Historical Financial Statement - ADANI GREEN ENERGY LTD

Years March-17 March-18 March-19 March-20 March-21 March-22 March-23 March-24

# Income Statement

Sales ₹ 501.65 ₹ 1,480.28 ₹ 2,057.98 ₹ 2,548.63 ₹ 3,124.00 ₹ 5,133.00 ₹ 7,776.00 ₹ 9,220.00

Sales Growth % - 195.08% 39.03% 23.84% 22.58% 64.31% 51.49% 18.57%

COGS ₹ 50.73 ₹ 584.61 ₹ 255.16 ₹ 674.36 ₹ 758.00 ₹ 1,492.00 ₹ 2,061.00 ₹ 1,625.00

COGS % Sales 10.11% 39.49% 12.40% 26.46% 24.26% 29.07% 26.50% 17.62%

Gross Profit ₹ 450.92 ₹ 895.67 ₹ 1,802.82 ₹ 1,874.27 ₹ 2,366.00 ₹ 3,641.00 ₹ 5,715.00 ₹ 7,595.00
Gross Margin % 89.89% 60.51% 87.60% 73.54% 75.74% 70.93% 73.50% 82.38%

Selling & General Expenses ₹ (32.57) ₹ 11.04 ₹ 204.34 ₹ 535.09 ₹ (266.00) ₹ (378.00) ₹ 78.00 ₹ (985.00)
S&G Expenses % Sales (6.49%) 0.75% 9.93% 21.00% (8.51%) (7.36%) 1.00% (10.68%)

EBITDA ₹ 483.49 ₹ 884.63 ₹ 1,598.48 ₹ 1,339.18 ₹ 2,632.00 ₹ 4,019.00 ₹ 5,637.00 ₹ 8,580.00

EBITDA Margin % 96.38% 59.76% 77.67% 52.55% 84.25% 78.30% 72.49% 93.06%

Depreciation ₹ 333.27 ₹ 542.99 ₹ 1,061.96 ₹ 394.31 ₹ 486.00 ₹ 849.00 ₹ 1,300.00 ₹ 1,903.00

Depreciation % Sales 66.43% 36.68% 51.60% 15.47% 15.56% 16.54% 16.72% 20.64%

EBIT ₹ 150.22 ₹ 341.64 ₹ 536.52 ₹ 944.87 ₹ 2,146.00 ₹ 3,170.00 ₹ 4,337.00 ₹ 6,677.00

(EBIT Margin %) 29.95% 23.08% 26.07% 37.07% 68.69% 61.76% 55.77% 72.42%

Interest ₹ 334.14 ₹ 551.82 ₹ 1,121.18 ₹ 994.77 ₹ 1,953.00 ₹ 2,617.00 ₹ 2,911.00 ₹ 5,006.00

Interest % Sales 66.61% 37.28% 54.48% 39.03% 62.52% 50.98% 37.44% 54.30%

EBT ₹ (183.92) ₹ (210.18) ₹ (584.66) ₹ (49.90) ₹ 193.00 ₹ 553.00 ₹ 1,426.00 ₹ 1,671.00

EBT Margin % (36.66%) (14.20%) (28.41%) (1.96%) 6.18% 10.77% 18.34% 18.12%

Tax ₹ (137.68) ₹ (72.70) ₹ (113.16) ₹ 11.39 ₹ 11.00 ₹ 64.00 ₹ 453.00 ₹ 411.00

Effective Tax Rate 74.86% 34.59% 19.35% (22.83%) 5.70% 11.57% 31.77% 24.60%

Net Profit ₹ (46.24) ₹ (137.48) ₹ (471.50) ₹ (61.29) ₹ 182.00 ₹ 489.00 ₹ 973.00 ₹ 1,260.00
Net Profit Margin % (9.22%) (9.29%) (22.91%) (2.40%) 5.83% 9.53% 12.51% 13.67%

No Of Equity Shares 127.39 137.67 156.4 156.4 156.4 156.4 158.4 158.4

Earning Per Share ₹ (0.36) ₹ (1.00) ₹ (3.01) ₹ (0.39) ₹ 1.16 ₹ 3.13 ₹ 6.14 ₹ 7.95
EPS Growth % - 175.12% 201.89% (87.00%) (396.95%) 168.68% 96.47% 29.50%

Dividend Per Share - - - - - - - -

Payout Ratio - - - - - - - -

Retained Earning 0.00% 0.00% 0.00% 0.00% 100.00% 100.00% 100.00% 100.00%

# Balance Sheet

Equity Share Capital ₹ 1,273.90 ₹ 1,564.01 ₹ 1,564.01 ₹ 1,564.01 ₹ 1,564.00 ₹ 1,564.00 ₹ 1,584.00 ₹ 1,584.00
Reserves -₹ 70.96 -₹ 222.61 ₹ 369.33 ₹ 792.55 ₹ 636.00 ₹ 1,050.00 ₹ 5,720.00 ₹ 8,250.00
Borrowings ₹ 4,346.57 ₹ 9,864.14 ₹ 11,142.49 ₹ 14,866.19 ₹ 24,209.00 ₹ 52,832.00 ₹ 54,223.00 ₹ 64,858.00
Other Liabilities ₹ 610.41 ₹ 4,503.04 ₹ 1,581.70 ₹ 1,200.94 ₹ 2,283.00 ₹ 3,508.00 ₹ 5,382.00 ₹ 13,394.00
Total Liabilities ₹ 6,159.92 ₹ 15,708.58 ₹ 14,657.53 ₹ 18,423.69 ₹ 28,692.00 ₹ 58,954.00 ₹ 66,909.00 ₹ 88,086.00

