General Information

Company Name ADANI GREEN ENERGY LTD.

Ticker AGEL
Stock Exchange NSE
Fiscal Year Ending Mar-24
Moody's Corporate Rating Ba3
S&P Corporate Rating BB
Predicted Beta 1.8
Marginal Tax Rate 25.00%

Options/Warrants N/A
Tranche Number of Shares Exercise Price
Tranche 1 0 0
Tranche 2 0 0
Tranche 3 0 0
Tranche 4 0 0
TOTAL 0

Fully diluted shares outstanding

Basic Outstanding Shares 158.4
Plus: Shares from In-the-money Options 0
Less: Shares Repurchased 0.00
Net new shares from the options/warrants 0.00
Plus: Shares from Convertible Securities 0
Fully diluted shares outstanding 158.40
(shares in crores)
Assumptions
Current Share Price ₹1,715.00
Basic Shares Outstanding 158.4

In-the-Money Shares Proceeds

0 0
0 0
0 0
0 0
0 0
(INR Crores, except per share data)
Assumptions
Current Share Price 1715
52-week High Price 2019
52-week Low Price 815.6
Dividend Per Share 0

Balance Sheet Data 2023A 2024A

Cash and Cash Equivalents 1003 1608
Accounts Receivable 2206 1342
Inventories 52 291
Prepaids and Other Current Assets 3952 10065
Total Current Assets 7213 13306

Property, Plant and Equipment (Net) 46105 59192

Goodwill and Intangible Assets 2231 3155
Other Assets 11812 12885
Total Assets 67361 88538

Accounts Payable 391 354

Accrued Liabilities 10 14
Other Current Liabilities 7540 26020
Total Current Liabilities 7941 26388

Total Debt 49911 42223

Other Long-Term Liabilities 2159 2479
Total Liabilities 60011 71090

Noncontrolling Interest 46 7614

Preferred Stock 0 0
Shareholders' Equity 7304 9834
Total Liabilities and Equity 67361 88538

Balance Check 0 0
Fully diluted shares outstanding 158.40
Equity Value 271656

Plus: Total Debt 42223

Plus: Preferred Stock 0
Plus: Non-Controlling Interest 7614
Less: Cash and Cash Equivalents -1608
Enterprise Value 319885
Non-recurring Items:

(INR in crores, except per share data)

Reported Income Statement

Fiscal Year Ending December 31, LTM

2021A 2022A 2023A 2024A
Sales 3,006.00 11,161.00 8,617.00 10,460.00
COGS (incl. D&A) 2,395.00 10,487.00 1,748.00 1,187.00
Gross Profit 611.00 674.00 6,869.00 9,273.00
SG&A 49 63 1097 736
Other Expense / (Income) 4 7 1300 1903
EBIT 558.00 604.00 4,472.00 6,634.00
Interest Expense 257 775 2911 5006
Pre-tax Income 301.00 -171.00 1,561.00 1,628.00
Income Taxes 59 -72 453 411
Noncontrolling Interest 0.00 0.00 0.00 0.00
Preferred Dividends 0 0 0 0
Net Income 242.00 -99.00 1,108.00 1,217.00
Effective Tax Rate 25.00% 25.00% 25.00% 25.00%

Weighted Avg. Diluted Shares 158.40 158.40 158.40 158.40

Diluted EPS 1.53 -0.63 6.99 7.68
Assuming Year Closing 31st December
Reported Net Income 242.00 -99.00 1,108.00 1,217.00
Non-Recurring Items in COGS 0
Other Non-Recurring Items
Non-operating Non-rec. Items 122 41 -194 -246
Tax Adjustments -30.5 -10.25 48.5 61.5
Adjusted Net Income 333.50 -68.25 962.50 1,032.50
Adjusted Diluted EPS 2.11 -0.43 6.08 6.52
Adjusted EBIT 680.00 645.00 4278.00 6388.00
Adjusted EBITDA 684.00 652.00 5578.00 8291.00

Cash Flow Statement Data

Fiscal Year Ending December 31, LTM

2021A 2022A 2023A 2024A
Cash From Operations -718 1455 7265 7713
Capital Expenditures 10 19 3376 15773
% sales 0.33% 0.17% 39.18% 150.79%
Free Cash Flow -728 1436 3889 -8060
% margin -24.22% 12.87% 45.13% -77.06%
FCF / Share -4.60 9.07 24.55 -50.88

