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Adani Green Energy Limited
(ADANIGREEN)
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Rating:52Neutral
Price Target:
₹1,270.00
▼(-2.68% Downside)
Action:Reiterated
Date:10/22/26
The score is primarily constrained by financial risk: very high leverage and consistently negative free cash flow despite improving operating cash flow. Technicals are neutral-to-soft with the stock trading below key short/intermediate moving averages. A constructive earnings call (strong growth, high margins, and credible mitigation plans) supports the score but does not fully offset valuation pressure from a very high P/E.
Positive Factors
Scaled renewable platform
A 20.8 GW operating base demonstrates substantial scale in utility renewables and supports recurring generation capacity. Serving millions of homes also reinforces the company’s market position, while the large asset platform can support operating leverage and future expansion.
Negative Factors
Heavy leverage
Debt-funded expansion has increased refinancing and interest-rate sensitivity, leaving less financial flexibility if project execution or cash generation disappoints. High leverage can also constrain future capital allocation and make the company more dependent on favorable funding access.
Read all positive and negative factors
Positive Factors
Negative Factors
Scaled renewable platform
A 20.8 GW operating base demonstrates substantial scale in utility renewables and supports recurring generation capacity. Serving millions of homes also reinforces the company’s market position, while the large asset platform can support operating leverage and future expansion.
Read all positive factors
Adani Green Energy Limited (ADANIGREEN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹2.15T
Dividend YieldN/A
Average Volume (3M)95.11K
Price to Earnings (P/E)115.7
Beta (1Y)1.74
Revenue Growth20.93%
EPS Growth-8.88%
CountryIN
Employees976
SectorGeneral
Sector StrengthN/A
IndustryRenewable Utilities
Share Statistics
EPS (TTM)11.30
Shares Outstanding1,647,176,100
10 Day Avg. Volume81,361
30 Day Avg. Volume95,106
Financial Highlights & Ratios
PEG Ratio5.77
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)15.43
Revenue Forecast (FY)₹177.43B
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 develops, builds, owns, operates, and maintains power plants through renewable sou...
How the Company Makes Money
Adani Green Energy Limited primarily makes money by generating renewable electricity (mainly from solar and wind plants) and selling that electricity to customers under contracted offtake arrangements, typically structured as long-term power purch...
Adani Green Energy Limited Earnings Call Summary
Earnings Call Date:Oct 21, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Jan 20, 2027
Earnings Call Sentiment Positive
The call was strongly positive, driven by 32% H1 energy-sales growth, 36% revenue growth, 41% EBITDA growth, 93% H1 EBITDA margins, rapid progress toward more than 10 GWh of BESS, lower borrowing costs, and continued confidence in the FY 2027 and FY 2030 growth plans. The principal challenges were Khavda transmission delays, curtailment, and the resulting decline in solar CUF, but management emphasized that BESS deployment, scheduled-generation payment protections, long-term PPAs, and alternative development opportunities are being used to address these issues.Positive Updates
Progress at Khavda and Pump Storage Projects
At Khavda, the world's largest renewable energy plant, the company has commissioned 10.8 GWh of solar, wind, and hybrid capacity. The maiden 500 MW Chitravathi pump storage project is progressing toward completion by year-end.
Negative Updates
Transmission Delays at Khavda
Transmission availability remains a challenge at Khavda. Management said the Phase III evacuation corridor, previously expected by year-end, is now expected in the next quarter, and a separate 7 GW transmission line has also been further delayed.
Read all updates
Q2-2027 Updates
Positive
Negative
Progress at Khavda and Pump Storage Projects
At Khavda, the world's largest renewable energy plant, the company has commissioned 10.8 GWh of solar, wind, and hybrid capacity. The maiden 500 MW Chitravathi pump storage project is progressing toward completion by year-end.
Read all positive updates
Company Guidance
AGEL expects phase III transmission evacuations to come by the next quarter and, if this corridor comes by the end of quarter four, remains in a position to commission 4.5-5 GW; it is committed to exceeding 10 GWh of battery capacity during the year. The company remains focused on its INR 2.4 lakh crore CapEx program through FY 2030, maintaining a 13%-14% ROA threshold through 25-year tie-ups with AA+ counterparties. By 2029, 2030, it expects about 45 GW of RE capacity, 5 GW of pump storage capacity, and nearer to 40, 50 GWh of battery, with leverage reaching a 4.5-ish number, then moving further down and below 4.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 | 148.09B | 129.28B | 113.51B | 92.44B | 77.91B | 51.43B |
| Gross Profit | 131.33B | 122.20B | 96.31B | 77.88B | 58.42B | 37.18B |
| EBITDA | 134.19B | 114.40B | 90.44B | 73.68B | 55.45B | 35.25B |
| Net Income | 18.74B | 16.52B | 14.44B | 11.00B | 9.74B | 4.89B |
Balance Sheet | ||||||
| Total Assets | 1.62T | 1.44T | 1.11T | 885.38B | 673.61B | 591.67B |
| Cash, Cash Equivalents and Short-Term Investments | 56.84B | 67.34B | 45.87B | 41.44B | 26.45B | 14.83B |
| Total Debt | 1.16T | 1.01T | 800.40B | 648.58B | 542.23B | 528.32B |
| Total Liabilities | 1.31T | 1.14T | 888.25B | 710.90B | 600.11B | 565.53B |
| Stockholders Equity | 209.17B | 199.65B | 121.37B | 98.34B | 73.04B | 26.14B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -159.62B | -164.12B | -80.60B | 38.89B | -117.32B |
| Operating Cash Flow | 0.00 | 101.35B | 83.64B | 77.13B | 72.65B | 30.60B |
| Investing Cash Flow | 0.00 | -262.27B | -198.27B | -210.60B | -38.57B | -192.81B |
| Financing Cash Flow | 0.00 | 156.15B | 120.68B | 139.53B | -29.73B | 159.86B |
Adani Green Energy Limited Technical Analysis
Positive
1305.00
Price Trends
1285.83
Negative
1376.53
Negative
1218.73
Positive
Market Momentum
-9.98
Positive
49.22
Neutral
64.04
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 1305 is above the 20-day moving average (MA) of 1276.02, above the 50-day MA of 1285.83, and above the 200-day MA of 1218.73, indicating a neutral trend. The MACD of -9.98 indicates Positive momentum. The RSI at 49.22 is Neutral, neither overbought nor oversold. The STOCH value of 64.04 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
59 Neutral | ₹57.47B | 12.51 | ― | 0.29% | 40.01% | 27.57% | |
56 Neutral | ₹293.60B | 35.54 | ― | 0.09% | 53.70% | 47.08% | |
56 Neutral | ₹128.12B | 26.42 | ― | ― | 17.10% | -40.71% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹707.22B | 118.21 | ― | ― | 42.12% | 8.54% | |
52 Neutral | ₹2.15T | 115.66 | ― | ― | 20.93% | -8.88% |
* General Sector Average
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Adani Green Energy Limited Corporate Events
Adani Green Energy Publishes Audio of Q2 FY27 Investor Call
Oct 22, 2026
Adani Green Energy Limited, a leading Indian renewable energy producer specializing in solar and wind power projects, operates from Gujarat as part of the Adani Group and is listed on both BSE and NSE under the ticker ADANIGREEN. The company focus...
Adani Green Schedules Global Investor Meets for Late August and September 2026
Aug 22, 2026
Adani Green Energy Limited has scheduled a series of investor and analyst interactions in late August and early September 2026 to deepen engagement with capital market participants. The meetings will be held across key financial and business hubs,...
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.