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Last Updated: April 2, 2026, 2:33 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 541450 | NSE: ADANIGREEN

Adani Green Energy Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,206.48Undervalued by 41.61%vs CMP ₹852.00

P/E (85.1) × ROE (14.6%) × BV (₹119.00) × DY (2.00%)

₹598.33Overvalued by 29.77%vs CMP ₹852.00
MoS: -42.4% (Negative)Confidence: 56/100 (Moderate)Models: 1 Under, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,494.5330%Under (+75.4%)
Graham NumberEarnings₹156.3522%Over (-81.6%)
Net Asset ValueAssets₹118.5210%Over (-86.1%)
EV/EBITDAEnterprise₹294.3712%Over (-65.4%)
Earnings YieldEarnings₹91.3010%Over (-89.3%)
ROCE CapitalReturns₹531.1010%Over (-37.7%)
Revenue MultipleRevenue₹102.107%Over (-88%)
Consensus (7 models)₹598.33100%Overvalued
Key Drivers: Wide model spread (₹91–₹1,495) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 23.9%

*Investments are subject to market risks

Investment Snapshot

56
Adani Green Energy Ltd scores 56/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health47/100 · Moderate
ROCE 8.7% AverageROE 14.6% GoodD/E 27.22 High debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -1.03% (6mo) SellingDII holding up 1.91% MF buyingPromoter holding at 62.4% Stable
Earnings Quality65/100 · Strong
OPM expanding (66% → 80%) Improving
Quarterly Momentum60/100 · Moderate
Revenue (4Q): +17% YoY GrowingProfit (4Q): -4% YoY DecliningOPM: 85.6% (up 5.3% YoY) Margin expansion
Industry Rank60/100 · Moderate
P/E 85.1 vs industry 41.9 Premium to peersROCE 8.7% vs industry 9.0% AverageROE 14.6% vs industry 11.7% Above peers3Y sales CAGR: 30% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:33 am

Market Cap 1,40,349 Cr.
Current Price 852
Intrinsic Value₹598.33
High / Low 1,179/765
Stock P/E85.1
Book Value 119
Dividend Yield0.00 %
ROCE8.70 %
ROE14.6 %
Face Value 10.0
PEG Ratio3.56

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Adani Green Energy Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Adani Green Energy Ltd 1,40,349 Cr. 852 1,179/76585.1 1190.00 %8.70 %14.6 % 10.0
Tata Power Company Ltd 1,21,487 Cr. 380 418/33232.1 1180.59 %10.8 %11.0 % 1.00
JSW Energy Ltd 85,079 Cr. 484 557/42836.8 1670.41 %6.49 %7.41 % 10.0
NHPC Ltd 75,730 Cr. 75.4 92.3/68.724.0 41.02.53 %7.42 %7.53 % 10.0
NLC India Ltd 39,270 Cr. 283 292/20215.0 1441.27 %10.5 %14.5 % 10.0
Industry Average60,447.10 Cr156.8041.9494.050.95%8.95%11.73%7.77

All Competitor Stocks of Adani Green Energy Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,971.002,598.002,162.002,220.002,311.002,527.002,794.003,005.002,340.003,073.003,800.003,008.002,618.00
Expenses 1,118.00334.0081.00521.00645.00693.00415.00788.00460.00680.00758.00405.00377.00
Operating Profit 853.002,264.002,081.001,699.001,666.001,834.002,379.002,217.001,880.002,393.003,042.002,603.002,241.00
OPM % 43.28%87.14%96.25%76.53%72.09%72.58%85.15%73.78%80.34%77.87%80.05%86.54%85.60%
Other Income 216.00265.00178.00353.00264.00234.00271.00294.00280.0048.00189.00158.00208.00
Interest 617.001,338.001,393.001,165.001,242.001,224.001,426.001,448.001,251.001,368.001,525.001,635.001,698.00
Depreciation 330.00392.00451.00474.00481.00497.00596.00621.00618.00663.00767.00834.00886.00
Profit before tax 122.00799.00415.00413.00207.00347.00628.00442.00291.00410.00939.00292.00-135.00
Tax % 51.64%38.42%34.22%28.81%32.85%23.63%28.50%5.88%-37.46%28.78%24.71%-81.16%-27.41%
Net Profit 103.00507.00323.00371.00256.00310.00629.00515.00474.00383.00824.00644.005.00
EPS in Rs 0.653.212.032.351.620.952.821.743.111.454.393.54-0.25

Last Updated: February 6, 2026, 9:17 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 18, 2026, 2:08 pm

