Profit lagging revenue
Revenue grew 15.3% but profit declined 0.7%, so the company kept less of each rupee of revenue as profit.
Importance 67 / 95 · growth
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
Revenue grew 15.3% but profit declined 0.7%, so the company kept less of each rupee of revenue as profit.
Importance 67 / 95 · growth
Cash conversion (CFO ÷ profit) has averaged 5.13× over the last 3 profit-making years versus 6.86× before that.
Importance 64 / 95 · cash quality
The P/E of 98.85× is above the power generation median (16.93×) while profit declined 0.7% last year.
Importance 62 / 95 · valuation
ROE of 7.6% is the lowest in 4 years (prior range 10.0% to 19.5%).
Importance 58 / 95 · profitability
Classified by the exchange under Utilities › Power › Power › Power Generation.
Peer set used on this page: 5 power generation.
Revenue grew 15.3% but profit declined 0.7%, so the company kept less of each rupee of revenue as profit.
Rule PROFIT_SLOWER_THAN_REVENUE
Over 4 years profit compounded at 42.0% a year while revenue compounded at 26.0% a year — though FY2023 saw a one-off step-change of 99% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Revenue compounded at 26.0% a year over 4 years (₹5,133 → ₹12,928) — though FY2023 saw a one-off step-change of 52% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Revenue grew 15.3% year on year (FY2025 → FY2026).
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Q1 FY27 EBITDA margin was 95.2%, up 9.70 percentage points from 85.5% a year earlier.
Rule QTR_MARGIN_CHANGED_YOY
Q1 FY27 net profit was ₹983 cr, up 19.3% from ₹824 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Q1 FY27 revenue was ₹4,431 cr, up 16.6% from ₹3,800 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 3,055 | — | 515 | — | 16.9% |
| Q3 FY25 | 2,365 | +2.3% | 474 | +85.2% | 20.0% |
| Q4 FY25 | 3,073 | +21.6% | 383 | +23.5% | 12.5% |
| Q1 FY26 | 3,800 | +34.1% | 824 | +31.0% | 21.7% |
| Q2 FY26 | 3,008 | −1.5% | 644 | +25.0% | 21.4% |
| Q3 FY26 | 2,618 | +10.7% | 5 | −98.9% | 0.2% |
| Q4 FY26 | 3,502 | +14.0% | 514 | +34.2% | 14.7% |
| Q1 FY27 | 4,431 | +16.6% | 983 | +19.3% | 22.2% |
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
No verified corporate actions on record for this company.
ROE of 7.6% is the lowest in 4 years (prior range 10.0% to 19.5%).
Rule ROE_AT_MULTI_YEAR_LOW
ROE declined from 10.0% to 7.6% year on year.
EBITDA margin has ranged from 74.1% to 92.6% over 4 years and sits at 90.2% now.
Cash conversion (CFO ÷ profit) has averaged 5.13× over the last 3 profit-making years versus 6.86× before that.
Rule CASH_CONVERSION_DETERIORATING
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 5.10×).
Net debt is 8.32× EBITDA.
Net worth compounded at 83.9% a year over 4 years (₹2,612 → ₹29,879) — though FY2023 saw a one-off step-change of 181% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Operating profit covers interest only 1.28× (FY2026).
Ranked against 5 power generation (FY2026, consolidated).
ADANIGREEN · 2nd of 5 · set median 14.4%
ADANIGREEN · 1st of 5 · set median 54.3%
ADANIGREEN · 5th of 5 · set median 9.0%
ADANIGREEN · 5th of 5 · set median 16.9×
The P/E of 98.85× is above the power generation median (16.93×) while profit declined 0.7% last year.
Rule PRICED_FOR_GROWTH
On the trailing twelve months. Last full year: P/E 106.8× · P/S 15.4× · ROE 7.6%.
Over 4 years profit compounded at 42.0% a year while the stock returned 9.3% a year — but FY2022 profit (₹489) was well below the through-cycle level (~₹1,260), so this rate is inflated by the recovery from a low base.
Rule STOCK_LAGGED_EARNINGS · recovery
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,133 | 7,792 | 9,220 | 11,212 | 12,928 |
| Total income | 5,548 | 8,633 | 10,460 | 12,411 | 13,819 |
| EBITDA | 3,954 | 5,772 | 8,537 | 10,087 | 11,659 |
| Profit before tax | 552 | 1,367 | 1,382 | 1,771 | 1,584 |
| Net profit | 489 | 973 | 1,260 | 2,001 | 1,987 |
| EPS (₹) | 2.4 | 5.4 | 6.2 | 8.4 | 9.7 |
| Net worth | 2,612 | 7,350 | 17,448 | 22,573 | 29,879 |
| Total debt | 52,832 | 54,223 | 63,060 | 78,069 | 1,01,440 |
| Operating cash flow | 3,060 | 7,265 | 7,713 | 8,364 | 10,135 |
| Free cash flow | −11,728 | 3,927 | −7,987 | −16,397 | −15,857 |
| Ratio | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth YoY | — | 51.8 | 18.3 | 21.6 | 15.3 |
| Profit growth YoY | — | 99.0 | 29.5 | 58.8 | -0.7 |
| Profitability | |||||
| EBITDA margin % | 77.0 | 74.1 | 92.6 | 90.0 | 90.2 |
| Net margin % | 8.8 | 11.3 | 12.0 | 16.1 | 14.4 |
| Return on equity % | 18.7 | 19.5 | 10.2 | 10.0 | 7.6 |
| Return on capital % | 5.6 | 7.6 | 9.3 | 8.4 | 7.1 |
| Leverage & cash | |||||
| Debt to equity | 20.23 | 7.38 | 3.61 | 3.46 | 3.40 |
| Cash flow ÷ profit | 6.26 | 7.47 | 6.12 | 4.18 | 5.10 |
| Current ratio | 0.48 | 0.91 | 0.51 | 0.52 | 0.57 |