Reported Earnings • Jul 23
First quarter 2027 earnings: EPS and revenues miss analyst expectations First quarter 2027 results: EPS: ₹5.05 (up from ₹4.26 in 1Q 2026). Revenue: ₹44.3b (up 17% from 1Q 2026). Net income: ₹8.45b (up 19% from 1Q 2026). Profit margin: 19% (in line with 1Q 2026). Revenue missed analyst estimates by 4.6%. Earnings per share (EPS) also missed analyst estimates by 8.7%. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jul 22
Adani Green Energy Limited Announces Appointment of Poly Singh Arora as Chief People Officer, Effective July 22, 2026 Adani Green Energy Limited stated that the Board of Directors at its meeting held on July 22, 2026, approved the appointment of Ms. Poly Singh Arora as Chief People Officer of the Company and designated her as Senior Management Personnel. Terms of appointment: Full-time employment. Ms. Poly Singh Arora is a strategic HR leader with strong expertise in Talent management, Culture building and Leadership development. She is known for aligning people strategy with business goals, driving employee engagement, fostering high performance teams and leading change with empathy, integrity with strong focus on governance and inclusion. Price Target Changed • Jun 11
Price target increased by 8.3% to ₹1,392 Up from ₹1,286, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ₹1,454. Stock is up 43% over the past year. The company is forecast to post earnings per share of ₹19.73 for next year compared to ₹9.65 last year. Announcement • Jun 01
Adani Green Energy Limited to Report Q2, 2027 Results on Oct 21, 2026 Adani Green Energy Limited announced that they will report Q2, 2027 results on Oct 21, 2026 Reported Earnings • May 31
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: ₹9.65 (up from ₹8.38 in FY 2025). Revenue: ₹129.9b (up 14% from FY 2025). Net income: ₹15.8b (up 19% from FY 2025). Profit margin: 12% (in line with FY 2025). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 14% per year. Price Target Changed • May 03
Price target increased by 8.9% to ₹1,286 Up from ₹1,181, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ₹1,226. Stock is up 35% over the past year. The company is forecast to post earnings per share of ₹18.96 for next year compared to ₹9.65 last year. Reported Earnings • Apr 25
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: ₹9.65 (up from ₹8.38 in FY 2025). Revenue: ₹138.2b (up 22% from FY 2025). Net income: ₹16.5b (up 25% from FY 2025). Profit margin: 12% (in line with FY 2025). Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 15%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risk Share price has been volatile over the past 3 months (8.7% average weekly change). Reported Earnings • Jan 24
Third quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2026 results: ₹0.38 loss per share (down from ₹2.92 profit in 3Q 2025). Revenue: ₹26.2b (up 11% from 3Q 2025). Net loss: ₹410.0m (down 108% from profit in 3Q 2025). Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 19% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹772, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 21x in the Renewable Energy industry in India. Total loss to shareholders of 48% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹454 per share. Announcement • Nov 24
TotalEnergies Reportedly Prepares To Sell Up To 6% Stake In Adani Green Energy TotalEnergies is preparing to sell up to 6% stake in Adani Green Energy Limited (NSEI:ADANIGREEN), according to people familiar with the development. The French energy major currently holds almost 19% in Adani Group's renewable energy arm through two subsidiaries - 15.58% via TotalEnergies Renewables Indian Ocean Ltd. and 3.41% through TotalEnergies Solar Wind Indian Ocean Ltd. "TotalEnergies had bought its stake in AGEL in 2021 for around $2.5 billion, and it is now valued at nearly $8 billion. They now intend to take some profit off the table," said an industry executive aware of developments. The person added that the stake may be offered to Adani Green Energy, which may evaluate the proposal. Emails sent to Adani Green and Total did not get a response. At Adani Green's current market capitalisation of INR 169,000 million, Total's 6% stake sale could fetch the company around INR 102,000 million (about $1.14 billion). This September, TotalEnergies chief executive Patrick Pouyanné had told investors that while AGEL remained a strong and growing company, the group would not expand its green energy partnership with Adani. "I would be very happy to sell my stake in Adani Green," he had said. Total acquired a 20% minority stake in AGEL and 50% ownership in its operating solar portfolio (over 2 GW) in January 2021 for $2.5 billion, aligning with the French major's renewable energy ambitions. The investment also gave Total a seat on AGEL's board. TotalEnergies is said to be exploring the sale of several renewable energy assets in Asia as part of efforts to reduce its debt burden. Reported Earnings • Oct 29
Second quarter 2026 earnings: EPS and revenues miss analyst expectations Second quarter 2026 results: EPS: ₹3.44 (up from ₹1.56 in 2Q 2025). Revenue: ₹32.5b (up 6.4% from 2Q 2025). Net income: ₹5.83b (up 111% from 2Q 2025). Profit margin: 18% (up from 9.0% in 2Q 2025). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 21%. Earnings per share (EPS) also missed analyst estimates by 57%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Aug 08
