Adani Green Energy Limited

ADANIGREEN.NS

Renewable Utilities · Utilities

Price

₹1308.00

-12.00 (-0.91%)

Market Cap

₹2.15T

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 25, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Exceptional

Growth

Good

Cash Flow

Good

Stability

Weak

Valuation

Good

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Share count rising — dilution

+9.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.56B (2022) → 1.71B (2026)

Winston Score History

The full picture

Adani Green Energy is one of the largest renewable energy companies in India. It builds and operates solar and wind power plants, selling clean electricity to government agencies and industrial buyers through long-term contracts. The company is part of the Adani Group conglomerate and ranks among the biggest renewable energy producers in the world by capacity.

Adani Green makes money by selling electricity under power purchase agreements that typically lock in prices for 25 years, providing predictable revenue. It operates entirely in India, where government targets for clean energy expansion create strong demand. Its scale, access to capital through the Adani Group, and a large pipeline of contracted projects give it a competitive edge. The key growth driver is India's push to reach 500 GW of non-fossil fuel capacity by 2030, but the company carries significant debt to fund its rapid expansion, and any slowdown in project execution or financing access remains a notable risk.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+13.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+282.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

79.7%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹112.2B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Adani Green Energy Limited is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

75.6%

Premium pricing power — 75.6% gross margin

Profit after running costs

Operating Margin

66.8%

Excellent — 66.8% operating margin

Return on the money invested

ROCE

23.5%

Exceptional — 23.5% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+10.1%

Steady sales growth (+10.1% YoY)

Profit growth

EPS YoY

+15.0%

Earnings growing (+15.0% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

245%

Turns 245% of profit into real cash

Spare cash per sale

FCF Margin

-58.4%

Burning cash (-58.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

1.01x

Dangerous — barely covers interest (1.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

121.7x

Expensive — P/E 121.7

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+83.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (121.7 → 38.0)

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Dividends

Not applicable for this business.

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