Net Block ₹ 4,341.14 ₹ 9,120.01 ₹ 10,388.35 ₹ 12,553.76 ₹ 16,429.00 ₹ 28,452.00 ₹ 48,336.00 ₹ 62,284.00
Capital Work in Progress ₹ 266.99 ₹ 1,724.86 ₹ 742.87 ₹ 1,207.87 ₹ 4,452.00 ₹ 19,899.00 ₹ 5,291.00 ₹ 6,427.00
Investments ₹ 26.47 ₹ 87.02 ₹ 77.16 ₹ 476.34 ₹ 502.00 ₹ 574.00 ₹ 1,149.00 ₹ 1,515.00
Other Assets ₹ 1,525.32 ₹ 4,776.69 ₹ 3,449.15 ₹ 4,185.72 ₹ 7,309.00 ₹ 10,029.00 ₹ 12,133.00 ₹ 17,860.00
Total Assets ₹ 6,159.92 ₹ 15,708.58 ₹ 14,657.53 ₹ 18,423.69 ₹ 28,692.00 ₹ 58,954.00 ₹ 66,909.00 ₹ 88,086.00

Receivables ₹ 336.47 ₹ 848.22 ₹ 757.89 ₹ 740.35 ₹ 1,494.00 ₹ 1,809.00 ₹ 2,206.00 ₹ 1,342.00

Inventory ₹ 0.49 ₹ 1,692.29 ₹ 135.88 ₹ 104.30 ₹ 29.00 ₹ 17.00 ₹ 52.00 ₹ 291.00
Cash & Bank ₹ 186.75 ₹ 456.92 ₹ 361.47 ₹ 695.22 ₹ 1,019.00 ₹ 1,593.00 ₹ 1,984.00 ₹ 8,764.00
Total Current Liabilities ₹ 523.71 ₹ 2,997.43 ₹ 1,255.24 ₹ 1,539.87 ₹ 2,542.00 ₹ 3,419.00 ₹ 4,242.00 ₹ 10,397.00

Check TRUE TRUE TRUE TRUE TRUE TRUE TRUE TRUE

# Cash Flow Statement

Profit from operations ₹ 405.00 ₹ 860.00 ₹ 1,561.00 ₹ 1,777.00 ₹ 2,244.00 ₹ 3,572.00 ₹ 5,571.00 ₹ 7,346.00
Receivables ₹ (333.00) ₹ (512.00) ₹ 90.00 ₹ 10.00 ₹ (417.00) ₹ (109.00) ₹ (450.00) ₹ 893.00
Inventory - ₹ (1,692.00) ₹ 1,556.00 ₹ 32.00 ₹ 75.00 ₹ 12.00 ₹ (27.00) ₹ (252.00)
Payables ₹ 1.00 ₹ 90.00 ₹ 63.00 ₹ 15.00 ₹ (106.00) ₹ (172.00) ₹ 316.00 ₹ 122.00
Loan and Advances - - - - - - - -
Deposit - - - - - - - -
Other WC items ₹ (42.00) ₹ 1,908.00 ₹ (1,617.00) ₹ 149.00 ₹ (181.00) ₹ (156.00) ₹ 1,844.00 ₹ (346.00)
Working capital changes ₹ (375.00) ₹ (205.00) ₹ 92.00 ₹ 206.00 ₹ (629.00) ₹ (425.00) ₹ 1,683.00 ₹ 417.00
Direct taxes ₹ (2.00) ₹ (6.00) ₹ (29.00) ₹ (18.00) ₹ (14.00) ₹ (20.00) ₹ 11.00 ₹ (50.00)
Cash from Operating Activity ₹ (346.00) ₹ 443.00 ₹ 1,716.00 ₹ 2,171.00 ₹ 972.00 ₹ 2,702.00 ₹ 8,948.00 ₹ 8,130.00

Fixed assets purchased ₹ (917.00) ₹ (4,428.00) ₹ (2,869.00) ₹ (3,397.00) ₹ (6,143.00) ₹ (14,859.00) ₹ (3,376.00) ₹ (15,773.00)
Fixed assets sold - ₹ 16.00 ₹ 1.00 ₹ 3.00 ₹ 13.00 ₹ 4.00 ₹ 38.00 ₹ 73.00
Investments purchased ₹ (20.00) ₹ (13.00) ₹ (2.00) ₹ (395.00) ₹ (14.00) ₹ (208.00) ₹ (482.00) ₹ (74.00)
Investments sold - - ₹ 14.00 ₹ 288.00 - - - ₹ 84.00
Interest received ₹ 5.00 ₹ 17.00 ₹ 35.00 ₹ 45.00 ₹ 288.00 ₹ 249.00 ₹ 709.00 ₹ 807.00
Redemp n Canc of Shares - - - - ₹ 53.00 - - -
Acquisition of comapanies - - - - ₹ (577.00) ₹ (5,621.00) - -
Other investing items ₹ (580.00) ₹ (20.00) ₹ 155.00 ₹ (286.00) ₹ (2,757.00) ₹ 1,705.00 ₹ (746.00) ₹ (6,177.00)
Cash from Investing Activity ₹ (1,512.00) ₹ (4,428.00) ₹ (2,666.00) ₹ (3,742.00) ₹ (9,137.00) ₹ (18,730.00) ₹ (3,857.00) ₹ (21,060.00)

