Adani Green Energy Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Adani Green Energy Ltd trades at ₹1,514, in a confirmed uptrend and 11 weeks into that stage. That is +26.1% against its own 200-day average. It sits at 95% of a 52-week range of ₹773 to ₹1,556. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 11 of stage 2, confirmed. At ₹1,514 it trades +26.1% versus its 200-day average and sits at 95% of its 52-week range (₹773–₹1,556).

Against the market, two honest reads. Cumulative: over the last 8.1 years the stock moved +5,041% while the NIFTY 500 moved +156% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-07-10) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 23rd percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Adani Green Energy Ltd trades at 119.0× P/E, near the bottom of its own range — cheaper only 23% of the time. Its long-run median P/E is 215.6×, measured across 6.2 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 119.0× is near the bottom of its own range — cheaper only 23% of the time, against a long-run median of 215.6× measured over 6.2 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

🚨 Why the multiple sits where it does: over the past year annual EPS moved +10.0% against a +47.0% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +8.5%/yr price move, ~+44.3%/yr came from earnings growth and ~−35.8 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 910% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Adani Green Energy Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 7.0% — the per-curve reads carry the story. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

56.1/100 — rank 6 of 20 in Power - Generation/Distribution · 76% evidence confidence

Adani Green Energy Ltd scores 56.1 out of 100 against the 20 companies it is compared with in Power - Generation/Distribution, ranking 6. Price leads the evidence: RS versus the benchmark is 37.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 16.4 + 11 + 8.7 + 20 = 56.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Adani Green Energy Ltd reported ₹4,431 Cr of revenue in the Jun 26 quarter, +16.6% year on year. That is the 9th straight quarter of year-on-year growth. Over 10 years it has compounded at 84.7% a year. The last full year, FY26, came in at ₹12,928 Cr. The last four reported quarters add to ₹13,559 Cr.

Adani Green Energy Ltd reported ₹4,431 Cr of revenue in the Jun 26 quarter, +16.6% year on year. That is the 9th straight quarter of year-on-year growth. Over 10 years it has compounded at 84.7% a year. The last full year, FY26, came in at ₹12,928 Cr. The last four reported quarters add to ₹13,559 Cr.

FY26 revenue came in at ₹12,928 Cr (+15.3% on the year), capping 10 years at 84.7% compound. The latest quarter (Jun 26) printed ₹4,431 Cr, +16.6% year on year — the 9th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +10.7% growth against the decade's 84.7% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +11.0% over the last 4 quarters against +17.3%/yr over the last 8 — rolling over; TTM profit −2.3% vs +17.1%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 90.0% this quarter (+10.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Adani Green Energy Ltd's operating margin is 90.0% in the Jun 26 quarter, +10.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 11 fiscal years the operating margin has ranged 48.0% to 83.0%. The current quarter is running above every full year in that window.

Adani Green Energy Ltd's operating margin is 90.0% in the Jun 26 quarter, +10.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 11 fiscal years the operating margin has ranged 48.0% to 83.0%. The current quarter is running above every full year in that window.

The latest quarter's operating margin is 90.0%, +10.0 pp against the same quarter a year ago. Across 11 fiscal years the operating margin has ranged 48.0%–83.0%, and FY26's 83.0% is the top of that band — a record year.

Why the margin moved: operating margin went +9.9 pp year on year while gross margin went +0.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins held — did that reach the bottom line? Next: profit +19.3% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Adani Green Energy Ltd earned ₹983 Cr of net profit in the Jun 26 quarter, +19.3% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹1,987 Cr. That is 22.2% of the quarter's revenue. The same quarter a year earlier earned ₹824 Cr.

Adani Green Energy Ltd earned ₹983 Cr of net profit in the Jun 26 quarter, +19.3% year on year. It is the 2nd consecutive quarter of growth. Full-year FY26 profit was ₹1,987 Cr. That is 22.2% of the quarter's revenue. The same quarter a year earlier earned ₹824 Cr.

Jun 26 profit was ₹983 Cr, +19.3% year on year — the 2nd consecutive quarter of growth. On the full year, FY26 printed ₹1,987 Cr (−0.7%).

Why profit moved: revenue contributed +16.6% and the margin +10.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit −5.1% vs revenue +10.7%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 499% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 499% of Adani Green Energy Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹10,135 Cr of operating cash against ₹1,987 Cr of profit. After ₹30,147 Cr of capital spending, ₹−20,012 Cr was left as free cash.

FY26: operating cash of ₹10,135 Cr against reported profit of ₹1,987 Cr, leaving free cash of ₹−20,012 Cr after ₹30,147 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 499% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 499%: the cash cycle tightened 81 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 9.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹75,315 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Adani Green Energy Ltd's cash conversion cycle runs 60 days in FY26, down from 141 days in FY21. Capital spending ran ₹75,315 Cr over the last 3 years. At FY26 sales of ₹12,928 Cr each day of that cycle holds about ₹35.4 Cr, so roughly ₹2,125 Cr sits inside the business at any moment.

FY26: debtors at 60 days (an asset-light business — no inventory to speak of) — for a full cycle of 60 days, tighter than FY21's 141.

In money terms: at FY26 sales of ₹12,928 Cr, each day of the cycle holds about ₹35.4 Cr — so the 60-day loop keeps roughly ₹2,125 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹75,315 Cr over the last 3 fiscal years against ₹7,773 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹19,031 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 7%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Adani Green Energy Ltd earns a ROCE of 7% in FY26. That is up from a trough of 2% in FY17. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 15.4% net margin on 0.09× asset turns.

FY26 ROCE is 7%, recovered from a FY17 trough of 2% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 15.4% net margin × 0.09× asset turns × 7.16× balance-sheet leverage ≈ 9.9% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 910% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 5.19.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Adani Green Energy Ltd carries ₹1,03,545 Cr of borrowings against ₹19,965 Cr of equity in FY26, a debt-to-equity of 5.19. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹24,209 Cr to ₹1,03,545 Cr. Capital spending ran ₹75,315 Cr across the last 3 of those years.

FY26: borrowings of ₹1,03,545 Cr against equity of ₹19,965 Cr — a debt-to-equity of 5.19. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹24,209 Cr to ₹1,03,545 Cr while capital spending ran ₹75,315 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 910% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 5.1 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 5.1 points of Adani Green Energy Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 11.8% of the company. Promoters moved +4.9 points over the same window, to 62.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −5.1 points over 8 quarters to 11.8%; Promoters: +4.9 points over 8 quarters to 62.4%; Domestic institutions: +3.4 points over 8 quarters to 4.8%.

Why the register moved: rotation — foreign institutions −5.1 points against domestic institutions +3.4 points over 8 quarters, with promoters +4.9 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Adani Green Energy Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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