MetricMar 2016n n 15mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 285021,4802,0582,5493,1245,1337,7929,22011,21212,499
Expenses 14986375321,0988831,6212,8221,8812,3232,220
Operating Profit 134038431,5261,4502,2413,5124,9707,3398,88910,279
OPM % 48%80%57%74%57%72%68%64%80%79%82%
Other Income 7804273-1113855076671,3231,316603
Interest 233345521,1219951,9532,6172,9115,0885,4926,226
Depreciation 63335431,0623944868491,3001,9032,4983,150
Profit before tax -9-184-210-585-501875531,4261,6712,2151,506
Tax % 3%-75%-35%-19%23%6%12%32%25%10%
Net Profit -9-47-138-475-681824899731,2602,0011,856
EPS in Rs -0.58-0.37-1.00-3.03-0.151.343.136.156.949.129.13
Dividend Payout % 0%0%0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-193.62%-244.20%85.68%367.65%168.68%98.98%29.50%58.81%
Change in YoY Net Profit Growth (%)0.00%-50.59%329.89%281.96%-198.97%-69.70%-69.48%29.31%

Adani Green Energy Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 8 years from 2017-2018 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:34%
3 Years:30%
TTM:25%
Compounded Profit Growth
10 Years:%
5 Years:127%
3 Years:56%
TTM:38%
Stock Price CAGR
10 Years:%
5 Years:11%
3 Years:-27%
1 Year:-52%
Return on Equity
10 Years:%
5 Years:16%
3 Years:16%
Last Year:15%

Last Updated: September 4, 2025, 10:10 pm

Balance Sheet

Last Updated: December 10, 2025, 2:18 am

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 1601,2741,5641,5641,5641,5641,5641,5841,5841,5841,647
Reserves -9-71-2233697936361,0505,7209,05810,55317,877
Borrowings 4,1324,3479,86411,14214,86624,20952,83254,22364,85880,04088,153
Other Liabilities 1,2866104,5031,5821,2012,2833,5085,38212,58618,58718,200
Total Liabilities 5,5696,16015,70914,65818,42428,69258,95466,90988,086110,764125,877
Fixed Assets 2,7814,3419,12010,38812,55416,42928,45248,33662,28479,91488,401
CWIP 1,9622671,7257431,2084,45219,8995,2916,42714,48016,691
Investments 72687774765025741,1491,5152,7433,047
Other Assets 8191,5254,7773,4494,1867,30910,02912,13317,86013,62717,738
Total Assets 5,5696,16015,70914,65818,42428,69258,95466,90988,086110,764125,877

Reserves and Borrowings Chart

Cash Flow

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 286491,6251,9651,6013,1277,2657,7138,364
Cash from Investing Activity + -1,511-4,428-2,666-3,743-9,137-18,730-3,857-21,060-19,828
Cash from Financing Activity + 1,5593,9421,0452,1617,08315,986-2,97313,95312,068
Net Cash Flow 761623383-453383435606604
Free Cash Flow -889-3,763-1,244-1,431-4,529-11,7283,927-7,987-16,397
CFO/OP 7%78%108%137%72%90%146%106%97%

Free Cash Flow

MonthMar 2016n n 15mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow13.00399.00834.00-10.00-13.00-22.00-49.00-50.00-57.00-72.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 8502452091341061411291035350
Inventory Days 383
Days Payable 455
Cash Conversion Cycle 850245209631061411291035350
Working Capital Days -12,275-218-678-182-193-407-576-175-905-436
ROCE %2%4%4%8%10%8%8%10%9%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 57.26%56.27%56.26%56.37%56.37%57.51%60.93%60.93%60.93%61.91%62.44%62.44%
FIIs 17.13%18.25%18.16%18.03%18.15%16.91%15.16%13.68%12.45%11.58%11.29%11.42%
DIIs 1.45%1.47%1.49%1.50%1.55%1.46%1.45%1.73%2.40%2.86%2.98%4.31%
Public 24.16%24.00%24.09%24.10%23.93%24.11%22.45%23.64%24.22%23.64%23.30%21.84%
No. of Shareholders 7,46,2946,92,3406,76,2716,93,0646,68,5867,42,5796,28,4259,00,7709,95,7009,89,8219,77,4839,35,716

