Adani Green Energy Limited (IN:ADANIGREEN)
:ADANIGREEN
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Adani Green Energy Limited
(ADANIGREEN)
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Rating:57Neutral
Price Target:
₹1,428.00
▲(37.47% Upside)
Action:Reiterated
Date:04/25/26
The score is held back primarily by high leverage and negative free cash flow despite improving operating cash flow. Technicals are strong but appear overextended, while valuation is expensive (high P/E) with no dividend support.
Positive Factors
Scaled Revenue and Profitability
Material scaling of revenue and sustained positive net income signal a maturing operating base and stronger project pipeline economics. Scale supports unit cost efficiencies, negotiating leverage on procurement and O&M, and provides a firmer foundation for long‑term earnings as new capacity is commissioned.
Negative Factors
Very High and Rising Leverage
A heavily leveraged capital structure materially amplifies refinancing, interest‑rate and counterparty risks for a capital‑intensive renewables firm. High debt burdens constrain strategic flexibility, increase financing costs, and make project returns sensitive to rate moves and covenant pressures over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Scaled Revenue and Profitability
Material scaling of revenue and sustained positive net income signal a maturing operating base and stronger project pipeline economics. Scale supports unit cost efficiencies, negotiating leverage on procurement and O&M, and provides a firmer foundation for long‑term earnings as new capacity is commissioned.
Read all positive factors
Adani Green Energy Limited (ADANIGREEN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.25T
Dividend YieldN/A
Average Volume (3M)469.76K
Price to Earnings (P/E)91.4
Beta (1Y)1.73
Revenue Growth14.13%
EPS Growth9.79%
CountryIN
Employees1,597
SectorEnergy
Sector Strength52
IndustryRenewable Utilities
Share Statistics
EPS (TTM)11.34
Shares Outstanding1,647,176,100
10 Day Avg. Volume144,487
30 Day Avg. Volume469,764
Financial Highlights & Ratios
PEG Ratio5.83
Price to Book (P/B)7.31
Price to Sales (P/S)11.28
P/FCF Ratio-9.14
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)20.77
Revenue Forecast (FY)₹180.13B
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,...
How the Company Makes Money
Adani Green Energy Limited primarily makes money by selling electricity generated from its renewable energy projects (mainly solar and wind) to off-takers under long-term power purchase agreements (PPAs). Under these contracts, revenue is typicall...
Adani Green Energy Limited Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
42
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 122.70B | 129.28B | 113.51B | 92.44B | 77.91B | 51.43B |
| Gross Profit | 100.08B | 122.20B | 96.31B | 77.88B | 58.42B | 37.18B |
| EBITDA | 97.58B | 114.40B | 89.56B | 72.75B | 54.36B | 34.94B |
| Net Income | 20.18B | 16.52B | 14.44B | 11.00B | 9.74B | 4.89B |
Balance Sheet | ||||||
| Total Assets | 1.26T | 1.44T | 1.11T | 885.38B | 673.61B | 591.67B |
| Cash, Cash Equivalents and Short-Term Investments | 60.65B | 67.34B | 45.87B | 41.44B | 26.45B | 14.83B |
| Total Debt | 888.28B | 1.01T | 800.40B | 648.58B | 542.23B | 528.32B |
| Total Liabilities | 967.93B | 1.14T | 888.25B | 710.90B | 600.11B | 565.53B |
| Stockholders Equity | 188.49B | 199.65B | 121.37B | 98.34B | 73.04B | 26.14B |
Cash Flow | ||||||
| Free Cash Flow | -79.21B | -159.62B | -164.12B | -80.60B | 38.89B | -117.32B |
| Operating Cash Flow | 43.76B | 101.35B | 83.64B | 77.13B | 72.65B | 30.60B |
| Investing Cash Flow | -125.93B | -262.27B | -198.27B | -210.60B | -38.57B | -192.81B |
| Financing Cash Flow | 88.60B | 156.15B | 120.68B | 139.53B | -29.73B | 159.86B |
Adani Green Energy Limited Technical Analysis
Positive
1038.80
Price Trends
1074.73
Positive
1016.21
Positive
1015.69
Positive
Market Momentum
87.02
Positive
67.35
Neutral
46.63
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ADANIGREEN, the sentiment is Positive. The current price of 1038.8 is below the 20-day moving average (MA) of 1302.32, below the 50-day MA of 1074.73, and above the 200-day MA of 1015.69, indicating a bullish trend. The MACD of 87.02 indicates Positive momentum. The RSI at 67.35 is Neutral, neither overbought nor oversold. The STOCH value of 46.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:ADANIGREEN.
