Adani Power Ltd.
NSE: ADANIPOWER
Utilities · Utilities - Independent Power Producers
₹189.00 last close on 30 Oct 2026 −1.15%
Research updated
Adani Green Energy Limited
NSE: ADANIGREENUtilitiesUtilities - Renewable
- Last close
- ₹1,298.70
- Day change
- −₹8.30 (−0.64%)vs
- Market cap
- ₹2.13 lakh crIndian rupees
- Research updated
- 3 reports
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About Adani Green Energy
Adani Green Energy Limited, a prominent renewable energy company, is dedicated to developing and operating solar and wind energy projects across India. As part of the Adani Group, it plays a critical role in advancing the country's push towards sustainable energy solutions. The company is involved in the construction, operation, and maintenance of utility-scale grid-connected solar power plants and wind farms. Adani Green Energy focuses on harnessing renewable resources to produce clean energy, minimizing environmental impact. The company significantly influences the renewable energy sector by increasing installed renewable power capacity, thus contributing to India's objectives of reducing carbon emissions and decreasing reliance on fossil fuels. Adani Green Energy is an integral part of the global transition towards renewable energy, drawing attention from investors and stakeholders interested in environmentally sustainable business practices. Its strategic projects span not just energy production but also grid management, aligning with national energy security and diversification goals. As renewable energy continues to grow in importance worldwide, Adani Green Energy Limited is positioned as a key player within this transformative sector.
- Sector
- Utilities
- Industry
- Utilities - Renewable
- Listing
- NSE: ADANIGREEN
- Employees
- 976
- Headquarters
- Ahmedabad, India
- ISIN
- INE364U01010
- Website
- adanigreenenergy.com
Public research · Report of
Business model & financial foundation
Adani Green (NSE: ADANIGREEN), Renewable power generation (solar, wind, hybrid, battery storage): revenue of ₹12,928 crore in FY26 (+15.3% on FY25), an EBITDA margin of 83.3% and net profit of ₹1,652 crore.
- Revenue, FY26 (₹ crore)
- 12,928
- consolidated
- Revenue growth, FY26
- +15.3%
- on FY25
- EBITDA margin, FY26
- 83.3%
- EBITDA (revenue less operating expenses) / revenue
- Net profit, FY26 (₹ crore)
- 1,652
- to owners
- Return on equity, FY26
- 10.3%
- on average equity
- Market capitalisation (₹ crore)
- 2,13,342
- at the close of 21 Oct 2026
Company profile
Adani Green Energy is India's largest renewable power producer, with 20,763 MW of operational solar, wind and hybrid capacity at 30 Sep 2026 and 6.6 GWh of battery storage, mostly selling under 25-year fixed-tariff PPAs with SECI, NTPC and state discoms, with a growing merchant and group-offtake share. Its growth hub is the 30 GW Khavda park in Gujarat; it targets 50 GW by 2030, funded by project debt, USD bonds and promoter equity.
| Item | Value |
|---|---|
| Legal name | Adani Green Energy Limited |
| Exchange and ticker | NSE: ADANIGREEN; BSE: 541450 |
| ISIN | INE364U01010 |
| CIN | L40106GJ2015PLC082007 |
| Sector | Utilities |
| Industry | Renewable power generation (solar, wind, hybrid, battery storage) |
| Headquarters | Ahmedabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S R B C & Co. LLP and Dharmesh Parikh & Co. LLP (joint statutory auditors) |
| Market capitalisation | ₹2,13,342 crore (21 Oct 2026) |
| Shares outstanding | 164.70 crore shares (FY26) |
| Price | ₹1,259 (close, 21 Oct 2026) |
| 52-week range | ₹765.0 - ₹1,632 (to 21 Oct 2026) |
| Website | https://www.adanigreenenergy.com |
Corporate structure and shareholding
Parent: Adani family promoter group (S.B. Adani Family Trust, Ardour Investment Holding, Adani Infra (India)).