Shareholding Pattern Chart

No. of Shareholders

Adani Green Energy Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Quant Small Cap Fund 5,436,317 1.69 463.34N/AN/AN/A
Quant ELSS Tax Saver Fund 4,614,451 3.35 393.29N/AN/AN/A
Quant Multi Cap Fund 1,804,604 2.06 153.81N/AN/AN/A
Quant Flexi Cap Fund 1,695,546 2.32 144.511,282,6962025-12-15 00:13:2232.19%
Quant Large Cap Fund 1,562,817 4.56 133.2987,6162026-01-25 02:30:4058.24%
Quant Value Fund 1,385,868 7.55 118.12549,6142026-01-26 06:30:59152.15%
Quant Aggressive Hybrid Fund 1,361,098 5.92 116.01746,5442026-01-25 02:30:4082.32%
Quant Multi Asset Allocation Fund 1,246,933 2.23 106.28N/AN/AN/A
Tata Arbitrage Fund 1,010,400 0.42 86.121,444,8002026-02-23 03:57:20-30.07%
Quant Quantamental Fund 961,146 5.26 81.92635,9472026-01-25 02:30:4051.14%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 8.376.215.412.410.68
Diluted EPS (Rs.) 8.376.205.412.410.68
Cash EPS (Rs.) 25.6018.1413.988.554.23
Book Value[Excl.RevalReserv]/Share (Rs.) 67.6353.0937.417.615.03
Book Value[Incl.RevalReserv]/Share (Rs.) 67.6353.0937.417.615.03
Revenue From Operations / Share (Rs.) 70.7858.2149.1932.8219.97
PBDIT / Share (Rs.) 63.6853.9036.4425.2817.33
PBIT / Share (Rs.) 47.9141.8828.2319.8514.22
PBT / Share (Rs.) 11.188.728.633.531.20
Net Profit / Share (Rs.) 9.836.135.773.121.13
NP After MI And SOA / Share (Rs.) 9.126.946.153.131.34
PBDIT Margin (%) 89.9692.5974.0777.0386.74
PBIT Margin (%) 67.6871.9557.3960.4971.19
PBT Margin (%) 15.7914.9817.5410.755.98
Net Profit Margin (%) 13.8810.5311.729.505.63
NP After MI And SOA Margin (%) 12.8711.9312.509.526.72
Return on Networth / Equity (%) 13.4713.0716.5641.0924.39
Return on Capital Employeed (%) 8.0210.747.596.579.75
Return On Assets (%) 1.291.241.440.820.73
Long Term Debt / Equity (X) 6.294.828.2735.9022.93
Total Debt / Equity (X) 7.297.508.9943.8627.22
Asset Turnover Ratio (%) 0.110.110.170.370.15
Current Ratio (X) 0.510.510.920.510.67
Quick Ratio (X) 0.500.500.910.510.66
Inventory Turnover Ratio (X) 57.2053.760.000.000.00
Interest Coverage Ratio (X) 1.841.711.981.511.39
Interest Coverage Ratio (Post Tax) (X) 1.341.241.381.161.13
Enterprise Value (Cr.) 235502.52352407.68190594.04349850.76195058.52
EV / Net Operating Revenue (X) 21.0038.2224.4668.1662.44
EV / EBITDA (X) 23.3541.2833.0288.4871.98
MarketCap / Net Operating Revenue (X) 13.4131.5117.9358.3055.29
Price / BV (X) 14.0334.5423.76251.50200.60
Price / Net Operating Revenue (X) 13.4131.5117.9358.3055.29
EarningsYield 0.010.000.010.000.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Adani Green Energy Ltd. is a Public Limited Listed company incorporated on 23/01/2015 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L40106GJ2015PLC082007 and registration number is 082007. Currently Company is involved in the business activities of Electric power generation using solar energy. Company's Total Operating Revenue is Rs. 19613.00 Cr. and Equity Capital is Rs. 1584.00 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Power - Generation/DistributionAdani Corporate House, Ahmedabad Gujarat 382421Contact not found
Management
NamePosition Held
Mr. Gautam S AdaniChairman
Mr. Vneet S JaainManaging Director
Mr. Sagar R AdaniExecutive Director
Mr. Sangkaran RatnamNon Exe. & Nominee Director
Mr. Dinesh Hasmukhrai KanabarInd. Non-Executive Director
Mr. Raminder Singh GujralInd. Non-Executive Director
Mr. Romesh SobtiInd. Non-Executive Director
Mrs. Neera SaggiInd. Non-Executive Director
Dr. Anup ShahInd. Non-Executive Director
Mr. Rajesh S AdaniDirector

FAQ

What is the intrinsic value of Adani Green Energy Ltd and is it undervalued?

As of 14 April 2026, Adani Green Energy Ltd's intrinsic value is ₹598.33, which is 29.77% lower than the current market price of ₹852.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (14.6 %), book value (₹119), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Adani Green Energy Ltd?

Adani Green Energy Ltd is trading at ₹852.00 as of 14 April 2026, with a FY2026-2027 high of ₹1,179 and low of ₹765. The stock is currently near its 52-week low. Market cap stands at ₹1,40,349 Cr..

How does Adani Green Energy Ltd's P/E ratio compare to its industry?

Adani Green Energy Ltd has a P/E ratio of 85.1, which is above the industry average of 41.94. This significantly elevated P/E suggests the market expects strong future growth, or the stock may be overpriced relative to current earnings.

Is Adani Green Energy Ltd financially healthy?

Key indicators for Adani Green Energy Ltd: ROCE of 8.70 % is on the lower side compared to the industry average of 8.95%. Dividend yield is 0.00 %.

Is Adani Green Energy Ltd profitable and how is the profit trend?

Adani Green Energy Ltd reported a net profit of ₹2,001 Cr in Mar 2025 on revenue of ₹11,212 Cr. Compared to ₹489 Cr in Mar 2022, the net profit shows an improving trend.

Does Adani Green Energy Ltd pay dividends?

Adani Green Energy Ltd has a dividend yield of 0.00 % at the current price of ₹852.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Adani Green Energy Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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