JSW Neo Energy, Blackstone and Serentica Renewables Reportedly Submit Binding Financial Bids for Statkraft's Wind and Solar Energy Assets in India JSW Neo Energy Limited, Blackstone Inc. (NYSE:BX) and KKR-backed Serentica Renewables India Private Limited have submitted binding financial bids for Statkraft's wind and solar energy assets in India on August 6, 2025, when the deadline for bids expired, according to sources aware of the matter. The bids were submitted after a three-month due diligence process. Norwegian government-owned Statkraft is exiting India and selling its assets in two lots. The first lot consists of the wind and solar assets. Bids for the second lot comprising hydro power assets are due on August 16. Adani Green Energy Limited (NSEI:ADANIGREEN) and Torrent Power Limited (NSEI:TORNTPOWER) are likely to bid for those, according to people cited earlier. Statkraft has put a $1.5 billion enterprise value tag on the entire India portfolio. JSW Neo Energy, Blackstone and KKR declined to comment. Adani Green Energy and Torrent Power had not responded to ET's queries until press time. "We were among the selected bidders for the Statkraft portfolio in April, post which we conducted our diligence. We are submitting our binding offers for Statkraft's wind and solar portfolio and are confident of closing this transaction," said a Serentica spokesperson. Statkraft-Europe's largest renewable power company-announced its intention on October 23 last year to exit the Indian business. In a statement from its global chief executive officer Birgitte Ringstad Vartdal, the company said it was prioritising investments in Norway, Europe and South America. Reported Earnings • Jul 29
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: ₹4.26 (up from ₹2.63 in 1Q 2025). Revenue: ₹38.0b (up 34% from 1Q 2025). Net income: ₹7.13b (up 60% from 1Q 2025). Profit margin: 19% (up from 16% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) also missed analyst estimates by 40%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Announcement • May 28
Adani Green Energy Limited, Annual General Meeting, Jun 25, 2025 Adani Green Energy Limited, Annual General Meeting, Jun 25, 2025, at 10:00 Indian Standard Time. Reported Earnings • May 04
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: ₹8.37 (up from ₹6.21 in FY 2024). Revenue: ₹112.1b (up 21% from FY 2024). Net income: ₹14.4b (up 47% from FY 2024). Profit margin: 13% (up from 11% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.7%. Earnings per share (EPS) also missed analyst estimates by 39%. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Announcement • Apr 11
Tata Power, Adani Green Reportedly Among 15 Cos Vying for Statkraft’s India Unit The Tata Power Company Limited (BSE:500400), Adani Green Energy Limited (NSEI:ADANIGREEN), KKR-backed Serentica Renewables India Private Limited and Greenko Energy Holdings are among 15 suitors for Statkraft’s India unit (Statkraft India Private Limited) that has been put on the block by the Norway government-owned renewable power company as it has decided to exit its two decade-old investment here, said people familiar with the matter. The suitors signed non-disclosure agreements (NDA) to participate in a bidding process for the company on April 9, 2025. Statkraft has a diversified renewable energy generation portfolio in India composed of wind, solar, hydro and hybrid power plants. Others in the fray include ReNew Po- wer, Avaada Energy, Waaree Energies Limited (NSEI:WAAREEENER), Edelweiss Alternate Assets, Energielis which is promoted by Statkraft’s former India head Rahul Varshney, Gentari, two public sector undertakings and three investment firms, the sources cited earlier said. Statkraft is seeking between $1.5 billion - $2 billion for the India unit which has a renewable energy generation portfolio of 2 gigawatts comprising operational and under construction projects. Tata Power declined to comment. Serentica Renewables said it regularly evaluates potential business opportunities as part of its business strategy. “Signing a non-disclosure agreement is a routine step in assessing such prospects”, said a spokesperson for Se- rentica Renewables. Adani Green, Greenko, ReNew Power, Avaada Energy, Waaree Energies, Energielis and Gentari did not respond to requests for comment. To provide options to potential suitors, the India unit is being sold in four packages, according to sources. The first package is composed of wind and solar power projects in Rajasthan with capacity of 1.5 gigawatt. The second package is composed of two operational hydro power plants located at Malana and Allain Duhangan in Himachal Pradesh which are 49:51 joint ventures with the local LNJ Bhilwara group. The third and fourth packages are single hydropower assets located at Tidong in Himachal Pradhesh and Kedarnath in Uttarakhand respectively. Announcement • Feb 08
Adani Green Energy Limited to Report Fiscal Year 2025 Results on Apr 24, 2025 Adani Green Energy Limited announced that they will report fiscal year 2025 results at 12:08 PM, Indian Standard Time on Apr 24, 2025 Price Target Changed • Jan 27