Depreciation & Amortization 4 7 1300 1903

% sales 0.13% 0.06% 15.09% 18.19%
Calculate: 𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐼𝑛𝑣𝑒𝑠𝑡𝑒𝑑 𝐶𝑎𝑝𝑖𝑡𝑎
Adjusted LTM gross profit 9,273.00 Step 18 −𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟^′ 𝑠 𝐸𝑞𝑢𝑖𝑡𝑦))
Adjusted LTM EBIT 6,634.00 Step 19
Adjusted LTM EBITDA 8,537.00 Step 20
Adjusted Net Income 1,032.50 Step 21 𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐸𝑞𝑢𝑖𝑡𝑦= (𝐿𝑇𝑀
𝐼𝑛𝑐𝑜𝑚𝑒)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 (𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟^′
LTM Return on Average Invested Capital 12.44% Step 22
LTM Return on Average Equity 12.05% Step 23
LTM Return on Average Assets 1.32% Step 24 𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐴𝑣𝑒𝑟𝑎𝑔𝑒 𝐴𝑠𝑠𝑒𝑡𝑠= (𝐿𝑇𝑀
LTM Implied Annual Dividend Per Share 0.00% Step 25 𝐼𝑛𝑐𝑜𝑚𝑒)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 (𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠))
Debt-to-Total Capitalisation 81.11% Step 26
Total Debt-to-EBITDA 4.95 Step 27
Net Debt-to-EBITDA 4.76 Step 28 𝑇𝑜𝑡𝑎𝑙 𝐶𝑎𝑝𝑖𝑡𝑎𝑙𝑖𝑠𝑎𝑡𝑖𝑜𝑛=𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡+
EBITDA-to-Interest Expense 1.71 Step 29
(EBITDA - Capex)-to-Interest Expense -1.45 Step 30
EBIT-to-Interest Expense 1.33 Step 31
𝑁𝑒𝑡 𝐷𝑒𝑏𝑡=𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡 −𝐶𝑎𝑠ℎ 𝑎𝑛𝑑 𝐶
Step 1

Step 2

Step 3

Step 4

Step 5

Step 9
Step 6-7-8

Step 10
Step 11
Step 12

Step 13
Step 14
Step 15
Step 16

Step 17
𝑣𝑒𝑟𝑎𝑔𝑒 𝐼𝑛𝑣𝑒𝑠𝑡𝑒𝑑 𝐶𝑎𝑝𝑖𝑡𝑎𝑙= (𝐿𝑇𝑀 𝐴𝑑𝑗𝑢𝑠𝑡𝑒𝑑 𝐸𝐵𝐼𝑇)/(𝐴𝑣𝑒𝑟𝑎𝑔𝑒 (𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡 −𝐶𝑎𝑠ℎ
𝑒𝑟^′ 𝑠 𝐸𝑞𝑢𝑖𝑡𝑦))

𝑣𝑒𝑟𝑎𝑔𝑒 𝐸𝑞𝑢𝑖𝑡𝑦= (𝐿𝑇𝑀 𝐴𝑑𝑗𝑢𝑠𝑡𝑒𝑑 𝑁𝑒𝑡

𝑣𝑒𝑟𝑎𝑔𝑒 (𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟^′ 𝑠 𝐸𝑞𝑢𝑖𝑡𝑦))

𝑣𝑒𝑟𝑎𝑔𝑒 𝐴𝑠𝑠𝑒𝑡𝑠= (𝐿𝑇𝑀 𝐴𝑑𝑗𝑢𝑠𝑡𝑒𝑑 𝑁𝑒𝑡

𝑣𝑒𝑟𝑎𝑔𝑒 (𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠))

𝑎𝑙𝑖𝑠𝑎𝑡𝑖𝑜𝑛=𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡+𝑆ℎ𝑎𝑟𝑒ℎ𝑜𝑙𝑑𝑒𝑟^′ 𝑠 𝐸𝑞𝑢𝑖𝑡𝑦

𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡 −𝐶𝑎𝑠ℎ 𝑎𝑛𝑑 𝐶𝑎𝑠ℎ 𝐸𝑞𝑢𝑖𝑣𝑎𝑙𝑒𝑛𝑡𝑠

 1 2
LTM NFY NFY+1
2024A 2025E 2026E
EV/Sales 30.6 25.2 21.0
Metric (Sales) 10,460 12,697 15,210
EV/EBITDA 37.5 29.9 24.9
Metric (EBITDA) 8,537 10,706 12,825
EV/EBIT 48.2 38.1 31.8
Metric (EBIT) 6,634 8,396 10,058
P/E 192.7 144.1 108.4
Metric (EPS) 8.90 11.90 15.83
FCF Yield (FCF/Equity Value) -3.3% 2.7% 3.3%
Metric (FCF) (8,911) 7,461 8,928

Growth Rates
Sales EBITDA FCF
Historical
1-year ('23 to '24) -22.79% 755.52% 170.82%
2-year CAGR ('22 to '24) 69.31% 185.57% #NUM!
Estimated
1-year ('24 to '25E) 47.35% 91.93% 91.85%
2-year CAGR ('24 to '25E) 32.86% 51.63% 51.52%

