Adani Green Energy Ltd
ADANIGREENAdani Green Energy Ltd is coiled. The quarters are improving, yet the P/E sits at the 20th percentile of its own 6-year range — the business is moving before the market.
The sharpest disagreement: Foreign institutions moved −5.1 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced.
The price is in a confirmed uptrend (19 weeks in) while the P/E sits at the 20th percentile of its own 6-year range. Underneath, the last four quarters read improving — profit +19.3% year on year, and 499% of the last 3 years' profit arrived as cash. What settles it: whether the register turns back in the story’s favour.
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 ₹1,281, in a confirmed uptrend and 19 weeks into that stage. That is +2.8% against its own 200-day average. It sits at 65% 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 (9 weeks and counting).
Today the stock is in a confirmed uptrend — week 19 of stage 2, confirmed. At ₹1,281 it trades +2.8% versus its 200-day average and sits at 65% of its 52-week range (₹773–₹1,556).
Against the market, two honest reads. Cumulative: over the last 8.2 years the stock moved +4,251% while the NIFTY 500 moved +150% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (9 weeks 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.
Story check
Adani Green Energy Ltd's story is not scored yet against the markers our research file set on 17 May 2026. Where it sits in its own cycle: Not stated in the research file. Our fortnightly research layers last read it on 19 July 2026.
Our read, 17 May 2026. The world's fastest greenfield RE builder at scale — PE at 20th percentile while the real inflection (BESS monetisation + 5.3 GW infirm-to-PPA conversion) hasn't hit the P&L yet.
From the numbers. ADANIGREEN's PE cycle is analytically unusual. The stock peaked at PE 1,029x (Sep-20) — a reflection of near-zero earnings against high price expectation — and has compressed through three cycles. The current 112x PE at…
From the price. Price stage 2, week 19 — above its 200-day line, relative strength falling.
From the research. The world's fastest greenfield RE builder at scale — PE at 20th percentile while the real inflection (BESS monetisation + 5.3 GW infirm-to-PPA conversion) hasn't hit the P&L yet.
🚨 Where they disagree. ADANIGREEN's PE cycle is analytically unusual. The stock peaked at PE 1,029x (Sep-20) — a reflection of near-zero earnings against high price expectation — and has compressed through three cycles. The current 112x PE at 20th percentile looks cheap relative to history, but the history itself is not a reliable comparator: the company has structurally different scale and earnings quality today. The EARNINGS_DRIVEN decomposition is the key read — PE has fallen because EPS has grown faster than price, not because the market has de-rated the franchise. Contrarian bonus: at cycle trough with infirm-to-PPA and BESS as clear, quantifiable re-rating triggers. FII selling (15.16% → 11.10%) is a…
What is proven. The world's fastest greenfield RE builder at scale — PE at 20th percentile while the real inflection (BESS monetisation + 5.3 GW infirm-to-PPA conversion) hasn't hit the P&L yet.
What is not proven yet. Management has already missed grid augmentation timelines twice (Jul-25 call vs Jan-26 actuals; Jan-26 projection vs Apr-26 actuals) — a third miss would defer the 5.3 GW PPA conversion and extend the Rs 1,300-1,500 Cr EBITDA headwind through FY28.
🚨 Layer 1 read, 19 July 2026 — DROP. Cheap only vs its own bubble — absolutely rich at PE 138 with IMPOSSIBLE priced-in growth, contraction and heavy leverage: bottom-of-keep P2. Adani Green's PE looks '20th-percentile cheap' but that is against a ~220x bubble-era median; absolutely it is RICH at PE 138 with an IMPOSSIBLE implied-growth verdict from the valuation engine. Returns are contracting (ROCE 10% -> 7%) as borrowings jumped Rs 23,505 Cr in one year and interest (Rs 6,484 Cr) nearly matches gross leverage against PBT of Rs 1,584 Cr, with Dec-25 a loss quarter — a value-trap ranked to the bottom, not a depressed-breakout.
