Adani Green Energy Limited (ADANIGREEN)
Large CapPower 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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/8 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 75/100Rev +17% YoY · PAT +19% YoY · margin expansion · +27% QoQ
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Operational RE Capacity Resource Mix (as of June 30, 2026)
Latest issuer-disclosed distribution across 3 reported categories.
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.
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.
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.
Grid Curtailment
Lower grid availability is due to transmission curtailment during day-time peak hours only, impacting CUF.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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
AGEL targets to be among the Top 10 companies globally in ESG benchmarking within the electric utility sector.
"To be in Top 10 companies of the world in ESG benchmarking of electric utility sector by FY25"
AGEL targets to be among the Top 10 companies globally in ESG benchmarking within the electric utility sector.
"To be in Top 10 companies of the world in ESG benchmarking of electric utility sector by FY25"
AGEL's entire project pipeline will be fully funded by the USD 1.64 billion revolving facility.
"will fully fund its entire project pipeline"
AGEL's entire project pipeline will be fully funded by the USD 1.64 billion revolving facility.
"will fully fund its entire project pipeline"
AGEL's portfolio is expected to reach over 40 GW, including operational, under construction, near construction, and future project potential.
"Executing projects at above sites would take AGEL portfolio to >40 GW"
AGEL's portfolio is expected to reach over 40 GW, including operational, under construction, near construction, and future project potential.
"Executing projects at above sites would take AGEL portfolio to >40 GW"
Adani Green Energy Limited (AGEL) aims to develop and operate renewable energy capacity of 45 GW.
"To develop and operate renewable energy capacity of 45 GW by 2030"
Adani Green Energy Limited (AGEL) aims to develop and operate renewable energy capacity of 45 GW.
"To develop and operate renewable energy capacity of 45 GW by 2030"
Trend score and candlestick chart
52NeutralSMA20 -9.2% / mo · MACD +
Technical chart
ADANIGREENdaily · 1Y · AUTO+47.1%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 45. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~10.1% over last month) — short-term momentum negative.
- RSI(14) at 45 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 20% off 52W high · 70% 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.
Relative Strength & Trend Stage
- Price is 4.6% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +4.7%.
Valuation & score drivers
U-Score 22 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 22 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 -383.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Claim history is still being built. It ranks around the 7th percentile of the scored universe and 9th percentile within Power. Main check: balance sheet trust is weak at 8/100.
Mixed Trust Lite: Promoter holding is 62.4%. Key concern: Debt/equity is 5.19.
Management or financial behaviour needs caution. Demand stronger valuation compensation.
overall median 67 · Power: 9th pctile, median 65 · Large: 3rd pctile, median 73
104 documents have extracted text, but claim history is not strong enough yet.
8 claims extracted · No contradicted claim yet
How to read this Trust Score
Weak Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 62.4%.
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Debt/equity is 5.19.
- ▸Altman Z is 1.64.
- ▸Only 1 years of positive FCF.
- ▸Interest coverage is 1.7x.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 111.00
- P/B
- 10.75
- EV/EBITDA
- 20.72
- Market Cap
- 214347.00Cr
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 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Power, ranked by similarity
Peers
Business-comparable names in Power, ranked by similarity
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.