Adani Green Energy Limited (AGEL) is a major Indian renewable energy company headquartered in Ahmedabad, Gujarat. A key subsidiary of the Adani Group, it focuses on developing, building, owning, operating, and maintaining utility-scale solar, wind, and hybrid power projects. As of April 6, 2025, AGEL is recognized as one of the world’s largest renewable energy firms, with a significant operational portfolio and ambitious expansion plans.
Business Overview
AGEL’s operations center on renewable power generation:
- Solar Power: Operates plants with a capacity of 7,766 MW, including recent additions like a 37.5 MW plant in Khavda, Gujarat (commissioned March 29, 2025).
- Wind Power: Manages 1,401 MW of wind capacity, primarily in Gujarat and Madhya Pradesh.
- Hybrid Power: Runs 2,140 MW of solar-wind hybrid projects.
- Total Capacity: As of March 29, 2025, its operational renewable capacity stands at 13,737.8 MW, with a locked-in portfolio of 21,953 MW (11,019 MW under execution).
The company sells power through long-term Power Purchase Agreements (PPAs) with government entities and on a merchant basis. Its projects span 12 states in India, with a massive 30 GW solar park under development in Khavda, Gujarat—the world’s largest renewable energy plant, covering 538 km² (five times the size of Paris). AGEL aims to reach 50 GW by 2030, integrating battery storage for grid stability.
Recent Financial Performance (Q3 FY25)
AGEL’s Q3 FY25 (October-December 2024) results, released January 28, 2025, show strong growth:
- Revenue: Rs 2,286 crore, up 3.1% YoY from Rs 2,218 crore in Q3 FY24, though down 22.1% QoQ due to seasonal factors.
- Net Profit: Rs 492 crore, up 92.2% YoY from Rs 256 crore, driven by higher energy sales and cost efficiencies.
- EBITDA: Rs 1,550 crore (approximated), with margins improving due to a richer product mix.
- Energy Sales: 20,108 million units in 9M FY25, up 23% YoY, with operational capacity rising 37% YoY.
The company refinanced a $1.06 billion loan in February 2025, reducing financing costs, and maintains a debt-to-equity ratio of 482%, reflecting high leverage.
Stock Performance and Market Position
As of April 5, 2025:
- Share Price: Rs 923.80 (NSE, April 4 close), down 3.3% from Rs 955.30, with a 52-week range of Rs 840.45 to Rs 2,174.10 (June 2024).
- Market Cap: Rs 1,46,333 crore ($17.6 billion USD).
- Returns: Down 41-50% over the past year (varying by source), impacted by U.S. tariff fears (25% on foreign imports, March 2025) and a 17% market cap drop in 2025 amid SEC scrutiny over alleged bribery.
Shareholding Pattern (as of December 31, 2024)
- Promoters: 60.93%, up from 56.37% in March 2024, led by Gautam Adani and family.
- FIIs: ~15-18%, adjusted post-market shifts.
- DIIs: ~5-7%, with mutual funds at 0.37%.
- Public: ~10-15%.
Strategic Developments
- Capacity Growth: Added 250 MW in Rajasthan (February 2025) and 37.5 MW in Gujarat (March 2025), pushing capacity past 13,737.8 MW.
- Global Outreach: Its Science Museum gallery in London drew 500,000 visitors in 2024, winning the 2024 Brick Awards.
- Hydro Storage: Secured a 1,250 MW pumped hydro project from UPPCL (February 2025).
- Challenges: Faces a U.S. SEC probe over a $1,400 crore Andhra Pradesh contract (no power supplied yet) and withdrew from a Sri Lankan wind project in February 2025.
Challenges and Outlook
AGEL contends with high debt, regulatory scrutiny, and U.S. tariff risks (exports are ~10% of revenue). However, its operational scale, government-backed PPAs, and sustainability focus (e.g., net water positivity by FY26) underpin resilience. Analysts project a 12-month median target price of Rs 1,320-1,802 (upside of 40-95%), with Emkay Global citing a 72% bull-case potential, contingent on execution and commodity stability. Sentiment on X reflects optimism around capacity milestones, tempered by tariff and governance concerns.
Disclaimer: This article reflects data available as of April 6, 2025, updated through March 31, 2025, from stock exchange filings, company announcements, and verified sources. Financials and shareholding details may shift with new disclosures. This content is for informational purposes only and not investment advice; readers should consult official sources for decision-making.