What would change Layer 1’s mind. A clean sequence of rising PER-SHARE EPS with ROCE recovering above ~10% and the 5.3 GW infirm-to-PPA conversion actually landing (interest coverage improving) would lift it off the trap read; conversely another loss quarter or a further capex/leverage escalation would tip STRAINED into VIOLATED and toward DROP.
The test written in advance. Transmission Evacuation Delay (Grid Infrastructure Miss) — Transmission Evacuation Delay (Grid Infrastructure Miss) Q1 FY27 (Jul-26) concall: cumulative evacuation GW confirmed online at Khavda + Rajasthan by the next result.
The test written in advance. Financial Leverage and Interest Coverage Deterioration — Financial Leverage and Interest Coverage Deterioration FY27 debt quantum (should stay below Rs 1.2 lakh Cr); interest-to-EBITDA ratio (must not exceed 65%) by the next result.
The test written in advance. Management Guidance Credibility — Three Consistency Failures — Management Guidance Credibility — Three Consistency Failures Q1 FY27: Is FY27 capex guidance maintained at Rs 40-42K Cr? Is BESS commissioning run-rate 3 GWh/quarter? by the next result.
| Dial | Now | Was | Why it matters | Watch line |
|---|---|---|---|---|
| Capacity Addition and Operating Leverage… | HIGH | — | 5.1 GW added in FY26 (+35% YoY) at world-leading 91.2% EBITDA margin; 4.5-5.0 GW guided for FY27 — every GW commissioned… | Q1 FY27 (Jul-26) concall: cumulative evacuation GW confirmed online at Khavda + Rajasthan |
| BESS Scale-Up — 10 GWh at Khavda (Rs… | HIGH | — | Battery storage absorbs curtailed power at near-zero cost and sells at peak evening rates — Rs 25 Lakh/MWh EBITDA vs Rs 1.5… | Q1 FY27 (Jul-26) concall: cumulative evacuation GW confirmed online at Khavda + Rajasthan |
| Infirm-to-PPA Conversion (5.3 GW at Rs… | HIGH | — | 5.3 GW currently selling at infirm merchant rates converts to long-term PPA contracts as evacuation lines are commissioned by… | Q1 FY27 (Jul-26) concall: cumulative evacuation GW confirmed online at Khavda + Rajasthan |
| Khavda Scale Advantage and Cost Leadership | MEDIUM_HIGH | — | World's largest single-location renewable installation (9.4 GW) delivers captive module manufacturing, AI/ML operations, and O&M… | Q1 FY27 (Jul-26) concall: cumulative evacuation GW confirmed online at Khavda + Rajasthan |
| BBB+ Credit Upgrade and WACC Reduction | MEDIUM | — | BBB+ international credit rating (India sovereign equivalent) secured — expected to reduce the 8.9% blended interest rate… | Q1 FY27 (Jul-26) concall: cumulative evacuation GW confirmed online at Khavda + Rajasthan |
Lever 1 · Operating leverage — BUILDING. 5.1 GW added in FY26 (+35% YoY) at world-leading 91.2% EBITDA margin; 4.5-5.0 GW guided for FY27 — every GW commissioned directly scales EBITDA at near-zero marginal cost. What proves it keeps working: Capacity Addition and Operating Leverage (19.3 GW → 24 GW). It stops working if Q1 FY27 (Jul-26) concall: cumulative evacuation GW confirmed online at Khavda + Rajasthan.
Lever 9 · Buyback — BUILDING. Battery storage absorbs curtailed power at near-zero cost and sells at peak evening rates — Rs 25 Lakh/MWh EBITDA vs Rs 1.5 Cr/MWh capex — and is delinked from transmission constraints that are capping the rest of the portfolio. What proves it keeps working: BESS Scale-Up — 10 GWh at Khavda (Rs 15,000 Cr Capex). It stops working if Q1 FY27 (Jul-26) concall: cumulative evacuation GW confirmed online at Khavda + Rajasthan.