Price target decreased by 19% to ₹1,613 Down from ₹1,999, the current price target is an average from 4 analysts. New target price is 61% above last closing price of ₹999. Stock is down 42% over the past year. The company is forecast to post earnings per share of ₹14.62 for next year compared to ₹6.21 last year. Reported Earnings • Jan 24
Third quarter 2025 earnings released: EPS: ₹2.92 (vs ₹1.42 in 3Q 2024) Third quarter 2025 results: EPS: ₹2.92 (up from ₹1.42 in 3Q 2024). Revenue: ₹26.3b (up 14% from 3Q 2024). Net income: ₹4.92b (up 92% from 3Q 2024). Profit margin: 19% (up from 11% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 21% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. Announcement • Jan 11
Adani Green Energy Limited to Report Q3, 2025 Results on Jan 23, 2025 Adani Green Energy Limited announced that they will report Q3, 2025 results on Jan 23, 2025 Announcement • Dec 30
Adani Green Energy Limited Announces Chief Executive Officer Changes Adani Green Energy Limited at its board of directors meeting held on December 30, 2024, approved that Mr. Amit Singh, CEO (a Key Managerial Personnel, categorized as Senior Management Personnel), to step down from his position as CEO of the Company, effective March 31, 2025 and will transition to a different leadership role in the Adani Group. Mr. Ashish Khanna, who is currently CEO of the International Energy Business of the Adani Group, will assume the role of new CEO of the Company (a Key Managerial Personnel, categorized as Senior Management Personnel), effective April 01, 2025. Mr. Ashish Khanna is currently CEO of International Energy Business of Adani Group. Prior to joining Adani, Ashish was working with TATA Power as President - Generation. Ashish has over three decades of experience in areas of renewables, infrastructure, project management and contracts management in both India and abroad. He started his career with Bharat Petroleum and then worked with Punj Lloyd Ltd., Engineers India Ltd. and Bechtel. Ashish has done Executive Program in Management from IIM Ahmedabad, holds a Masters Degree in Management & Systems from IIT Delhi, PG Diploma in Materials Management from RPICM Mumbai and a Bachelors Degree in Mechanical Engineering from Delhi College of Engineering. New Risk • Nov 23
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). High level of non-cash earnings (22% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (7.6% average weekly change). Reported Earnings • Oct 23
Second quarter 2025 earnings released: EPS: ₹1.56 (vs ₹2.17 in 2Q 2024) Second quarter 2025 results: EPS: ₹1.56 (down from ₹2.17 in 2Q 2024). Revenue: ₹30.6b (up 38% from 2Q 2024). Net income: ₹2.76b (down 26% from 2Q 2024). Profit margin: 9.0% (down from 17% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has increased by 50% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Oct 16
Adani Green Energy Limited to Report Q2, 2025 Results on Oct 22, 2024 Adani Green Energy Limited announced that they will report Q2, 2025 results on Oct 22, 2024 Price Target Changed • Sep 17
Price target increased by 14% to ₹1,999 Up from ₹1,760, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of ₹1,954. The company is forecast to post earnings per share of ₹16.20 for next year compared to ₹6.21 last year. Announcement • Aug 23
Adani Group's Promoters Reportedly to Sell INR 300,000 Million Stake in Listed Companies The Adani Group's (Adani Enterprises Limited (BSE:512599)) promoters are looking to sell shares worth INR 300,000 million ($3.6 billion) over the next nine months as they look to rebalance their portfolio in listed companies that's currently worth about $126 billion. The promoters will pare stakes in some listed firms while increasing them in others, according to people with knowledge of the matter. The final aim of this rebalancing exercise is to hold 64%-68% stake across firms. The stake sale will begin with Ambuja Cements Limited (BSE:500425) and Adani Power Limited (NSEI:ADANIPOWER) while the holding will be increased in Adani Green Energy Limited (NSEI:ADANIGREEN). Over the next decade, the promoter family wants to mimic the shareholding structure of large US-listed utility companies that have a mix of retail, long-only shareholders other than mutual funds. "Based on volume and price, roughly 0.5% to 3% of the overall promoter stake will be traded every year as a part of the portfolio management and balancing aspect," said one of the persons cited. The Adani Group did not respond to queries. Process Begins: The promoters are initiating the exercise with a sale of 2.8% stake in Ambuja Cement for $500 million that could take place through a block deal on August 23, 2024. This could be followed by another block deal of a similar amount in the cement company in the next few months, the people said. The Adani family is also looking to sell around 3% of Adani Power before the year-end. They're looking to generate INR 80,000 million-INR 100,000 million from this. The family will increase its stake in Adani Green Energy, of which it currently holds 57.5%. Initially, the family is likely to raise its stake by 3% in the next few weeks as it doesn't want to create volatility in the scrip. Incidentally, Adani Wilmar Limited (NSEI:AWL) will look to pare the promoter stake this month from 87.87% to 75% because of exchange regulations. These mandate that companies need to have a minimum free float of 25%. Adani and Wilmar have 43.94% stake each in the company. The offer for sale is likely to happen before the end of September, sources said. The promoters have not yet taken a final decision on how they intend to dispose of stakes in various companies. Reported Earnings • Jul 26
