Adani Green Energy Ltd - Stock Valuation and Financial Performance

BSE: 541450 | NSE: ADANIGREEN | Power Generation/Distribution | Large Cap

Adani Green Energy Share Price

1,884.60 -22.80 -1.20%
as on 12-Apr'24 16:59

DeciZen - make an informed investing decision on Adani Green Energy

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

Semi Strong

Adani Green Energy stock performance -

mw4me loader
P/E Ratio (CD):
204.75
Market Cap:
2,98,526.8 Cr.
52-wk low:
816
52-wk high:
2,016

Is Adani Green Energy Ltd an attractive stock to invest in?

1. Is Adani Green Energy Ltd a good quality company?

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

2. Is Adani Green Energy Ltd undervalued or overvalued?

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

3. Is Adani Green Energy Ltd a good buy now?

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

10 Year X-Ray of Adani Green Energy:

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

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 0%0%0.1%2.8%3%3.9%8.4%7.4%5.6%6.2%-
Value Creation
Index
NANA-1.0-0.8-0.7-0.7-0.3-0.3-0.5-0.5-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 0027.65021,4802,0582,5493,1245,1337,7929,162
Sales YoY Gr.-NANA1,716.9%195.1%39%23.9%22.6%64.3%51.8%-
Adj EPS 00-1.5-1.1-1-2.22.20.72.77.39.2
YoY Gr.-NANANANANANA-68%288.6%169.1%-
BVPS (₹) 008.59.48.45.44.95.57.637.151
Adj Net
Profit
00-24.5-141-139-3453431094251,1591,457
Cash Flow from Ops. 00-97.827.86491,6251,9651,6013,1277,265-
Debt/CF from Ops. 00-42.2156.515.27.58.215.817.17.5-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales NA39.4%45.1%51.8%
Adj EPS NANA49.5%169.1%
BVPSNA34.7%96.7%387.8%
Share Price - 119.6% 19.2% 100.3%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
00-18.1-21.1-11-31.642.813.541.532.820.9
Op. Profit
Mgn %
0048.380.45783.169.971.768.47181.2
Net Profit
Mgn %
00-88.7-28.1-9.4-16.6122.68.314.915.9
Debt to
Equity
0030.53.67.414.621.129.345.19.2-
Working Cap
Days
000696650602418501460398146
Cash Conv.
Cycle
00028733826566919867-89

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 45.13%

Net Profit is growing at healthy rate in last 3 years 49.52%

Debt to equity has declined versus last 3 years average to 9.23

Sales growth is good in last 4 quarters at 45.46%

Return on Equity has declined versus last 3 years average to 20.90%

Latest Financials - Adani Green Energy Ltd.

Standalone Consolidated
TTM EPS (₹) -3.7 9.2
TTM Sales (₹ Cr.) 6,327 9,162
BVPS (₹.) 33.6 51
Reserves (₹ Cr.) 3,730 6,488
P/BV 56.18 36.98
PE 0.00 204.75
From the Market
52 Week Low / High (₹) 816.00 / 2016.00
All Time Low / High (₹) 22.75 / 3048.00
Market Cap (₹ Cr.) 2,98,527
Equity (₹ Cr.) 1,584
Face Value (₹) 10
Industry PE 22.2

Management X-Ray of Adani Green Energy:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.980.962.194.274.363.503.843.351.671.02
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Adani Green Energy

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales285021,4802,0582,5493,1245,1337,792
Operating Expenses 14986475331,0998891,6232,861
Manufacturing Costs712541665486241,4632,038
Material Costs000129199600
Employee Cost 0394460107383440
Other Costs 74862277425131126783
Operating Profit 134038341,5251,4502,2353,5104,931
Operating Profit Margin (%) 48.3%80.4%56.3%74.1%56.9%71.5%68.4%63.3%
Other Income 7144511133946304441,369
Interest 393975521,1611,3092,1082,6173,439
Depreciation 63335431,0623944868491,300
Exceptional Items 0000-191-8464-194
Profit Before Tax -24-184-210-585-501935531,426
Tax 0-138-73-113111164453
Profit After Tax -24-46-137-471-61182489973
PAT Margin (%) -88.7%-9.2%-9.3%-22.9%-2.4%5.8%9.5%12.5%
Adjusted EPS (₹)-1.5-0.4-1.0-3.0-0.21.33.16.2
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 1361,2031,3418407638611,1905,880
Share Capital 1601,2741,5641,5641,5641,5641,5641,584
Reserves -24-71-223-724-801-703-3744,296
Minority Interest000-1-46-74046
Debt4,1294,2989,72411,78415,31824,77852,32552,044
Long Term Debt3,5413,6638,37311,04114,20321,08544,14150,056
Short Term Debt5876351,3517421,1153,6938,1841,988
Trade Payables1898161175129145391
Others Liabilities 1,2855134,2991,4981,8652,6074,9458,541
Total Liabilities 5,5516,02215,46314,28218,07528,30158,60566,902

Fixed Assets

Gross Block2,7874,6719,99512,32914,88919,24632,10553,261
Accumulated Depreciation123308751,9412,3352,8173,6534,925
Net Fixed Assets2,7754,3419,12010,38812,55416,42928,45248,336
CWIP 1,9502671,7257431,2084,45219,8995,291
Investments 72687774775025741,149
Inventories40101,692136104291752
Trade Receivables643368487587401,4941,8092,206
Cash Equivalents 1061874573616951,0191,5931,984
Others Assets2498641,5341,8182,2974,3766,2617,884
Total Assets 5,5516,02215,46314,28218,07528,30158,60566,902

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -98286491,6251,9651,6013,1277,265
PBT -24-184-210-585-501875521,367
Adjustment 445891,0702,1461,8262,0573,0204,204
Changes in Working Capital -117-375-20592207-629-4251683
Tax Paid 0-2-6-29-18-14-2011
Cash Flow From Investing Activity -4,197-1,510-4,428-2,666-3,743-9,225-19,348-3,857
Capex -4,092-917-4,412-2,868-3,396-6,130-14,855-3,338
Net Investments -103-72-108-9-692-1,101172-1,235
Others -2-52292211345-1,994-4,665716
Cash Flow From Financing Activity 4,3041,5593,9421,0452,1617,08315,986-2,973
Net Proceeds from Shares 1611,11410300503,898
Net Proceeds from Borrowing 3,5606323,9962,9112,9235,56815,7774,809
Interest Paid -4-370-404-1,257-1,109-1,589-3,202-5,139
Dividend Paid 00000000
Others 587183247-6093473,0993,411-6,541
Net Cash Flow 9771623383-541-235435
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)-18.07-6.91-11.67-47.29-7.6122.4147.6827.52
ROCE (%)0.344.354.084.758.4110.727.848.46
Asset Turnover Ratio00.090.140.140.160.130.120.12
PAT to CFO Conversion(x)N/AN/AN/AN/AN/A8.86.397.47
Working Capital Days
Receivable Days85014614614210713111794
Inventory Days5,29714620916217822
Payable Days0003663,23057800

Adani Green Energy Ltd Stock News

Adani Green Energy Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Adani Green Energy on 12-Apr-2024 16:59 is ₹1,884.6.
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 12-Apr-2024 16:59 the market cap of Adani Green Energy stood at ₹2,98,526.8.
The latest P/E ratio of Adani Green Energy as of 12-Apr-2024 16:59 is 0.00.
The latest P/B ratio of Adani Green Energy as of 12-Apr-2024 16:59 is 56.18.
The 52-week high of Adani Green Energy is ₹2,016 and the 52-week low is ₹816.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Adani Green Energy is ₹6,327 ( Cr.) .

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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