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Adani Green Energy Ltd (ADANIGREEN)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 541450 NSE: ADANIGREEN Power Generation/Distribution | Large Cap | Adani Green Energy Share Price

₹1,525.10 102.10 (7.17%)

As on 05-Jun'26 16:59

Adani Green Energy Ltd (ADANIGREEN)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 541450 NSE: ADANIGREEN Power Generation/Distribution | Large Cap | Adani Green Energy Share Price

₹1,525.10 102.10 (7.17%)

As on 05-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,34,393 Cr.
Current Price
₹1,525.1
52-Week Low / High
₹767 / 1,532
TTM EPS
₹10
TTM Sales
₹12,928 Cr.
Book Value per Share
₹117.1
P/E Ratio
141.88
Lower than its 5-year historical median
Industry PE
29.7
Price to Book (P/B)
12.15
Lower than its 5-year historical median
Price to Sales (P/S)
18.13
In line with its 5-year historical median
EV/EBITDA
24.47
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
14.36%
Underperforms industry median
Return on Capital Employed (ROCE)
9.90%
Underperforms industry median
Return on Assets (ROA)
1.57%
Operating Profit Margin
83.4%
Net Profit Margin
15.37%
Gross Profit Margin
40%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
15.31%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
21.3%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-0.7%
Asset Quality
Promoter Holding
62.43%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹17,643 Cr.
Equity
₹1,647.2 Cr.
Face Value
₹10
All Time Low / High
₹22.75 / 3048.00

Adani Green Energy stock performance

Key Ratios
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Quality

Not Good
Check detailed performance

Valuation

Somewhat Undervalued

Check Valuation charts

Price Trend

Strong
Check Price chart
Q.1 Is Adani Green Energy Ltd a good quality company?
Adani Green Energy Ltd is a weak quality company, based on a inconsistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

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We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

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How does Adani Green Energy Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Adani Green Energy Ltd vs industry peers?
Adani Green Energy Ltd revenue CAGR is 34.48%, compared to the industry median CAGR of 17.64%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Adani Green Energy Ltd?
Promoters hold 62.43% of the Adani Green Energy Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Adani Green Energy Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of 1.08% based on the current price.
View More

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Adani Green Energy Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ4.4%4.1%4.8%8.4%10.7%7.8%8.5%10.1%9.8%9.9%-
Value Creation
Index ⓘ		-0.6-0.6-0.7-0.3-0.1-0.3-0.3-0.1-0.1-0.1-

Growth Parameters ⓘ
Sales ⓘ5021,4802,0582,5493,1245,1337,7769,22011,21212,92812,928
Sales YoY Gr.-195.1%39%23.9%22.6%64.3%51.5%18.6%21.6%15.3%-
Adj EPS ⓘ-1.1-1-2.22.20.72.77.37.910.61110
YoY Gr.-NANANA-68%288.6%169.1%7.2%34.5%4.2%-
BVPS (₹) ⓘ9.48.45.44.95.57.637.143.452.9117.1117.1
Adj Net
Profit ⓘ		-141-139-3453431094251,1591,2441,6731,8121,652
Cash Flow from Ops. ⓘ27.86491,6251,9651,6013,1277,2657,7138,95710,135-
Debt/CF from Ops. ⓘ156.515.27.58.215.817.17.58.48.910-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ43.5%32.9%18.5%15.3%
Adj EPS ⓘNA73.5%14.5%4.2%
BVPSⓘ32.3%84.3%46.7%121.5%
Share Price - 3.6% 15.4% 49.7%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		-21.1-11-31.642.813.541.532.816.516.812.18.6
Op. Profit
Mgn % ⓘ		80.45783.169.971.768.471.179.679.383.485.7
Net Profit
Mgn % ⓘ		-28.1-9.4-16.6122.68.314.915.219.916.612.8
Debt to
Equity ⓘ		3.67.414.621.129.345.19.29.49.55.24.4
Working Cap
Days ⓘ		696650602418501460399358307372165
Cash Conv.
Cycle ⓘ		28733826566919867412525-108

