Current Price: ₹1,016.00 | Down 70% from all-time high of ₹3,048 | FY25 Net Profit: ₹3,060 Cr
🧂 At a Glance
- FY25 Revenue: ₹8,048 Cr
- FY25 Net Profit: ₹3,060 Cr (👀 yes, profit!)
- EBITDA: ₹7,222 Cr with a margin of nearly 90%
- Installed capacity: 10,934 MW
- CUF (Capacity Utilisation Factor): Solar 24.7%, Wind 40.4%, Hybrid 35.6%
- But stock? Down a stomach-punching 70% from its 52-week high of ₹3,048
- Why? Because renewables got no chill in FY25
“Green is good… unless it’s your portfolio bleeding like spinach purée in a blender.”
🌇 About the Company
Adani Green Energy Ltd (AGEL) is the crown jewel in Gautam Adani’s clean energy empire.
- Among the largest renewable energy players in India
- Owns and operates solar, wind, and hybrid projects
- Long-term Power Purchase Agreements (PPAs) with SECI, NTPC, and state discoms
- Strategic importance to India’s 500GW clean energy target by 2030
But also:
- Center of controversy post the Hindenburg report
- Loaded with debt
- Struggled with valuation euphoria that later imploded
🧾 FY25 Financials (Consolidated)
| Metric | FY25 | YoY Trend |
|---|---|---|
| Revenue | ₹8,048 Cr | ▲ Up |
| EBITDA | ₹7,222 Cr | ▲ Margin: 89.7% |
| PAT | ₹3,060 Cr | ▲ Net profit turned positive |
| Finance Cost | ₹4,412 Cr | ▲ Still high |
| Depreciation | ₹2,134 Cr | ▲ Expected with capex |
| Total Assets | ₹1,24,875 Cr | ▲ Expanded portfolio |
| Net Worth | ₹25,770 Cr | ▲ Stable |
| Debt (Long-Term) | ₹47,900 Cr | 🚨 Still sky-high |
✅ PAT turnaround
✅ Massive EBITDA
✅ Solar CUF stable at ~25%
❌ But debt levels unchanged
❌ Interest burden still ~₹4,400 Cr
🔋 Capacity Breakdown
As of March 31, 2025:
| Segment | Installed Capacity (MW) |
|---|---|
| Solar | 6,043 MW |
| Wind | 1,401 MW |
| Hybrid | 3,490 MW |
| Total | 10,934 MW |
And total generation? A record-breaking 22,084 MU.
That’s enough to power entire medium-sized nations… or light up LinkedIn posts from Adani execs for the next decade.
📊 CUF (Capacity Utilization Factor) — The Real Health Meter
| Segment | FY25 CUF |
|---|---|
| Solar | 24.7% |
| Wind | 40.4% |
| Hybrid | 35.6% |
Hybrid CUF is especially impressive and shows Adani Green’s strategic bet on co-located assets (solar + wind on same land parcel) is paying off.
CUF in India’s renewable sector is often poor — these are top-tier numbers.
📉 The 70% Crash: What Went Wrong?
From ₹3,048 to ₹1,016. No typos. Let’s unpack the solar-flavored heartbreak:
1. Hindenburg Effect Still Haunts
- Though Adani Green was not the central villain, it got hit by group-wide valuation deflation
- Investors feared over-leverage, circular financing, and audit risks
2. Valuation Bubble Burst
- At ₹3,000+, AGEL was trading at 150–180x P/E
- Even by ESG hype standards, that’s… excessive
- FY25 P/E (even with ₹3,060 Cr PAT) is still ~50x at ₹1,016
3. Debt Elephant in the Room
- ₹47,900 Cr in long-term debt
- ₹4,400 Cr+ in annual interest
- While EBITDA is ₹7,222 Cr, net cash generation is still limited
4. Global Renewables Correction
- U.S. and European solar stocks crashed in 2024–25
- Supply chain issues, falling panel prices, and tightening financing
- Adani Green followed the global clean-energy downtrend
🧠 EduInvesting Take
Let’s call a spade a solar-powered shovel:
✅ Positives:
- PAT of ₹3,060 Cr — first meaningful bottom-line turnaround
- CUF strong and rising
- PPAs guarantee visibility for 20–25 years
- Hybrid strategy working (wind + solar = stability)
- India’s green push = tailwind
❌ Negatives:
- Still too expensive — P/E ~51x
- ₹47,900 Cr in long-term debt is scary
- Negative FCF after capex and interest
- Needs continuous refinancing to survive
- Regulatory/political risk: still Adani
🧾 Auditor Observations
Good news: Auditors gave a clean chit
- No material weaknesses
- No qualified opinions
- Related-party transactions disclosed, mostly with other Adani infra arms
For now, SEBI and CAG can sleep. But vigilance required.
🏦 Valuation Lens
Let’s do some napkin math:
- FY25 EPS: ₹19.6
- CMP: ₹1,016
- P/E = 51.8x
Compare with:
| Company | P/E |
|---|---|
| Tata Power | ~27x |
| JSW Energy | ~30x |
| SJVN | ~18x |
| Adani Green | 51.8x 😅 |
Even after a 70% correction, AGEL is still the most expensive power stock in India.
💸 What Should Investors Watch Next?
- Debt refinancing cycle
- New project execution timeline (SECI tenders)
- Global renewable sector recovery
- Tariff revisions — PPA rates are fixed. Inflation eats into IRRs
- Capex funding — FPO, green bonds, internal accruals?
🧾 Balance Sheet Snapshot
| Item | FY25 |
|---|---|
| Total Assets | ₹1,24,875 Cr |
| Net Worth | ₹25,770 Cr |
| Long-Term Borrowings | ₹47,900 Cr |
| Short-Term Borrowings | ₹8,905 Cr |
| Cash & Bank Balances | ₹3,498 Cr |
Net Debt = ~₹53,300 Cr
Debt-to-Equity: ~2.07x
This needs to fall to 1.2x or lower before institutions regain faith.
📢 Analyst View vs Market Reality
Brokerages love Adani Green’s execution and visibility.
But markets hate high debt, especially post-Hindenburg.
This is India’s Tesla without the Elon Musk memes — visionary, high-beta, and polarizing.
“Looks good on Excel. Scares the sh*t out of real cash flow models.”
🧯 Final Word
Adani Green Energy Ltd is no fraud. It’s also no fairy tale.
✅ It’s the biggest solar-wind hybrid player in India
✅ It’s delivering real electricity
✅ It has real revenue and EBITDA
But ❌ it also has real debt, real risks, and an inflated valuation memory.
“From ₹3,048 to ₹1,016, AGEL reminded the world — solar stocks are not lightweights when they crash. They fall like tungsten.”
For now, the sun is still shining — but the market wants to see less sizzle, more substance.
Tags: Adani Green Energy FY25 Results, AGEL Stock Crash, Renewable Energy India, Clean Energy Valuation, Solar Power CUF, Adani Group Financials, EduInvesting, AGEL Debt, SECI Projects, India Green Energy Stocks