Lever 6 · Order-book wins — BUILDING. 5.3 GW currently selling at infirm merchant rates converts to long-term PPA contracts as evacuation lines are commissioned by Dec-26/Mar-27 — eliminates the entire FY26 EBITDA headwind in one step. What proves it keeps working: Infirm-to-PPA Conversion (5.3 GW at Rs 1,300-1,500 Cr Headwind Elimination). It stops working if Q1 FY27 (Jul-26) concall: cumulative evacuation GW confirmed online at Khavda + Rajasthan.
Lever 14 · A bigger market to sell into — BUILDING. World's largest single-location renewable installation (9.4 GW) delivers captive module manufacturing, AI/ML operations, and O&M cost per MW declining as Khavda displaces older, smaller, costlier assets. What proves it keeps working: Khavda Scale Advantage and Cost Leadership. It stops working if Q1 FY27 (Jul-26) concall: cumulative evacuation GW confirmed online at Khavda + Rajasthan.
Sources: our stock research file (17 May 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
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.
Why this happened. The Rs 1,300-1,500 Cr FY26 EBITDA headwind breaks into two components: Rs 500 Cr curtailment loss and Rs 800-1,000 Cr merchant price discount vs PPA equivalent rates. The 5.3 GW of 'infirm power' (capacity commissioned but lacking firm evacuation) converts to contracted rates as 14-15 GW of additional transmission capacity comes online in two tranches: 7 GW by December 2026 and another 7 GW by March 2027. When this converts, the headwind mechanically reverses to a tailwind. The conversion is binary — each GW that gets firm evacuation moves from merchant-at-a-discount to PPA-at-contracted-rate. Timeline slippage (3-4 month variance is normal) is the key risk to this driver.
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.
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.
Why this happened. ADANIGREEN's core engine: renewable capacity added to the grid generates contracted revenue (PPA) or merchant revenue with zero fuel cost, meaning every incremental GW flows directly to EBITDA. FY26 delivered 5.1 GW — the company's own guidance was exceeded — taking cumulative capacity to 19.3 GW. The operational portfolio generates Rs 10,865 Cr of EBITDA at 91.2% margins. FY27 target of 4.5-5.0 GW represents another 23-26% capacity uplift. The compounding effect means each year's addition builds on the previous base. The binding constraint is not demand or execution — it is transmission evacuation infrastructure, which is the primary risk to this driver.
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.
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.
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.
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.
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.
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 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
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 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
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.
Why this happened. Battery Energy Storage Systems (BESS) are the structural hedge against the transmission constraint. By storing solar power that would otherwise be curtailed (zero input cost) and releasing it during evening peak-hour demand, BESS converts a grid risk into a revenue opportunity. Management targets 10 GWh at Khavda by end-FY27. At Rs 25 Lakh/MWh EBITDA economics, 10 GWh = Rs 2,500 Cr annual EBITDA contribution once fully operational. The capex is Rs 15,000 Cr (10 GWh × Rs 1.5 Cr/MWh). The FY27 watch milestone is quarterly commissioning run-rate of 3 GWh confirmed in Q1 FY27 results.
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.
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.
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 109.0× P/E, near the bottom of its own range — cheaper only 20% of the time. Its long-run median P/E is 211.7×, measured across 6.3 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 109.0× is near the bottom of its own range — cheaper only 20% of the time, against a long-run median of 211.7× measured over 6.3 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 +30.5% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 5y, of the +1.1%/yr price move, ~+40.9%/yr came from earnings growth and ~−39.8 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 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
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.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +15.3% | +18.4% | +32.9% | +84.7% |
| Profit | −0.7% | +26.9% | +61.3% | — |
| EPS | +10.0% | +17.7% | +49.6% | — |
| Share price | +30.5% | +8.6% | +1.1% | — |
4-Factor Sector Score
54.0/100 — rank 8 of 20 in Power - Generation/Distribution · 75% evidence confidence
Adani Green Energy Ltd scores 54.0 out of 100 against the 20 companies it is compared with in Power - Generation/Distribution, ranking 8. Price leads the evidence: RS versus the benchmark is 12.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
The four contributions add to the total exactly: 17.4 + 14.3 + 8.9 + 13.4 = 54. 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.
