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Swing Capital

Adani Green Energy Ltd

NSE: ADANIGREEN BSE: 541450Energy

Adani Green Energy Limited, incorporated in 2015, is a holding company of several subsidiaries carrying business of renewable power generation within the group and is primarily involved in renewable power generation and other ancillary activities. [1]

₹1,338
52W: ₹765 — ₹1472
PE 273 · Book ₹90.4 · +1380% vs book
Market Cap₹2,20,359 Cr
Stock P/E273Price to Earnings
ROCE5.94%Return on Capital
ROE6.98%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company has delivered good profit growth of 25.5% CAGR over last 5 years
  • +Debtor days have improved from 69.4 to 52.8 days.

Weaknesses

  • −Stock is trading at 14.7 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has low interest coverage ratio.
  • −Tax rate seems low
  • −Company has a low return on equity of 4.19% over last 3 years.
  • −Earnings include an other income of Rs.918 Cr.

Shareholding Pattern

Promoters62.44%
FIIs11.1%
DIIs4.56%
Public21.92%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters57.51%60.93%▲3.460.93%60.93%61.91%▲1.062.44%▲0.562.44%62.44%
FIIs16.91%15.16%▼1.813.68%▼1.512.45%▼1.211.58%▼0.911.29%▼0.311.42%▲0.111.1%▼0.3
DIIs1.46%1.45%▼0.01.73%▲0.32.4%▲0.72.86%▲0.52.98%▲0.14.31%▲1.34.56%▲0.3
Public24.11%22.45%▼1.723.64%▲1.224.22%▲0.623.64%▼0.623.3%▼0.321.84%▼1.521.92%▲0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales2,0897,3043,3433,8875,9226,4614,7893,9473,3556,249
Expenses2,0007,1773,2153,5835,1476,1574,5843,5263,2106,080
Operating Profit89127128304775304205421145169
OPM %4%2%4%8%13%5%4%11%4%3%
Net Profit113-195-899955783344758213
EPS ₹0.71-1.23-0.560.623.520.520.212.880.50.08

AI Insights

Revenue Trend

Mar 2026 revenue at ₹18,340Cr, down 6.5% YoY. OPM at 5%.

Debt Position

Borrowings at ₹22,558Cr. Debt-to-equity ratio: 1.70x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹939Cr (28% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 4.56% (+3.09pp change). FIIs: 11.1% (-7.15pp change). Promoters hold 62.44%.

Margin & Efficiency

ROCE improving from 0% (Mar 2016) to 6% (Mar 2026). Working capital days: -172.

Valuation

PE 273x with 5.94% ROCE. Price is 1380% above book value of ₹90.4. Dividend yield: 0%.

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