Adani Green Energy Limited (ADANIGREEN) AI Stock Analysis

• Market Cap: ₹1.40T
• Dividend Yield: N/A
• Average Volume (3M): 469.76K
• Price to Earnings (P/E): 93.3
• Beta (1Y): 1.62
• Revenue Growth: 14.16%
• EPS Growth: 75.34%
• Country: IN
• Employees: 1,597
• Sector: Energy
• Sector Strength: 52
• Industry: Renewable Utilities
• EPS (TTM): -0.20
• Shares Outstanding: 1,647,176,100
• 10 Day Avg. Volume: 144,487
• 30 Day Avg. Volume: 469,764
• PEG Ratio: 3.14
• Price to Book (P/B): 13.07
• Price to Sales (P/S): 13.97
• P/FCF Ratio: -9.66
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: ₹898.00 ▼(-13.55% Downside)

The score is led by solid operational growth and profitability, but is meaningfully constrained by high leverage and persistently negative free cash flow. Technicals are weak with a clear downtrend and bearish momentum, and valuation is stretched with a high P/E and no dividend yield.

Positive Factors

Sustained Revenue Expansion

Five-year revenue growth reflects durable capacity additions and scaling of contracted generation. Sustained top-line expansion supports long-term cash flow predictability, strengthens negotiating power on project financing, and underpins reinvestment capacity for further renewable buildout.

Very High Gross Margins

Exceptionally high gross margins indicate structural cost advantages once assets are commissioned, owing to low operating fuel costs of wind/solar and long-term contracted tariffs. This supports margin durability across the asset base and resilience to modest revenue variability.

Strong Operating Cash Generation

Consistent positive operating cash flow shows core asset cash conversion and operational discipline. Over the medium term this provides the ability to service project-level obligations, fund maintenance, and support staged growth, even if financing is needed for new builds.

Negative Factors

Very High Leverage

Heavy reliance on debt materially increases refinancing and interest-rate vulnerability. Over 2–6 months, elevated leverage limits capital flexibility, raises default risk under stress, and constrains ability to fund opportunistic investments without dilutive or costly financing.

Persistent Negative Free Cash Flow

Sustained negative FCF driven by capex-intensive expansion means the company must continually access external funding to grow or service debt. Over time this risks higher financing costs, execution delays if capital tightens, and pressure on balance sheet resilience.

Counterparty & Grid Exposure

Dependence on PPAs with distribution companies and exposure to grid curtailment are structural risks that affect usable generation and cash timing. Persistent counterparty payment issues or grid constraints can erode contracted cash flows and raise working capital needs.

Adani Green Energy Limited Business Overview & Revenue Model

Company Description

Adani Green Energy Limited generates and supplies renewable energy to central and state government entities, and government backed corporations in India. The company builds, owns, and operates power plants through renewable sources, such as solar, wind, and hybrid. As of March 31, 2022, it operated solar power plants with an operational capacity of 4,763 megawatts (MW); and wind power plants with an operational capacity of 647 MW. The company was incorporated in 2015 and is based in Ahmedabad, India.

How the Company Makes Money

Adani Green Energy Limited generates revenue primarily through the sale of electricity produced from its renewable energy projects, including solar and wind farms. The company enters into Power Purchase Agreements (PPAs) with various state and central government entities, as well as private corporations, ensuring a steady income stream for the electricity generated. Additionally, ADANIGREEN benefits from various government incentives and subsidies aimed at promoting renewable energy in India. The company is also involved in the development of energy storage solutions and green hydrogen projects, which are emerging as potential future revenue streams. Strategic partnerships with technology providers and financial institutions further enhance its operational capabilities and financial stability.

Adani Green Energy Limited Financial Statement Overview

Summary

Strong income statement momentum (high revenue growth and strong gross/net margins) is offset by balance sheet risk (very high debt-to-equity of 6.6 and low equity ratio of 10.9%) and weak cash conversion for shareholders (negative free cash flow driven by heavy capex).