First quarter 2025 earnings released: EPS: ₹2.63 (vs ₹1.85 in 1Q 2024) First quarter 2025 results: EPS: ₹2.63 (up from ₹1.85 in 1Q 2024). Revenue: ₹28.3b (up 30% from 1Q 2024). Net income: ₹4.46b (up 39% from 1Q 2024). Profit margin: 16% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Announcement • Jul 16
Adani Green Energy Limited to Report Q1, 2025 Results on Jul 25, 2024 Adani Green Energy Limited announced that they will report Q1, 2025 results on Jul 25, 2024 New Risk • Jun 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risk Share price has been volatile over the past 3 months (8.4% average weekly change). Announcement • May 26
Adani Green Energy Limited, Annual General Meeting, Jun 25, 2024 Adani Green Energy Limited, Annual General Meeting, Jun 25, 2024, at 10:00 Indian Standard Time. Reported Earnings • May 04
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ₹6.21 (up from ₹5.42 in FY 2023). Revenue: ₹104.6b (up 34% from FY 2023). Net income: ₹11.0b (up 28% from FY 2023). Profit margin: 11% (in line with FY 2023). Revenue exceeded analyst estimates by 6.5%. Earnings per share (EPS) missed analyst estimates by 30%. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 30
Third quarter 2024 earnings released: EPS: ₹1.42 (vs ₹0.47 in 3Q 2023) Third quarter 2024 results: EPS: ₹1.42 (up from ₹0.47 in 3Q 2023). Revenue: ₹23.1b (up 17% from 3Q 2023). Net income: ₹2.56b (up 149% from 3Q 2023). Profit margin: 11% (up from 5.2% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Jan 25
Adani Green Energy Limited announced that it has received INR 23.374999929 billion in funding from Ardour Investment Holding Ltd. On January 25, 2024, Adani Green Energy Limited, closed the transaction. The company issued 63,143,677 warrants to new investor, Ardour Investment Holding Ltd. Announcement • Dec 26
Adani Green Energy Limited announced that it expects to receive INR 23.374999929 billion in funding from Ardour Investment Holding Ltd., Adani Properties Private Limited Adani Green Energy Limited announced a private placement of up to 63,143,677 warrants at a price of INR 370.19 for the gross proceeds of INR 23,374,999,929.4 on December 26, 2023. The warrants will be issued on preferential basis and will be exercisable into 63,143,677 common shares at an exercise price of INR 1,110.5625 which may be exercised in one or more tranches during a period of 18 (eighteen) months commencing from the date of allotment of warrants.. The transaction will include participation from new investors, Ardour Investment Holding Ltd., Adani Properties Private Limited. The transaction has been approved by the shareholders of the company. The transaction is subjected to the approval of regulatory / statutory authorities and the shareholders of the company. New Risk • Dec 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.5x net interest cover). Minor Risk Share price has been volatile over the past 3 months (8.1% average weekly change). Board Change • Nov 04
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent & Non-Executive Director Neera Saggi was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 01
Second quarter 2024 earnings released: EPS: ₹2.17 (vs ₹0.74 in 2Q 2023) Second quarter 2024 results: EPS: ₹2.17 (up from ₹0.74 in 2Q 2023). Revenue: ₹22.2b (up 40% from 2Q 2023). Net income: ₹3.72b (up 150% from 2Q 2023). Profit margin: 17% (up from 9.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Oct 21
Adani Green Energy Limited Announces Resignation of Ahlem Friga-Noy as Nominee Director, Effective October 23, 2023 Adani Green Energy Limited announced that Mrs. Ahlem Friga-Noy, nominee Director (representing TotalEnergies) on the Board of the company has submitted her resignation with effect from October 23, 2023. TotalEnergies has nominated new nominee director in place of Mrs. Ahlem Friga-Noy. The proposal for appointment of new nominee director shall be placed before the Nomination & Remuneration Committee and Board of the Company, in due course. Board Change • Oct 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent & Non-Executive Director Neera Saggi was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 16
Total Reportedly in Talks to Invest in Adani Green's Projects TotalEnergies SE (ENXTPA:TTE) is in talks to invest in renewable energy projects developed by Adani Green Energy Limited (NSEI:ADANIGREEN), people familiar with the matter said, potentially marking the first public deal between the French oil giant and Gautam Adani since a short-seller leveled fraud allegations against the Indian billionaire’s business empire. Reported Earnings • Aug 01
First quarter 2024 earnings released: EPS: ₹1.85 (vs ₹1.18 in 1Q 2023) First quarter 2024 results: EPS: ₹1.85 (up from ₹1.18 in 1Q 2023). Revenue: ₹24.0b (up 47% from 1Q 2023). Net income: ₹3.22b (up 51% from 1Q 2023). Profit margin: 13% (in line with 1Q 2023). Revenue is forecast to grow 31% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 47% per year, which means it is significantly lagging earnings growth. Announcement • Jul 25
Adani Green Energy Limited to Report Q1, 2024 Results on Jul 31, 2023 Adani Green Energy Limited announced that they will report Q1, 2024 results on Jul 31, 2023 Announcement • Jul 21