Proceeds from shares ₹ 1,114.00 ₹ 103.00 - - ₹ 5.00 - ₹ 3,898.00 -

Proceeds from debentures - - - - - - - ₹ 6,506.00
Redemption of debentures - - - - - - - ₹ (4,013.00)
Proceeds from borrowings ₹ 1,686.00 ₹ 10,039.00 ₹ 8,245.00 ₹ 12,295.00 ₹ 11,410.00 ₹ 33,148.00 ₹ 20,837.00 ₹ 26,838.00
Repayment of borrowings ₹ (871.00) ₹ (5,646.00) ₹ (5,942.00) ₹ (8,922.00) ₹ (2,292.00) ₹ (13,915.00) ₹ (22,304.00) ₹ (12,903.00)
Interest paid fin - ₹ (404.00) ₹ (1,257.00) ₹ (1,212.00) ₹ (1,589.00) ₹ (3,202.00) ₹ (5,139.00) ₹ (4,601.00)
Financial liabilities - - - - ₹ (25.00) ₹ (48.00) ₹ (183.00) ₹ (212.00)
Other financing items ₹ (370.00) ₹ (150.00) - - ₹ (426.00) ₹ 3.00 ₹ (82.00) ₹ 2,338.00
Cash from Financing Activity ₹ 1,559.00 ₹ 3,942.00 ₹ 1,046.00 ₹ 2,161.00 ₹ 7,083.00 ₹ 15,986.00 ₹ (2,973.00) ₹ 13,953.00

Net Cash Flow ₹ (299.00) ₹ (43.00) ₹ 96.00 ₹ 590.00 ₹ (1,082.00) ₹ (42.00) ₹ 2,118.00 ₹ 1,023.00

# Cash Flow Statement

Cash from Operating Activity ₹ 27.78 ₹ 648.65 ₹ 1,624.55 ₹ 1,965.14 ₹ 1,601.00 ₹ 3,127.00 ₹ 7,265.00 ₹ 7,713.00
Cash from Investing Activity ₹ (1,511.02) ₹ (4,428.23) ₹ (2,666.28) ₹ (3,743.15) ₹ (9,137.00) ₹ (18,730.00) ₹ (3,857.00) ₹ (21,060.00)
Cash from Financing Activity ₹ 1,559.09 ₹ 3,942.02 ₹ 1,045.21 ₹ 2,161.25 ₹ 7,083.00 ₹ 15,986.00 ₹ (2,973.00) ₹ 13,953.00
Net Cash Flow ₹ 75.85 ₹ 162.45 ₹ 3.48 ₹ 383.24 ₹ (453.00) ₹ 383.00 ₹ 435.00 ₹ 606.00
 Ratio Analysis - ADANI GREEN ENERGY LTD
Ratio March-17 March-18 March-19 March-20 March-21 March-22 March-23 March-24 Trendline Mean Median

SalesGrowth 195.08% 39.03% 23.84% 22.58% 64.31% 51.49% 18.57% 59.27% 39.03%
EBITDA Growth 82.97% 80.69% (16.22%) 96.54% 52.70% 40.26% 52.21% 55.59% 52.70%
EBIT Growth 127.43% 57.04% 76.11% 127.12% 47.72% 36.81% 53.95% 75.17% 57.04%
Net Profit Growth 197.32% 242.96% (87.00%) (396.95%) 168.68% 98.98% 29.50% 36.21% 98.98%
Dividend Growth - - - - - - - - - -

Gross Margin 89.89% 60.51% 87.60% 73.54% 75.74% 70.93% 73.50% 82.38% 76.76% 74.64%
EBITDA Margin 96.38% 59.76% 77.67% 52.55% 84.25% 78.30% 72.49% 93.06% 76.81% 77.98%
EBIT Margin 29.95% 23.08% 26.07% 37.07% 68.69% 61.76% 55.77% 72.42% 46.85% 46.42%
EBT Margin (36.66%) (14.20%) (28.41%) (1.96%) 6.18% 10.77% 18.34% 18.12% (3.48%) 2.11%
Net Profit Margin (9.22%) (9.29%) (22.91%) (2.40%) 5.83% 9.53% 12.51% 13.67% (0.29%) 1.71%

SalesExpenses%Sales (6.49%) 0.75% 9.93% 21.00% (8.51%) (7.36%) 1.00% (10.68%) (0.05%) (2.87%)
Depreciation%Sales 66.43% 36.68% 51.60% 15.47% 15.56% 16.54% 16.72% 20.64% 29.96% 18.68%
OperatingIncome%Sales 29.95% 23.08% 26.07% 37.07% 68.69% 61.76% 55.77% 72.42% 46.85% 46.42%

Return on Capital Employed 2.71% 3.05% 4.10% 5.49% 8.13% 5.72% 7.05% 8.94% 5.65% 5.60%
Retained Earnings% - - - - 100.00% 100.00% 100.00% 100.00% 50.00% 50.00%
Return on Equity% (3.84%) (10.25%) (24.39%) (2.60%) 8.27% 18.71% 13.32% 12.81% 1.50% 2.84%
Self Sustained Growth Rate - - - - 8.27% 18.71% 13.32% 12.81% 6.64% 4.14%
Interest Coverage Ratio 0.45x 0.62x 0.48x 0.95x 1.10x 1.21x 1.49x 1.33x 0.95x 1.02x

Debtor Turnover Ratio 1.49x 1.75x 2.72x 3.44x 2.09x 2.84x 3.52x 6.87x 3.09x 2.78x
Creditor Turnover Ratio 0.82x 0.33x 1.30x 2.12x 1.37x 1.46x 1.44x 0.69x 1.19x 1.33x
Inventory Turnover 1023.78x 0.87x 15.15x 24.44x 107.72x 301.94x 149.54x 31.68x 206.89x 69.70x
Fixed Asset Turnover 0.12x 0.16x 0.20x 0.20x 0.19x 0.18x 0.16x 0.15x 0.17x 0.17x
Capital Turnover Ratio 0.42x 1.10x 1.06x 1.08x 1.42x 1.96x 1.06x 0.94x 1.13x 1.07x

Debtor Days 245 days 209 days 134 days 106 days 175 days 129 days 104 days 53 days 144 days 132 days
Payable Days 444 days 1110 days 281 days 172 days 267 days 249 days 253 days 530 days 413 days 274 days
Inventory Days 0 days 417 days 24 days 15 days 3 days 1 days 2 days 12 days 59 days 7 days
Cash Conversion Cycle -199 days -484 days -122 days -51 days -89 days -120 days -147 days -466 days -210 days -134 days

