Adani Green Energy Ltd (ADANIGREEN) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↓

-3.26%

Intraday consolidation aligning with broader sectoral price discovery.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 11.3%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 11.4%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹1,352.64

200-Day DMA ● Overlay

₹1,254.52

14-Day RSI ● Overlay

40.6 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹2.11 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

109.0x

Price / EPS

Book Value (₹) Assets

₹121.0

P/B: 10.6x

ROE (%) Quality

11.4%

Net Profit / Equity

ROCE (%) Efficiency

7.4%

EBIT / Capital

Dividend Yield Yield

0.00%

Face Value: ₹10

Debt / Equity Solvency

5.19x

Manageable

EPS (TTM) Per Share

₹11.78

Trailing 12M

OPM (%) Spread

86.0%

EBITDA Margin

Free Cash Flow Cash

-₹15,857 Cr

CFO - Capex

About Adani Green Energy Ltd

Adani Green Energy Ltd (ADANIGREEN) is an Indian publicly listed company operating in the Utilities & Power sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 61.9% × Turnover: 0.85x × Leverage: 6.19x = ROE: 11.4%

✓ Company Strengths (Pros)

• Maintains healthy operating profit margins of ~86.0%.
• TickerPulse fundamental algorithm rates overall quality at 80/100.

⚠ Key Considerations & Risks (Cons)

• Company has a high debt-to-equity ratio of 5.19x.
• Stock is trading at a premium of 10.6x its book value.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹13,559 Cr

Latest PAT

₹2,146 Cr

EPS (TTM)

₹11.78

OPM %

86.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹2,162 Cr	₹2,220 Cr	₹2,311 Cr	₹2,527 Cr	₹2,794 Cr	₹3,005 Cr	₹2,340 Cr	₹3,073 Cr	₹3,800 Cr	₹3,008 Cr	₹2,618 Cr	₹3,502 Cr	₹4,431 Cr
Operating Profit (EBITDA)	₹2,081 Cr	₹1,699 Cr	₹1,666 Cr	₹1,834 Cr	₹2,379 Cr	₹2,217 Cr	₹1,880 Cr	₹2,402 Cr	₹3,042 Cr	₹2,603 Cr	₹2,241 Cr	₹2,882 Cr	₹3,985 Cr
OPM %	96.0%	77.0%	72.0%	73.0%	85.0%	74.0%	80.0%	78.0%	80.0%	87.0%	86.0%	82.0%	90.0%
Interest Expense	₹1,393 Cr	₹1,165 Cr	₹1,242 Cr	₹1,224 Cr	₹1,426 Cr	₹1,448 Cr	₹1,251 Cr	₹1,368 Cr	₹1,525 Cr	₹1,635 Cr	₹1,698 Cr	₹1,626 Cr	₹2,001 Cr
Depreciation	₹451.00 Cr	₹474.00 Cr	₹481.00 Cr	₹497.00 Cr	₹596.00 Cr	₹621.00 Cr	₹618.00 Cr	₹663.00 Cr	₹767.00 Cr	₹834.00 Cr	₹886.00 Cr	₹885.00 Cr	₹1,026 Cr
Profit before Tax (PBT)	₹415.00 Cr	₹413.00 Cr	₹207.00 Cr	₹347.00 Cr	₹628.00 Cr	₹442.00 Cr	₹291.00 Cr	₹410.00 Cr	₹939.00 Cr	₹292.00 Cr	-₹135.00 Cr	₹488.00 Cr	₹1,188 Cr
Net Profit (PAT)	₹323.00 Cr	₹371.00 Cr	₹256.00 Cr	₹310.00 Cr	₹629.00 Cr	₹515.00 Cr	₹474.00 Cr	₹383.00 Cr	₹824.00 Cr	₹644.00 Cr	₹5.00 Cr	₹514.00 Cr	₹983.00 Cr
EPS in ₹	₹2.03	₹2.35	₹1.62	₹0.95	₹2.82	₹1.74	₹3.11	₹1.45	₹4.39	₹3.54	₹-0.25	₹2.41	₹5.13

