Azure Power Global Limited (AZRE.F) Stock Analysis & Winston Score

Azure Power Global Limited is a renewable energy company based in India. It builds and operates large solar power plants that generate electricity from sunlight. The company sells this electricity mainly to Indian government-owned utilities and state electricity boards under long-term contracts. Azure Power earns money through power purchase agreements, which are fixed contracts where customers agree to buy electricity at a set price for many years. This gives the company a relatively predictable stream of revenue. Azure Power operates almost entirely within India, making it a pure-play bet on India's fast-growing solar energy market. The company has faced significant challenges in recent years, including financial reporting delays, leadership changes, and concerns about its ability to meet debt obligations. The key risk going forward is whether the company can stabilize its operations and finances while India continues to expand its renewable energy capacity toward its national clean energy targets.