Adani Green Energy Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | ₹721.01B | 40.55 | ― | ― | 61.67% | 181.53% | |
57 Neutral | ₹2.25T | 91.41 | ― | ― | 14.13% | 9.79% | |
55 Neutral | ₹943.58B | 36.79 | ― | 0.41% | 60.92% | 14.55% | |
47 Neutral | ₹45.66B | 6.46 | ― | ― | 19.77% | -479.97% |
* Energy Sector Average
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Adani Green Energy Limited Corporate Events
Adani Green Energises 150 MW Khavda Solar Project, Lifting Operational Capacity to 19.7 GW
May 10, 2026
Adani Green Energy Limited has operationalised a new 150 MW solar power project at Khavda in Gujarat through its wholly owned stepdown subsidiary, Adani Green Energy Twenty Five C Limited. The commissioning of this plant increases the company̵...
Adani Green Adds New Step-Down Units to Bolster Renewable Project Platform
May 7, 2026
Adani Green Energy Limited has expanded its corporate structure through subsidiary Adani Renewable Energy Sixty Four Limited, which has incorporated two wholly owned step-down subsidiaries, ARE64L Step-One Renewable Energy Limited and ARE64L Step-...
Adani Green Energy Activates 292 MW Khavda Solar Project, Lifts Operational Capacity
Apr 22, 2026
Adani Green Energy Limited’s wholly owned step-down subsidiary, Adani Green Energy Twenty Six A Limited, has operationalised a 292 MW solar power project at Khavda in Gujarat, with power generation commencing from April 23, 2026. With this c...
Adani Green Says It Faces No Charges as SEC Case Against Directors Seeks New Timeline
Apr 18, 2026
Adani Green Energy Limited has clarified that it is not a party to a civil case filed by the U.S. Securities and Exchange Commission against its directors Gautam Adani and Sagar Adani in the U.S. District Court for the Eastern District of New York...
Adani Green Energy Receives 87.3 ESG Rating from Care ESG Ratings
Apr 11, 2026
Adani Green Energy Limited has disclosed that Care ESG Ratings Limited has assigned the company an ESG score of 87.3, reflecting an external assessment of its performance on environmental, social, and governance parameters. The rating disclosure u...
Adani Green Adds 360.5 MW Renewables, 1,376 MWh Storage to India Portfolio
Apr 1, 2026
Adani Green Energy Limited has commercially operationalized 360.5 MW of new renewable energy projects across Bandha in Rajasthan and Khavda in Gujarat, alongside 1,376 MWh of battery energy storage systems at Khavda. With these additions becoming ...
Adani Green Sets Global Greenfield Record With 5 GW Boost in FY26
Apr 1, 2026
Adani Green Energy Limited has achieved a record annual greenfield capacity addition of over 5 GW in FY26, taking its operational renewable portfolio to 19.3 GW and marking the highest such expansion globally outside China. The build-out, spanning...
Adani Green Energizes 510 MW at Khavda, Nears 18 GW Capacity
Mar 23, 2026
Adani Green Energy Limited has brought 510.1 MW of new renewable power projects into operation at Khavda in Gujarat through several stepdown subsidiaries, spanning solar, wind, and hybrid configurations. This expansion includes multiple special pu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.