT)
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on capital employed of 9.9%
- Interest coverage is weak at 1.2x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIPOWER | 209.85 | 28.39 | 404689.32 | 0.00 | 4866.60 | 47.24 | 18901.89 | 33.97 | 17.79 | 42.67 |
| NTPC | 333.30 | 11.64 | 323189.88 | 2.70 | 6896.44 | -88.71 | 50740.96 | 7.81 | 8.52 | 33.23 |
| POWERGRID | 269.10 | 15.74 | 250279.25 | 3.34 | 3598.42 | -0.89 | 11496.72 | 2.68 | 9.74 | 82.97 |
| ADANIGREEN | 1282.00 | 118.37 | 211167.98 | 0.00 | 983.00 | 19.30 | 4431.00 | 16.61 | 9.90 | 91.24 |
| ADANIENSOL | 1373.75 | 57.55 | 168003.37 | 0.00 | 12365.60 | 2194.43 | 97110.80 | 1324.06 | 9.71 | 31.27 |
| TATAPOWER | 365.00 | 30.19 | 116629.89 | 0.68 | 1400.86 | 10.98 | 19051.26 | 5.63 | 11.63 | 21.53 |
| JSWENERGY | 525.45 | 48.97 | 96340.35 | 0.38 | 532.70 | -36.27 | 5207.13 | 1.24 | 8.50 | 55.22 |
| NHPC | 76.30 | 20.19 | 76643.62 | 2.11 | 1178.09 | 4.15 | 3808.31 | 18.50 | 6.16 | 61.80 |
| NTPCGREEN | 86.90 | 120.64 | 73224.80 | 0.00 | 304.84 | 38.26 | 1106.86 | 62.72 | 3.73 | 91.95 |
| TORNTPOWER | 1298.20 | 28.15 | 65416.76 | 1.54 | 661.85 | -10.75 | 8124.15 | 2.75 | 14.37 | 18.93 |
| NLCINDIA | 264.25 | 11.42 | 36641.87 | 1.46 | 436.33 | -48.01 | 4716.75 | 23.29 | 11.27 | 32.83 |
| ACMESOLAR | 401.85 | 47.07 | 28405.75 | 0.05 | 235.33 | 79.88 | 857.50 | 67.81 | 9.23 | 85.63 |
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 | 2,205 | 2,311 | 2,562 | 2,794 | 2,983 | 2,340 | 3,051 | 3,800 | 2,824 | 2,618 | 3,328 | 4,431 | |
| 241 | 521 | 645 | 693 | 415 | 788 | 460 | 671 | 758 | 405 | 377 | 620 | 3,473 | |
| Operating Profit | 1,921 | 1,684 | 1,666 | 1,869 | 2,379 | 2,195 | 1,880 | 2,380 | 3,042 | 2,419 | 2,241 | 2,708 | 958 |
| OPM % | 88.85% | 76.37% | 72.09% | 72.95% | 85.15% | 73.58% | 80.34% | 78.01% | 80.05% | 85.66% | 85.60% | 81.37% | 21.62% |
| 338 | 353 | 264 | 199 | 271 | 294 | 280 | 39 | 189 | 158 | 208 | 117 | 234 | |
| 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 | 1,246 |
| Tax % | 34.22% | 28.81% | 32.85% | 23.63% | 28.50% | 5.88% | -37.46% | 28.78% | 24.71% | -81.16% | 27.41% | 11.48% | 21.11% |
| Net Profit | 0 | 0 | 0 | 0 | 629 | 515 | 474 | 383 | 824 | 644 | 50 | 514 | 983 |
| 1.85 | 2.17 | 1.42 | 0.76 | 2.63 | 1.56 | 2.92 | 1.26 | 4.26 | 3.44 | -0.38 | 2.33 | 5.05 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 502 | 1,480 | 2,058 | 2,549 | 3,124 | 5,133 | 7,776 | 9,220 | 11,212 | 12,928 | 13,201 | |
| 98 | 647 | 533 | 1,099 | 889 | 1,623 | 2,845 | 1,902 | 2,335 | 2,160 | 4,875 | |
| Operating Profit | 403 | 834 | 1,525 | 1,450 | 2,235 | 3,510 | 4,931 | 7,318 | 8,877 | 10,768 | 8,326 |
| OPM % | 80.37% | 56.31% | 74.12% | 56.89% | 71.54% | 68.38% | 63.41% | 79.37% | 79.17% | 83.29% | 63.07% |
| 144 | 51 | 113 | 203 | 546 | 508 | 1,175 | 1,055 | 1,167 | 2,613 | 717 | |
| Interest | 397 | 552 | 1,161 | 1,309 | 2,108 | 2,617 | 3,439 | 5,088 | 5,775 | 8,425 | 6,960 |
| Depreciation | 333 | 543 | 1,062 | 394 | 486 | 849 | 1,300 | 1,903 | 2,498 | 3,372 | 3,631 |
| Profit before Tax | -184 | -210 | -585 | -50 | 193 | 553 | 1,426 | 1,671 | 2,215 | 2,001 | 1,891 |
| Tax % | 74.86% | 34.59% | 19.36% | -22.00% | 5.70% | 11.57% | 31.77% | 24.60% | 9.66% | 0.70% | 2.38% |
| Net Profit | -46 | -137 | -471 | -61 | 182 | 489 | 973 | 1,260 | 2,001 | 1,987 | 1,846 |
