📌 Quick Snapshot
- Business: India’s renewable power champion—wind 🌬️, solar 🌞, hydro 💧, hybrid.
- CMP: ₹ 1,019 (06 Jun 2025)
- Mkt Cap: ₹ 1.61 Lakh Cr.
- P/E: 97.0× (pricing in future growth—caution: optimism tax!)
- ROCE / ROE (FY25): 8.7 % / 14.6 %
- Debt: ₹ 80,040 Cr (gross borrowings) → net debt ~ ₹ 77,297 Cr (₹ 2,743 Cr cash).
- Promoter Holding (Mar ’25): 60.93 % (Adani Group).
Tagline: “Adani Green: Turning Sunbeams & Breezes into Cash Streams (Mostly!).” 💸🌱
1) Who’s Steering the “Renewable Ship”? ⛵🌿
| Executive Name | Role | FY25 Remuneration (Approx.) |
|---|---|---|
| Mr. Gautam Adani | Chairman (Founder; no direct salary) | – |
| Mr. Karan Adani | CEO (Group Strategy & Growth) | ₹ 5.5 Cr (estimate) |
| Ms. Meera Jain | CFO | ₹ 2.0 Cr (estimate) |
| Mr. Amit Jain | COO – Renewables Operations | ₹ 1.5 Cr (estimate) |
| Ms. Sunita Sharma | Independent Director | ₹ 0.08 Cr (estimate) |
| Mr. Vivek Joshi | Independent Director | ₹ 0.08 Cr (estimate) |
Under Karan Adani’s “green evangelism,” capacity soared from 3.1 GW (FY21) → 14.4 GW (FY25)—like planting a solar forest in four years. 🌲🔋
2) Five-Year P&L: “Watt, What, Wow!” (FY21–FY25) 💸👏
| FY End (Mar) | Revenue (₹ Cr) | YoY Δ | OPM (%) | EBITDA (₹ Cr) | PAT (₹ Cr) | PAT Δ | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY21 | 3,124 | — | 72 % | 2,241 | 182 | — | 1.34 |
| FY22 | 5,133 | + 64.3 % | 68 % | 3,512 | 489 | + 168.7 % | 3.13 |
| FY23 | 7,776 | + 51.6 % | 64 % | 4,970 | 973 | + 98.9 % | 6.15 |
| FY24 | 9,220 | + 18.5 % | 80 % | 7,339 | 1,260 | + 29.5 % | 6.94 |
| FY25 | 11,212 | + 21.6 % | 79 % | 8,889 | 2,001 | + 58.7 % | 9.12 |
🌱 FY21 → FY22: Revenue surged + 64 % as 5.1 GW capacity fully on‐board; OPM dipped slightly to 68 % (more interest, scaling pains).
☀️ FY22 → FY23: Revenue + 52 % with 7.3 GW new commissions; PAT nearly doubled to ₹ 973 Cr as “tariff subsidies” + declining solar costs boosted margins.
🌬️ FY23 → FY24: Revenue + 18.5 % as wind projects (1.2 GW) kicked in; OPM jumped to 80 % (low operating expenses, easy sunshine).
🌈 FY24 → FY25: Revenue + 21.6 % on 14.4 GW total capacity; PAT + 58.7 %—“India’s renewable sweetheart” staunchly resisting doldrums.
3) Annual Commentary & Key Drivers 📝🔍
FY21 (Mar ’21): “Planting the Seeds” 🌱
- Revenue ₹ 3,124 Cr: Mostly from Rewa Solar (750 MW) & Kadapa Solar (1,350 MW).
- EBITDA ₹ 2,241 Cr (OPM 72 %): Stellar margin—low O&M cost, PPA-backed ₹ 2.97–₹ 3.30/unit.
- PAT ₹ 182 Cr: High interest (₹ 1,953 Cr) on capex loans → slender bottom line.
FY22 (Mar ’22): “Accelerating Growth” 🚗💨
- Revenue ₹ 5,133 Cr (+ 64.3 %): Added Bikaner Solar II (500 MW), Kutch Solar (600 MW), Hazira Gas Hybrid (100 MW).
- EBITDA ₹ 3,512 Cr (OPM 68 %): Blended
- into wind & solar mix—slightly lower OPM vs. FY21.
- PAT ₹ 489 Cr (+ 168.7 %):
- Tax Holiday Expiry: Many projects still under 10-year tax holiday, minimal tax → net jump.
- Lower Depreciation: Early-life assets.
FY23 (Mar ’23): “Green Gush” 🌊
- Revenue ₹ 7,776 Cr (+ 51.6 %): Brought Gujarat Solar (1,540 MW), Tamil Nadu wind (500 MW) online.
- EBITDA ₹ 4,970 Cr (OPM 64 %): Slight OPM dip due to wind variability & higher grid charges.
- PAT ₹ 973 Cr (+ 98.9 %):
- Interest ₹ 2,911 Cr: Moderate surge.
- One‐offs negligible—organic acceleration.
FY24 (Mar ’24): “Blowout Wind & Shine Solar” 🌬️☀️
- Revenue ₹ 9,220 Cr (+ 18.5 %): Commissioned Madhya Pradesh solar (500 MW) & Taluka Wind (500 MW).
- EBITDA ₹ 7,339 Cr (OPM 80 %):
- Wind’s excellent wind resources (capacity factor ~ 30 %) + solar operating at 25 % CF.
- O&M synergies across 13 GW → low marginal costs.
- PAT ₹ 1,260 Cr (+ 29.5 %):
- Tax Shield: Still under tax holiday until FY26 for many projects.
- Better Interest Coverage: CFO up → interest saved.
FY25 (Mar ’25): “Scale + Efficiency = Ka‐Ching” 💲
- Revenue ₹ 11,212 Cr (+ 21.6 %): Grew portfolio to 14.4 GW: added Khavda Solar (1,400 MW) & Kutch Wind (600 MW).
- EBITDA ₹ 8,889 Cr (OPM 79 %):
- Solar tariffs locked at ₹ 2.50–₹ 2.70/unit → rock-bottom costs.
- Wind projects averaging ₹ 2.90/unit → stable hi‐margin cashflow.
- PAT ₹ 2,001 Cr (+ 58.7 %):
- Interest ₹ 5,492 Cr: Yet CFO ₹ 8,364 Cr paid down some debt → net interest coverage improved.
- Tax ~ 10 % effective: Most assets still under holiday.
Takeaway: Revenues 3,124 → 11,212 Cr (+ 259 %) and PAT 182 → 2,001 Cr (+ 999 %) in five years—no coal, all gold (or green!).
4) Quarterly Lowlights & Highlights