Said versus delivered
What Adani Green Energy Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
🚨 Curtailment Resolution Missed · 22 July 2026. In the April 2026 call, management said the prior-year EBITDA losses were not expected to recur in the coming year. However, in the July 2026 call, management still reported a 5-7% EBITDA impact from curtailment and only expected the issue to phase out by the end of the calendar year, indicating that the earlier expectation was not met and the risk remains material.
🚨 BESS FY26 Commissioning Shortfall · 24 April 2026. In the January 2026 call, management explicitly committed to commissioning 3.5 GWh of battery storage during FY26. The April 2026 call — which covers Q4 FY26 results after the fiscal year had already ended — reveals management was still approaching only 3 GWh as of the call date, representing a ~14% miss against the stated commitment with no explanation offered for the shortfall. Earlier call (Jan 2026): “3.5 gigawatt hour of battery storage is what we are committed to commission in this particular quarter or in this financial year.” Later call (Apr 2026): “We hope that in the next few days, we should reach the mark of 3 gigawatt hours of installed capacity in Khavda by sometime next week.”
FY27 Capex Guidance Escalation · 24 April 2026. In October 2025, management guided FY27 capex at INR30,000–35,000 crores, with BESS explicitly confirmed as not part of the 50 GW plan. By April 2026, the FY27 capex target has been raised to INR40,000–42,000 crores (potentially INR45,000 crores), a ~25–35% escalation over the October 2025 midpoint, driven primarily by a 10 GWh BESS program worth ~INR15,000 crores that was entirely absent from the October 2025 framework. The January 2026 call showed an intermediate step-up to INR35,000–40,000 crores, with the full escalation only materializing in the latest call, materially altering the leverage and funding assumptions analysts had modeled. Later call (Apr 2026): “We are guiding the market to around 40,000 to 42,000 crores, but it could reach the number you mentioned.”
Merchant Portfolio Strategy Reversal · 24 April 2026. In the January 2026 call, management stated that their strategy 'has been to maintain around 20% merchant' capacity as an ongoing deliberate position, partly to enable battery storage arbitrage opportunities. The April 2026 call directly contradicts this by framing the 'long-term stated goal' as more than 90% of new capacity being tied to long-term PPAs — implying sub-10% merchant — and labeling FY26's elevated merchant ratio as an 'anomaly,' conflicting with the prior framing of 20% merchant as a sustainable strategic feature rather than a temporary deviation. Earlier call (Jan 2026): “in our strategy, it has been to maintain around 20% merchant.” Later call (Apr 2026): “Moving forward, our long-term stated goal remains that more than 90% of the capacities we add will be tied up in long-term PPAs.”
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Mac Charles (India) Ltd507836 | 60.7/100Mixed-positive evidence61% evidence | 25.8/35 Revenue 100% · PAT -8.4% · OPM change 547 pp 62% evidence | 7.7/25 ROCE 5.4% · OPM 76% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 17.2/20 RS sector 6.7% · RS bench 4.9% · 1Y -1.1%2 of 2 weeks ahead to 2026-07-05 100% evidence | |
