Adani Green Energy Limited (ADANIGREEN)

Large Cap

Power stocks · Large cap · NSE

Adani Green Energy Limited (AGEL) is India's largest renewable energy and storage portfolio, deploying solar, wind, and hybrid projects at scale. Its 20,142 MW operational portfolio powers over 9 million homes and avoids 37 million tonnes of CO2e annually, focusing on sustainable value creation and industry-leading de-risked growth.

₹1,295.2

-6.80 · -0.52%

Market cap ₹2,14,462 Cr

IndicesNifty 500

ThemesRenewable Energy Generation Renewable Energy EV+1 more

Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am IST

Details

Quote21 Oct, 04:45 am IST

Base fundamentals17 Oct 2026 · screener

Latest result22 Jul, 07:56 pm IST

Score21 Oct, 04:30 am IST · v4.3-runtime-valuation

Tags02 May 2026

Coverage13/14 · 93%

Valuation2026-07-20 · Rf 6.8% · Power P/E 16.8 (n=92)

Technical timing lens

Trend score and candlestick chart

60Bullish

MACD +

Stock trend: 60

Sector RS: —

Power FPI tailwindNot confirmed

Latest mapped FPI equity flow was not positive. View sector evidence

Compare peers →

Technical chart

ADANIGREEND candles · FIT view+4.8%

Latest close ₹1295.20 on 2026-10-19

Bar

-0.7%

RSI

MACD hist

4.36

52W pos

61%

2026-10-19O ₹1304.40H ₹1319.20L ₹1291.00C ₹1295.20Vol 9.7L sh

Up bar

Down bar

EMA 20

EMA 50

Volume + 20D avg

Result date

RSI(14)

MACD / signal

Market context

Relative performance and chart statistics

Adjusted completed-session prices, rebased to 100

ADANIGREENNifty PowerNifty 500

ADANIGREEN: -15.3%
Nifty 500: -5.6%
Nifty Power: -13.0%
Vs Nifty 500: -9.8 pp

Chart stats

19 Oct 2026

From 52W high: -20.6%
52W range position: 61%
ATR (14): 3.1%
Volume vs 20D: 0.42x
Avg traded value: ₹284 Cr
20D price channel: ₹1,208 - ₹1,377.8

Quarter ended 30 Jun 2026

Excellent · 75

Rev +17% YoY · PAT +19% YoY · margin expansion · +27% QoQ

Revenue: ₹4,431 Cr; YoY +16.6%
PAT: ₹983 Cr; YoY +19.3%
Operating margin: 90.0%; QoQ +800 bps
PAT margin: 22.2%; QoQ +750 bps

Filed 22 Jul 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 3 Topping

Current trend context ranked against the Nifty 500. It describes the chart; it is not a buy or sell signal.

RS percentile: 82; 0 ranks over 20D
Stage 2 entry: Not in Stage 2; Current classification: Stage 3 Topping
Sector rotation: #17; lagging · 17 stocks
Industry rotation: —; Fewer than five rank-eligible peers

Trend structure

Above 20-DMABelow 50-DMAAbove 200-DMA

RSI (14)

Neutral momentum

MACD

Above signal

Histogram +4.36

Volume participation

0.4x average

Versus 20-session average

20-session position

51% of range

₹1,208 low · ₹1,377.8 high

Relative performance

vs Nifty 500

1M: +0.6 pp; stock -2.9%
3M: -9.8 pp; stock -15.3%
6M: +16.0 pp; stock +12.4%
1Y: +32.3 pp; stock +25.2%

From 52W high

-20.6%

High ₹1,631.5

52W range position

61%

₹765 - ₹1,631.5

ATR (14)

3.1%

₹40.37

Avg traded value

₹284 Cr

20-session average

Current setup

No confirmed setup attached

Review the chart and detailed technical evidence before drawing a conclusion.

Open detailed technicals →

Research snapshot

What the evidence says now

Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.

Suggested next step

Research, do not rush

The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.