Adani Green Energy Limited Approves Change the Designation of Vneet S. Jaain from Managing Director & Chief Executive Officer to Managing Director Adani Green Energy Limited announced that at its AGM held on July 19, 2023, the shareholders approved change the designation of Mr. Vneet S. Jaain from Managing Director & Chief Executive Officer to Managing Director. Reported Earnings • Jul 03
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ₹5.42 (up from ₹2.42 in FY 2022). Revenue: ₹78.1b (up 52% from FY 2022). Net income: ₹8.57b (up 126% from FY 2022). Profit margin: 11% (up from 7.4% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 29%. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Renewable Energy industry in India. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 36% per year, which means it is significantly lagging earnings growth. Announcement • Jun 28
Adani Green Energy Limited, Annual General Meeting, Jul 19, 2023 Adani Green Energy Limited, Annual General Meeting, Jul 19, 2023, at 10:00 Indian Standard Time. Location: Adani Corporate House, Shantigram Near Vaishno Devi Circle, S.G. Highway, Khodiyar Ahmedabad Gujarat India Agenda: To receive, consider and adopt the audited financial statements of the Company for the financial year ended on March 31, 2023 together with the Reports of the Board of Directors and Auditors thereon; to receive, consider and adopt the audited consolidated financial statements of the Company for the financial year ended on March 31, 2023 together with the report of Auditors thereon; to appoint a Director in place of Mr. Sagar R. Adani (DIN: 07626229), who retires by rotation and being eligible offers, himself for re-appointment; to re-appoint Mr. Sagar R. Adani (DIN: 07626229), as an Executive Director of the Company; and to consider other matters. Announcement • May 13
Adani Reportedly in Talks for $2 Billion - $2.5 Billion Stake Sales in 3 Group Cos Adani Group is in discussions with potential investors to raise $2 billion - $2.5 billion via share sales in Adani Enterprises Limited (BSE:512599), Adani Transmission Limited (NSEI:ADANITRANS) and Adani Green Energy Limited (NSEI:ADANIGREEN), said people aware of the matter. This will be the first bid by the group to raise funds after having scrapped the $2.5-billion Adani Enterprises follow-on public offer (FPO) in February in the wake of the Hindenburg Research report. The fundraise will be a primary equity infusion that will be used for debt payment and long-term capital expenditure, said the people cited above. Reported Earnings • May 03
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ₹5.41 (up from ₹2.42 in FY 2022). Revenue: ₹77.9b (up 52% from FY 2022). Net income: ₹9.74b (up 157% from FY 2022). Profit margin: 13% (up from 7.4% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.0%. Earnings per share (EPS) also surpassed analyst estimates by 29%. Revenue is forecast to grow 30% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 65% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 08
Third quarter 2023 earnings released: EPS: ₹0.47 (vs ₹0.14 in 3Q 2022) Third quarter 2023 results: EPS: ₹0.47 (up from ₹0.14 in 3Q 2022). Revenue: ₹22.6b (up 61% from 3Q 2022). Net income: ₹1.03b (up 110% from 3Q 2022). Profit margin: 4.6% (up from 3.5% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 33% p.a. on average during the next 2 years, compared to a 4.6% decline forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 99% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Announcement • Jan 11
Adani, Shell, Actis Reportedly Vying for VRET More than 10 major energy sector players round off the list of companies willing to buy Virescent Renewable Energy Trust Fund (NSEI:VIRESCENT) of KKR & Co. Inc. (NYSE:KKR) and its 500-MWp-plus solar portfolio, The Economic Times reported. Included in the list are Adani Green Energy Limited (NSEI:ADANIGREEN) and Torrent Power Limited (NSEI:TORNTPOWER), as well as Actis LLP and Shell plc (LSE:SHEL). KKR's portfolio is housed in the VRET. According to its website, the entity has a portfolio of 16 operational solar parks across seven Indian states totalling 538 MWp. The platform is on sale for $550 million (€513.1 million), knowledgeable sources have said. The suitors have made non-binding offers for Virescent, according to the insiders. KKR is now expected to shortlist the candidates who will proceed to the next round of talks and due diligence. JPMorgan is assisting KKR in the sale, plans for which were first reported in October 2022. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Additional Independent Non-Executive Director Sunil Mehta was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹0.74 (vs ₹0.47 in 2Q 2022) Second quarter 2023 results: EPS: ₹0.74 (up from ₹0.47 in 2Q 2022). Revenue: ₹15.9b (up 23% from 2Q 2022). Net income: ₹1.49b (up 49% from 2Q 2022). Profit margin: 9.4% (up from 7.7% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 45% p.a. on average during the next 2 years, compared to a 9.0% growth forecast for the Renewable Energy industry in Asia. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has increased by 184% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 28