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales5021,4802,0582,5493,1245,1337,7769,22011,21212,928
Operating Expenses ⓘ + 986475331,0998891,6232,8451,9022,3352,160
Manufacturing Costs12541665486241,4632,0221,5521,8701,274
Material Costs00129199600000
Employee Cost 39446010738344077128150
Other Costs ⓘ 4862277425131126783273337736
Operating Profit ⓘ 4038341,5251,4502,2353,5104,9317,3188,87710,768
Operating Profit Margin (%) 80.4%56.3%74.1%56.9%71.5%68.4%63.4%79.4%79.2%83.3%
Other Income ⓘ + 144511133946304441,3691,3011,4932,832
Exceptional Items ⓘ 000-191-8464-194-246-326-219
Interest ⓘ 3975521,1611,3092,1082,6173,4395,0885,7758,425
Depreciation ⓘ 3335431,0623944868491,3001,9032,4983,372
Profit Before Tax ⓘ -184-210-585-501935531,4261,6712,2152,001
Tax ⓘ -138-73-11311116445341121414
Profit After Tax -46-137-471-611824899731,2602,0011,987
PAT Margin (%) -9.2%-9.3%-22.9%-2.4%5.8%9.5%12.5%13.7%17.9%15.4%
Adjusted EPS (₹)-0.4-1.0-3.0-0.21.33.16.26.99.110.0
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%0%0%

Valuation of Adani Green Energy - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 1,2031,3418407638611,1905,8806,8808,37519,290
Share Capital ⓘ 1,2741,5641,5641,5641,5641,5641,5841,5841,5841,647
Reserves ⓘ -71-223-724-801-703-3744,2965,2966,79117,643
Debt +4,2989,72411,78415,31824,77852,32552,04446,87375,66798,464
Long Term Debt3,6638,37311,04114,20321,08544,14150,05641,92768,78788,572
Short Term Debt6351,3517421,1153,6938,1841,9884,9466,8809,892
Minority Interest00-1-46-740466806104379914
Trade Payables898161175129145391316395407
Others Liabilities ⓘ 5134,2991,4981,8652,6074,9458,54127,21115,89114,913
Total Liabilities ⓘ 6,02215,46314,28218,07528,30158,60566,90288,0861,10,7651,42,988

Fixed Assets

Net Fixed Assets ⓘ +4,3419,12010,38812,55416,42928,45248,33662,28479,9141,02,138
Gross Block4,6719,99512,32914,88919,24632,10553,26169,06489,1901,14,778
Accumulated Depreciation3308751,9412,3352,8173,6534,9256,7809,27612,640
CWIP ⓘ 2671,7257431,2084,45219,8995,2916,42714,48019,031
Investments ⓘ 2687774775025741,1491,5152,7432,983
Inventories01,692136104291752291101136
Trade Receivables3368487587401,4941,8092,2061,3421,5402,129
Cash Equivalents 1874573616951,0191,5931,9848,7643,3322,766
Others Assets ⓘ 8641,5341,8182,2974,3766,2617,8847,4638,65513,805
Total Assets ⓘ 6,02215,46314,28218,07528,30158,60566,90288,0861,10,7651,42,988

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 286491,6251,9651,6013,1277,2657,7138,95710,135
PBT ⓘ -184-210-585-501875521,3671,3821,7711,584
Adjustment ⓘ 5891,0702,1461,8262,0573,0204,2045,9647,2759,328
Changes in Working Capital ⓘ -375-20592207-629-4251683417133-634
Tax Paid ⓘ -2-6-29-18-14-2011-50-222-143
Cash Flow From Investing Activity ⓘ + -1,510-4,428-2,666-3,743-9,225-19,348-3,857-21,060-19,827-26,227
Capex -917-4,412-2,868-3,396-6,130-14,855-3,338-15,700-24,761-25,992
Net Investments -72-108-9-692-1,101172-1,235-6,1844,278-185
Others ⓘ -52292211345-1,994-4,665716824656-50
Cash Flow From Financing Activity ⓘ + 1,5593,9421,0452,1617,08315,986-2,97313,95311,47515,615
Net Proceeds from Shares ⓘ 1,11410300503,898000
Net Proceeds from Borrowing ⓘ 6323,9962,9112,9235,56815,7774,80910,97712,27617,204
Interest Paid ⓘ -370-404-1,257-1,109-1,589-3,202-5,139-4,601-5,176-7,697
Dividend Paid ⓘ 000000000-332
Others ⓘ 183247-6093473,0993,411-6,5417,5774,3756,440
Net Cash Flow ⓘ 771623383-541-235435606605-477

Financial Ratio

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)-6.91-11.67-47.29-7.6122.4147.6827.5219.7526.2314.36
ROCE (%)4.354.084.758.4110.727.848.4610.19.759.9
Asset Turnover Ratio0.090.140.140.160.130.120.120.120.110.1
PAT to CFO Conversion(x)N/AN/AN/AN/A8.86.397.476.124.485.1
Working Capital Days
Receivable Days145.80146.10142.40107.20130.50117.4094.2070.2046.9051.80
Inventory Days145.90208.70162.1017.207.801.601.606.806.403.40
Payable Days00365.903,229.70577.9000000

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *1.671.021.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Adani Green Energy Ltd FAQs

The current trading price of Adani Green Energy on 05-Jun-2026 16:59 is ₹1,525.1.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 04-Jun-2026 the market cap of Adani Green Energy stood at ₹2,34,393.2 Cr

The latest P/E ratio of Adani Green Energy as of 04-Jun-2026 is 388.1.

