Adani Green Energy Limited
ADANIGREEN • Annual Report Analysis
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Annual Report Disclosure Summary: Adani Green Energy Ltd (AGEL)
Date: April 21, 2026
Ticker: NSE: ADANIGREEN
Sector: Renewable Energy / Utilities
Executive Summary
Adani Green Energy Limited (NSE: ADANIGREEN) reported revenue of ₹11,212 crore and net profit of ₹1,444 crore for FY2025. The company operates as a utility-scale developer and operator of solar, wind, and hybrid power projects. Key operational disclosures include the addition of 5 GW of greenfield capacity within the reporting period and an operational portfolio of over 19.3 GW. The company’s financial structure includes a reported debt load of ₹78,069 crore. Key metrics disclosed in the FY2025 Annual Report are presented below alongside publicly available industry reference benchmarks. This document presents data disclosed in the company's FY2025 Annual Report. All benchmarks referenced are publicly available industry standards. This is not investment advice.
Business Profile
Business Model & Revenue Engine
The annual report discloses that AGEL develops and operates solar, wind, and hybrid power projects. Revenue is primarily generated through 25-year fixed-tariff Power Purchase Agreements (PPAs) with government-backed entities, including the Solar Energy Corporation of India (SECI). For FY2025, the company reported revenue of ₹11,212 crore, representing a 21.6% increase over the previous fiscal year. The company’s project pipeline includes the 70,000-acre Khavda site in Gujarat.
Market Position Disclosures
- Operational Scale: The company reports an operational portfolio of 19.3 GW.
- Resource Base: The company discloses a pre-secured land bank for future project development.
- Sector Context: The Indian renewable energy sector includes listed peers such as NTPC Green, Tata Power, and ReNew (source: NSE/BSE sectoral classifications).
Key Financial Metrics — Above Reference Benchmarks
The FY2025 annual report discloses an Operating Profit Margin (OPM) of 80.68%. [EDUCATIONAL NOTE: The OPM measures the percentage of revenue remaining after covering variable costs of production. In the utility sector, this typically reflects the relationship between fixed-price revenue contracts and the operational costs of power generation.]
The Cash Flow from Operations (CFO) is reported at ₹8,364 crore against a Net Profit of ₹1,444 crore, resulting in a CFO/PAT ratio of 5.79. [EDUCATIONAL NOTE: The CFO/PAT ratio measures the proportion of accounting profit realized as actual cash. A ratio above 1.0 indicates that cash inflows from operations exceed reported net income, often due to non-cash charges like depreciation.]
Factual Disclosure Summary:
- Capacity Expansion: 5 GW of greenfield expansion reported in a single year.
- Cash Realization: CFO-to-Net Profit ratio of 5.79.
- Promoter Encumbrance: 0% of the promoter-held stake (60.94% of total equity) is reported as pledged.
- Contract Duration: PPAs are disclosed with 25-year tenures.
- Growth Rates: Reported profit growth of 31% and revenue growth of 21.6%.
Key Financial Metrics — Below Reference Benchmarks
The annual report discloses a Debt-to-Equity ratio of 8.55x. The reference benchmark for capital-intensive infrastructure utilities typically ranges between 1.5x and 3.0x.
The Interest Coverage Ratio is reported at 0.83x, based on an interest expense of ₹5,492 crore. [EDUCATIONAL NOTE: The Interest Coverage Ratio measures a company's ability to pay interest on its outstanding debt from its earnings before interest and taxes (EBIT). A ratio below 1.0 indicates that operating profits are lower than interest obligations for the period.]
The Current Ratio is reported at 0.75x. [EDUCATIONAL NOTE: The current ratio measures a company's ability to pay short-term obligations due within one year. A ratio of 1.0 means current assets equal current liabilities.]
