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AZRE

Azure Power Global NYSE:AZRE Stock Report

Last Price

US$5.54

Market Cap

US$355.5m

7D

-4.6%

1Y

-76.0%

Updated

30 Sep, 2022

Data

Company Financials +
AZRE fundamental analysis
Snowflake Score
Valuation3/6
Future Growth4/6
Past Performance0/6
Financial Health0/6
Dividends0/6

AZRE Stock Overview

Azure Power Global Limited, together with its subsidiaries, engages in the development, construction, ownership, operation, maintenance, and management of renewable energy projects in India.

Azure Power Global Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Azure Power Global
Historical stock prices
Current Share PriceUS$5.54
52 Week HighUS$25.30
52 Week LowUS$3.26
Beta1.14
1 Month Change54.32%
3 Month Change-52.69%
1 Year Change-75.99%
3 Year Change-54.25%
5 Year Change-63.55%
Change since IPO-62.06%

Recent News & Updates

Shareholder Returns

AZREUS Renewable EnergyUS Market
7D-4.6%-7.3%-2.5%
1Y-76.0%-4.1%-23.2%

Return vs Industry: AZRE underperformed the US Renewable Energy industry which returned -3.1% over the past year.

Return vs Market: AZRE underperformed the US Market which returned -21.5% over the past year.

Price Volatility

Is AZRE's price volatile compared to industry and market?
AZRE volatility
AZRE Average Weekly Movement21.6%
Renewable Energy Industry Average Movement9.3%
Market Average Movement6.9%
10% most volatile stocks in US Market15.6%
10% least volatile stocks in US Market2.8%

Stable Share Price: AZRE is more volatile than 90% of US stocks over the past 3 months, typically moving +/- 22% a week.

Volatility Over Time: AZRE's weekly volatility has increased from 15% to 22% over the past year.

About the Company

FoundedEmployeesCEOWebsite
2008471Rupesh Agarwalhttps://www.azurepower.com

Azure Power Global Limited, together with its subsidiaries, engages in the development, construction, ownership, operation, maintenance, and management of renewable energy projects in India. It generates solar energy based on long-term contracts with Indian government energy distribution companies, as well as other non-governmental energy distribution companies and commercial customers. As of March 31, 2021, the company operated 45 utility scale projects with a combined rated capacity of 1,990 MWs.

Azure Power Global Fundamentals Summary

How do Azure Power Global's earnings and revenue compare to its market cap?
AZRE fundamental statistics
Market CapUS$355.45m
Earnings (TTM)-US$36.99m
Revenue (TTM)US$216.00m

1.6x

P/S Ratio

-9.6x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
AZRE income statement (TTM)
Revenue₹17.58b
Cost of Revenue₹1.47b
Gross Profit₹16.11b
Other Expenses₹19.12b
Earnings-₹3.01b

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)-46.91
Gross Margin91.63%
Net Profit Margin-17.12%
Debt/Equity Ratio503.4%

How did AZRE perform over the long term?

See historical performance and comparison
We’ve recently updated our valuation analysis.

Valuation

Is AZRE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AZRE?

Other financial metrics that can be useful for relative valuation.

AZRE key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue8.8x
Enterprise Value/EBITDA10x
PEG Ration/a

Price to Sales Ratio vs Peers

How does AZRE's PS Ratio compare to its peers?

AZRE PS Ratio vs Peers
The above table shows the PS ratio for AZRE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPSEstimated GrowthMarket Cap
Peer Average10.2x
ELLO Ellomay Capital
4.9xn/aUS$255.7m
AMPS Altus Power
19.9x53.3%US$1.7b
RNW ReNew Energy Global
2.9x19.2%US$2.3b
MNTK Montauk Renewables
13.2x7.2%US$2.4b
AZRE Azure Power Global
1.6x12.3%US$355.5m

Price-To-Sales vs Peers: AZRE is good value based on its Price-To-Sales Ratio (1.6x) compared to the peer average (10.2x).


Price to Earnings Ratio vs Industry

How does AZRE's PE Ratio compare vs other companies in the US Renewable Energy Industry?

Price-To-Sales vs Industry: AZRE is good value based on its Price-To-Sales Ratio (1.6x) compared to the North American Renewable Energy industry average (3.4x)


Price to Sales Ratio vs Fair Ratio

What is AZRE's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AZRE PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.6x
Fair PS Ratio8.9x

Price-To-Sales vs Fair Ratio: AZRE is good value based on its Price-To-Sales Ratio (1.6x) compared to the estimated Fair Price-To-Sales Ratio (8.9x).


Share Price vs Fair Value

What is the Fair Price of AZRE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate AZRE's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate AZRE's fair value for valuation analysis.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.


Discover undervalued companies

Future Growth

How is Azure Power Global forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

4/6

Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


111.7%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AZRE is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.9%).

Earnings vs Market: AZRE is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: AZRE is expected to become profitable in the next 3 years.

Revenue vs Market: AZRE's revenue (12.3% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: AZRE's revenue (12.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: AZRE's Return on Equity is forecast to be low in 3 years time (12.6%).


Discover growth companies

Past Performance

How has Azure Power Global performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-28.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: AZRE is currently unprofitable.

Growing Profit Margin: AZRE is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: AZRE is unprofitable, and losses have increased over the past 5 years at a rate of 28.8% per year.

Accelerating Growth: Unable to compare AZRE's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: AZRE is unprofitable, making it difficult to compare its past year earnings growth to the Renewable Energy industry (-1.8%).