The latest P/B ratio of Adani Green Energy as of 04-Jun-2026 is 15.74.

The 52-week high of Adani Green Energy is ₹1,532 and the 52-week low is ₹767.0.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Adani Green Energy is ₹18,340 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Adani Green Energy Ltd is a below average quality company.

The key valuation ratios of Adani Green Energy Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Adani Green Energy Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Adani Green Energy Ltd

Adani Green Energy Limited is a public limited company domiciled in India and incorporated on January 23, 2015 under the provisions of Indian Companies Act, 2013 and forms part of the Adani group Adani Green Energy Limited (AGEL) 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.

On the back of long-term Power Purchase Agreements (PPAs) of 25 years with central and state government entities, AGEL has leveraged its capabilities and expanded its presence across many Indian states. The company deploys the latest technologies in its projects. With a portfolio of many operational projects and various projects under construction, AGEL is driving India on its renewable energy journey.

Business area of the company

Adani Green Energy is a holding company of several subsidiaries carrying business of renewable power generation within the Group. The Group is primarily involved in renewable power generation and other ancillary and related activities

Products and services offered by the company

  • Solar Power
  • Wind Power
  • Hybrid Power
  • Solar Parks
  • Operational Excellence

Awards and recognitions

Financial Year 2018-19

  • Adani Skill Development Centre received the Special Jury Recognition Award at the Indian Chamber of Commerce Social Impact Awards in Kolkata.
  • Dr. Priti Adani received the Banas Ratna Award. The award, held each year, is given to people belonging to or having roots in Banaskantha region and having worked in the area’s community service and nation-building process.
  • GAIMS, Bhuj, received the Kayakalp Award by the Health and Family Welfare Department, Government of Gujarat.
  • Adani Vizhinjam Port won the TMA - Terumo Penpol CSR Award 2018 in recognition of its CSR excellence.
  • SuPoshan won the BSNL Dainik Jagran CSR Awards in the Health category.
  • SuPoshan has been awarded with the esteemed Public Affairs Asia (PAA) Gold Standard Award for Corporate Citizenship (Community Relations).
  • Adani Vizhinjam Port won the Indywood CSR Award.
  • Ek Kaam Desh ke Naam organisation in Delhi was awarded the Platinum Award to Senior Citizen’s Health Card Scheme of Adani Foundation at Mundra.
  • Adani Skill Development Centre received a commemoration certificate on November  1, 2018 in recognition of its outstanding contribution and a certificate of merit for Best Vocational Training Provider (VTP) -Training by ASSOCHAM.

Financial Year 2019-20

  • Won Sustainability Award under the Gold Category” in Apex India Excellence Award Renewable Energy Sector for sustainable development and its implementation with visible leadership demonstration at workplace.
  • Rajeshwar Cluster of AGEL won OSH India Award 2019 in Employee Awareness Campaign Category from OSH India.
  • Kamuthi Site Team got rated 3 Star by CII - SR EHS Excellence Award for the Year 2019.
  • AGEL became UNGC signatory member.

Milestones

2018

  • 49% of Equity Shares of Kodangal Solar Parks (KSPPL) were acquired by the Company on March 22, 2018. Accordingly, KSPPL became an joint venture of the Company.
  • 50,000 Equity Shares of Zemira Renewable Energy Limited (Zemira) (erstwhile known as Adani Wind Energy (AP) constituting 100% of paid-up share capital, were disposed off by the Company on December 20, 2017. Accordingly, Zemira ceased to be subsidiary of the Company.

2019

  • Won new projects for 925 MW wind and 675 MW solar.
  • Won 390 MW hybrid power project in India’s first tender for renewable power projects.
  • Implemented RONC adopting cutting-edge technology enabling operational excellence for various projects.
  • Bhadla solar park with capacity of 500 MW commissioned.
  • Fatehgarh solar park of 1,500 MW construction started.

2020

  • Adani Green Energy’s arm commissions 75 MW wind power project.
  • Adani Green Energy’s arm bags 700 MW wind-solar hybrid power project.
  • TOTAL invests Rs 3,707 crore for 50% partnership with Adani Green Energy in JV.
  • Adani Green Energy wins manufacturing linked solar agreement from SECI.
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