CFO/Sales 5.54% 43.82% 78.94% 77.11% 51.25% 60.92% 93.43% 83.66% 61.83% 69.01%
CFO/Total Assets 0.45% 4.13% 11.08% 10.67% 5.58% 5.30% 10.86% 8.76% 7.10% 7.17%
CFO/Total Debt 0.64% 6.58% 14.58% 13.22% 6.61% 5.92% 13.40% 11.89% 9.10% 9.25%
Regression Beta- 2 Year Weekly

Adani Green Energy Ltd Weekly Returns Nifty-50 Weekly Returns Beta Drifting Beta 0 SUMMARY OUTPUT

Date Closing Price Returns % Closing Price Returns % Levered Raw Beta 1.50 Average 0.39% Regression Statistics
30-01-2023 ₹ 935.90 - ₹ 17,854.05 - Raw Beta Weight 75.00% Multiple R 0.442484
06-02-2023 ₹ 724.25 (22.61%) ₹ 17,856.50 0.01%
13-02-2023 ₹ 628.65 (13.20%) ₹ 17,944.20 0.49% Market Beta 1
20-02-2023 ₹ 486.50 (22.61%) ₹ 17,465.80 (0.03) Market Beta Weight 25.00%
27-02-2023 ₹ 561.75 15.47% ₹ 17,594.35 0.74%
06-03-2023 ₹ 682.70 21.53% ₹ 17,412.90 (0.01) Adjusted Beta 1.37
13-03-2023 ₹ 816.25 19.56% ₹ 17,100.05 (0.02)
20-03-2023 ₹ 1,029.35 26.11% ₹ 16,945.05 (0.01) Significance F
27-03-2023 ₹ 881.15 (14.40%) ₹ 17,359.75 2.45% SUMMARY OUTPUT #
03-04-2023 ₹ 856.35 (2.81%) ₹ 17,599.15 1.38%
10-04-2023 ₹ 941.15 9.90% ₹ 17,828.00 1.30% Regression Statistics
17-04-2023 ₹ 916.20 (2.65%) ₹ 17,624.05 (0.01) Multiple R 0.242603
24-04-2023 ₹ 951.00 3.80% ₹ 18,065.00 2.50% R Square 0.058856 Lower 95%
Upper 95%Lower 95.0%Upper 95.0%
01-05-2023 ₹ 940.55 (1.10%) ₹ 18,069.00 0.02% Adjusted R Square
0.049719 # 0.005207 -0.00357 0.005207
08-05-2023 ₹ 895.60 (4.78%) ₹ 18,314.80 1.36% Standard Error
0.092929 0 0.986828 0.426916 0.986828
15-05-2023 ₹ 896.95 0.15% ₹ 18,203.40 (0.01) Observations 105
22-05-2023 ₹ 963.35 7.40% ₹ 18,499.35 1.63%
29-05-2023 ₹ 983.55 2.10% ₹ 18,534.10 0.19% ANOVA
05-06-2023 ₹ 963.65 (2.02%) ₹ 18,563.40 0.16% df SS MS F Significance F
12-06-2023 ₹ 975.05 1.18% ₹ 18,826.00 1.41% Regression 1 0.055626 0.055626 6.441321 0.012647
19-06-2023 ₹ 959.85 (1.56%) ₹ 18,665.50 (0.01) Residual 103 0.889483 0.008636
26-06-2023 ₹ 945.90 (1.45%) ₹ 19,189.05 2.80% Total 104 0.945109
03-07-2023 ₹ 951.00 0.54% ₹ 19,331.80 0.74%
10-07-2023 ₹ 965.20 1.49% ₹ 19,564.50 1.20% Coefficients
Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
17-07-2023 ₹ 995.55 3.14% ₹ 19,745.00 0.92% Intercept 0.000736 0.009199 0.079963 0.936421 -0.01751 0.01898 -0.01750899 0.018980198
24-07-2023 ₹ 1,092.60 9.75% ₹ 19,646.05 (0.01) X Variable 1 1.498246 0.590331 2.537976 0.012647 0.327464 2.669028 0.32746351 2.669028313
31-07-2023 ₹ 1,012.55 (7.33%) ₹ 19,517.00 (0.01)
07-08-2023 ₹ 971.35 (4.07%) ₹ 19,428.30 (0.00)
14-08-2023 ₹ 994.75 2.41% ₹ 19,310.15 (0.01)
21-08-2023 ₹ 979.45 (1.54%) ₹ 19,265.80 (0.00)
28-08-2023 ₹ 949.10 (3.10%) ₹ 19,435.30 0.88%
04-09-2023 ₹ 1,001.20 5.49% ₹ 19,819.95 1.98%
11-09-2023 ₹ 1,006.45 0.52% ₹ 20,192.35 1.88%
18-09-2023 ₹ 1,018.80 1.23% ₹ 19,674.25 (0.03)
25-09-2023 ₹ 987.15 (3.11%) ₹ 19,638.30 (0.00)
02-10-2023 ₹ 961.25 (2.62%) ₹ 19,653.50 0.08%
09-10-2023 ₹ 948.90 (1.28%) ₹ 19,751.05 0.50%
16-10-2023 ₹ 920.15 (3.03%) ₹ 19,542.65 (0.01)
23-10-2023 ₹ 870.90 (5.35%) ₹ 19,047.25 (0.03)
30-10-2023 ₹ 902.70 3.65% ₹ 19,230.60 0.96%
06-11-2023 ₹ 938.70 3.99% ₹ 19,425.35 1.01%
13-11-2023 ₹ 936.10 (0.28%) ₹ 19,731.80 1.58%
20-11-2023 ₹ 937.90 0.19% ₹ 19,794.70 0.32%
27-11-2023 ₹ 1,026.50 9.45% ₹ 20,267.90 2.39%
04-12-2023 ₹ 1,550.30 51.03% ₹ 20,969.40 3.46%