| Entity | Holding | Business |
|---|---|---|
| Adani Green Energy Twenty Three Ltd | 50% | TotalEnergies JV holding ~2,353 MW (incl. RG1 issuers AGEUPL, PDPL, PSEPL); consolidated as subsidiary |
| Adani Green Energy Twenty Five Ltd | 75.5% | TotalEnergies JV, ~1,050 MW with ARE45L |
| Adani Renewable Energy Fifty Six Ltd | 75.5% | TotalEnergies JV, ~1,150 MW |
| Adani Renewable Energy Holding Four Ltd | 100% | Intermediate holding company for project SPVs |
| Adani Renewable Energy Holding Nine Ltd | 100% | Intermediate holding company (Khavda projects) |
| Adani Renewable Energy Park Rajasthan Ltd | 50% | Solar park developer JV |
Restricted Group 1 (930 MW, USD 6.7% notes 2042) and Restricted Group 2 (570 MW, USD 4.625% notes 2039) are ring-fenced financing pools. No unlisted material subsidiary as at 31 Mar 2026 per the FY26 annual report.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 62.43% | 62.43% | 62.43% | 62.43% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 11.42% | 11.10% | 11.84% | 11.33% |
| Domestic institutions | 4.31% | 4.56% | 4.82% | 5.29% |
| of which mutual funds | 2.97% | 3.22% | 3.49% | 3.96% |
| Retail | 3.14% | 3.21% | 2.40% | 2.45% |
| Other | 18.70% | 18.70% | 18.51% | 18.49% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Peer | Why the dossier compares them |
|---|---|
| NTPC Green Energy (NTPCGREEN) | Largest listed pure-play renewable IPP peer, state-owned, similar build-out scale |
| ACME Solar Holdings (ACMESOLAR) | Listed pure-play solar/FDRE developer with contracted PPAs |
| JSW Energy (JSWENERGY) | Private IPP pivoting to renewables and storage; comparable capital intensity |
| Tata Power (TATAPOWER) | Integrated utility with large renewable IPP and EPC arm |
| NHPC (NHPC) | Hydro and pumped storage generator; regulated-return benchmark |
| Adani Power (ADANIPOWER) | Same promoter group thermal IPP; group governance comparison |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 9,220 | 11,212 | 12,928 | ||
| Cost of revenue (vendor classification) * | 1,456 | 2,011 | 1,542 | 1,838 | 1,243 |
| Other operating costs (vendor classification) * | 118.0 | 176.0 | 251.0 | 327.0 | 670.0 |
| EBITDA (vendor classification) * | 3,669 | 5,046 | 8,431 | 9,445 | 9,435 |
| EBIT * | 2,731 | 4,061 | 5,860 | 7,052 | 7,861 |
| Finance cost | 5,006 | 5,492 | 6,484 | ||
| Profit before tax | 1,382 | 1,771 | 1,584 | ||
| Tax expense | 64.0 | 453.0 | 411.0 | 214.0 | 14.0 |
| Profit after tax | 489.0 | 973.0 | 1,260 | 2,001 | 1,987 |
| Diluted EPS (₹) | 2.41 | 5.41 | 6.20 | 8.37 | 9.65 |
| Other income | 1,240 | 1,199 | 891.0 | ||
| Cost of materials (consumed, traded goods bought, inventory change) | 1,187 | 1,440 | 708.0 | ||
| Employee benefit expense | 77.0 | 128.0 | 150.0 | ||
| Other expenses | 659.0 | 756.0 | 1,302 | ||
| EBITDA (revenue less operating expenses) | 7,297 | 8,888 | 10,768 | ||
| Depreciation and amortisation | 1,903 | 2,498 | 3,372 | ||
| Exceptional items (a charge is negative) | -246.0 | -326.0 | -219.0 | ||
| Share of associates and joint ventures | 289.0 | 444.0 | 417.0 | ||
| Non-controlling interests' share of profit | 160.0 | 557.0 | 335.0 | ||
| Profit attributable to owners | 1,100 | 1,444 | 1,652 | ||
| Basic EPS (₹) | 6.21 | 8.37 | 9.65 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 9,834 | 12,137 | 19,965 | ||
| Borrowings (non-current and current) | 52,832 | 54,224 | 63,060 | 78,069 | 1,01,440 |
| Cash and cash equivalents | 567.0 | 1,002 | 1,608 | 2,212 | 1,735 |
| Trade receivables (current) | 1,342 | 1,540 | 2,129 | ||
| Inventories | 17.0 | 52.0 | 291.0 | 101.0 | 136.0 |
| Trade payables (current) | 354.0 | 395.0 | 407.0 | ||
| Property, plant and equipment | 28,369 | 0.00 | 62,195 | 79,823 | 1,02,049 |
| Capital work in progress | 6,423 | 14,479 | 19,016 | ||
| Total assets | 59,167 | 67,361 | 88,538 | 1,11,398 | 1,44,097 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 7,713 | 8,364 | 10,135 | ||
| Capital expenditure (an outflow is negative) | -15,773 | -24,776 | -26,097 | ||