U-Score

Legacy · OVERVALUED

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Jun 2026

Excellent · 75/100

Rev +17% YoY · PAT +19% YoY · margin expansion · +27% QoQ

Filed 22 Jul 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹4,431 Cr	+16.6%	+26.5%
EBITDA	₹3,985 Cr	+31.0%	+38.3%
Operating margin	90.0%	+1000 bps	+800 bps
PAT	₹983 Cr	+19.3%	+91.3%
PAT margin	22.2%	+50 bps	+750 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: 111.00
P/B: 10.76
EV/EBITDA: 20.73
Market Cap: 214462.00Cr

Profitability

ROE: 11.40%
ROCE: 7.39%
ROA: 1.50%
Dividend Y: —

Growth (CAGR)

Revenue 5Y: 33.00%
EPS 5Y: 44.00%
Revenue 3Y: 18.00%
EPS 3Y: 17.00%

Balance Sheet

Debt/Equity: 5.19
Interest Coverage: 1.68×
Altman Z: 1.64
Book Value: 121.00

Cash Flow

FCF Yield: —
FCF Positive Y: 1/5
OCF: 10135.00 Cr
EPS TTM: 10.83

Shareholding

Promoter Hold: 62.43%
Promoter Pledge: 0.00%
Momentum 52W: 62%

Financial History

Updated 20/10/2026

Revenue

₹ Cr

Latest: 12.9k+15.3% vs prev

Net Profit

₹ Cr

Latest: 2,146+70.3% vs prev

Return on Equity

Latest: 17.7+38.0% vs prev

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Bullish setup

Trend is constructive — long-term uptrend intact. RSI 50.

Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
SMA20 roughly flat — short-term momentum stalled.
RSI(14) at 50 — rising, no extreme reading.
MACD above signal, histogram expanding — bullish momentum building.
21% off 52W high · 69% above 52W low.

Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.

Nifty 500 leadership

Relative Strength & Trend Stage

RS percentile

Stage 3 Topping

1M return

-2.9%

3M return

-15.3%

6M return

+8.0%

1Y return

+29.0%

RS 1D

RS 20D

Sector rank

#17

Industry rank

Stage evidence

19.3% below the 52-week closing high after prior strength.
The 30-week proxy has stalled (+4.1% over 20 sessions).
Price has not yet confirmed a full Stage 4 downtrend.

50-DMA

price below

200-DMA

price above

Sector

lagging

Industry

unranked

Relative-strength line vs Nifty 500 (base 100)

262 observations

19 Oct 2026Value 127.43+0.51%

RS vs Nifty 500127

Valuation & peers

U-Score 22 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies

Distress Watch

Fundamental score breakdown

U band · OVERVALUED

Valuation0/30

Growth17/25

Quality1/20

Balance Sheet0/15

Cash Flow1/10

Piotroski

6/9 (+3)

Penalties

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

22/100 · legacy band OVERVALUED

Positive drivers

Growth contributes 17/25 to the score.
Cash flow contributes 1/10 to the score.
Quality contributes 1/20 to the score.

Main drags

Altman Z is 1.6, in distress territory.
Fair-value margin of safety is negative at -375.9%.
Valuation is weaker at 0/30; verify the latest quarterly trend.

Sector valuation model

Execution business valuation: EV/EBITDA plus order and working-capital risk

Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.

Execution EV/EBITDA

Primary lens

EV/EBITDA and PE against execution quality and margin stability.

Secondary checks

Order book, receivables, working capital, debt, operating cash flow.

Main risk check

Order wins matter only if they convert into cash and margins.

111.0

10.8

EV/EBITDA

20.7

ROE

11.4%

ROCE

7.4%

FCF Yield

—

Debt/Equity

5.2

MoS

-375.9%

Score movement

Stored run vs live recompute

This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.

Stored run: 21 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 22

Legacy U-Score band

OVERVALUED

Previous: OVERVALUED

Margin of safety

-375.9%

Previous: -375.9%

Score history

12 stored score snapshots. Latest stored move: +0 points.

21 Oct 2026

v4.3-runtime-valuation

Factor attribution

No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.

Modelled fair value

Graham Number

₹171.71

-654.3% MoS

Growth-justified P/E

25.1

Growth-justified Value

₹272.16

-375.9% MoS

PEG

3.34

Comparable companies

Peers

Business-comparable peers in Power — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

CLEANMAX

Small

Clean Max Enviro Energy Solutions Limited

Indowind Energy Limited

Orient Green Power Company Limited

Inox Green Energy Services Limited

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Where growth can come from, and what can break the case

Thesis intactReviewed 2026-07-23T07:12:36.188Z

Management commentary snapshot

Adani Green Energy reported robust Q1 FY27 results with Revenue from Power Supply up 29% YoY to 4,280 Cr and EBITDA up 33% YoY to 4,122 Cr, achieving a 94% margin. Operational capacity grew 27% YoY to 20,142 MW, driving a 30% YoY increase in energy sales to 13,657 mn units.

AGEL continues to demonstrate strong operational and financial growth, driven by significant capacity additions and high plant availability. The industry-leading EBITDA margin and consistent energy generation above PPA commitments reinforce the company's execution capabilities and de-risked growth path, despite some grid curtailment issues.

