Financials Adani Green Energy Limited

Equities

Delayed NSE India S.E. Other stock markets 01:12:31 2025-07-09 am EDT			5-day change	1st Jan Change
1,002.40 ^INR	+1.05%		-1.27%	-3.64%

Jun. 30	Adani Green Makes 1,011.5 MW Khavda, India Power Projects Operational	MT
Jun. 29	Adani Green Energy Limited Sets Record with over 15,000 Mw of Installed Renewable Energy Capacity	CI

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	-	86,330	104,600	112,120	150,599	188,791	220,476
Change	-	-	21.16%	7.19%	34.32%	25.36%	16.78%
EBITDA ¹	-	63,310	85,580	88,880	125,387	160,722	201,632
Change	-	-	35.18%	3.86%	41.07%	28.18%	25.45%
EBIT ¹	-	-	53,940	63,900	96,358	124,285	151,981
Change	-	-	-	18.46%	50.8%	28.98%	22.28%
Interest Paid ¹	-	-29,110	-50,060	-54,920	-65,873	-79,105	-90,382
Earnings before Tax (EBT) ¹	-	13,670	13,820	17,710	42,227	60,593	74,224
Change	-	-	1.1%	28.15%	138.44%	43.49%	22.5%
Net income ¹	4,890	9,740	12,600	14,440	29,387	41,587	53,494
Change	-	99.18%	29.36%	14.6%	103.51%	41.51%	28.63%
Announcement Date	5/4/22	5/1/23	5/3/24	4/28/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	-	30,730	40,270	45,080	36,970	43,850	50,940	53,420	44,180	50,240
Change	-	-	31.04%	11.94%	-17.99%	18.61%	16.17%	4.87%	-17.3%	13.72%
EBITDA ¹	-	23,930	32,249	31,577	28,684	35,198	42,408	39,112	35,393	41,114
Change	-	-	34.76%	-2.08%	-9.16%	22.71%	20.48%	-7.77%	-9.51%	16.16%
EBIT	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-
Charge d'intérêts ¹	-	-13,680	-13,300	-13,310	-15,130	-15,140	-15,740	-15,750	-17,730	-17,740
Earnings before Tax (EBT) ¹	-	4,100	14,620	13,680	9,810	14,420	20,710	17,630	12,920	16,810
Change	-	-	256.59%	-6.43%	-28.29%	46.99%	43.62%	-14.87%	-26.72%	30.11%
Net income ¹	4,920	2,300	11,260	11,630	6,870	10,820	16,990	14,460	10,590	13,790
Change	-	-53.25%	389.57%	3.29%	-40.93%	57.5%	57.02%	-14.89%	-26.76%	30.22%
Announcement Date	1/23/25	4/28/25	-	-	-	-	-	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2025 S1	2025 S2	2026 S1	2026 S2	2027 S1	2027 S2
Net sales	-	-	-	-	-	-
Change	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-
Change	-	-	-	-	-	-
EBIT	-	-	-	-	-	-
Change	-	-	-	-	-	-
Charge d'intérêts ¹	-	-	-26,610	-30,270	-31,490	-35,470
Earnings before Tax (EBT) ¹	-	7,010	28,310	24,240	38,340	29,730
Change	-	-	303.85%	-14.38%	58.17%	-22.46%
Net income	7,220	-	-	-	-	-
Change	-	-	-	-	-	-
Announcement Date	10/22/24	4/28/25	-	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-	-	-	751,430	804,237	1,004,495	1,173,819
Change	-	-	-	-	7.03%	24.9%	16.86%
Announcement Date	5/4/22	5/1/23	5/3/24	4/28/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2023	2024	2025	2026	2027	2028
CAPEX ¹	33,380	157,000	247,610	269,037	265,966	279,350
Change	-	370.34%	57.71%	8.65%	-1.14%	5.03%
Free Cash Flow (FCF) ¹	39,270	-79,870	-163,970	-116,982	-102,158	-68,150
Change	-	-303.39%	-105.3%	28.66%	12.67%	33.29%
Announcement Date	5/1/23	5/3/24	4/28/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-	73.33%	81.82%	79.27%	83.26%	85.13%	91.45%
EBIT Margin (%)	-	-	51.57%	56.99%	63.98%	65.83%	68.93%
EBT Margin (%)	-	15.83%	13.21%	15.8%	28.04%	32.1%	33.67%
Net margin (%)	-	11.28%	12.05%	12.88%	19.51%	22.03%	24.26%
FCF margin (%)	-	45.49%	-76.36%	-146.25%	-77.68%	-54.11%	-30.91%
FCF / Net Income (%)	-	403.18%	-633.89%	-1,135.53%	-398.07%	-245.65%	-127.4%
Profitability
ROA	-	-	-	2%	7.3%	7.92%	-
ROE	-	20%	14.7%	17.57%	15.75%	17.35%	16.9%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	8.45x	6.41x	6.25x	5.82x
Debt / Free cash flow	-	-	-	-4.58x	-6.87x	-9.83x	-17.22x
Capital Intensity
CAPEX / Current Assets (%)	-	38.67%	150.1%	220.84%	178.65%	140.88%	126.7%
CAPEX / EBITDA (%)	-	52.72%	183.45%	278.59%	214.57%	165.48%	138.54%
CAPEX / FCF (%)	-	85%	-196.57%	-151.01%	-229.98%	-260.35%	-409.9%
Items per share
Cash flow per share ¹	-	-	-	48.48	36.3	51.11	-
Change	-	-	-	-	-25.12%	40.79%	-
Dividend per Share ¹	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-
Book Value Per Share ¹	-	-	-	67.63	131.3	150.5	181.4
Change	-	-	-	-	94.12%	14.62%	20.52%
EPS ¹	2.41	5.41	6.2	8.37	19.08	27.91	32.45
Change	-	124.48%	14.6%	35%	127.93%	46.27%	16.28%
Nbr of stocks (in thousands)	1,564,014	1,584,032	1,584,032	1,584,032	1,624,717	1,624,717	1,624,717
Announcement Date	5/4/22	5/1/23	5/3/24	4/28/25	-	-	-