Governance Disclosure Checklist:
| Category | Annual Report Disclosure | Reference Benchmark |
|---|---|---|
| Promoter Integrity & Ethics | U.S. DOJ indictment and SEC charges involving leadership disclosed in legal notes. | Zero active criminal indictments or regulatory fraud charges. |
| Promoter Shareholding | 60.94% held; 0% pledged. | Majority holding with <20% pledging. |
| Board Composition | Minimum regulatory compliance reported; family members present on board. | Majority independent directors; separation of Chairman and CEO roles. |
| Audit Disclosures | "Emphasis of Matter" included in the Auditor's Report regarding legal proceedings. | Unqualified audit report with no Emphasis of Matter on legal contingencies. |
Valuation Multiples — Reference Data
Current Market Snapshot (as of April 21, 2026)
- Current Price: ₹1,164.45
- Market Cap: ₹1,91,805 Crore
- 52-Week Range: ₹765.00 – ₹1,195.00
Valuation Multiples
| Metric | Reported Value | Industry/Peer Reference (Source: Public Exchange Data) |
|---|---|---|
| PE Ratio (TTM) | 133.00x | Sector Average: 42.73x; NHPC: 23x |
| Forward PE | 47.57x | NTPC Green: 171x |
| P/B Ratio | 9.72x | Sector Average: 5.47x |
| EV/EBITDA | 25.40x | N/A |
| Dividend Yield | 0.00% | N/A |
Annual Report Data Summary
| Metric | Reported Value | Reference Benchmark |
|---|---|---|
| Revenue Growth (YoY) | 21.6% | Industry standard: >10% |
| Operating Profit Margin | 80.68% | Industry standard: >20% |
| CFO/Net Profit Ratio | 5.79 | Standard benchmark: >0.7x |
| Promoter Pledging | 0% | Standard benchmark: <20% |
| Net Profit Margin | 12.88% | Industry range: 8-15% |
| Current Ratio | 0.75x | Standard benchmark: >1.5x |
| Interest Coverage Ratio | 0.83x | Standard benchmark: >3.0x |
| Debt-to-Equity Ratio | 8.55x | Standard benchmark: <1.0x |
Material Disclosures & Contingencies
- Legal Proceedings: The annual report and subsequent filings disclose active U.S. Department of Justice (DOJ) and SEC proceedings involving allegations of bribery and fraud. Source: Notes to Accounts / Legal Contingencies.
- Debt Obligations: Total debt is disclosed at ₹78,069 crore with an interest obligation of ₹5,492 crore. Source: Consolidated Balance Sheet / Note on Borrowings.
- Audit Qualification: The Auditor’s Report contains an "Emphasis of Matter" paragraph relating to the potential impact of ongoing legal investigations. Source: Independent Auditor’s Report.
- Cash Flow: Free Cash Flow for the period is reported at -₹16,412 crore. Source: Consolidated Cash Flow Statement.
- Promoter Remuneration: Total remuneration for promoter-directors is disclosed as 0.0142% of net profits. Source: Corporate Governance Report.
Key Disclosures to Review in Next Filing
□ Legal Status Updates: Disclosures regarding the U.S. DOJ and SEC proceedings in the "Notes to Accounts."
□ Interest Coverage Ratio: EBIT vs. Interest Expense as reported in the Profit & Loss statement.
□ Debt Refinancing: Details of new bond issuances or credit facility renewals in the "Notes on Borrowings."
□ Capacity Milestone Updates: Operational GW status as disclosed in the Management Discussion and Analysis (MD&A).
Annual Report Data Summary
The FY2025 annual report discloses revenue of ₹11,212 crore, net profit of ₹1,444 crore, and cash flow from operations of ₹8,364 crore. The company maintains an operational portfolio of 19.3 GW with 25-year PPA structures. The financial disclosures show a Debt-to-Equity ratio of 8.55x and an Interest Coverage Ratio of 0.83x. Governance disclosures include an "Emphasis of Matter" in the audit report and active international legal proceedings. Valuation multiples as of April 21, 2026, include a TTM PE of 133.00x and a P/B of 9.72x. Reference industry benchmarks are provided alongside each metric in the sections above.
IMPORTANT NOTICE: This document is a structured presentation of data disclosed in Adani Green Energy Ltd's FY2025 Annual Report and publicly available exchange filings. It is produced by stockread.in for informational and educational purposes only. All benchmarks referenced are standard industry metrics sourced from publicly available financial literature. This document does not constitute a research report, investment advice, a buy/sell/hold recommendation, or any form of securities analysis as defined under the SEBI (Research Analysts) Regulations, 2014. stockread.in is not a SEBI-registered Research Analyst. Users are strongly advised to consult a SEBI-registered Investment Advisor or Research Analyst before making any investment decision. Past financial performance is not indicative of future results.