Stock

Azure Power Global Limited

AZREF

Renewable Utilities · Utilities

Price

$1.00

-0.10 (-9.09%)

Market Cap

$64.2M

Exchange

Other OTC

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Sep 7, 2026 · filings through Mar 31, 2024

§How the score breaks down

Quality

Strong

Growth

Weak

Cash Flow

Mixed

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+30.1% over 4y

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

Diluted shares outstanding: 49.3M (2021) → 64.2M (2025)

§Winston Score History

The full picture

Azure Power Global is a solar energy company based in India. It builds, owns, and operates solar power plants that generate electricity from sunlight. The company sells this electricity mainly to Indian government agencies and large commercial buyers under long-term contracts.

Azure Power earns revenue by selling electricity at fixed prices through power purchase agreements that typically last 25 years. It operates solar projects across many Indian states, making it one of the country's earlier large-scale solar developers. The long-term contracts provide revenue visibility, but the company carries significant debt to fund its capital-intensive projects. Azure Power has faced financial reporting delays and governance concerns in recent years, and its ability to refinance debt and restore investor confidence remains a key risk going forward.

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

-2.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.2%ownership

Relatively low insider ownership

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

₹7.9B cash & investments at current burn rate

Revenue declining

Azure Power Global Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

90.0%

Premium pricing power — 90.0% gross margin

Profit after running costs

Operating Margin

31.8%

Excellent — 31.8% operating margin

Return on the money invested

ROCE

5.2%

Weak — 5.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

13.1%

Converts sales into free cash efficiently (13.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

3.82

Heavy debt load (3.82)

Covers its interest

Interest Cover

100.00x

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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