This report is intended for team.emkay@whitemarquesolutions.

com use and downloaded at 04/30/2025 02:08 PM

BUY Adani Green Energy

Healthy performance
Power  Result Update  April 30, 2025 CMP (Rs): 922 | TP (Rs): 1,500

AGEL’s consolidated Q4FY25 EBITDA rose 31% YoY to Rs24bn (up 28% QoQ), Target Price – 12M Mar-26
led by 30% YoY uptick in operational capacity and improvement in CUF (Khavda Change in TP (%) -
achieved 32% in Q4), leading to 44% growth in sale of power. Book realization Current Reco. BUY

was stable QoQ, while share of merchant+infirm rose to 33%. Net debt rose Previous Reco. BUY
Upside/(Downside) (%) 62.7
37% YoY to Rs729bn amid cash-flow capex of Rs248bn in FY25. The
management highlighted that the rains impacted Khavda project work in FY25,
thus slowing capacity addition to 3.3GW, though FY26 guidance is healthy at Stock Data ADANIGR IN
5GW, with 1GW likely to be commissioned within a month. AGEL now targets 52-week High (Rs) 2,174
merchant+C&I share of ~25%; PSP exposure would also grow. AGEL’s FY25 52-week Low (Rs) 758
EBITDA/APAT was slightly better than our estimate. We retain our assumptions Shares outstanding (mn) 1,584.0
and earnings estimates, along with our TP at Rs1,500; maintain BUY. Market-cap (Rs bn) 1,461
Market-cap (USD mn) 17,139
Result Highlights
AGEL reported Q4FY25 consol revenue of Rs30.7bn, up 22% YoY and 31% QoQ. Core Net-debt, FY26E (Rs mn) 845,463.1

power supply revenue rose 37% YoY and 34% QoQ to Rs26.7bn, largely led by better ADTV-3M (mn shares) 5

CUFs and effective capacity addition. Share of merchant and infirm power rose to 33% ADTV-3M (Rs mn) 4,491.1

vs 28% QoQ. Book realization was marginally up QoQ at Rs3.4/kwh in Q4FY25. Power ADTV-3M (USD mn) 52.7
supply EBITDA was up 36% YoY and 33% QoQ to Rs24.5bn, with EBITDAM steady at Free float (%) 31.0
~92%. Finance cost was up 9% QoQ at Rs13.7bn. Forex gain came in at Rs90mn, while Nifty-50 24,335.9
exceptional loss stood at Rs1.7bn. Share of profit from associates-JVs was 23% higher INR/USD 85.3
QoQ at Rs910mn (~2x YoY). ETR was higher at 29%. Capacity stood at 14.2GW as of
FY25-end. Solar/wind/hybrid CUF stood at 28.5%/22.0%/38.5% in Q4FY25 vs Shareholding, Mar-25

25.4%/21.6%/38.0% YoY and 22.5%/17.5%/33.7% QoQ, respectively. Promoters (%) 60.9

FPIs/MFs (%) 12.4/2.4
Management KTAs
AGEL contributed to 16% of India’s solar and 14% of wind additions during last year.
Price Performance
AGEL has, by now, added almost 4GW in Khavda. Capacity added last year has stabilized
and generating output now. AGEL added 1GW in Rajasthan in FY25. Capacity add would (%) 1M 3M 12M
see ~25% CAGR beyond FY26, with 30GW Khavda target by 2029 and overall 50GW by Absolute (2.8) (6.6) (48.9)

2030. AGEL aims to achieve a 75% PPA+hybrid and 25% merchant+C&I portfolio going Rel. to Nifty (6.0) (11.1) (52.5)

ahead. It has ~30GW of PPA LoA and 3GW of merchant capacity. LoA was 9.6GW and
6.5GW of PPA were signed in FY25. Khavda transmission capacity is growing adequately, 1-Year share price trend (Rs)
with 4GW to be added by Jun-25 and 7GW by year-end. Merchant rates for solar are
Rs3.1-3.2/unit currently, and for solar with REC are Rs3.6-3.7/unit; while merchant rates Rs % 20
1950 10
for wind are Rs5.5/unit and for wind with REC are Rs6/unit. Expiry of the ISTS waiver 0
1750
would create further value. FY26 5GW capex is 95% tied up. -10
1550
-20
Valuation 1350 -30
-40
We value AGEL at 13x FY31E EV/EBITDA, discounted at 15% (CoE) to Mar-26E which is 1150
-50
reasonably conservative and backed by the 30-50% revenue-earnings CAGR. Key risks: 950
-60

project execution, policy, equipment inflation, technology, and resource yield-related. 750
Apr-24 Jul-24 Oct-24 Jan-25
-70

ADANIGR IN Equity (LHS) Rel to Nifty (RHS)

Adani Green Energy: Financial Snapshot (Consolidated)