(INR Crores, except per share data)

LTM Financial Statistics
Company Sales Gross Profit EBITDA
NTPC Ltd. 167724.41 61657.62 47183.03
Power Grid Corp Of India Ltd 45968.07 43463.11 39898.83
Tata Power Co 21945.75 7075.12 5753.02
Adani Green Energy Ltd 10460.00 9273.00 8537.00
JSW Energy 11485.91 6778.89 5381.78
Mean 51516.83 25649.55 21350.73
Median 21945.75 9273.00 8537.00

LTM Financial Data

Company Debt Shareholders' Equity Cash
NTPC Ltd. 184997.65 138069.76 3741.73
Power Grid Corp Of India Ltd 117517.59 82832.96 4146.24
Tata Power Co 16134.64 15787.66 599.25
Adani Green Energy Ltd 42223.00 9834.00 1608.00
JSW Energy 31572.97 20831.74 4206.60

LTM Leverage Ratios

Company Debt/TotCap(%) Debt/EBITDA(x) Net Debt/EBITDA(x)
NTPC Ltd. 57.26% 3.92 3.84
Power Grid Corp Of India Ltd 58.66% 2.95 2.84
Tata Power Co 50.54% 2.80 2.70
Adani Green Energy Ltd 81.11% 5.09 4.90
JSW Energy 60.25% 5.87 5.09
Mean 61.56% 4.13 3.87
Median 58.66% 3.92 3.84
 3
NFY+2
2027E
17.8
17,977
21.1
15,158
26.9
11,888
81.5
21.05
3.9%
10,542

EPS

-1510.26%
69.88%

95.84%
61.39%

cial Statistics LTM Profitability Margins

EBIT Net Income Gross Profit(%) EBITDA(%)EBIT(%)Net Income(%)
34046.32 24067.09 37% 28% 20% 14%
26958.94 17214.69 95% 87% 59% 37%
4564.56 2307.11 32% 26% 21% 11%
6634.00 1032.50 89% 82% 63% 10%
3748.37 2166.91 59% 47% 33% 19%
15190.44 9357.66 62% 54% 39% 18%
6634.00 2307.11 59% 47% 33% 14%

Interest Expense Capex EBITDA EBIT

9979.23 17320.53 47183.03 34046.32
9744.25 3064.54 39898.83 26958.94
2257.45 1658.75 5753.02 4564.56
5006.00 15773.00 8291.00 6388.00
1581.46 8032.77 5381.78 3748.37

LTM Coverage Ratios

EBITDA/Int. Exp.(x)EBITDA-Cpx/Int.(x) EBIT/Int. Exp.(x)
4.73 2.99 3.41
4.09 3.78 2.77
2.55 1.81 2.02
1.66 -1.49 1.28
3.40 -1.68 2.37
3.29 1.08 2.37
3.40 1.81 2.37
Company Sales EBITDA EBIT EPS
NTPC Ltd. 167,724.41 47183.03 34046.32 3.86
Power Grid Corp Of India Ltd 45,968.07 39898.83 26958.94 21.61
Tata Power Co 21,945.75 5753.02 4564.56 6.97
Adani Green Energy Ltd 10,460.00 8291.00 6388.00 6.52
JSW Energy 11,485.91 5381.78 3748.37 10.50

ENTERPRISE VA
Company Current Share Price Equity Value Enterprise Value LTM Sales
NTPC Ltd. 351.5 340,000.00 524,997.65 3.1
Power Grid Corp Of India Ltd 306.5 285,000.00 402,517.59 8.8
Tata Power Co 411.7 132,000.00 148,134.64 6.8
Adani Green Energy Ltd 1,715.00 271,656.00 319,885.00 30.6
JSW Energy 574 100,000.00 131,572.97 11.5
Mean 671.74 225,731.20 305,421.57 12.1
Median 411.70 271,656.00 319,885.00 8.8

(INR Crores, except per share data)

Financial Metric (LTM EBITDA) 8291.00
Multiple Range 24.4
Implied Enterprise Value Range 202697.15
Less: Net Debt 42223.00
Implied Equity Value 160474.15
Fully Diluted Shares 158.40
Implied Share Price 1013.09

(INR Crores, except per share data)

Financial Metric (LTM Net Income) 1032.50
Multiple Range 59.1
Implied Equity Value 60987.12
Fully Diluted Shares 158.40
Implied Share Price 385.02
ENTERPRISE VALUE/ PRICE/
LTM EBITDLTM EBI LTM EPS
11.1 15.4 91.1
10.1 14.9 14.2
25.7 32.5 59.1
38.6 50.1 263.1
24.4 35.1 54.7
22.0 29.6 96.4
24.4 32.5 59.1