Adani Green Energy Limited Announces Board Changes Adani Green Energy Limited announced in furtherance to withdrawal of nomination by TotalEnergies Renewables Indian Ocean Limited, cessation of directorship of Mr. José Ignacio Sanz Saiz (DIN: 08705604) (Category: Non-Executive, Nominee Director) of the Company was noted and taken on record by the Board with effect from July 27, 2022. In furtherance to the nomination letter dated July 27, 2022 received from TotalEnergies Renewables Indian Ocean Limited, and on the recommendation of the Nomination and Remuneration Committee, Ms. Ahlem Friga Noy (DIN: 09652701) has been appointed as an Additional Director (Category: Non- Executive, Nominee Director) of the Company with effect from July 27, 2022 to hold office up to the date of the upcoming general meeting and as a member of the Audit Committee, the Nomination & Remuneration Committee and the Risk Management Committee of the Board of the Company. Ms. Ahlem Friga-Noy is a seasoned public affairs, geopolitical adviser and negotiation expert with 20 years' experience, in the public and private sector. From August 2019, she was appointed as Total's Country Chair in Kazakhstan and Managing Director - Total E&P Kazakhstan. Earlier, from May 2012 to July 2016 she was the Corporate Affairs Manager at Total E&P Uganda and from July 2016 to August 2019, she held position of the Vice President Public Affairs Africa Division for Total Group, based in Uganda. Before joining Total Group, she was Advisor on Sub-Sahara Africa to the French Minister of Foreign and European Affairs and to the French Minister for Cooperation. Ms. Ahlem speaks English, Italian, Arab, and Swahili and holds a master's degree in Public Law and bachelor's In International Law. Reported Earnings • Jul 07
Full year 2022 earnings released: EPS: ₹2.42 (vs ₹0.68 in FY 2021) Full year 2022 results: EPS: ₹2.42 (up from ₹0.68 in FY 2021). Revenue: ₹51.4b (up 64% from FY 2021). Net income: ₹3.79b (up 254% from FY 2021). Profit margin: 7.4% (up from 3.4% in FY 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 72%, compared to a 12% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has increased by 238% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • May 05
Full year 2022 earnings released: EPS: ₹2.41 (vs ₹0.68 in FY 2021) Full year 2022 results: EPS: ₹2.41 (up from ₹0.68 in FY 2021). Revenue: ₹55.5b (up 77% from FY 2021). Net income: ₹4.89b (up 357% from FY 2021). Profit margin: 8.8% (up from 3.4% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has increased by 318% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Additional Independent Non-Executive Director Romesh Sobti was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 09
Adani Green Energy Limited announced that it expects to receive INR 38.5 billion in funding from International Holding Company PJSC Adani Green Energy Limited announced that it will receive INR 38,500,000,000 in an equity round of funding on April 8, 2022. The transaction will include participation from new investor International Holding Company PJSC. The company will receive funding through preferential allotment. The transaction has been approved by board of directors of the company and is subject to shareholders and regulatory approval and shall comply with the securities exchange board of India. The transaction is expected to close in a month after obtaining all necessary approvals. Reported Earnings • Feb 03
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹0.14 (up from ₹0.12 in 3Q 2021). Revenue: ₹14.7b (up 97% from 3Q 2021). Net income: ₹490.0m (up 12% from 3Q 2021). Profit margin: 3.3% (down from 5.8% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 116% per year but the company’s share price has increased by 281% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 01
Second quarter 2022 earnings released: EPS ₹0.47 (vs ₹0.05 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹13.0b (up 112% from 2Q 2021). Net income: ₹1.00b (up 432% from 2Q 2021). Profit margin: 7.7% (up from 3.1% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has increased by 200% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 17
Mytrah Reportedly Now Plans to Sell its Clean Energy Assets in Parts Mytrah Energy is considering selling its clean energy assets in parts, after multiple failed attempts to sell the entire portfolio together, people aware of the development said. It is believed to have initiated discussions with strategic and financial investors. Companies including Adani Green Energy Limited (NSEI:ADANIGREEN), JSW Energy Limited (BSE:533148), Torrent Power Limited (NSEI:TORNTPOWER), ReNew Power Private Limited, NIIF-backed Ayana Power, Virescent Infrastructure Investment Manager Private Limited, O2 Power Private Limited, and Canadian funds Brookfield Asset Management Inc. (TSX:BAM.A) and Canada Pension Plan Investment Board have been approached and are in negotiations, the people said. Some of them like Brookfield have evaluated the company before. Spokespeople for Mytrah, CPPIB, Edelweiss, KKR, JSW and O2 declined to comment, while mails sent to Brookfield, Adani Green, Torrent Power, ReNew Power and Ayana did not elicit any responses till press time 16 August 2021. Reported Earnings • Aug 05
First quarter 2022 earnings released: EPS ₹1.23 (vs ₹0.13 in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: ₹9.77b (up 26% from 1Q 2021). Net income: ₹2.19b (up 383% from 1Q 2021). Profit margin: 22% (up from 5.8% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has increased by 141% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jun 24
