Adani Green Energy Limited · Research view

Adani Green Energy Limited

NSE: ADANIGREENBSE: 541450ISIN INE364U01010Face value ₹10standalone

₹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: ₹18,340 cr
FY2026 net profit: ₹604 cr
Net worth: ₹14,890 cr
Total debt: ₹20,453 cr
EPS (basic): ₹3.59
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: +14.5%over 4 years
Revenue growth: −6.5%vs last year
Net profit growth: −7.6%vs last year
Change in net profit since FY22: +1160%

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: 11.2%
5-year range: 5.7–13.5%
ROE FY2026: 5.2%
ROCE FY2026: 6.2%

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: ₹20,453 cr
Operating cash flow ÷ net profit: 4.47×FY2026
Free cash flow: ₹1,220 cr
Current ratio: 0.61×

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	10,672	7,629	12,001	19,613	18,340
Total income	11,110	8,409	12,871	20,736	19,460
EBITDA	612	637	1,131	2,649	2,060
Profit before tax	−129	−333	−491	762	423
Net profit	−57	−328	−546	654	604
EPS (₹)	−0.4	−2.5	−3.8	3.7	3.6
Net worth	2,269	5,656	7,498	8,212	14,890
Total debt	17,289	13,591	22,336	19,661	20,453
Operating cash flow	1,455	5,003	−2,482	1	2,700
Free cash flow	1,436	4,595	−2,692	−1,410	1,220

Key ratios — consolidated
Ratio	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	-28.5	57.3	63.4	-6.5
Profit growth YoY	—	—	—	—	-7.6
Profitability
EBITDA margin %	5.7	8.3	9.4	13.5	11.2
Net margin %	-0.5	-3.9	-4.2	3.2	3.1
Return on equity %	-2.5	-8.3	-8.3	8.3	5.2
Return on capital %	3.1	3.2	4.5	9.0	6.2
Leverage & cash
Debt to equity	7.62	2.40	2.98	2.39	1.37
Cash flow ÷ profit	—	—	—	0.00	4.47
Current ratio	0.83	0.68	0.71	0.70	0.61