Annual P&L (₹ Cr)	Mar 2016 15m	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹28.00 Cr	₹502.00 Cr	₹1,480 Cr	₹2,058 Cr	₹2,549 Cr	₹3,124 Cr	₹5,133 Cr	₹7,792 Cr	₹9,220 Cr	₹11,212 Cr	₹12,928 Cr	₹13,559 Cr
Expenses	₹14.00 Cr	₹98.00 Cr	₹637.00 Cr	₹532.00 Cr	₹1,099 Cr	₹883.00 Cr	₹1,621 Cr	₹2,822 Cr	₹1,902 Cr	₹2,323 Cr	₹2,143 Cr	₹1,848 Cr
Operating Profit	₹13.00 Cr	₹403.00 Cr	₹843.00 Cr	₹1,526 Cr	₹1,450 Cr	₹2,241 Cr	₹3,512 Cr	₹4,970 Cr	₹7,318 Cr	₹8,889 Cr	₹10,785 Cr	₹11,711 Cr
OPM %	48%	80%	57%	74%	57%	72%	68%	64%	79%	79%	83%	86%
Interest	₹23.00 Cr	₹334.00 Cr	₹552.00 Cr	₹1,121 Cr	₹995.00 Cr	₹1,953 Cr	₹2,617 Cr	₹2,911 Cr	₹5,006 Cr	₹5,492 Cr	₹6,484 Cr	₹6,960 Cr
Depreciation	₹6.00 Cr	₹333.00 Cr	₹543.00 Cr	₹1,062 Cr	₹394.00 Cr	₹486.00 Cr	₹849.00 Cr	₹1,300 Cr	₹1,903 Cr	₹2,498 Cr	₹3,372 Cr	₹3,631 Cr
Profit before Tax	-₹9.00 Cr	-₹184.00 Cr	-₹210.00 Cr	-₹585.00 Cr	-₹50.00 Cr	₹187.00 Cr	₹553.00 Cr	₹1,426 Cr	₹1,671 Cr	₹2,215 Cr	₹2,001 Cr	₹1,833 Cr
Net Profit	-₹9.00 Cr	-₹47.00 Cr	-₹138.00 Cr	-₹475.00 Cr	-₹68.00 Cr	₹182.00 Cr	₹489.00 Cr	₹973.00 Cr	₹1,260 Cr	₹2,001 Cr	₹1,987 Cr	₹2,146 Cr
EPS in Rs	-0.58	-0.37	-1.00	-3.03	-0.15	1.34	3.13	6.15	6.94	9.12	10.03	10.83

Balance Sheet (₹ Cr)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹160.00 Cr	₹1,274 Cr	₹1,564 Cr	₹1,564 Cr	₹1,564 Cr	₹1,564 Cr	₹1,564 Cr	₹1,584 Cr	₹1,584 Cr	₹1,584 Cr	₹1,647 Cr
Reserves & Surplus	-₹9.00 Cr	-₹71.00 Cr	-₹223.00 Cr	₹369.00 Cr	₹792.00 Cr	₹636.00 Cr	₹1,050 Cr	₹5,720 Cr	₹8,250 Cr	₹10,553 Cr	₹18,318 Cr
Borrowings (Debt)	₹4,132 Cr	₹4,347 Cr	₹9,864 Cr	₹11,142 Cr	₹14,867 Cr	₹24,209 Cr	₹52,832 Cr	₹54,223 Cr	₹64,858 Cr	₹80,040 Cr	₹1.04 Lakh Cr
Total Liabilities	₹5,569 Cr	₹6,160 Cr	₹15,709 Cr	₹14,658 Cr	₹18,424 Cr	₹28,692 Cr	₹58,954 Cr	₹66,909 Cr	₹88,086 Cr	₹1.11 Lakh Cr	₹1.43 Lakh Cr
Fixed Assets	₹2,781 Cr	₹4,341 Cr	₹9,120 Cr	₹10,388 Cr	₹12,554 Cr	₹16,429 Cr	₹28,452 Cr	₹48,336 Cr	₹62,284 Cr	₹79,914 Cr	₹1.02 Lakh Cr
Total Assets	₹5,569 Cr	₹6,160 Cr	₹15,709 Cr	₹14,658 Cr	₹18,424 Cr	₹28,692 Cr	₹58,954 Cr	₹66,909 Cr	₹88,086 Cr	₹1.11 Lakh Cr	₹1.43 Lakh Cr

