Adani Green Energy Ltd.

•

adanigreenenergy.comBSE: 541450NSE: ADANIGREEN

Market Cap₹ 2,11,168 Cr.

Current Price

High / Low₹ 1,632 / 765

Stock P/E406.9

Book Value₹ 90

Price to Book8.92

Dividend Yield0.00 %

ROCE5.5 %

ROE6.0 %

Face Value₹ 10

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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 GENERATED

Power

Buy

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.

Confidence

71%

View full sector analysis →

PROS

Company has delivered good sales growth of 49.3% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.08x)
Working capital cycle has improved - days down from -103 to -167
Institutional investors have been accumulating - FII+DII up 2.2pp

CONS

A large part of profit comes from other income (264.8% of PBT)
Company has a low return on equity of 2.7% over last 3 years
Company has a low return on capital employed of 6.1%
Interest coverage is weak at 1.3x - earnings barely cover interest
Effective tax rate is unusually low at -42.8% - earnings may be flattered
Stock is trading at 8.9x its book value

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

PowerPowerPower Generation/Distribution

Part ofNIFTY NEXT 50 NIFTYLARGEMIDCAP250 NIFTY100 EQL WGT NIFTY200MOMENTM30 NIFTY TOTAL MKT

S.No.	Name
1.	ADANIPOWER	209.85	28.39	404689.32	0.00	4866.60	47.24	18901.89	33.97	17.79	42.67
2.	NTPC	333.30	11.64	323189.88	2.70	6896.44	-88.71	50740.96	7.81	8.52	33.23
3.	POWERGRID	269.10	15.74	250279.25	3.34	3598.42	-0.89	11496.72	2.68	9.74	82.97
4.	ADANIGREEN	1282.00	118.37	211167.98	0.00	983.00	19.30	4431.00	16.61	9.90	91.24
5.	ADANIENSOL	1373.75	57.55	168003.37	0.00	12365.60	2194.43	97110.80	1324.06	9.71	31.27
6.	TATAPOWER	365.00	30.19	116629.89	0.68	1400.86	10.98	19051.26	5.63	11.63	21.53
7.	JSWENERGY	525.45	48.97	96340.35	0.38	532.70	-36.27	5207.13	1.24	8.50	55.22
8.	NHPC	76.30	20.19	76643.62	2.11	1178.09	4.15	3808.31	18.50	6.16	61.80
9.	NTPCGREEN	86.90	120.64	73224.80	0.00	304.84	38.26	1106.86	62.72	3.73	91.95
10.	TORNTPOWER	1298.20	28.15	65416.76	1.54	661.85	-10.75	8124.15	2.75	14.37	18.93
11.	NLCINDIA	264.25	11.42	36641.87	1.46	436.33	-48.01	4716.75	23.29	11.27	32.83
12.	ACMESOLAR	401.85	47.07	28405.75	0.05	235.33	79.88	857.50	67.81	9.23	85.63

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	691	1,917	2,089	7,304	3,343	3,886	5,922	6,463	4,789	3,791	3,355	6,216	6,206
	697	1,922	2,000	7,177	3,220	3,583	5,148	6,157	4,584	3,526	3,210	6,080	6,558
Operating Profit	-6	-5	89	127	123	303	774	306	205	265	145	136	-352
OPM %	-0.87%	-0.26%	4.26%	1.74%	3.68%	7.80%	13.07%	4.73%	4.28%	6.99%	4.32%	2.19%	-5.67%
	133	141	415	166	299	273	240	253	196	251	281	190	266
Interest	310	364	377	470	482	474	426	368	342	318	317	355	389
Depreciation	3	13	4	10	15	13	15	18	23	23	27	30	35
Profit before Tax	-186	-241	123	-187	-75	90	573	171	36	331	82	-26	-86
Tax %	-10.22%	-7.47%	8.13%	-4.28%	-18.67%	-10.00%	2.79%	51.46%	5.56%	-43.50%	0.00%	150.00%	40.70%
Net Profit	-205	-259	113	-195	-89	99	557	83	34	475	82	13	-51
	-1.39	-1.73	0.61	-1.33	-0.66	0.53	3.42	0.45	0.11	2.92	0.49	0.07	-0.31