| Exact sum: 25.8 + 7.7 + 10 + 17.2 = 60.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 2Gujarat Industries Power Co LtdGIPCL | 59.0/100Mixed-positive evidence94% evidence | BREAKING OUT | 28.8/35 Revenue 23.7% · PAT 100% · OPM change 18 pp 100% evidence | 9.0/25 ROCE 5.5% · OPM 48% 100% evidence | 12.0/20 P/E 6.2× · PEG 2.48 100% evidence | 9.2/20 RS sector -15.4% · RS bench 26.5% · 1Y 2.7%6 of 10 weeks ahead 70% evidence |
| Exact sum: 28.8 + 9 + 12 + 9.2 = 59 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 3JSW Energy LtdJSWENERGY | 58.4/100Mixed-positive evidence82% evidence | ASLEEP | 22.6/35 Revenue 35.4% · PAT 7.7% · OPM change 1 pp 95% evidence | 14.0/25 ROCE 8.2% · OPM 55% 76% evidence | 6.6/20 P/E 48.1× · PEG — 50% evidence | 15.2/20 RS sector 9.2% · RS bench 1.9% · 1Y 4.4%3 of 12 weeks ahead 100% evidence |
| Exact sum: 22.6 + 14 + 6.6 + 15.2 = 58.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4Adani Power LtdADANIPOWER | 57.0/100Mixed-positive evidence100% evidence | ASLEEP | 16.6/35 Revenue 6.6% · PAT 19.7% · OPM change 2 pp 100% evidence | 17.7/25 ROCE 17.2% · OPM 42% 100% evidence | 8.6/20 P/E 28.4× · PEG 1.83 100% evidence | 14.1/20 RS sector 28.1% · RS bench 19.4% · 1Y 72.2%4 of 12 weeks ahead 100% evidence |
| Exact sum: 16.6 + 17.7 + 8.6 + 14.1 = 57 · Decision use: Price leads the evidence: RS versus the benchmark is 19.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 5NTPC LtdNTPC | 56.3/100Mixed-positive evidence82% evidence | ASLEEP | 17.7/35 Revenue 2.4% · PAT 15.4% · OPM change 5 pp 95% evidence | 14.4/25 ROCE 8.9% · OPM 32% 76% evidence | 11.7/20 P/E 11.6× · PEG — 50% evidence | 12.5/20 RS sector 1.9% · RS bench -4.8% · 1Y 1.4%0 of 12 weeks ahead 100% evidence |
| Exact sum: 17.7 + 14.4 + 11.7 + 12.5 = 56.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6NHPC LtdNHPC | 55.5/100Mixed-positive evidence100% evidence | TURNING | 24.0/35 Revenue 12% · PAT 24% · OPM change 6 pp 100% evidence | 9.5/25 ROCE 5.8% · OPM 62% 100% evidence | 5.4/20 P/E 20.2× · PEG 3.32 100% evidence | 16.6/20 RS sector 4.8% · RS bench -2.2% · 1Y -1.9%0 of 12 weeks ahead 100% evidence |
| Exact sum: 24 + 9.5 + 5.4 + 16.6 = 55.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7KPI Green Energy LtdKPIGREEN | 54.6/100Mixed-positive evidence82% evidence | ASLEEP | 21.1/35 Revenue 40% · PAT 33.2% · OPM change 1 pp 95% evidence | 17.4/25 ROCE 13.8% · OPM 35% 76% evidence | 14.3/20 P/E 12.2× · PEG — 50% evidence | 1.8/20 RS sector -26.1% · RS bench -31.2% · 1Y -42.1%0 of 12 weeks ahead 100% evidence |
| Exact sum: 21.1 + 17.4 + 14.3 + 1.8 = 54.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Adani Green Energy Ltdthis pageADANIGREEN | 54.0/100Mixed-positive evidence75% evidence | ASLEEP | 17.4/35 Revenue 11% · PAT -2.3% · OPM change 10 pp 95% evidence | 14.3/25 ROCE 7.4% · OPM 90% 76% evidence | 8.9/20 P/E 109× · PEG — 15% evidence | 13.4/20 RS sector 20.7% · RS bench 12.5% · 1Y 37.9%6 of 12 weeks ahead 100% evidence |
