Adani Green Energy Ltd.

ADANIGREENNSEPowerPower Generation/DistributionLarge Cap

₹1,502.4

▼ 0.29%

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Composite

Adani Green Energy is one of the largest renewable companies in India. AGEL is part of the Adani Group’s promise to provide a better, cleaner and greener future for India. Driven by the Group’s philosophy of ‘Growth with Goodness’, the company develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects. The electricity generated is supplied to central and state government entities and government-backed corporations.

www.adanigreenenergy.comSector: PowerIndustry: Power Generation/Distribution

Q-DITS fundamental score

47Composite

Growth

Profitability

Valuation

Quality

Solvency

Earnings

100

Key metrics

MCap

₹2.47L Cr

TTM PE

149.7x

Industry PE

26.7x

TTM EPS

₹10.03

Book Value

₹117.11

Face Value

₹10

Div Yield

PEG

7.8x

6.9x

ROE

14.4%

ROCE

9.9%

EBITDA mgn

105.2%

D/E

5.24

Int. Cover

1.2x

Curr. Ratio

0.57x

EPS

₹10.03

Growth — CAGR across horizons

Metric	1Y	3Y	5Y	10Y
Net Sales	15.3%	18.5%	32.9%	—
EBITDA	21.3%	29.7%	37%	—
Net Profit	8%	19.2%	45.3%	—

Score snapshot

Piotroski

7/9

Altman Z

0.51

Quality

30.9

Growth

Valuation

Earn. Qual

100

PEAD

SURGE

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Revenue, profitability & returns

Revenue & Net Profit (₹ Cr)

RevenueNet Profit

Margins (%)

EBITDA%PAT%

Return ratios (%)

ROEROCEROA

Annual financials — last 10 years

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
›RevenueCr	502	1,480	2,058	2,549	3,124	5,133	7,776	9,220	11,212	12,928
›EBITDACr	547	885	1,638	1,653	2,781	4,018	6,106	8,373	10,044	13,381
›EBITDA margin	109%	59.8%	79.6%	72.3%	91.7%	77%	81%	93.5%	92.5%	105.2%
›Net profitCr	-46	-137	-471	-61	182	489	973	1,260	2,001	1,987
›PAT margin	-9.2%	-9.3%	-22.9%	-2.4%	5.8%	9.5%	12.5%	13.7%	17.8%	15.4%
›EPS₹	₹-0.37	₹-1	₹-3.03	₹-0.15	₹1.34	₹3.13	₹6.15	₹6.94	₹9.12	₹10.03
›Revenue growth	1,716.9%	195.1%	39%	23.9%	22.6%	64.3%	51.5%	18.6%	21.6%	15.3%
›PAT growth	-88.8%	-197.4%	-242.9%	87.1%	398.4%	168.7%	99%	29.5%	58.8%	-0.7%
›ROE	-6.9%	-11.7%	-47.3%	-7.6%	22.4%	47.7%	27.5%	19.7%	26.2%	14.4%
›ROCE	4.4%	4.1%	4.7%	8.4%	10.7%	7.8%	8.5%	10.1%	9.7%	9.9%
›ROA	-0.8%	-1.3%	-3.2%	-0.4%	0.8%	1.1%	1.6%	1.6%	2%	1.6%
›P/E	0x	0x	0x	0x	822.4x	612x	143.4x	264.1x	104.1x	80.4x
›P/B	0x	0x	6.9x	31.5x	200.6x	251.5x	23.8x	42.2x	17.9x	6.9x
›D/E	3.6	7.4	14.6	21.1	29.3	45.1	9.2	9.4	9.5	5.2
›Current ratio	0.9x	0.6x	0.8x	0.8x	0.6x	0.5x	0.9x	0.5x	0.5x	0.6x
›Interest cover	0.5x	0.6x	0.5x	1x	1.1x	1.2x	1.4x	1.3x	1.4x	1.2x

Quarterly results

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Metric	2023-12	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›RevenueCr	2,311	2,562	2,794	3,005	2,340	3,073	3,800	3,008	2,618	3,502
›Rev growth YoY	17.3%	-1%	29.2%	35.4%	1.3%	19.9%	36%	0.1%	11.9%	14%
›EBITDACr	1,666	1,869	2,379	2,217	1,880	2,402	3,042	2,603	2,241	2,882
›EBITDA margin	72.1%	73%	85.1%	73.8%	80.3%	78.2%	80.1%	86.5%	85.6%	82.3%
›Net profitCr	139	265	449	416	400	292	707	529	-98	432
›PAT growth YoY	135.6%	-46.1%	64.5%	41.5%	187.8%	10.2%	57.5%	27.2%	-124.5%	47.9%
›EPS₹	₹1.62	₹0.95	₹2.82	₹1.74	₹3.11	₹1.45	₹4.39	₹3.54	₹-0.25	₹2.41

Balance sheet — last 10 years (₹ Cr)