11-12-2023 ₹ 1,526.65 (1.53%) ₹ 21,456.65 2.32%
18-12-2023 ₹ 1,533.10 0.42% ₹ 21,349.40 (0.00)
25-12-2023 ₹ 1,597.00 4.17% ₹ 21,731.40 1.79%
01-01-2024 ₹ 1,674.00 4.82% ₹ 21,710.80 (0.00)
08-01-2024 ₹ 1,710.70 2.19% ₹ 21,894.55 0.85%
15-01-2024 ₹ 1,570.75 (8.18%) ₹ 21,622.40 (0.01)
22-01-2024 ₹ 1,664.80 5.99% ₹ 21,352.60 (0.01)
29-01-2024 ₹ 1,674.25 0.57% ₹ 21,853.80 2.35%
05-02-2024 ₹ 1,880.70 12.33% ₹ 21,782.50 (0.00)
12-02-2024 ₹ 1,904.75 1.28% 22040.7 1.19%
19-02-2024 ₹ 1,923.30 0.97% 22212.7 0.78%
26-02-2024 ₹ 1,969.55 2.40% 22338.75 0.57%
04-03-2024 ₹ 1,929.10 (2.05%) 22493.55 0.69%
11-03-2024 ₹ 1,902.60 (1.37%) 22023.35 (0.02)
18-03-2024 ₹ 1,851.75 (2.67%) 22096.75 0.33%
25-03-2024 ₹ 1,835.15 (0.90%) 22326.9 1.04%
01-04-2024 ₹ 1,901.95 3.64% 22513.7 0.84%
08-04-2024 ₹ 1,884.05 (0.94%) 22519.4 0.03%
15-04-2024 ₹ 1,770.05 (6.05%) 22147 (0.02)
22-04-2024 ₹ 1,806.65 2.07% 22419.95 1.23%
29-04-2024 ₹ 1,799.80 (0.38%) 22475.85 0.25%
06-05-2024 ₹ 1,714.75 (4.73%) 22055.2 (0.02)
13-05-2024 ₹ 1,831.95 6.83% 22466.1 1.86%
20-05-2024 ₹ 1,926.65 5.17% 22957.1 2.19%
27-05-2024 ₹ 1,908.35 (0.95%) 22530.7 (0.02)
03-06-2024 ₹ 1,864.25 (2.31%) 23290.15 3.37%
10-06-2024 ₹ 1,806.30 (3.11%) 23465.6 0.75%
17-06-2024 ₹ 1,780.45 (1.43%) 23501.1 0.15%
24-06-2024 ₹ 1,788.80 0.47% 24010.6 2.17%
01-07-2024 ₹ 1,754.30 (1.93%) 24323.85 1.30%
08-07-2024 ₹ 1,735.25 (1.09%) 24502.15 0.73%
15-07-2024 ₹ 1,723.30 (0.69%) 24530.9 0.12%
22-07-2024 ₹ 1,803.70 4.67% 24834.85 1.24%
29-07-2024 ₹ 1,881.40 4.31% 24717.7 (0.00)
05-08-2024 ₹ 1,780.85 (5.34%) 24367.5 (0.01)
12-08-2024 ₹ 1,831.00 2.82% 24541.15 0.71%
19-08-2024 ₹ 1,900.90 3.82% 24823.15 1.15%
26-08-2024 ₹ 1,838.15 (3.30%) 25235.9 1.66%
02-09-2024 ₹ 1,863.30 1.37% 24852.15 (0.02)
09-09-2024 ₹ 1,788.20 (4.03%) 25356.5 2.03%
16-09-2024 ₹ 2,003.95 12.07% 25790.95 1.71%
23-09-2024 ₹ 1,981.85 (1.10%) 26178.95 1.50%
30-09-2024 ₹ 1,801.20 (9.12%) 25014.6 (0.04)
07-10-2024 ₹ 1,792.20 (0.50%) 24964.25 (0.00)
14-10-2024 ₹ 1,736.05 (3.13%) 24854.05 (0.00)
21-10-2024 ₹ 1,644.00 (5.30%) 24180.8 (0.03)
28-10-2024 ₹ 1,632.65 (0.69%) 24304.35 0.51%
04-11-2024 ₹ 1,598.55 (2.09%) 24148.2 (0.01)
11-11-2024 ₹ 1,490.30 (6.77%) 23532.7 (0.03)
18-11-2024 ₹ 1,051.80 (29.42%) 23907.25 1.59%
25-11-2024 ₹ 1,323.90 25.87% 24131.1 0.94%
02-12-2024 ₹ 1,210.65 (8.55%) 24677.8 2.27%
09-12-2024 ₹ 1,198.40 (1.01%) 24768.3 0.37%
16-12-2024 ₹ 1,034.35 (13.69%) 23587.5 (0.05)
23-12-2024 ₹ 1,054.00 1.90% 23813.4 0.96%
30-12-2024 ₹ 1,038.25 (1.49%) 24004.75 0.80%
06-01-2025 ₹ 943.05 (9.17%) 23431.5 (0.02)
13-01-2025 ₹ 1,078.20 14.33% 23203.2 (0.01)
20-01-2025 ₹ 1,012.10 (6.13%) 23092.2 (0.00)
27-01-2025 ₹ 987.65 (2.42%) 23163.1 0.31%
30-01-2025 ₹ 975.55 (1.23%) 23194.95 0.14%
Peers Comp
Debt/ Debt/ Levered Unlevered
Name Of The Comps Country Total Debt Total Equity Tax Rate Equity Capital Beta 1 Beta 2
Adani Green Energy Ltd India ₹ 67,430.00 ₹ 1,56,779.69 25.00% 0.43 0.30 1.50 1.13
Tata Power Company Ltd India ₹ 58,314.00 ₹ 1,11,917.00 25.00% 0.52 0.34 1.36 0.98
NHPC Ltd India ₹ 34,210.00 ₹ 76,050.00 25.00% 0.45 0.31 1.18 0.88
JSW Energy Ltd India ₹ 30,853.00 ₹ 85,176.00 25.00% 0.36 0.27 1.17 0.92
Suzlon Energy Ltd India ₹ 277.00 ₹ 74,998.00 25.00% 0.00 0.00 1.04 1.04
IRDEA Ltd India ₹ 54,639.00 ₹ 52,570.00 25.00% 1.04 0.51 0.58 0.33