| Exact sum: 17.4 + 14.3 + 8.9 + 13.4 = 54 · Decision use: Price leads the evidence: RS versus the benchmark is 12.5%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 9NLC India LtdNLCINDIA | 50.7/100Mixed-positive evidence82% evidence | ASLEEP | 18.2/35 Revenue 16.9% · PAT 12.8% · OPM change 7 pp 95% evidence | 12.6/25 ROCE 8.4% · OPM 31% 76% evidence | 10.3/20 P/E 11.4× · PEG — 50% evidence | 9.6/20 RS sector 2.6% · RS bench -4.4% · 1Y 15.7%3 of 12 weeks ahead 100% evidence |
| Exact sum: 18.2 + 12.6 + 10.3 + 9.6 = 50.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 10SJVN LtdSJVN | 49.6/100Mixed-negative evidence93% evidence | BASING | 17.3/35 Revenue 60.5% · PAT -7.3% · OPM change -16 pp 100% evidence | 9.1/25 ROCE 5.7% · OPM 61% 100% evidence | 14.4/20 P/E 40.7× · PEG 0.29 65% evidence | 8.8/20 RS sector -4.7% · RS bench -11.3% · 1Y -28.6%0 of 12 weeks ahead 100% evidence |
| Exact sum: 17.3 + 9.1 + 14.4 + 8.8 = 49.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 11CESC LtdCESC | 47.6/100Mixed-negative evidence82% evidence | ASLEEP | 17.7/35 Revenue 8.7% · PAT 12.9% · OPM change -1 pp 95% evidence | 14.7/25 ROCE 10.9% · OPM 16% 76% evidence | 10.4/20 P/E 12.4× · PEG — 50% evidence | 4.8/20 RS sector -4.7% · RS bench -11.1% · 1Y -5.3%1 of 12 weeks ahead 100% evidence |
| Exact sum: 17.7 + 14.7 + 10.4 + 4.8 = 47.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Torrent Power LtdTORNTPOWER | 44.7/100Mixed-negative evidence82% evidence | ASLEEP | 10.8/35 Revenue 4.1% · PAT -14.8% · OPM change 0 pp 95% evidence | 16.3/25 ROCE 13.7% · OPM 19% 76% evidence | 7.0/20 P/E 28.1× · PEG — 50% evidence | 10.6/20 RS sector 1.4% · RS bench -5.3% · 1Y 2.7%0 of 12 weeks ahead 100% evidence |
| Exact sum: 10.8 + 16.3 + 7 + 10.6 = 44.7 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 13Tata Power Company LtdTATAPOWER | 43.9/100Mixed-negative evidence100% evidence | ASLEEP | 13.0/35 Revenue -4.2% · PAT 8.4% · OPM change 0 pp 100% evidence | 14.2/25 ROCE 10.5% · OPM 20% 100% evidence | 5.1/20 P/E 29.8× · PEG 4.63 100% evidence | 11.6/20 RS sector 1.7% · RS bench -5.1% · 1Y -5.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 13 + 14.2 + 5.1 + 11.6 = 43.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Jaiprakash Power Ventures LtdJPPOWER | 41.6/100Mixed-negative evidence77% evidence | BASING | 12.2/35 Revenue 8.8% · PAT -13.7% · OPM change 5 pp 100% evidence | 9.8/25 ROCE 7% · OPM 43% 100% evidence | 10.6/20 P/E 13.2× · PEG — 15% evidence | 9.0/20 RS sector -0.2% · RS bench -6.8% · 1Y -16%1 of 10 weeks ahead 70% evidence |
| Exact sum: 12.2 + 9.8 + 10.6 + 9 = 41.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15NTPC Green Energy LtdNTPCGREEN | 41.2/100Mixed-negative evidence93% evidence | BASING | 20.6/35 Revenue 42.1% · PAT 8.8% · OPM change 0 pp 100% evidence | 9.5/25 ROCE 3.6% · OPM 89% 100% evidence | 3.7/20 P/E 121× · PEG 4.9 65% evidence | 7.4/20 RS sector -2.1% · RS bench -8.7% · 1Y -16.5%0 of 12 weeks ahead 100% evidence |
| Exact sum: 20.6 + 9.5 + 3.7 + 7.4 = 41.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 16Orient Green Power Company LtdGREENPOWER | 40.5/100Mixed-negative evidence80% evidence | BASING | 13.3/35 Revenue 0.7% · PAT 15.5% · OPM change -1 pp 95% evidence | 12.2/25 ROCE 7.2% · OPM 68% 95% evidence | 10.3/20 P/E 20.4× · PEG — 15% evidence | 4.7/20 RS sector -8.8% · RS bench -15.1% · 1Y -33.4%2 of 12 weeks ahead 100% evidence |