| EPS | -0.67 | -0.88 | -3.57 | -0.74 | 0.68 | 2.41 | 5.41 | 6.94 | 9.12 | 10.03 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 85%
- 5 Years:
- 33%
- 3 Years:
- 18%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 51%
- 3 Years:
- 19%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 1%
- 3 Years:
- 8%
- 1 Year:
- 31%
RETURN ON EQUITY
- 10 Years:
- 8%
- 5 Years:
- 27%
- 3 Years:
- 20%
- Last Year:
- 14%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,274 | 1,377 | 1,564 | 1,564 | 1,564 | 1,564 | 1,584 | 1,584 | 1,584 | 1,647 |
| Minority Interest | 0 | 0 | -1 | -46 | -74 | 0 | 46 | 6,806 | 10,437 | 9,914 |
| -71 | -223 | -724 | -801 | -703 | -374 | 4,296 | 5,296 | 6,791 | 17,643 | |
| 4,347 | 9,870 | 12,304 | 16,558 | 26,084 | 55,190 | 56,540 | 55,878 | 78,899 | 1,02,915 | |
| Trade Payables | 8 | 98 | 161 | 175 | 129 | 145 | 391 | 316 | 395 | 407 |
| 465 | 4,340 | 977 | 625 | 1,301 | 2,080 | 4,045 | 18,206 | 12,659 | 10,462 | |
| Total Liabilities | 6,022 | 15,463 | 14,282 | 18,075 | 28,301 | 58,605 | 66,902 | 88,086 | 1,10,765 | 1,42,988 |
| 4,341 | 9,120 | 10,388 | 12,554 | 16,429 | 28,452 | 48,336 | 62,284 | 79,914 | 1,02,138 | |
| Capital Work in Progress | 267 | 1,725 | 743 | 1,208 | 4,452 | 19,899 | 5,291 | 6,423 | 14,479 | 19,016 |
| 26 | 87 | 77 | 477 | 502 | 574 | 1,149 | 1,515 | 2,743 | 2,983 | |
| 0 | 1,692 | 136 | 104 | 29 | 17 | 52 | 291 | 101 | 136 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,342 | 1,540 | 2,129 | |
| Cash & Bank | 187 | 457 | 361 | 695 | 1,019 | 1,593 | 1,984 | 8,764 | 3,332 | 2,766 |
| 1,200 | 2,382 | 2,576 | 3,037 | 5,870 | 8,070 | 10,090 | 7,467 | 8,656 | 13,820 | |
| Total Assets | 6,022 | 15,463 | 14,282 | 18,075 | 28,301 | 58,605 | 66,902 | 88,086 | 1,10,765 | 1,42,988 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 29 | 655 | 1,654 | 1,983 | 1,615 | 3,147 | 7,254 | 7,713 | 8,957 | 10,135 | |
| Cash from Investing | -1,510 | -4,428 | -2,666 | -3,743 | -9,225 | -19,348 | -3,857 | -21,060 | -19,827 | -26,227 |
| Cash from Financing | 1,559 | 3,942 | 1,045 | 2,161 | 7,083 | 15,986 | -2,973 | 13,953 | 11,475 | 15,615 |
| 77 | 162 | 3 | 383 | -541 | -235 | 435 | 606 | 605 | -477 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Adani Green Energy Limited has informed the Exchange about Schedule of meet
2026-09-03 - Adani Green Energy Limited has submitted the Exchange a copy Srutinizers report of Extraordinary General Meeting held on September 03, 2026. Further, the company has informed the Exchange regarding voting results.
2026-09-03 - Adani Green Energy Limited has informed the Exchange regarding Proceedings of Extraordinary General Meeting held on September 03, 2026
2026-09-01 - Adani Green Energy Limited has informed the Exchange regarding 'Operationalisation ofProject'.
2026-08-22 - Adani Green Energy Limited has informed the Exchange about Schedule of meet
2026-08-11 - Adani Green Energy Limited has informed the Exchange about Newspaper Publication for Notice of Extra Ordinary General Meeting
2026-08-11 - Adani Green Energy Limited has informed the Exchange about General Updates
2026-08-11 - Adani Green Energy Limited has informed the Exchange about General Updates
2026-08-10 - Adani Green Energy Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on September 03, 2026
News
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Adani Green Energy Ltd.
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