Adani New Energy

Sector: Renewable Energy and Green Hydrogen  |  HQ: Ahmedabad, Gujarat, India  |  Founded: 2015  |  Employees: 3,000+

Listed as: NSE / BSE listed (ADANIGREEN)  |  NSE / BSE  |  Ticker: ADANIGREEN.NS

Company overview

Adani New Energy refers to the broader renewable energy and green hydrogen platform of the Adani Group, principally operated through Adani Green Energy Limited (NSE: ADANIGREEN, BSE: 541450) and Adani New Industries Limited (the dedicated green hydrogen and electrolyser subsidiary). Adani Green Energy was incorporated in 2015 as the renewable IPP arm of the Adani Group and listed on the Indian exchanges in 2018. The company operates one of the largest renewable energy portfolios globally, with operating capacity of approximately 11.6 GW and a contracted-but-not-yet-commissioned pipeline that targets 50 GW of operating capacity by 2030. Adani New Industries, announced in 2022, is the green hydrogen platform with a stated commitment of USD 50 billion across the value chain including solar PV manufacturing (through Adani Solar at Mundra), wind turbine manufacturing (through the acquired Adani Wind), electrolyser manufacturing, and downstream green ammonia and green methanol projects targeting both Indian and international export markets. The Mundra Gujarat site is the flagship integrated green hydrogen complex, with phased capacity build through FY30. The platform aligns with India's National Green Hydrogen Mission target of 5 million tonnes annual green hydrogen production by 2030.

Financial performance and recent trajectory

Disclosed revenue (FY25): ₹14,000 crore (Adani Green Energy FY 2024-25 estimate).

12-month price trajectory

Monthly closes over the last 12 months. Source: Yahoo Finance.

Competitive position

Adani Green Energy is the largest renewable IPP in India by operating capacity ahead of ReNew Power (NASDAQ: RNW), Tata Power Renewable Energy, NTPC Green Energy (NSE listed in 2024), JSW Energy, Avaada, Greenko, Acme, and SB Energy India. In the green hydrogen segment, Adani New Industries is among the largest announced platforms in India alongside Reliance New Energy, JSW Energy, Larsen and Toubro's green hydrogen initiative, NTPC Green Energy, and the L&T-Indosol joint venture. The competitive moats are the integrated Adani Group ecosystem (Mundra port logistics, transmission lines through Adani Transmission, internal demand from Adani Power and Adani Total Gas), the scale of the announced 50 GW target by 2030, and the captive solar and wind manufacturing access through Adani Solar and Adani Wind. The principal vulnerabilities are the Adani Group balance sheet and governance scrutiny since the 2023 Hindenburg report and the 2024 US DoJ indictment of Gautam Adani and others on bribery allegations, both of which have affected cost of capital, lender access, and US investor positioning.

Key risks

Adani Group balance sheet, governance, and US DoJ indictment overhang PPA counterparty state discom payment delays and renewable tariff trajectory Execution risk on the 50 GW target and integrated green hydrogen capex