Current business mix

Operational RE Capacity Resource Mix (as of June 30, 2026)

Latest issuer-disclosed distribution across 3 reported categories.

Solar71.0%

Wind13.0%

Hybrid16.0%

Growth engines

Capacity Expansion Target

Secured growth path to 50 GW by 2030 with focus on higher returns.

Khavda Renewable Park

Developing Khavda as the world's largest single-location RE site, targeting 30 GW by 2029.

Battery Energy Storage Systems (BESS)

Targeting 10+ GWhr of Front-of-the-Meter (FTM) BESS capacity by FY27.

Diversified Market Opportunities

Increased focus on merchant, C&I, CFD, and mid-duration hybrid opportunities.

Capacity and execution

Total Operational Capacity

Operational capacity increased by 27% YoY to 20,142 MW with greenfield addition of 4,327 MW.

Q1 FY27 Capacity Addition

Capacity addition during Q1 FY27 was 848 MW, including 2,662 MW solar, 684 MW wind, and 592 MW hybrid in Khavda.

BESS Operationalization

Operationalized 1,972 MWh BESS capacity in Khavda during Q1 FY27, taking total installed capacity to 3,551 MWh.

Tailwinds

Must Run Status

100% Must Run Portfolio as per Electricity Act, 2003, ensuring priority dispatch.

Efficient Capital Management

Access to international markets, diversified funding sources, and elongated maturities up to 20 years.

Funding for Growth

Promoter's USD 1.125 Bn warrants and FCFE to fully fund 50 GW equity requirement.

Evacuation Infrastructure

Evacuation infrastructure readiness and detailed design planning for grid connectivity, including simulations.

Headwinds

Grid Curtailment

Lower grid availability is due to transmission curtailment during day-time peak hours only, impacting CUF.

Risk radar

Grid Availability & Transmission

Grid availability for solar was 80.6% in Q1 FY27, impacted by transmission curtailment and delayed transmission lines.

Management accountability

What management said, and what results must prove

Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.

Analyst reading lens

Compare BOTH

YoY comparison is crucial for assessing the impact of significant capacity additions and long-term growth trends in a capital-intensive business. QoQ comparison provides insight into sequential momentum, project commissioning, and operational efficiency improvements.

Sector KPIs management disclosed

Energy Sales Volume

Sale of Energy increased by 30% YoY at 13,657 mn units in Q1 FY27.

Solar CUF

Solar portfolio CUF at 25.3% backed by 99.5% plant availability in Q1 FY27.

Wind CUF

Wind portfolio CUF at 44.4% backed by 95.3% plant availability in Q1 FY27.

Hybrid CUF

Hybrid portfolio CUF at 49.0% backed by 98.8% plant availability in Q1 FY27.

Management forward view

De-risked Growth Path

Well-positioned for industry-leading de-risked growth, aiming for 50 GW by 2030 with stable cashflows.

Focus on Storage Solutions

Focused on delivering renewable power and storage solutions, including significant BESS capacity.

ESG Leadership

Setting new benchmarks in ESG practices, maintaining highest CRISIL ESG score in Indian power sector.

Thesis monitor

Numbers and claims to verify in the next filings

Checkpoint	Current evidence	What to verify next
Operational Capacity (MW)	20,142 MW (Q1 FY27)	Progress towards 50 GW by 2030 target, especially Khavda's 30 GW by 2029.
EBITDA Margin from Power Supply (%)	94% (Q1 FY27)	Sustained industry-leading margins, indicating efficient O&M and cost control.
Solar Grid Availability (%)	80.6% (Q1 FY27)	Improvement in grid availability, especially for solar, and resolution of transmission curtailment issues.
Receivables Days	2 days (as of June 30, 2026)	Maintenance of low receivables days, indicating strong payment discipline from counterparties.

Verification checkpoints are IndiaPulse research interpretation, not investment advice.

Show extracted source claims

operational efficiencynot yet verifiablequantified

AGEL targets to be among the Top 10 companies globally in ESG benchmarking within the electric utility sector.

Timeframe: By FY25Direction: ImproveConfidence: Target

"To be in Top 10 companies of the world in ESG benchmarking of electric utility sector by FY25"

operational efficiencynot yet verifiablequantified

AGEL targets to be among the Top 10 companies globally in ESG benchmarking within the electric utility sector.

Timeframe: By FY25Direction: ImproveConfidence: Target

"To be in Top 10 companies of the world in ESG benchmarking of electric utility sector by FY25"