Average 25.00% 46.77% 28.88% 1.14 0.88

Median 25.00% 44.00% 30.55% 1.18 0.95

Cost Of Debt Cost Of Equity

Pre Tax Cost Of Debt 7.42% Risk Free Return 6.65%

Tax Rate 25.00% Risk Of Market 15.31% 9 1.27
Post Tax Cost Of Debt 5.57% Levered Beta 0.60
Cost Of Equity 11.82%

Capital Structure Levered Beta

Current Target Comp Median Unlevered Beta 0.95

Market Capitalization ₹ 1,56,779.69 69.93% 56.00% Tax Rate 25.00%
Debt ₹ 67,430.00 30.07% 44.00% Target Debt To Equity 78.56%
Total Capital ₹ 2,24,209.69 100.00% 100.00% Levered Beta 0.60

Debt/Equity 43.01% 78.56% Weighted Average Cost Of Capital

Total Cost Weight

Notes: Equity 11.82% 56.00%
1. Tax Rate considered as marginal tax rate for the country Debt 5.57% 44.00%
2. Levered Beta is based on 5 year monthly data WACC 9.07%
3. Unlevered beta is = Levered beta/1+(1-tax rate)*Debt/equity
4. levered beta is = UnLevered beta/1+(1-tax rate)*Debt/equity
 Calculation Of ROIC Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Current Asset
Inventories ₹ 104.00 ₹ 29.00 ₹ 17.00 ₹ 52.00 ₹ 291.00
Trade receivables ₹ 740.00 ₹ 1,494.00 ₹ 1,809.00 ₹ 2,206.00 ₹ 1,342.00
Loans n Advances ₹ 219.00 ₹ 274.00 ₹ 405.00 ₹ 219.00 ₹ 203.00
Other asset items ₹ 2,427.00 ₹ 4,493.00 ₹ 6,205.00 ₹ 7,672.00 ₹ 7,260.00
Total Current Asset ₹ 3,490.00 ₹ 6,290.00 ₹ 8,436.00 ₹ 10,149.00 ₹ 9,096.00

Current Liabilities
Trade Payables ₹ 175.00 ₹ 129.00 ₹ 145.00 ₹ 391.00 ₹ 354.00
Advance from Customers ₹ 10.00 - - - -
Other liability items ₹ 1,062.00 ₹ 2,228.00 ₹ 3,363.00 ₹ 4,945.00 ₹ 5,426.00
Total Current Liability ₹ 1,247.00 ₹ 2,357.00 ₹ 3,508.00 ₹ 5,336.00 ₹ 5,780.00

# Net Working Capital ₹ 2,243.00 ₹ 3,933.00 ₹ 4,928.00 ₹ 4,813.00 ₹ 3,316.00

Non Current Asset

Land ₹ 709.00 ₹ 981.00 ₹ 1,375.00 ₹ 2,295.00 ₹ 2,759.00
Building ₹ 366.00 ₹ 398.00 ₹ 617.00 ₹ 665.00 ₹ 873.00
Plant Machinery ₹ 13,786.00 ₹ 17,753.00 ₹ 29,228.00 ₹ 49,389.00 ₹ 63,971.00
Equipments ₹ 8.00 ₹ 10.00 ₹ 21.00 ₹ 30.00 ₹ 48.00
Computers ₹ 7.00 ₹ 13.00 ₹ 21.00 ₹ 32.00 ₹ 46.00
Furniture n fittings ₹ 2.00 ₹ 2.00 ₹ 6.00 ₹ 7.00 ₹ 17.00
Vehicles ₹ 2.00 ₹ 3.00 ₹ 5.00 ₹ 9.00 ₹ 11.00
Intangible Assets ₹ 3.00 ₹ 3.00 ₹ 3.00 ₹ 3.00 ₹ 3.00
Other fixed assets ₹ 5.00 ₹ 83.00 ₹ 829.00 ₹ 831.00 ₹ 1,336.00
Gross Block ₹ 14,888.00 ₹ 19,246.00 ₹ 32,105.00 ₹ 53,261.00 ₹ 69,064.00
Accumulated Depreciation ₹ 2,335.00 ₹ 2,817.00 ₹ 3,653.00 ₹ 4,925.00 ₹ 6,780.00
# Net Non Current Asset ₹ 12,553.00 ₹ 16,429.00 ₹ 28,452.00 ₹ 48,336.00 ₹ 62,284.00

# Invested Capital ₹ 14,796.00 ₹ 20,362.00 ₹ 33,380.00 ₹ 53,149.00 ₹ 65,600.00

EBIT ₹ 944.87 ₹ 2,146.00 ₹ 3,170.00 ₹ 4,337.00 ₹ 6,677.00

# ROIC 6.39% 10.54% 9.50% 8.16% 10.18%

Calculation Of Reinvestment Rate Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Net Capex ₹ 3,394.00 ₹ 6,130.00 ₹ 14,855.00 ₹ 3,338.00 ₹ 15,700.00

Changes In Working Capital ₹ 1,690.00 ₹ 995.00 ₹ (115.00) ₹ (1,497.00)