Income Statement

Adani Green Energy Limited demonstrates strong revenue growth, with revenues increasing from 25.5 billion in 2020 to 112.1 billion in 2025, highlighting a robust expansion trajectory. The gross profit margin remains consistently high, reaching approximately 87.1% in 2025, indicating strong cost management. The net profit margin improved significantly, rising from 8.3% in 2021 to 12.9% in 2025. However, EBIT margin has shown some volatility, decreasing from 83.3% in 2024 to 56.9% in 2025. Overall, the company shows strong growth and profitability but with some margin fluctuations.

Balance Sheet

The company's balance sheet reflects a high debt-to-equity ratio of 6.6 in 2025, indicating significant leverage. Despite this, return on equity improved from 16.1% in 2024 to 11.9% in 2025, suggesting better efficiency in generating profits from equity. The equity ratio is relatively low at 10.9%, suggesting a heavy reliance on debt financing. While the company is expanding its asset base, the high leverage poses a risk to financial stability.

Cash Flow

The cash flow statement indicates that the operating cash flow has been consistently positive, reaching 83.6 billion in 2025. However, the free cash flow remains negative due to high capital expenditures, recording -164.1 billion in 2025. The operating cash flow to net income ratio is strong, reflecting the company's ability to convert income into cash. Nevertheless, the continuous negative free cash flow due to capital investments suggests potential liquidity challenges, despite strong operating cash generation.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	123.17B	113.51B	92.44B	77.91B	51.43B	31.29B
Gross Profit	103.95B	96.31B	77.88B	58.42B	37.18B	24.16B
EBITDA	92.57B	89.56B	72.75B	54.36B	34.94B	22.44B
Net Income	17.11B	14.44B	11.00B	9.74B	4.89B	2.10B
Balance Sheet
Total Assets	0.00	1.11T	885.38B	673.61B	591.67B	287.21B
Cash, Cash Equivalents and Short-Term Investments	45.87B	45.87B	41.44B	26.45B	14.83B	6.70B
Total Debt	0.00	800.40B	648.58B	542.23B	528.32B	242.09B
Total Liabilities	-225.73B	888.25B	710.90B	600.11B	565.53B	265.95B
Stockholders Equity	225.73B	121.37B	98.34B	73.04B	26.14B	22.00B
Cash Flow
Free Cash Flow	0.00	-164.12B	-80.60B	38.89B	-117.32B	-45.42B
Operating Cash Flow	0.00	83.64B	77.13B	72.65B	30.60B	16.01B
Investing Cash Flow	0.00	-198.27B	-210.60B	-38.57B	-192.81B	-91.37B
Financing Cash Flow	0.00	120.68B	139.53B	-29.73B	159.86B	70.83B

Adani Green Energy Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1038.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ADANIGREEN, the sentiment is Negative. The current price of 1038.8 is above the 20-day moving average (MA) of 907.11, above the 50-day MA of 974.87, and above the 200-day MA of 994.09, indicating a bearish trend. The MACD of -48.08 indicates Positive momentum. The RSI at 38.54 is Neutral, neither overbought nor oversold. The STOCH value of 46.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ADANIGREEN.

Adani Green Energy Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
JSWENERGY	64 Neutral	₹802.75B	35.19	―	0.41%	39.71%	1.33%
SUZLON	64 Neutral	₹653.69B	20.56	―	―	74.67%	229.31%
ADANIGREEN	59 Neutral	₹1.40T	93.29	―	―	14.16%	75.34%
SWANENERGY	53 Neutral	₹132.06B	22.82	―	0.02%	-0.93%	64.17%
SWSOLAR	43 Neutral	₹43.24B	-11.12	―	―	112.24%	-474.43%