Return on Equity

High ROE: AZRE has a negative Return on Equity (-12.63%), as it is currently unprofitable.


Discover strong past performing companies

Financial Health

How is Azure Power Global's financial position?

Financial Health Score

0/6

Financial Health Score 0/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Stable Cash Runway

  • Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: AZRE's short term assets (₹24.4B) do not cover its short term liabilities (₹40.0B).

Long Term Liabilities: AZRE's short term assets (₹24.4B) do not cover its long term liabilities (₹102.3B).


Debt to Equity History and Analysis

Debt Level: AZRE's net debt to equity ratio (467.4%) is considered high.

Reducing Debt: AZRE's debt to equity ratio has increased from 192.8% to 503.4% over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: AZRE has less than a year of cash runway based on its current free cash flow.

Forecast Cash Runway: Insufficient data to determine if AZRE has enough cash runway if its free cash flow continues to grow or shrink based on historical rates.


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Dividend

What is Azure Power Global current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage

Dividend Yield vs Market

Azure Power Global Dividend Yield vs Market
How does Azure Power Global dividend yield compare to the market?
SegmentDividend Yield
Company (Azure Power Global)n/a
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Renewable Energy)3.5%
Analyst forecast in 3 Years (Azure Power Global)0%

Notable Dividend: Unable to evaluate AZRE's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate AZRE's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if AZRE's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if AZRE's dividend payments have been increasing.


Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as AZRE has not reported any payouts.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

3.5yrs

Average management tenure


CEO

Rupesh Agarwal

0.083yr

Tenure

Mr. Rupesh Agarwal is Acting Chief Executive Officer at Azure Power Energy Ltd since August 30, 2022. He has been Managing Director for India Operations at Lightsource Renewable Energy Holdings Limited sin...


Leadership Team

Experienced Management: AZRE's management team is considered experienced (3.5 years average tenure).


Board Members

Experienced Board: AZRE's board of directors are not considered experienced ( 2.1 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NYSE:AZRE Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
08 Feb 22BuyUS$32,444,992Caisse de dépôt et placement du QuébecCompany2,054,781US$15.79
28 Jan 22BuyUS$125,450,129Caisse de dépôt et placement du QuébecCompany7,944,910US$15.79

Ownership Breakdown

What is the ownership structure of AZRE?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders94,3980.1%
Institutions65,013,53999.9%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 33.1%.


Top Shareholders

Top 25 shareholders own 98.62% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
53.39%
Caisse de dépôt et placement du Québec
34,258,963₹189.8m0%0.27%
21.45%
OMERS Administration Corp.
13,759,647₹76.2m0%1%
3.66%
Invesco Capital Management LLC
2,351,183₹13.0m3.7%0.01%
3.46%
Helion Venture Partners, LLC
2,220,205₹12.3m0%59.04%
3.2%
abrdn plc
2,054,452₹11.4m-0.08%0.01%
2.23%
Swedbank Robur Fonder AB
1,427,700₹7.9m42.77%0.01%
2.08%
Franklin Resources, Inc.
1,333,115₹7.4m3.47%no data
1.64%
BlackRock, Inc.
1,051,430₹5.8m33.63%no data
1.21%
State Street Global Advisors, Inc.
773,321₹4.3m29.54%no data
0.76%
First Trust Advisors LP
486,528₹2.7m-0.16%no data
0.59%
Vancity Investment Management Ltd.
377,583₹2.1m4.39%0.32%
0.57%
Cushing Asset Management, LP
368,347₹2.0m28.2%0.21%
0.54%
Brookfield Asset Management Inc.
344,819₹1.9m77.65%0.01%
0.46%
Industrial Alliance Investment Management Inc.
295,128₹1.6m0%0.02%
0.44%
Invesco Ltd.
279,960₹1.6m-13.9%no data
0.39%
Erste Asset Management GmbH
247,100₹1.4m0%0.03%
0.37%
Lombard Odier Asset Management (USA) Corp
240,000₹1.3m54.12%0.24%
0.36%
BG Fund Management Luxembourg S.A.
231,417₹1.3m0%0.06%
0.33%
Jefferies Group LLC, Asset Management Arm
213,679₹1.2m0%0.03%
0.33%
Renaissance Technologies LLC
211,096₹1.2m6.83%no data
0.27%
JPMorgan Chase & Co, Brokerage and Securities Investments
175,003₹969.5k74.29%no data
0.27%
Green Alpha Advisors, LLC
174,135₹964.7k305.72%0.23%
0.26%
Point72 Asset Management, L.P.
169,002₹936.3k-34.03%no data
0.19%
Nia Impact Advisors, LLC
121,442₹672.8k12.13%0.43%
0.17%
EIC Partners AG
111,000₹614.9k0%0.18%

Company Information

Azure Power Global Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Azure Power Global Limited
  • Ticker: AZRE
  • Exchange: NYSE
  • Founded: 2008
  • Industry: Renewable Electricity
  • Sector: Utilities
  • Implied Market Cap: US$355.455m
  • Shares outstanding: 64.16m
  • Website: https://www.azurepower.com

Number of Employees


Location

  • Azure Power Global Limited
  • Southern Park
  • 5th Floor
  • New Delhi
  • Delhi
  • 110017
  • India


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AZRENYSE (New York Stock Exchange)YesEquity SharesUSUSDOct 2016
256DB (Deutsche Boerse AG)YesEquity SharesDEEUROct 2016

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/30 00:00
End of Day Share Price2022/09/30 00:00
Earnings2021/12/31
Annual Earnings2021/03/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.