| Exact sum: 13.3 + 12.2 + 10.3 + 4.7 = 40.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17India Power Corporation LtdDPSCLTD | 38.6/100Mixed-negative evidence69% evidence | BASING | 18.2/35 Revenue 10.1% · PAT 82.4% · OPM change 65.3 pp 62% evidence | 4.5/25 ROCE 3.5% · OPM -1.8% 95% evidence | 11.8/20 P/E 54.3× · PEG — 50% evidence | 4.1/20 RS sector -26.4% · RS bench -21.6% · 1Y -41.8%0 of 10 weeks ahead 70% evidence |
| Exact sum: 18.2 + 4.5 + 11.8 + 4.1 = 38.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 18RattanIndia Power LtdRTNPOWER | 35.1/100Mixed-negative evidence75% evidence | ASLEEP | 12.5/35 Revenue -6.4% · PAT -4.3% · OPM change 4 pp 74% evidence | 6.6/25 ROCE 6.2% · OPM 16% 100% evidence | 11.1/20 P/E 34.6× · PEG — 50% evidence | 4.9/20 RS sector -13.9% · RS bench -22.1% · 1Y -42.6%0 of 10 weeks ahead 70% evidence |
| Exact sum: 12.5 + 6.6 + 11.1 + 4.9 = 35.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 19Reliance Power LtdRPOWER | 26.7/100Adverse evidence77% evidence | BASING | 9.5/35 Revenue 2.9% · PAT -80% · OPM change -1 pp 100% evidence | 5.5/25 ROCE 6.1% · OPM 29% 100% evidence | 8.5/20 P/E 2486× · PEG — 15% evidence | 3.2/20 RS sector -40.9% · RS bench -28.4% · 1Y -54%1 of 10 weeks ahead 70% evidence |
| Exact sum: 9.5 + 5.5 + 8.5 + 3.2 = 26.7 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 20BF Utilities LtdBFUTILITIE | 21.4/100Adverse evidence66% evidence | ASLEEP | 2.1/35 Revenue 0.4% · PAT -80% · OPM change -59.9 pp 95% evidence | 4.5/25 ROCE 3.9% · OPM -95.1% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 4.8/20 RS sector -34% · RS bench -6.2% · 1Y -31.8%2 of 10 weeks ahead 70% evidence |
| Exact sum: 2.1 + 4.5 + 10 + 4.8 = 21.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Adani Green Energy Ltd's share price today?
Adani Green Energy Ltd trades at ₹1,281, +30.5% over the past year. The company is valued at ₹2,11,053 Cr. The stock sits at 65% of its 52-week range of ₹773–₹1,556, +2.8% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 19 weeks in. — as of 11 September 2026.
What were Adani Green Energy Ltd's latest quarterly results?
Adani Green Energy Ltd reported revenue of ₹4,431 Cr and net profit of ₹983 Cr for the Jun 26 quarter. Revenue rose 16.6% and profit rose 19.3% year on year. Earnings per share were ₹5.13. The operating margin was 90.0%, 10.0 pp higher than a year earlier. — as of 11 September 2026.
What is Adani Green Energy Ltd's revenue?
Adani Green Energy Ltd reported revenue of ₹4,431 Cr in the Jun 26 quarter, +16.6% year on year. For the full FY26 fiscal year, revenue was ₹12,928 Cr (+15.3%). Over the last 10 years revenue compounded at 84.7% a year. — as of 11 September 2026.
What is Adani Green Energy Ltd's profit?
Adani Green Energy Ltd earned ₹983 Cr of net profit in the Jun 26 quarter, +19.3% year on year — the 2nd straight quarter of growth. Full-year FY26 profit was ₹1,987 Cr. The operating margin ran 90.0% in the latest quarter. — as of 11 September 2026.
What is Adani Green Energy Ltd's market cap?