Adani Green Energy Limited Corporate Events

Adani Group Wins Landmark Japanese Credit Ratings from JCR

Japan Credit Rating Agency has initiated long-term foreign currency credit ratings on three key Adani Group entities, assigning Adani Green Energy Limited and Adani Energy Solutions Limited a BBB+ rating with a stable outlook, in line with India’s sovereign rating, and awarding Adani Ports & SEZ an A- rating with a stable outlook, one notch above the sovereign. The move marks a notable milestone in Adani’s global credit journey, positioning its infrastructure platforms more prominently on the international stage and signalling strong credit profiles, diversified assets and resilient cash flows that may enhance the group’s access to global capital and reinforce investor confidence in its long-term infrastructure and energy-growth strategy.

Adani Green Energy Plans US Investor Roadshow and Conference Meetings in February 2026

Adani Green Energy Limited has notified the stock exchanges that it will hold a series of interactions with investors and analysts in the United States in early February 2026. The company plans a non-deal roadshow across 2–6 February 2026 and participation in the Adani Annual Conference in the US on 9–10 February 2026, both involving in-person group meetings, signalling continued outreach to global institutional investors and analysts to bolster engagement and visibility in international capital markets.

Adani Green Energy Adds 50 MW Khavda Solar Plant, Lifts Capacity to 17,287 MW

Adani Green Energy Limited announced that its wholly owned step-down subsidiary, Adani Green Energy Twenty Six A Limited, has operationalized a 50 MW solar power project at Khavda in Gujarat. With the commissioning of this plant, the company’s total operational renewable generation capacity has risen to 17,287.2 MW, underscoring its growing scale in India’s clean energy sector and reinforcing its position as a leading player in utility-scale renewable power generation.

Adani Green Reiterates It Is Not Party to SEC-Linked Civil Proceedings

Adani Green Energy Limited has issued an update clarifying the status of civil proceedings involving U.S. Securities and Exchange Commission (SEC) actions related to Gautam Adani and Sagar Adani. The company states that counsel for the two individuals are in discussions with the SEC on procedural aspects of the regulator’s motion for alternative methods of service, and that the relevant U.S. court has been requested not to rule on the motion until an application is filed. Adani Green reiterates that it is not a party to these proceedings and that no charges have been brought against the company, a point aimed at reassuring investors and other stakeholders about the absence of direct legal exposure for the listed entity.

Adani Green Says SEC Civil Case Against Directors Has No Impact on Its Operations

Adani Green Energy Limited has clarified that it is not a party to the civil proceedings initiated by the U.S. Securities and Exchange Commission in the Eastern District of New York against its directors Gautam Adani and Sagar Adani, which were the subject of a recent media report. The company emphasized that no charges have been brought against the firm itself, the SEC case is civil in nature, and the defendants have not been accused of violations under the U.S. Foreign Corrupt Practices Act, stating that there are no bribery or corruption charges and that the press report has no adverse impact on its business or operations.

Adani Green Says SEC Civil Case Against Directors Has No Impact on Its Operations

Adani Green Energy Limited has clarified to Indian stock exchanges that a recent media report on a United States Securities and Exchange Commission civil case relates to proceedings against two of its directors, Gautam Adani and Sagar Adani, and not against the company itself. The company stressed it is not a party to the SEC action, that the case is civil in nature with no bribery or corruption charges under the U.S. Foreign Corrupt Practices Act against the directors, and that the SEC’s application for alternative service of summons does not trigger additional disclosure obligations or have any adverse impact on its business or operations.

Adani Green Files SEBI Regulation 74(5) Demat Compliance Certificate for December Quarter

Adani Green Energy Limited has submitted to BSE and NSE a confirmation certificate from its registrar and share transfer agent, MUFG Intime India Private Limited, under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 31 December 2025. The registrar confirmed that all securities received for dematerialisation during the quarter were duly processed (accepted or rejected), that the dematerialised securities correspond to those listed on the stock exchanges, and that physical certificates were mutilated and cancelled with depositories recorded as registered owners within prescribed timelines, underscoring the company’s ongoing compliance with securities handling and depository regulations.

