Adani Green Energy Limited · Research view

Adani Green Energy Limited

NSE: ADANIGREENBSE: 541450ISIN INE364U01010Face value ₹10consolidated

₹1,288

+2.55% · 2026-10-01 · 52-wk ₹773–₹1,605

Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

WatchTalking point

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

WatchTalking point

Cash conversion trending down

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

WatchTalking point

Premium valuation, soft growth

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

ConcernTalking point

Returns at a multi-year low

ROE of 7.6% is the lowest in 4 years (prior range 10.0% to 19.5%).

Importance 58 / 95 · profitability

Section 03 · The company

Who is this company?

Classified by the exchange under Utilities › Power › Power › Power Generation.

Market cap: ₹2.12 L cr
FY2026 revenue: ₹12,928 cr
FY2026 net profit: ₹1,987 cr
Net worth: ₹29,879 cr
Total debt: ₹1,01,440 cr
EPS (basic): ₹9.65
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 5 power generation.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY22 to FY26₹ crore · consolidated

RevenueNet profit

Watch

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

Revenue growth per year: +26.0%over 4 years
Revenue growth: +15.3%vs last year
Net profit growth: −0.7%vs last year
Change in net profit since FY22: +306%

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).

Section 05 · Recent activity

What changed recently?

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.

Strength

Q1 FY27 EBITDA margin was 95.2%, up 9.70 percentage points from 85.5% a year earlier.

Rule QTR_MARGIN_CHANGED_YOY

Strength

Q1 FY27 net profit was ₹983 cr, up 19.3% from ₹824 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

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

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

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%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹13,559 crTTM
EBITDA: ₹12,628 crTTM
EBIT: ₹8,997 crTTM
PBT: ₹1,833 crTTM
Net profit: ₹2,146 crTTM

C. Corporate actions

No verified corporate actions on record for this company.

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY22 to FY26% of revenue · consolidated

EBITDA marginNet margin

Concern

ROE of 7.6% is the lowest in 4 years (prior range 10.0% to 19.5%).

Rule ROE_AT_MULTI_YEAR_LOW

EBITDA margin now: 90.2%
5-year range: 74.1–92.6%
ROE FY2026: 7.6%
ROCE FY2026: 7.1%

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.

Section 07 · Financial health

Is financial health improving?

Net worth — FY22 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Watch

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 vs net profit₹ crore · FY22–FY26

Operating cash flowNet profit

Total debt: ₹1,01,440 cr
Operating cash flow ÷ net profit: 5.10×FY2026
Free cash flow: ₹−15,857 cr
Current ratio: 0.57×

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).

Section 08 · Relative position

How does it compare with peers?

Ranked against 5 power generation (FY2026, consolidated).

Revenue growth

ADANIGREEN · 2nd of 5 · set median 14.4%

EBITDA margin

ADANIGREEN · 1st of 5 · set median 54.3%

Return on equity

ADANIGREEN · 5th of 5 · set median 9.0%

P/E ratio

ADANIGREEN · 5th of 5 · set median 16.9×

Watch

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

P / E: 98.9×TTM to Jun 26
P / B: 7.1×latest book
P / S: 15.6×TTM sales
Earnings yield: 1.0%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 106.8× · P/S 15.4× · ROE 7.6%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

Context

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

Business vs stock — 5-year compound annual rate

1-year return: +21.0%
3-year return: +30.5%
5-year return: +11.9%
From 52-wk high: −19.7%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹1,333
vs 200-day avg: Above₹1,193
RSI (14): 47.9neutral
MACD histogram: 1.4
From 52-wk high: −19.7%
From 52-wk low: +66.7%
30-day volatility: 36.4%ann.
6-month return: +53.4%

RSI (14) · 0–10047.9 — neutral

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Profit lagging revenue
Revenue grew 15.3% but profit declined 0.7%, so the company kept less of each rupee of revenue as profit.
PROFIT_SLOWER_THAN_REVENUE · conviction 67
Watch
Cash conversion trending down
Cash conversion (CFO ÷ profit) has averaged 5.13× over the last 3 profit-making years versus 6.86× before that.
CASH_CONVERSION_DETERIORATING · conviction 64
Watch
Premium valuation, soft growth
The P/E of 98.85× is above the power generation median (16.93×) while profit declined 0.7% last year.
PRICED_FOR_GROWTH · conviction 62
Concern
Returns at a multi-year low
ROE of 7.6% is the lowest in 4 years (prior range 10.0% to 19.5%).
ROE_AT_MULTI_YEAR_LOW · conviction 58
Concern
Meaningful debt load
Net debt is 8.32× EBITDA.
HIGH_LEVERAGE · conviction 52
Concern
Thin interest cover
Operating profit covers interest only 1.28× (FY2026).
INTEREST_COVER_LOW · conviction 46
Watch
Unusual tax rate
Effective tax rate of 0.9% (FY2026) is well below the ~25% corporate norm — a one-off tax item may be flattering or depressing reported profit.
EFFECTIVE_TAX_UNUSUAL · conviction 42
Concern
Returns declining
ROE declined from 10.0% to 7.6% year on year.
ROE_DETERIORATED_YOY · conviction 42
Watch
Reported profit carries a one-off
FY2026 pre-tax profit includes a ₹219 exceptional charge (13.8% of PBT) — the underlying trend differs from the reported number.
PROFIT_INCLUDES_EXCEPTIONALS · conviction 40

Data coverage is complete — 5 years of financials (FY2022–FY2026), full P&L, balance sheet and cash-flow statement, sector metrics fully mapped.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
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

Key ratios — consolidated
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