EBIT ₹ 944.87 ₹ 2,146.00 ₹ 3,170.00 ₹ 4,337.00 ₹ 6,677.00

Marginal Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT(1-Tax) ₹ 708.65 ₹ 1,609.50 ₹ 2,377.50 ₹ 3,252.75 ₹ 5,007.75

Reinvestment ₹ 7,820.00 ₹ 15,850.00 ₹ 3,223.00 ₹ 14,203.00

# Reinvestment Rate 485.87% 666.67% 99.09% 283.62%

4 Year Average 383.81%

4 Year Median 384.74%

# Calculation Of Reinvestment Rate Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Reinvestment Rate 485.87% 666.67% 99.09% 283.62%

ROIC 10.54% 9.50% 8.16% 10.18%
Intrinsic Growth 51.21% 63.31% 8.09% 28.87%

4 Year Average 37.87%

4 Year Median 40.04%
Calculation of PV of FCFF Mar-24A Mar-25F Mar-26F Mar-27F Feb-28F Feb-29F
EBIT ₹ 6,677.00 ₹ 7,480.24 ₹ 8,380.12 ₹ 9,388.24 ₹ 10,517.65 ₹ 11,782.92
Tax Rate 25.00% 25.00% 25.00% 25.00% 25.00% 25.00%
EBIT (1-Tax) ₹ 5,007.75 ₹ 5,610.18 ₹ 6,285.09 ₹ 7,041.18 ₹ 7,888.24 ₹ 8,837.19
Reinvestment Rate 384.74% 429.07% 473.40% 517.73% 562.06% 562.06%
Free Cash Flow To Firm (FCFF) ₹ (14,259.21) ₹ (18,461.60) ₹ (23,468.72) ₹ (29,413.38) ₹ (36,448.69) ₹ (40,833.46)
Mid Year Convention 0.5 1.5 2.5 3.5 4.5
Discounting Factor 0.957528919 0.877921525 0.804932561 0.73801178 0.676654683
PV of FCFF -17677.51265 -20603.6954 -23675.78872 -26899.55994 -27630.15425

Expected Growth 12.03% that chart given ebit growth

Terminal Growth 6.50% gdp 5 year
WACC 9.07% jo nikala

Calculation of Terminal Value Sensitive Analysis

FCFF (n+1) ₹ (45,745.73) ₹ (18,98,062.42) 4.00% 5.00% 6.50% 7.50%

WACC 9.07% 7.00% -1641344.346 -2403773.163 -9265632.521 9032659.099
Terminal Growth Rate 6.50% 8.00% -1260129.937 -1641344.346 -3166201.981 -9265632.521
9.07% -1018769.335 -1240460.398 -1896476.168 -3030227.415
Terminal Value -1781575.705 10.00% -878915.5285 -1031401.292 -1423507.541 -1946315.873

Calculation of Enterprise Value

PV Of FCFF ₹ (1,16,486.71)
Present Terminal Value ₹ (17,81,575.70)
Value Of Operating Asset ₹ (18,98,062.42)

Add: Cash ₹ 7,218.00

Add: Debt ₹ 4,463.00
Value Of Equity ₹ (18,95,307.42)
No Of Shares 158.4

Equity Value Per Share -11965.32459

Share Price ₹ 439.90

Discount/Premium -2820%
Amount in crores
Comparable Company Valuation
Market Data Financials Valuation
Share Shares Enterprise
Company Ticker Price Outstanding Equity Value Net Debt Value Revenue EBITDA Net Income EV/Revenue EV/EBITDA P/E
ADANI GREEN ENERGY LTD ₹ 972.00 158.00 ₹ 1,53,968.00 ₹ 58,666.00 ₹ 2,12,634.00 ₹ 10,782.00 ₹ 7,870.86 ₹ 1,928.00 19.7x 27.0x 79.9x
Tata Power Company Ltd ₹ 352.00 320.00 ₹ 1,12,640.00 ₹ 49,162.00 ₹ 1,61,802.00 ₹ 63,489.00 ₹ 14,602.47 ₹ 4,403.00 2.5x 11.1x 25.6x
NHPC Ltd ₹ 75.50 1004.00 ₹ 75,802.00 ₹ 30,588.00 ₹ 1,06,390.00 ₹ 9,690.00 ₹ 7,073.70 ₹ 2,682.08 11.0x 15.0x 28.3x
JSW Energy Ltd ₹ 484.00 175.00 ₹ 84,700.00 ₹ 26,646.00 ₹ 1,11,346.00 ₹ 11,312.00 ₹ 5,882.24 ₹ 1,914.00 9.8x 18.9x 44.3x
Suzlon Energy Ltd ₹ 55.40 1354.00 ₹ 75,011.60 ₹ (150.00) ₹ 74,861.60 ₹ 9,296.00 ₹ 1,580.32 ₹ 2,187.00 8.1x 47.4x 34.3x
IRDEA Ltd ₹ 196.00 269.00 ₹ 52,724.00 ₹ 53,903.00 ₹ 1,06,627.00 ₹ 6,230.00 ₹ 5,856.20 ₹ 1,534.00 17.1x 18.2x 34.4x
High 19.7x 47.4x 79.9x
75th Percentile 15.6x 25.0x 41.8x
Average 11.4x 22.9x 41.1x
Median 10.4x 18.6x 34.3x
25th Percentile 8.5x 15.8x 29.8x
Low 2.5x 11.1x 25.6x

Cipla Comparable Valuation EV/Revenue EV/EBITDA P/E

Implied Enterprise Value ₹ 1,12,254.29 ₹ 1,46,148.98 ₹ 1,24,863.04
Net Debt ₹ 58,666.00 ₹ 58,666.00 ₹ 58,666.00
Implied Market Value ₹ 53,588.29 ₹ 87,482.98 ₹ 66,197.04
Shares Outstanding 158.00 158.00 158.00
Implied Value per Share 339.2 553.7 419.0