Adani Green Brings 307 MW Khavda Projects Online, Lifts Capacity to 17.2 GW

Adani Green Energy Limited has operationalized 307.4 MW of new renewable power projects at Khavda, Gujarat, through several stepdown subsidiaries spanning solar, wind and hybrid configurations. With these plants commissioned and set to begin power generation on 1 January 2026, the company’s total operational renewable generation capacity has risen to 17,237.2 MW, reinforcing its scale in India’s clean energy sector and signaling continued growth in utility-scale renewables that could strengthen its market position and long-term contracted power portfolio.

Adani Green Energy to Close Trading Window Ahead of Q3 FY2026 Results

Adani Green Energy Limited has announced that its trading window for dealing in the company’s securities will be closed from 1 January 2026 until 48 hours after the publication of its financial results for the quarter ended 31 December 2025. The move is in line with SEBI’s Prohibition of Insider Trading Regulations, 2015, and is intended to prevent insider trading by restricting dealing in the company’s shares during the sensitive period when quarterly financial results are being prepared and finalized.

Adani Green Energy Boosts ESG Score, Enhancing Sustainability Credentials

Adani Green Energy Limited announced an improvement in its ESG (Environmental, Social, and Governance) score, as assessed by S&P Global, rising from 74/100 in the previous year to 77/100 in 2025. This enhancement in the ESG rating underscores the company’s ongoing commitment to sustainability and may positively influence its reputation and attractiveness to environmentally-conscious investors.

Adani Green Energy’s ESG Rating Improves to 94%

Adani Green Energy Limited has received an updated ESG rating from CSR HUB, which has increased from 90% to 94%. This improvement in the ESG rating reflects positively on the company’s commitment to environmental, social, and governance standards, potentially enhancing its reputation and attractiveness to investors and stakeholders.

Adani Green Energy Expands Renewable Capacity with New Projects

Adani Green Energy Limited has announced the operationalization of 200 MW power projects in Khavda, Gujarat, through its subsidiaries. This development increases the company’s total operational renewable generation capacity to 16,929.8 MW, marking a significant step in its growth strategy and reinforcing its position in the renewable energy market.

Adani Green Energy Unveils New Renewable Projects in Investor Presentation

Adani Green Energy Limited has released an investor presentation detailing its latest developments and projects, including solar-wind hybrid plants in Jaisalmer, Rajasthan, and a renewable energy plant in Khavda, Gujarat. This announcement highlights the company’s ongoing commitment to expanding its renewable energy portfolio, which is crucial for maintaining its competitive position in the industry and meeting the growing demand for sustainable energy solutions.

Adani Green Energy Secures 500 MW Energy Storage Contract

Adani Green Energy Limited announced that its subsidiary, Adani Saur Urja (KA) Limited, has received a Letter of Award from Assam Power Distribution Company Limited for a 500 MW energy storage capacity from a Pumped Hydro Storage plant. This award, secured through competitive bidding, signifies a significant step in expanding Adani Green’s renewable energy portfolio, with a fixed tariff set for 40 years, potentially enhancing its market position and long-term revenue stability.

Adani Green Energy Secures 60 MW Solar-Wind Hybrid Power Agreement

Adani Green Energy Limited has announced that its subsidiaries, Adani Solar Energy Jodhpur Six Limited and Adani Renewable Energy Forty One Limited, have entered into Power Consumption Agreements to supply 60 MW of solar-wind hybrid power to a commercial and industrial customer. This power will be sourced from a 50 MW solar power plant in Baap, Rajasthan, and a 52 MW wind power plant in Khavda, Gujarat. This agreement underscores Adani Green Energy’s strategic focus on expanding its renewable energy footprint and catering to the growing demand for sustainable energy solutions in the commercial and industrial sectors.