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	10	1,719	318	1,247	2,473	10,672	7,629	12,001	19,613	18,340	19,568
	30	1,697	363	1,288	2,444	10,550	7,772	11,796	18,100	17,400	19,374
Operating Profit	-20	21	-45	-41	29	122	-143	205	1,513	940	194
OPM %	-203.39%	1.25%	-14.22%	-3.29%	1.17%	1.14%	-1.87%	1.71%	7.71%	5.13%	0.99%
	8	67	307	333	656	581	984	855	1,059	918	988
Interest	27	132	293	214	258	826	1,163	1,521	1,749	1,332	1,379
Depreciation	10	9	8	3	4	7	11	30	61	103	115
Profit before Tax	-49	-52	-39	75	423	-130	-333	-491	762	423	301
Tax %	-0.00%	11.34%	10.67%	-78.67%	13.95%	55.38%	1.50%	-11.20%	14.17%	-42.79%	-72.43%
Net Profit	-49	-46	-35	134	364	-58	-328	-546	654	604	519
EPS	-0.71	-0.30	-0.32	0.46	1.93	-0.76	-2.47	-3.45	4.13	3.67	—
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:: 471%
5 Years:: 49%
3 Years:: 34%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 11%
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: 1%
3 Years:: 8%
1 Year:: 31%

RETURN ON EQUITY

10 Years:: 1%
5 Years:: -1%
3 Years:: 3%
Last Year:: 6%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	-50	-120	-155	-125	157	-44	3,324	2,827	3,541	13,243
	549	3,487	3,113	2,811	6,059	23,504	19,907	26,587	23,069	26,510
Trade Payables	2	77	90	194	625	495	528	1,255	2,554	3,489
	6	501	791	1,881	5,571	2,030	2,885	8,742	10,883	6,649
Total Liabilities	1,781	5,321	5,402	6,325	13,976	27,549	28,228	40,995	41,631	51,538
	78	69	62	62	67	74	614	877	1,501	3,384
Capital Work in Progress	1	0	1	1	1	8	385	213	668	938
	1,354	1,530	2,030	682	2,920	17,839	20,755	22,995	23,747	28,995
	0	3	251	414	2,429	4,500	1,282	3,385	4,886	7,000
	0	0	0	0	0	0	0	2,419	4,396	2,654
Cash & Bank	11	40	120	210	182	369	566	6,076	938	259
	338	3,679	2,938	4,956	8,377	4,759	4,626	5,030	5,495	8,308
Total Assets	1,781	5,321	5,402	6,325	13,976	27,549	28,228	40,995	41,631	51,538

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-23	-659	541	1,500	-720	1,458	4,995	-2,482	552	2,700
Cash from Investing	-1,541	-2,242	185	-896	-2,274	-12,488	-2,491	-7,393	4,581	-7,461
Cash from Financing	1,571	2,937	-649	-503	2,807	11,028	-2,013	9,754	-4,896	4,266
	6	31	71	91	-185	-5	499	-121	237	-495

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	60.94	60.94	60.94	61.91	62.43	62.43	62.43	62.43
	15.16	13.68	12.45	11.58	11.29	11.42	11.10	11.84
	1.45	1.73	2.40	2.86	2.98	4.31	4.56	4.82
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	22.46	23.66	24.22	23.64	23.30	21.84	21.91	20.91

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-09

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-09 - Adani Green Energy Limited has informed the Exchange about Schedule of meet

2026-09-03

Shareholders meeting

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

Shareholders meeting

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

Updates

2026-09-01 - Adani Green Energy Limited has informed the Exchange regarding 'Operationalisation ofProject'.

2026-08-22

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-22 - Adani Green Energy Limited has informed the Exchange about Schedule of meet

2026-08-11

Copy of Newspaper Publication

2026-08-11 - Adani Green Energy Limited has informed the Exchange about Newspaper Publication for Notice of Extra Ordinary General Meeting

2026-08-11

General Updates

2026-08-11 - Adani Green Energy Limited has informed the Exchange about General Updates

2026-08-11

General Updates

2026-08-11 - Adani Green Energy Limited has informed the Exchange about General Updates

2026-08-10

Shareholders meeting

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

Recent coverage and analyst commentary for ADANIGREEN

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Adani Green Energy Ltd.