Conclusion Overvalued Overvalued Overvalued

 Return On Equity (ROE)
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit -46.67 -137.52 -473.91 -23.23 210 489 974 1100
Average Shareholder Equity 601.47 1272.17 1637.37 2144.95 2278.28 2407 4959 8569
Return On Equity (ROE) -7.76% -10.81% -28.94% -1.08% 9.22% 20.32% 19.64% 12.84%

ROE - Dupon Equation

Net Profit -46.67 -137.52 -473.91 -23.23 210 489 974 1100
Revenue 501.65 1480.28 2057.98 2548.63 3124 5133 7776 9220
Net Profit Margin (A) -9.30% -9.29% -23.03% -0.91% 6.72% 9.53% 12.53% 11.93%

Revenue 501.65 1480.28 2057.98 2548.63 3124 5133 7776 9220

Average Total Asset 3079.96 10934.25 15183.06 16540.61 23557.85 43823.00 62931.50 77497.50
Asset Turnover Ratio (B) 0.2x 0.1x 0.1x 0.2x 0.1x 0.1x 0.1x 0.1x

Average Total Asset 3079.96 10934.25 15183.06 16540.61 23557.85 43823.00 62931.50 77497.50
Average Shareholder Equity 601.47 1272.17 1637.37 2144.95 2278.28 2407.00 4959.00 8569.00
Equity multiplier (C) 5.1x 8.6x 9.3x 7.7x 10.3x 18.2x 12.7x 9.0x

Return On Equity (A*B*C) -7.76% -10.81% -28.94% -1.08% 9.22% 20.32% 19.64% 12.84%

Return On Asset (ROA)

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24
Net Profit -46.67 -137.52 -473.91 -23.23 210 489 974 1100
Average Total Asset 3079.96 10934.25 15183.06 16540.61 23557.85 43823.00 62931.50 77497.50
Return On Equity (ROE) -1.52% -1.26% -3.12% -0.14% 0.89% 1.12% 1.55% 1.42%

ROE - Dupon Equation

Net Profit -46.67 -137.52 -473.91 -23.23 210 489 974 1100
Revenue 501.65 1480.28 2057.98 2548.63 3124 5133 7776 9220
Net Profit Margin (A) -9.30% -9.29% -23.03% -0.91% 6.72% 9.53% 12.53% 11.93%

Revenue 501.65 1480.28 2057.98 2548.63 3124 5133 7776 9220

Average Total Asset 3079.96 10934.25 15183.06 16540.61 23557.85 43823.00 62931.50 77497.50
Asset Turnover Ratio (B) 0.2x 0.1x 0.1x 0.2x 0.1x 0.1x 0.1x 0.1x

Return On Asset (A*B) -1.52% -1.26% -3.12% -0.14% 0.89% 1.12% 1.55% 1.42%
Financial Summary

Revenues (INR Crs.) Revenues (INR Crs.) Total Assets (INR Crs.)
1100 9,220
974 7,776 77,498

62,932
5,133
489 43,823
3,124
2,549 23,558
(23.23) 210 16,541

2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024

Net Margin (%) Return On Assets (%) Financial Leverage (%)

13% 18.2x
12%
1.5%
10% 1.4%
12.7x
1.1% 10.3x
7%
0.9% 9.0x
7.7x

-1%
-0.1%

2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
Return on Markets

Year Annual
2000 -14.65% Average Return 15.31%
1
2001 -16.18% Dividend Yield 1.27%
2002 3.25% Total Market Returns 15.31%
2003 71.90%
2004 10.68%
2005 36.34%
2006 39.83%
2007 54.77%
2008 -51.79%
2009 75.76%
2010 17.95%
2011 -24.62%
2012 27.70%
2013 6.76%
2014 31.39%
2015 -4.06%
2016 3.01%
2017 28.65%
2018 3.15%
2019 12.02%
2020 14.17%
2021 24.12%
2022 4.32%
2022 8.75%
2022 19.42%
 Sales Forecast - ADANI GREEN ENERGY LTD EBIDTA Forecast - ADANI GREEN ENERGY LTD
Year Weight Year Sales Sales Growth Year Weight Year EBIDTA Sales Growth
1 2015A ₹ 501.65 - 1 2015A ₹ 483.49 -
2 2016A ₹ 1,480.28 195.08% 2 2016A ₹ 884.63 82.97%
3 2017A ₹ 2,057.98 39.03% 3 2017A ₹ 1,598.48 80.69%
4 2018A ₹ 2,548.63 23.84% 4 2018A ₹ 1,339.18 (16.22%)
5 2019A ₹ 3,124.00 22.58% 5 2019A ₹ 2,632.00 96.54%
6 2020A ₹ 5,133.00 64.31% 6 2020A ₹ 4,019.00 52.70%
7 2021A ₹ 7,776.00 51.49% 7 2021A ₹ 5,637.00 40.26%
8 2022A ₹ 9,220.00 18.57% 8 2022A ₹ 8,580.00 52.21%
9 2023A ₹ 0.00 (100.00%) 9 2023A ₹ 0.00 (100.00%)
10 2024A ₹ 0.00 #DIV/0! 10 2024A ₹ 0.00 #DIV/0!
11 2025E ₹ 4,471.63 #DIV/0! 11 2025E ₹ 3,805.52 #DIV/0!
12 2026E ₹ 4,705.72 5.23% 12 2026E ₹ 4,039.73 6.15%
13 2027E ₹ 4,939.81 4.97% 13 2027E ₹ 4,273.93 5.80%
14 2028E ₹ 5,173.90 4.74% 14 2028E ₹ 4,508.14 5.48%
15 2029E ₹ 5,407.98 4.52% 15 2029E ₹ 4,742.35 5.20%