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
›Shareholders' equityCr	1,203	1,341	840	763	861	1,190	5,880	9,218	10,713	19,290
›ReservesCr	-71	-223	-724	-801	-703	-374	4,296	5,296	6,791	17,643
›Total borrowingsCr	0	0	0	0	0	0	0	0	0	0
›InvestmentsCr	236	932	1,117	1,927	3,647	4,628	6,485	6,533	9,591	11,985
›Total assetsCr	4,870	9,729	11,959	15,408	22,895	47,441	58,968	61,261	93,381	1,22,479
›Current assetsCr	1,204	3,731	2,074	2,562	3,548	5,506	7,213	13,306	8,584	11,461
›Current liabilitiesCr	1,290	5,979	2,699	3,016	5,797	11,513	7,941	26,388	16,888	20,150
›Trade payablesCr	8	98	161	175	129	145	391	316	395	407
›Gross blockCr	4,671	9,995	12,329	14,889	19,246	32,105	53,261	69,064	89,190	1,14,778

Cash flow statement (₹ Cr)

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Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
›Operating CF (CFO)Cr	28	649	1,625	1,965	1,601	3,127	7,265	7,713	8,957	10,135
›Investing CF (CFI)Cr	-1,510	-4,428	-2,666	-3,743	-9,225	-19,348	-3,857	-21,060	-19,827	-26,227
›Financing CF (CFF)Cr	1,559	3,942	1,045	2,161	7,083	15,986	-2,973	13,953	11,475	15,615
›Net cash changeCr	77	162	3	383	-541	-235	435	606	605	-477
›Closing cashCr	85	251	254	637	184	567	1,002	1,608	2,212	1,735

Cash flow components

CFO · CFI · CFF (₹ Cr)

CFOCFICFF

Q-DITS scorecard

Composite score

Quality (25%)30.9

Growth (25%)53

Valuation (20%)9

Piotroski (15%)78

Earnings Quality (10%)100

Momentum (5%)—

Weighted blend, rescaled to the components available for this stock.

Piotroski F-Score

7/9

✓ROA positiveROA 1.57%

✓CFO positiveCFO ₹10135.0 Cr

✗ROA improving2.01% → 1.57%

✓CFO > PAT (low accruals)CFO 10135.0 vs PAT 1987.0

✓Leverage decreasedD/E 9.49 → 5.24

✓Liquidity improvedCR 0.51 → 0.57

✓No share dilutionEPS 9.12 → 10.03

✓Margin improvedEBITDA mgn 92.49% → 105.2%

✗Asset turnover upAsset TO 0.11 → 0.1

Altman Z-Scoredistress

0.51

-0.071

0.144

0.085

0.157

0.106

>2.9 safe · 1.23–2.9 grey · <1.23 distress

Quality

30.9/100

ROE

14.4%

ROCE

9.9%

Margin

15.4%

Debt

5.2

Int. cover

1.2x

Growth

53/100

Revenue 3Y

18.5%

Profit 3Y

19.2%

EPS

10%

Valuation

9/100

80.4x

6.9x

EV/EBITDA

16.8x

vs universe median: PE 25.6x · PB 2.81x · EV 13.41x

Earnings quality

100/100

CFO₹10,135 Cr

PAT₹1,987 Cr

Accrual ratio-0.067

CFO/PAT5.1x

PEAD · SURGE

0 / 0

Revenue SUE-0.2

EPS SUE0.19

Latest quarter2026-03

Rev growth YoY14%

Shareholding pattern

Promoter62.4%

FII/FPI11.1%

DII4.6%

Public37.6%

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Metric	2024-03	2024-06	2024-09	2024-12	2025-03	2025-06	2025-09	2025-12	2026-03
›Promoter	56.4%	57.5%	60.9%	60.9%	60.9%	61.9%	62.4%	62.4%	62.4%
›FII / FPI	18.2%	16.9%	15.2%	13.7%	12.5%	11.6%	11.3%	11.4%	11.1%
›DII	1.6%	1.5%	1.4%	1.7%	2.4%	2.9%	3%	4.3%	4.6%
›Public / Retail	43.6%	42.5%	39.1%	39.1%	39.1%	38.1%	37.6%	37.6%	37.6%
›Promoter pledge	1%	1%	0%	0%	0%	0%	0%	0%	0%

Documents & filings

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Peer comparison

Company	MCap (Cr)	Revenue	PAT	PE	PB	ROE%	ROCE%	D/E
Adani Power Ltd.	4,46,344	54,241	12,971	34.8x	6.9x	21.9	17.8	0.82
NTPC Ltd.	3,54,656	1,87,385	27,146	13.1x	1.7x	13.9	11	1.35
Power Grid Corporation Of India Ltd.	2,71,950	46,733	18,835	17.1x	2.7x	17.3	12.9	1.41
Adani Energy Solutions Ltd.	1,80,961	27,588	2,343	79.3x	7.1x	10.1	9.7	2.02
Tata Power Company Ltd.	1,28,485	62,429	4,410	34.3x	3.3x	13.6	11.6	1.81
JSW Energy Ltd.	1,04,573	18,901	2,751	46.7x	3.1x	9.7	8.5	2.53
NTPC Green Energy Ltd.	80,977	2,858	502	155x	4.3x	3.8	5.1	0.97