Adani Green Energy Ltd's market capitalisation is ₹2,11,053 Cr at a share price of ₹1,281. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Adani Green Energy Ltd's P/E ratio?
Adani Green Energy Ltd trades at a P/E of 109.0×, at the 20th percentile of its own 6-year range, against a long-run median of 211.7×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Adani Green Energy Ltd pay a dividend?
No — Adani Green Energy Ltd has recorded a dividend payout of 0% of profit in each of its last 11 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 11 September 2026.
Is Adani Green Energy Ltd overvalued?
On its own history, Adani Green Energy Ltd looks cheap: its P/E of 109.0× has been cheaper only 20% of the time in 6 years (long-run median 211.7×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 11 September 2026.
Is Adani Green Energy Ltd growing?
Yes — Adani Green Energy Ltd is growing: latest-quarter revenue +16.6% year on year, profit +19.3%, and the margin +10.0 pp at 90.0%. The earnings engine currently reads: improving — as of 11 September 2026.
How is Adani Green Energy Ltd performing?
Adani Green Energy Ltd is in a confirmed uptrend, 19 weeks in. Its latest quarter's revenue rose 16.6% and profit rose 19.3% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 9 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Adani Green Energy Ltd in?
Mixed — no clean majority across the growth curves, ROCE holding at 7.0% — the per-curve reads carry the story. The read comes from the last 12 quarters of growth (revenue growth +11.0% latest, profit growth −2.3% latest, eps growth +1.3% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Adani Green Energy Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 19 of stage 2), trading +2.8% versus its 200-day average and at 65% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Adani Green Energy Ltd beating the market?
Not lately — on a trailing-13-week view Adani Green Energy Ltd is currently behind the NIFTY 500 (9 weeks and counting; last ahead the week of 2026-07-10), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 8.2 years the stock moved +4,251% against the NIFTY 500's +150% — ahead of the index over the full window. — as of 11 September 2026.
Will Adani Green Energy Ltd's share price go up?
This page publishes no price forecast for Adani Green Energy Ltd. What it measures instead: the share price is ₹1,281, the price is in a confirmed uptrend 19 weeks in. Its P/E of 109.0× sits at the 20th percentile of its own 6-year range. — as of 11 September 2026.
Who owns Adani Green Energy Ltd?
Promoters hold 62.4% of Adani Green Energy Ltd, foreign institutions 11.8%, domestic institutions 4.8% and the public 20.9% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 5.1 points over 8 quarters. — as of 11 September 2026.
Does Adani Green Energy Ltd have too much debt?
It carries real leverage — Adani Green Energy Ltd's debt-to-equity is 5.19, and operating profit covers the interest bill 2×. FY26 borrowings were ₹1,03,545 Cr against equity of ₹19,965 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.
What is Adani Green Energy Ltd's capex?
Adani Green Energy Ltd spent ₹75,315 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹30,147 Cr, with ₹19,031 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Adani Green Energy Ltd's cash flow?
Adani Green Energy Ltd generated ₹10,135 Cr of operating cash flow in FY26 and ₹−20,012 Cr of free cash flow after ₹30,147 Cr of capital spending. Reported profit that year was ₹1,987 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Adani Green Energy Ltd's profit real cash?
Yes — over the last 3 fiscal years, 499% of Adani Green Energy Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹10,135 Cr against reported profit of ₹1,987 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 11 September 2026.
Where is Adani Green Energy Ltd in its business cycle?
Adani Green Energy Ltd's FY26 operating margin was 83.0%, against a 11-year band of 48.0%–83.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 90.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What could break the Adani Green Energy Ltd story?
The sharpest disagreement: Foreign institutions moved −5.1 points over 8 quarters while the operating story went the other way — someone close to the numbers is not convinced. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Adani Green Energy Ltd a stock worth studying right now?
This is not investment advice. The machine read: Adani Green Energy Ltd is coiled. The quarters are improving, yet the P/E sits at the 20th percentile of its own 6-year range — the business is moving before the market. The sharpest open question: whether the register turns back in the story’s favour. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!