| Free cash flow (vendor definition) * | -11,732 | 3,889 | -8,060 | -15,819 | -15,962 |
| Dividends paid (an outflow is negative) | 0.00 | 0.00 | -332.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 158.40 | 158.40 | 164.70 |
| Quarterly profit and loss (₹ crore) | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,365 | 3,073 | 3,800 | 3,008 | 2,618 | 3,502 | 4,431 | 4,258 |
| Cost of revenue (vendor classification) * | 261.0 | 371.0 | 421.0 | 12.0 | 228.0 | 35.0 | ||
| Other operating costs (vendor classification) * | 168.0 | 265.0 | 304.0 | 328.0 | 359.0 | 389.0 | ||
| EBITDA (vendor classification) * | 2,176 | 2,607 | 3,248 | 2,460 | 3,107 | 4,217 | ||
| EBIT * | 1,542 | 1,778 | 2,464 | 1,563 | 2,114 | 3,189 | ||
| Finance costs (net) | 944.0 | 1,368 | 1,525 | 1,635 | 1,698 | 1,626 | 2,001 | 2,119 |
| Profit before tax (after exceptional, before associates) | 291.0 | 410.0 | 939.0 | 292.0 | -135.0 | 488.0 | 1,188 | 856.0 |
| Tax expense | -109.0 | 118.0 | 232.0 | -237.0 | -37.0 | 56.0 | 263.0 | 191.0 |
| Profit for the period | 474.0 | 383.0 | 824.0 | 644.0 | 5.00 | 514.0 | 983.0 | 747.0 |
| Diluted EPS (INR) | 2.92 | 1.26 | 4.26 | 3.44 | -0.38 | 2.33 | 5.05 | 4.00 |
| Other income | 265.0 | 214.0 | 206.0 | 241.0 | 219.0 | 225.0 | 232.0 | 262.0 |
| Cost of equipments/goods sold | 261.0 | 371.0 | 421.0 | 47.0 | 12.0 | 228.0 | 35.0 | 120.0 |
| Employee benefits expense (net) | 31.0 | 35.0 | 33.0 | 47.0 | 37.0 | 33.0 | 22.0 | 28.0 |
| Other expenses (net) | 472.0 | 274.0 | 304.0 | 311.0 | 328.0 | 359.0 | 389.0 | 311.0 |
| EBITDA (revenue less cogs, employee, other expenses) | 1,601 | 2,393 | 3,042 | 2,603 | 2,241 | 2,882 | 3,985 | 3,799 |
| Depreciation and amortisation | 615.0 | 663.0 | 767.0 | 834.0 | 886.0 | 885.0 | 1,026 | 1,084 |
| Exceptional items | -16.0 | -166.0 | -17.0 | -83.0 | -11.0 | -108.0 | -2.00 | -2.00 |
| Share of profit of associate and JV | 74.0 | 91.0 | 117.0 | 115.0 | 103.0 | 82.0 | 58.0 | 82.0 |
| Non-controlling interest | -18.0 | 153.0 | 111.0 | 61.0 | 46.0 | 117.0 | 138.0 | 74.0 |
| Profit attributable to owners | 492.0 | 230.0 | 713.0 | 583.0 | -41.0 | 397.0 | 845.0 | 673.0 |
| Basic EPS (INR) | 2.92 | 1.26 | 4.26 | 3.44 | -0.38 | 2.33 | 5.05 | 4.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 21.6% | 15.3% | |||
| EBITDA margin | 79.1% | 79.3% | 83.3% | ||
| Net margin | 11.9% | 12.9% | 12.8% | ||
| Return on equity | 11.2% | 13.1% | 10.3% | ||
| Return on capital employed | 8.0% | 8.6% | 7.4% | ||
| Return on assets | 1.4% | 1.4% | 1.3% | ||
| Borrowings less cash (₹ crore) | 52,265 | 53,222 | 61,452 | 75,857 | 99,705 |
| Borrowings less cash / EBITDA | 8.42x | 8.53x | 9.26x | ||
| Interest cover | 1.17x | 1.28x | 1.21x | ||
| Asset turnover | 0.12x | 0.11x | 0.10x | ||
| Receivable days | 53 | 50 | 60 | ||
| Inventory days (on revenue) | 12 | 3 | 4 | ||
| Payable days (on revenue) | 14 | 13 | 11 | ||
| Cash conversion | 7.01x | 5.79x | 6.13x | ||
| Capex intensity | 171.1% | 221.0% | 201.9% | ||
| Free cash flow (₹ crore) | -8,060 | -16,412 | -15,962 | ||
| Dividend payout | 0.0% | 0.0% | 20.1% | ||
| EPS, diluted (₹) | 2.41 | 5.41 | 6.20 | 8.37 | 9.65 |
| Book value per share (₹) | 62.08 | 76.62 | 121.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less operating expenses) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Borrowings less cash (₹ crore): borrowings less cash and cash equivalents, with no investments netted; negative is cash beyond borrowings.
- Borrowings less cash / EBITDA: borrowings less cash / EBITDA (revenue less operating expenses).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 21 Oct 2026); market data at the close of 21 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Adani Green Energy includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Adani Green Energy
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Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 21 Oct 2026; page updated 2 Nov 2026.
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