ADANIGREEN
Large CapAdani Green Energy Limited
Power
Adani Green Energy Limited (AGEL) is a leading Indian renewable energy company focused on green electrons production. It operates a large portfolio of solar, wind, and hybrid assets, including the Khavda project, and is committed to India's energy transition with a 50 GW target by 2030.
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 31 Mar 2026
Excellent · 80/100Rev +14% YoY · PAT +34% YoY · margin expansion · +34% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,502 Cr | +14.0% | +33.8% |
| EBITDA | ₹2,882 Cr | +20.0% | +28.6% |
| Operating margin | 82.0% | +400 bps | -400 bps |
| PAT | ₹514 Cr | +34.2% | +10180.0% |
| PAT margin | 14.7% | +222 bps | +1449 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
AGEL reported strong FY26 results with energy sales up 34% YoY to 37.6 billion units and revenue from power supply up 22% YoY to INR11,602 crores. EBITDA grew 23% YoY to INR10,865 crores, achieving a 91.2% margin. Operating capacity reached 19.3 GW, adding 5.1 GW in FY26.
AGEL demonstrated robust execution in FY26, adding significant greenfield capacity and achieving strong financial growth. The company is on track for its 2030 capacity target, supported by high EBITDA margins and a strong credit rating. However, future capacity additions are subject to evacuation constraints.
Greenfield Capacity Additions
Added 5.1 gigawatt in FY26, the highest greenfield annual capacity extension globally by any company outside China.
Khavda Project Development
Our landmark Khavda project, the world's largest renewable energy installation, continues to make considerable progress with around 9.4 gigawatt of solar, wind, and hybrid assets already in operations.
Battery Energy Storage
Within Khavda, we also added 1.4 gigawatt hour of battery capacity. This is one of the world's largest single-location battery energy storage project.
Operational Excellence
Consistent effort towards adoption of advanced technologies, digitization, and leveraging sophisticated data analytics for predictive maintenance has enabled us to deliver exceptional operational performance.
FY26 Capacity Addition
Added 5.1 gigawatt in FY26, bringing cumulative operating capacity to 19.3 gigawatt.
Khavda Project Operational Capacity
Around 9.4 gigawatt of solar, wind, and hybrid assets already in operations within the Khavda project.
Khavda Battery Capacity
Added 1.4 gigawatt hour of battery capacity in Khavda; plan to add 10 gigawatt hour by the end of this fiscal year.
Pump Hydro Storage
Maiden 500 megawatt project at Chitravathi in Andhra Pradesh slated to complete in this fiscal year.
India's Energy Transition
India has made a strategic pivot towards energy security, evidenced by the highest ever renewable energy share in electricity generation and record non-fossil capacity addition of over 55 GW in FY26.
ESG Recognition
Received Energy Intelligence Group Top 100 Green Utilities award and secured ESG 1+ rating from CareEdge with the highest score of 87.3 by any company in the country.
Evacuation Constraints
Future capacity additions (4.5-5.0 GW for FY27) are subject to evacuation constraints and how the market pans out with respect to transmission lines.
Transmission Infrastructure
The planned 4.5-5.0 GW capacity addition for the current fiscal year is dependent on the availability of evacuation capacities and transmission lines.
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.
The management explicitly states 'Y-o-Year basis' for energy sales, revenue, and EBITDA, indicating annual performance is the key metric for this period, reflecting long-term growth trends in capacity and generation.
Energy Sales Volume
Energy sales surged by an impressive 34% on a Y-o-Year basis, reaching 37.6 billion units.
Operating Capacity
During this year, we added 5.1 gigawatt, which is 35% on a Y-o-Y growth, and the cumulative capacity now stood at 19.3 gigawatt, which is our operating portfolio.
Revenue from Power Supply
Our revenue from power supply increased by 22% year-on-year basis to INR11,602 crores.
EBITDA & Margin
EBITDA grew by 23% to INR10,865 crores. This EBITDA margin amounts to 91.2%.
2030 Capacity Target
Firmly on course to achieve 50 gigawatt by 2030.
Future Greenfield Additions
Committed to continue with similar level of greenfield capacity additions going forward.
Khavda Storage Expansion
Plan is to add 10 gigawatt hour of storage capacities in Khavda by the end of this year.
Pumped Hydro Commissioning
Maiden 500 megawatt pump hydro storage project at Chitravathi will be coming in this fiscal year.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Solar/Wind Capacity Addition | Planning 4.5-5.0 GW. | Actual capacity commissioned against the planned range, and management commentary on overcoming evacuation constraints. |
| Khavda Battery Storage Capacity | 1.4 GWh added, targeting 10 GWh by fiscal year-end. | Progress towards the 10 GWh target and its impact on grid stability and revenue. |
| Chitravathi Pump Hydro Project | Maiden 500 MW project slated for completion this fiscal year. | Timely commissioning and operational ramp-up of the project. |
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'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"
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"
AGEL plans to refinance construction debt post commissioning through debt capital markets, aiming for lower interest rates and longer tenures.
"Takeout of construction debt post commissioning – templatizing the financing from debt capital markets"
AGEL aims to be Net Water Neutral for all operating plants larger than 200 MW.
"To be Net Water Neutral for plants more than 200 MW"
AGEL aims to be a Zero-Waste-to-Landfill (ZWL) company.
"To be Zero-Waste-to-Landfill (ZWL) company"
AGEL aims to achieve No Net Loss of biodiversity.
"To achieve No Net Loss of biodiversity by FY25"
Trend score and candlestick chart
60BullishSMA20 +45.7% / mo · near 52W high
Technical chart
ADANIGREENweekly · 3Y-4.0%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 72. Wait for confirmation.
- SMA20 rising (~31.4% over last month) — short-term momentum positive.
- RSI(14) at 72 — overbought zone; risk of mean reversion.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 3% of 52-week high — testing resistance.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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.
- Balance sheet contributes 1/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -362.9%.
- 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
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 9th percentile of the scored universe and 8th 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: 8th pctile, median 67 · Large: 6th pctile, median 74
126 documents indexed, 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 1.77.
- ▸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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 138.00
- P/B
- 12.68
- EV/EBITDA
- 25.15
- Market Cap
- 252564.00Cr
Profitability
- ROE
- 11.40%
- ROCE
- 7.39%
- ROA
- 0.88%
- 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
- 1.66×
- Altman Z
- 1.80
- Book Value
- 121.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 10135.00 Cr
- EPS TTM
- 10.03
Shareholding
- Promoter Hold
- 62.44%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 99%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.