Outlook

Adani Green Energy Limited was incorporated in 2015 and listed on the NSE and BSE in 2018. The company was structured as the renewable IPP vehicle of the Adani Group following the Group's earlier renewable energy investments through Adani Enterprises. Subsequent capital infusion from TotalEnergies (which holds approximately 19.75 percent of equity) in 2020 and 2021 anchored the platform's institutional credibility. Adani New Industries was announced in 2022 as the green hydrogen and integrated clean energy manufacturing platform. The consolidated platform operates across four pillars. The first is the renewable IPP business under Adani Green Energy, which operates solar, wind, hybrid, and pumped hydro storage assets across Gujarat, Rajasthan, Karnataka, Madhya Pradesh, Andhra Pradesh, Telangana, Tamil Nadu, and other states. The second is the solar PV manufacturing under Adani Solar at Mundra, with 4 GW installed module capacity expanding toward 10 GW under PLI Phase 2. The third is the wind turbine manufacturing under Adani Wind (acquired through the Adani New Industries platform), supplying wind turbines for captive and third-party projects. The fourth is the green hydrogen and downstream chemicals platform under Adani New Industries, including electrolyser manufacturing, green ammonia, green methanol, and supporting renewable capacity. The operating renewable portfolio of 11.6 GW (as of FY25) includes the Khavda Renewable Energy Park in the Rann of Kutch, Gujarat, which is being built to over 30 GW capacity at a single contiguous site. Khavda is the largest single-site renewable development globally, with combined solar, wind, and energy storage capacity. The site benefits from Gujarat's high solar irradiance, wind resource, and the Adani Group's land assembly capability. Other operating sites include Kamuthi (Tamil Nadu, 648 MW solar, historically one of the world's largest single-site solar projects at commissioning in 2016), Mahoba (Uttar Pradesh), Bitta (Gujarat), and several others. Distribution and customer engagement is through long-tenor power purchase agreements (PPAs) with utilities. The principal counterparties are the Solar Energy Corporation of India (SECI), NTPC Renewable Energy (NTPC vidyut Vyapar Nigam), Power Trading Corporation, the various state-level discoms, and corporate PPA customers. Average PPA tenor is 25 years with fixed tariff typically denominated in INR per kWh. Financial trajectory has been growth-driven through the FY22 to FY25 cycle. Adani Green Energy revenue grew from ₹5,577 crore in FY22 to ₹7,629 crore in FY23, ₹9,220 crore in FY24, and approximately ₹14,000 crore in FY25 as commissioned capacity expanded. EBITDA margin has remained strong at 80-plus percent on operating renewable assets due to the long-tenor fixed-tariff PPAs and the low operating cost structure of solar and wind once commissioned. The challenge has been net leverage management, with Adani Green Energy carrying significant project finance debt against the under-construction asset base. The 2023 Hindenburg report triggered a sharp drawdown in AGEL share price and a temporary increase in cost of capital that has been progressively normalised as operational delivery continued. Recent corporate development has included the Khavda Phase 1 commissioning, the announced Adani Power-Adani Green-NTPC partnership discussions on integrated renewable-thermal optimisation, and ongoing engagement with US authorities and SEC on the November 2024 indictment matter. Strategy through 2025 to 2030 is anchored on five themes. First, the 50 GW operating capacity target by 2030 anchored on Khavda Phase 2 through Phase 5 commissioning. Second, the integrated green hydrogen platform at Mundra targeting 3 million tonnes per annum green hydrogen capacity by 2030 supporting domestic ammonia, urea displacement, and refined product blending applications. Third, downstream green ammonia and green methanol export to Europe, Japan, and South Korea under the EU CBAM and corporate offtake commitments. Fourth, electrolyser manufacturing under PLI Phase 2 for green hydrogen scheme. Fifth, energy storage capacity addition particularly pumped hydro storage at the Greenko-acquired sites and battery storage at integrated renewable parks. The regulatory environment is the National Solar Mission framework, the Electricity Act 2003 governing power generation, transmission, and distribution, the Renewable Energy Certificate framework administered by the Central Electricity Regulatory Commission (CERC), the National Green Hydrogen Mission notified in January 2023, and the various state-level renewable energy policies. The Companies Act 2013 and SEBI LODR govern listed company disclosure. The PLI scheme for high-efficiency solar PV manufacturing (administered by MNRE) and for electrolyser manufacturing (under National Green Hydrogen Mission) provide production-linked incentives. Risks include the Adani Group balance sheet and governance scrutiny, the US DoJ indictment on alleged bribery in connection with Indian solar tender awards, foreign currency exposure on USD-denominated bonds and offtake contracts, renewable tariff trajectory and PPA counterparty credit (state discoms have a mixed payment track record), execution risk on the 50 GW target, and grid integration risk as renewable share rises beyond 30 percent of generation mix. Management quality is anchored by Gautam Adani as Chairman and Vneet Jaain as MD with the broader Adani Group leadership. The board has independent directors and disclosure under SEBI LODR. The November 2024 US DoJ indictment named Gautam Adani and Sagar Adani among others; the Adani Group has denied the allegations and is contesting the matter through US legal proceedings. Statutory audit is by SRBC & Co LLP (EY India network). ESG positioning is structurally strong on climate and emissions given the pure-play renewable IPP exposure. The challenge is the governance overhang from the 2023 Hindenburg and 2024 DoJ proceedings, which have affected the broader Adani Group ESG ratings. BRSR disclosure is filed under SEBI LODR.

KAMRIT point of view

Building or competing with Adani?

KAMRIT advises promoters, family offices, and global enterprises evaluating greenfield entry into the renewable energy and green hydrogen sector. Our Bankable DPR with Cost Model and ROI benchmarks your project economics against the listed-company cost structure of Adani and peers. The Execution Partnership tier covers everything from incorporation through commissioning. A 20-minute scoping call with our partners is free.

View all 1 related project report → Book a scoping call

Related KAMRIT project reports

These reports use Adani New Energy in benchmarking and competitive analysis sections.

Disclaimer: This profile is compiled by KAMRIT Financial Services LLP for educational and benchmarking purposes only. It is not investment advice, a recommendation to buy or sell securities, or a solicitation. Stock data is provided by Yahoo Finance and may be delayed by up to 20 minutes. Company financial commentary draws on publicly available filings, exchange disclosures, and KAMRIT industry research. Readers should consult a SEBI-registered investment adviser before making investment decisions. KAMRIT is a financial services and compliance firm, not a SEBI-registered investment adviser.