Full year 2021 earnings released: EPS ₹0.68 (vs ₹0.73 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹31.3b (up 23% from FY 2020). Net income: ₹1.07b (up ₹2.22b from FY 2020). Profit margin: 3.4% (up from net loss in FY 2020). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has increased by 255% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 17
Adani Arm Reportedly Looks to Buy SoftBank's Stake in SB Energy After CPPIB Deal Called Off Adani Green Energy Limited (NSEI:ADANIGREEN) (AGEL) is looking to buy SoftBank Group Corp. (TSE:9984)'s controlling stake in solar power producer SB Energy Corp., after SoftBank's earlier proposed deal with Canada Pension Plan Investment Board (CPPIB) was called off, said two people aware of the development. A due diligence process has been started by AGEL, with its personnel been given access to SB Energy' data room. SoftBank was earlier planning to sell its 80% stake in SB Energy, which has a 7.7 gigawatts (GW) solar power portfolio in India, for an estimated $525 million to CPPIB. The remaining stake is held by Bharti Enterprises Ltd. Bank of America and Barclays were handling the sale process. Spokespersons for SoftBank Group, Bharti Enterprises, Bank of America, and Barclays Bank India declined comment. Queries emailed to an Adani Group spokesperson on May 15, 2021 evening remained unanswered till May 16, 2021, 2:11:00 PM BST. A CPPIB group spokesperson in an emailed response said, "We don't have comment beyond our response provided on May 13, 2021." In a response to Mint on May 13, 2021, CPPIB spokesperson in an email said, "We continue to look for opportunities for new investments in India, including in the renewables sector, as part of our Sustainable Energy Group strategy. Since the start of 2021, we have announced an increased commitment to toll roads via IndInfravit, a new JV with RMZ in real estate and a private equity co-investment in animal health. CPP Investments is a major investor in India with Canadian $12 billion invested to date, and the country is core to our global, long-term investment strategy." Queries emailed to a Total spokesperson; Raman Nanda, SB Energy's Chief Executive; and Rohit Modi, SB Energy's country head and president-India, on May 15, 2021 evening also remained unanswered till press time. Reported Earnings • May 07
Full year 2021 earnings released: EPS ₹0.68 (vs ₹0.74 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹31.2b (up 23% from FY 2020). Net income: ₹2.10b (up ₹3.25b from FY 2020). Profit margin: 6.7% (up from net loss in FY 2020). Announcement • Mar 01
Adani Green Reprotedly in Talks to Buy Hero Solar Project in Jodhpur Adani Green Energy Limited (NSEI:ADANIGREEN) is in advanced discussion to acquire a 250 MW Hero Future Energies Limited Solar power project located in Jodhapur, Rajstan, said two people aware of the development. Adani Green plans to acquire the power purchase agreement that Hero Future had signed in 2018 for the Jodhapur project. Is New 90 Day High Low • Feb 23
New 90-day high: ₹1,194 The company is up 4.0% from its price of ₹1,145 on 25 November 2020. The Indian market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Renewable Energy industry, which is up 3.0% over the same period. Reported Earnings • Feb 05
Third quarter 2021 earnings released: EPS ₹0.12 (vs ₹0.93 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹7.49b (up 49% from 3Q 2020). Net income: ₹437.6m (up ₹1.68b from 3Q 2020). Profit margin: 5.8% (up from net loss in 3Q 2020). Announcement • Jan 25
Adani Green Energy Limited (NSEI:ADANIGREEN) entered into an agreement to acquire Spinel Energy & Infrastructure Limited from Hindustan Cleanenergy Limited and Hindustan Cleanenergy Limited for an enterprise value of INR 1.3 billion. Adani Green Energy Limited (NSEI:ADANIGREEN) entered into an agreement to acquire Spinel Energy & Infrastructure Limited from Hindustan Cleanenergy Limited and Hindustan Cleanenergy Limited for an enterprise value of INR 1.3 billion on January 23, 2021. The consdierationwill be subject to closing adjustment. For financial year 2019-20, Spinel Energy & Infrastructure Limited has reported revenues of INR 1.6 billion. The transaction is expected to be completed by February, 2021. The transaction is expected to be value accretive to shareholders of Adani Green Energy Limited. Announcement • Jan 23
Total Renewables SAS completed the acquisition of a 20% stake in Adani Green Energy Limited (NSEI:ADANIGREEN) from the Promoters. Total Renewables SAS agreed to acquire a 20% stake in Adani Green Energy Limited (NSEI:ADANIGREEN) from the Promoters on January 11, 2021. The transaction has been financed from perpetual subordinated bonds worth €3 billion. Total Renewables will pay $2.5 billion to acquire a 50% stake in a 2.35 GWac portfolio of operating solar assets owned by Adani Green Energy Limited and a 20% stake in Adani Green Energy Limited. Additionally, Total will occupy a seat on Adani's Board. The transaction has been approved by the Competition Commission of India. Clifford Chance LLP and Cyril Amarchand Mangaldas represented Adani Promoter Group and Latham & Watkins LLP, AZB & Partners acted as legal advisors to TOTAL SE, parent of Total Renewables.