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Free 5nance Account

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

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

691

1,917

2,089

7,304

3,343

3,886

5,922

6,463

4,789

3,791

3,355

6,216

6,206

697

1,922

2,000

7,177

3,220

3,583

5,148

6,157

4,584

3,526

3,210

6,080

6,558

Operating Profit

-6

-5

127

123

303

774

306

205

265

145

136

-352

OPM %

-0.87%

-0.26%

4.26%

1.74%

3.68%

7.80%

13.07%

4.73%

4.28%

6.99%

4.32%

2.19%

-5.67%

133

141

415

166

299

273

240

253

196

251

281

190

266

Interest

310

364

377

470

482

474

426

368

342

318

317

355

389

Depreciation

Profit before Tax

-186

-241

123

-187

-75

573

171

331

-26

-86

Tax %

-10.22%

-7.47%

8.13%

-4.28%

-18.67%

-10.00%

2.79%

51.46%

5.56%

-43.50%

0.00%

150.00%

40.70%

Net Profit

-205

-259

113

-195

-89

557

475

-51

-1.39

-1.73

0.61

-1.33

-0.66

0.53

3.42

0.45

0.11

2.92

0.49

0.07

-0.31

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

1,719

318

1,247

2,473

10,672

7,629

12,001

19,613

18,340

19,568

1,697

363

1,288

2,444

10,550

7,772

11,796

18,100

17,400

19,374

Operating Profit

-20

-45

-41

122

-143

205

1,513

940

194

OPM %

-203.39%

1.25%

-14.22%

-3.29%

1.17%

1.14%

-1.87%

1.71%

7.71%

5.13%

0.99%

307

333

656

581

984

855

1,059

918

988

Interest

132

293

214

258

826

1,163

1,521

1,749

1,332

1,379

Depreciation

103

115

Profit before Tax

-49

-52

-39

423

-130

-333

-491

762

423

301

Tax %

-0.00%

11.34%

10.67%

-78.67%

13.95%

55.38%

1.50%

-11.20%

14.17%

-42.79%

-72.43%

Net Profit

-49

-46

-35

134

364

-58

-328

-546

654

604

519

EPS

-0.71

-0.30

-0.32

0.46

1.93

-0.76

-2.47

-3.45

4.13

3.67

—

Dividend Payout %

0.00%

—

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

1,584

1,647

-50

-120

-155

-125

157

-44

3,324

2,827

3,541

13,243

549

3,487

3,113

2,811

6,059

23,504

19,907

26,587

23,069

26,510

Trade Payables

194

625

495

528

1,255

2,554

3,489

501

791

1,881

5,571

2,030

2,885

8,742

10,883

6,649

Total Liabilities

1,781

5,321

5,402

6,325

13,976

27,549

28,228

40,995

41,631

51,538

614

877

1,501

3,384

Capital Work in Progress

385

213

668

938

1,354

1,530

2,030

682

2,920

17,839

20,755

22,995

23,747

28,995

251

414

2,429

4,500

1,282

3,385

4,886

7,000

2,419

4,396

2,654

Cash & Bank

120

210

182

369

566

6,076

938

259

338

3,679

2,938

4,956

8,377

4,759

4,626

5,030

5,495

8,308

Total Assets

1,781

5,321

5,402

6,325

13,976

27,549

28,228

40,995

41,631

51,538

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-23

-659

541

1,500

-720

1,458

4,995

-2,482

552

2,700

Cash from Investing

-1,541

-2,242

185

-896

-2,274

-12,488

-2,491

-7,393

4,581

-7,461

Cash from Financing

1,571

2,937

-649

-503

2,807

11,028

-2,013

9,754

-4,896

4,266

-185

-5

499

-121

237

-495

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

60.94

61.91

62.43

15.16

13.68

12.45

11.58

11.29

11.42

11.10

11.84

1.45

1.73

2.40

2.86

2.98

4.31

4.56

4.82

Government

0.00

22.46

23.66

24.22

23.64

23.30

21.84

21.91

20.91

Adani Green Energy Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Adani Green Energy Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI