Adani Green Energy Limited (ADANIGREEN.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-139.9%

-₹534.63

vs ₹1,338.60 price

Levered DCF

-₹737.76

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.23

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	88.28×	109.81×	304.56×	162.87×	791.2×	1,624.78×	-207.09×	-10.84×
P/B	7.31×	12×	30.45×	19.08×	114.56×	78.55×	10.17×	2.66×
P/S	11.28×	12.83×	32.39×	17.89×	58.23×	55.23×	9.4×	2.48×
EV / EBITDA	21.46×	24.7×	49.23×	34.73×	99.78×	87.36×	21.41×	9.27×
Gross margin	94.5%	84.8%	84.2%	75.0%	72.3%	77.2%	77.9%	90.7%
Operating margin	57.2%	83.5%	83.2%	74.4%	71.5%	75.9%	73.4%	87.0%
Net margin	12.8%	12.7%	11.9%	12.5%	9.5%	6.7%	-0.9%	-22.8%
Current ratio	0.57×	0.51×	0.52×	0.92×	0.48×	0.61×	0.85×	0.77×
Debt / equity	5.08×	6.59×	6.6×	7.42×	20.21×	11×	6.31×	5.76×
Interest coverage	1.14×	1.9×	1.78×	2.09×	1.63×	1.5×	1.81×	1.83×
Dividend yield	0.1%	0.0%	0.0%	0.1%	0.0%	0.0%	0.4%	0.0%
Payout ratio	11.4%	0.0%	0.0%	8.4%	16.8%	39.0%	-447.8%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.3%	11.9%	11.2%	13.3%	18.7%	9.5%	-1.0%	-24.5%
Return on invested capital	5.5%	8.1%	6.9%	6.3%	5.7%	8.3%	10.8%	11.1%
Return on assets	1.1%	1.3%	1.2%	1.4%	0.8%	0.7%	-0.1%	-3.2%
Free cash flow yield	-10.9%	-11.3%	-2.7%	2.8%	-3.9%	-2.6%	-6.0%	-24.2%
Earnings yield	1.1%	1.0%	0.4%	0.7%	0.2%	0.1%	-0.1%	-9.2%
Enterprise value	₹2.5T	₹2.2T	₹3.6T	₹1.9T	₹3.5T	₹2T	₹382B	₹160.3B
Net debt / EBITDA	8.72×	8.61×	8.58×	9.6×	14.83×	10.66×	7.98×	6.29×
Cash conversion cycle (days)	-1,158	-7	26	34	168	100	64	-88