Total Renewables SAS completed the acquisition of a 20% stake in Adani Green Energy Limited (NSEI:ADANIGREEN) from the Promoters on January 21, 2021. Announcement • Jan 12
Total Renewables SAS agreed to acquire an unknown minority stake in Adani Green Energy Limited (NSEI:ADANIGREEN). Total Renewables SAS agreed to acquire an unknown minority stake in Adani Green Energy Limited (NSEI:ADANIGREEN) on January 11, 2021. Transaction has been approved by Competition Commission of India. Announcement • Jan 06
Adani Green Energy Limited Announces Directorate Changes Adani Green Energy Limited announced that the Board of Directors of the Company has, on the recommendation of the Nomination and Remuneration Committee, appointed Mr. Dinesh Kanabar as an Additional Director (Non-Executive, Independent) of the Company to hold office upto the date of the ensuing annual general meeting. It is hereby also informed that Dr. Raaj Kumar Sah, has tendered his resignation as Non-Executive & Independent Director of the Company with immediate effect due to his personal commitments and other pre-occupations. Announcement • Jan 02
Dani Green Energy Limited ("Agel") Receives Loa for 600 Mw Wind- Solar Hybrid Project Adani Green Energy Limited a wholly-owned subsidiary of Adani Green Energy Limited ("AGEL") receives LOA for 600 MW Wind- Solar Hybrid project AREHEightL participated in a tender issued by the Solar Energy Corporation of India ("SECI") for setting up 1,200 MW ISTS (Inter State Transmission Services) connected Wind-Solar Hybrid Power Project. The fixed tariff for this project is Rs. 2.41/kWh for a period of 25 years. The project is expected to be commissioned in 18 months from the effective date of PPA With this, AGEL now has a total portfolio 14,795 MW of renewable energy project. Is New 90 Day High Low • Oct 29
New 90-day high: ₹777 The company is up 128% from its price of ₹341 on 31 July 2020. The Indian market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 35% over the same period. Announcement • Oct 17
Adani Green Energy Limited and TOTAL SA Form 50:50 Joint Venture for 2,148 MW Solar Power Assets in India Adani Green Energy Limited (AGEL) and TOTAL SA (TOTAL) had formed a 50:50 JV for 2,148 MW solar power assets in India, which was setup at an enterprise valuation of INR 17,385 Cr in April 2020. The JV has completed another acquisition as per JV agreement, by way of transfer of 205 MW of operating solar assets for an enterprise valuation of INR 16,320 million With the acquisition, the total operating renewable portfolio under the JV stands at 2,353 MW. Announcement • Oct 15
TOTAL SE Strengthens Its Partnership with Adani Green Energy Limited in Renewable Energies Total and Adani Green Energy Limited, a renewable energy subsidiary of the Adani Group, formed a JV to which AGEL contributed a portfolio of 2.1 GW of solar power plants. As part of an option provided for in the initial contract for the formation of the JV, Total and AGEL agreed to extend this portfolio from 2.1 to 2.3 GW with the addition of new solar farms. Total, renewables and electricity As part of its ambition to get to net zero by 2050, Total is building a portfolio of activities in electricity, renewable in particular, that could account for up to 40% of its sales by 2050. By the end of 2020, Total's gross power generation capacity worldwide will be around 12 gigawatts, including about 7 gigawatts of renewable energy. With the objective of reaching 35 GW of production capacity from renewable sources by 2025, Total will continue to expand its business to become one of the world leaders in renewable energies. Is New 90 Day High Low • Sep 29
New 90-day high: ₹680 The company is up 100% from its price of ₹341 on 01 July 2020. The Indian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 21% over the same period. 