Cash Flows (₹ Cr)	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹0 Cr	₹28.00 Cr	₹649.00 Cr	₹1,625 Cr	₹1,965 Cr	₹1,601 Cr	₹3,060 Cr	₹7,265 Cr	₹7,713 Cr	₹8,364 Cr	₹10,135 Cr
Cash from Investing (CFI)	₹0 Cr	-₹1,511 Cr	-₹4,428 Cr	-₹2,666 Cr	-₹3,743 Cr	-₹9,137 Cr	-₹18,663 Cr	-₹3,857 Cr	-₹21,060 Cr	-₹19,828 Cr	-₹26,227 Cr
Cash from Financing (CFF)	₹0 Cr	₹1,559 Cr	₹3,942 Cr	₹1,045 Cr	₹2,161 Cr	₹7,083 Cr	₹15,986 Cr	-₹2,973 Cr	₹13,953 Cr	₹12,068 Cr	₹15,615 Cr
Free Cash Flow (FCF)	₹0 Cr	-₹889.00 Cr	-₹3,763 Cr	-₹1,244 Cr	-₹1,431 Cr	-₹4,529 Cr	-₹11,728 Cr	₹3,927 Cr	-₹7,987 Cr	-₹16,397 Cr	-₹15,857 Cr

Efficiency Ratios	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	850	245	209	134	106	141	129	103	53	50	60
Inventory Days	0	0	0	383	0	0	0	0	0	0	0
Cash Conversion Cycle (Days)	850	245	209	63	106	141	129	103	53	50	60
ROCE %	0%	2%	4%	4%	8%	10%	8%	8%	10%	9%	7%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹179.91 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹1,401.70

DCF Fair Value

₹179.91

Graham Number

₹179.08

Margin of Safety

-87.2%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹179.91

Premium / Overvalued (Margin: -87.2%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹175	₹173	₹172	₹170
10%	₹178	₹177	₹175	₹174
12%	₹182	₹180	₹178	₹177
14%	₹185	₹183	₹181	₹180

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹180	Fairly Valued
Benjamin Graham Number	₹179	Market Priced
Historical Sector P/E	₹259	Premium
EV / EBITDA Multiplier	₹1,472	In-Line
Free Cash Flow Yield Model	₹1,374	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 6/9 (Stable Financials)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

6 / 9 Pass

Altman Z-Score

3.17 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Elevated leverage at 5.19x

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Managing working capital

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 86.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

62.43%

FIIs (Foreign)

11.33%

DIIs (Domestic)

5.30%

Government

0.15%

Public / Retail

20.94%

Swipe → to view historical quarters

Category	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
+ Promoters	56.37%	56.37%	57.51%	60.93%	60.93%	60.93%	61.91%	62.44%	62.44%	62.44%	62.43%	62.43%
+ FIIs (Foreign Portfolio)	18.03%	18.15%	16.91%	15.16%	13.68%	12.45%	11.58%	11.29%	11.42%	11.10%	11.84%	11.33%
+ DIIs (Mutual Funds / Insurance)	1.50%	1.55%	1.46%	1.45%	1.73%	2.40%	2.86%	2.98%	4.31%	4.56%	4.82%	5.30%
+ Public (Retail & HNIs)	24.10%	23.93%	24.11%	22.45%	23.64%	24.22%	23.64%	23.30%	21.84%	21.92%	20.90%	20.94%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Utilities & Power.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

ADANIGREEN Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

ADANIGREEN Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

ADANIGREEN Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹1,794.18

Accelerated market share capture in Utilities & Power, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹1,569.90

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 109x P/E.

🐻 Bear Case (15%) -12.0%

₹1,233.50

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Utilities & Power)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:56 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Adani Green Energy Ltd (ADANIGREEN)	Target Stock	₹1,401.70	-3.26%	109.0x	11.4%	7.4%	5.19	₹2.11 Lakh Cr
Adani Power Ltd (ADANIPOWER)	Sector Peer	₹208.00	+0.97%	26.5x	21.1%	17.2%	0.84	₹3.78 Lakh Cr
NTPC Ltd (NTPC)	Thermal & Renewable Power Generation	₹327.00	-0.53%	11.2x	15.1%	8.9%	1.33	₹3.10 Lakh Cr
Power Grid Corporation of India (POWERGRID)	Interstate Electricity Transmission	₹263.75	+2.25%	14.9x	15.3%	9.1%	1.47	₹2.37 Lakh Cr
Bharat Heavy Electricals Ltd (BHEL)	Sector Peer	₹432.00	+2.14%	61.4x	6.2%	9.1%	0.31	₹1.49 Lakh Cr
Suzlon Energy Ltd (SUZLON)	Wind Turbines & Green Energy	₹38.88	-0.08%	16.9x	39.7%	34.2%	0.06	₹53,071 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:56:12 IST	✓ Live Sync
Financial Statements (10Y)	Adani Green Energy Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

Adani Green Energy Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Adani Green Energy Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Utilities & Power)

Metric Explainer

Stock DNA Methodology

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