Y/E Mar (Rs mn) FY24 FY25 FY26E FY27E FY28E
Revenue 92,200 112,120 149,245 185,819 233,334
EBITDA 73,180 88,770 127,838 164,577 210,993
Adj. PAT 12,290 16,530 31,478 42,941 58,207
Adj. EPS (Rs) 7.8 10.4 19.1 26.1 35.3
EBITDA margin (%) 79.4 79.2 85.7 88.6 90.4
EBITDA growth (%) 48.4 21.3 44.0 28.7 28.2
Adj. EPS growth (%) 16.9 34.5 83.1 36.4 35.6
RoE (%) 16.3 16.6 19.9 18.7 20.7
RoIC (%) 7.7 8.7 9.3 9.5 10.2
Sabri Hazarika
P/E (x) 118.9 88.4 48.3 35.4 26.1
[email protected]
EV/EBITDA (x) 27.2 24.7 18.5 15.5 12.8 +91-22-66121282
P/B (x) 15.9 13.6 7.3 6.0 4.9
FCFF yield (%) (4.0) (7.5) (5.7) (4.8) (2.5) Arya Patel
[email protected]
Source: Company, Emkay Research
+91-22-66121285

This report is intended for [email protected] use and downloaded at 04

Emkay Research is also available on www.emkayglobal.com and Bloomberg EMKAY<GO>.Please refer to the last page of the report on Restrictions Refer to Important Disclosures at the end of this report
on Distribution. In Singapore, this research report or research analyses may only be distributed to Institutional Investors, Expert Investors or
Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore.
Adani Green Energy (ADANIGR IN) India Equity Research | Result Update

Exhibit 1: Quarterly Financial Summary

Consolidated (Rs mn) Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 YoY QoQ FY24 FY25 YoY
Revenue 25,270 28,340 30,550 23,400 30,730 22% 31% 92,200 113,020 23%
Expenditure 6,930 4,140 7,830 4,600 6,710 -3% 46% 19,020 23,280 22%
EBITDA 18,340 24,200 22,720 18,800 24,020 31% 28% 73,180 89,740 23%
Depreciation 4,970 5,930 6,180 6,180 6,630 33% 7% 19,030 24,920 31%
EBIT 13,370 18,270 16,540 12,620 17,390 30% 38% 54,150 64,820 20%
Finance Cost 12,240 14,400 13,690 12,510 13,680 12% 9% 50,240 54,280 8%
Other Income 2,790 2,660 3,210 2,960 2,140 -23% -28% 12,400 10,970 -12%
PBT Before Exceptionals 3,920 6,530 6,060 3,070 5,850 49% 91% 16,310 21,510 32%
Forex Gain/(Loss) 350 220 (670) - (90) (30) (540)
Exceptional Item (800) (470) (970) (160) (1,660) (2,460) (3,260)
PBT 2,770 5,840 5,760 2,910 4,280 55% 47% 13,880 18,790 35%
Tax 820 1,790 260 (1,090) 1,180 44% 4,110 2,140 -48%
PAT 1,950 4,050 5,500 4,000 3,100 59% -23% 9,770 16,650 70%
Assoc-JV Profit Share 450 1,800 990 740 910 102% 23% 2,890 4,440 54%
Minority Interest (MI) 1,600 1,830 2,390 (180) 1,530 1,590 5,570
PAT After MI 800 4,020 4,100 4,920 2,480 210% -50% 11,070 15,520 40%
EPS (Rs) 0.9 2.8 1.7 3.1 1.5 53% -53% 6.9 9.1 31%
Operational Capacity (MW) 10,934 10,934 11,184 11,609 14,243 30% 23% 10,934 14,243 30%
Solar 7,393 7,393 7,393 7,756 10,103 37% 30% 7,393 10,103 37%
Wind 1,401 1,401 1,651 1,713 2,000 43% 17% 1,401 2,000 43%
Hybrid 2,140 2,140 2,140 2,140 2,140 0% 0% 2,140 2,140 0%
CUF
Solar 25.4% 25.4% 22.5% 22.5% 28.5% 24.5% 24.7%
Wind 21.6% 36.2% 35.3% 17.5% 22.0% 30.0% 27.8%
Hybrid 38.0% 46.0% 39.8% 33.7% 38.5% 40.8% 39.5%
Sale of Power (MU) 5,457 7,356 6,772 5,980 7,861 44% 31% 21,813 27,969 28%
Solar 3,066 4,098 3,653 3,759 5,228 71% 39% 11,024 16,738 52%
Wind 614 1,110 1,238 636 850 38% 34% 3,117 3,834 23%
Hybrid 1,777 2,148 1,881 1,585 1,783 0% 12% 7,672 7,397 -4%
Book Realization (Rs/kwh) 3.56 3.44 3.41 3.33 3.39 -5% 2% 3.55 3.39 -4%
Merchant+Infirm Share 5% 22% 25% 28% 33% 1% 27%
Power Supply Revenue 19,410 25,280 23,080 19,930 26,660 37% 34% 77,350 94,950 23%
Power Supply EBITDA 18,100 23,740 21,440 18,480 24,530 36% 33% 72,220 88,190 22%
EBITDAM 93% 94% 93% 93% 92% 93% 93%
Net Debt 532,750 581,750 729,330 532,750 729,330 37%

Source: Company, Emkay Research

This report is intended for [email protected] use and downloaded at 04

Emkay Research is also available on www.emkayglobal.com and Bloomberg EMKAY<GO>. Please refer to the last page of the report on Restrictions on Distribution. In Singapore, this research report or research
analyses may only be distributed to Institutional Investors, Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore.
April 30, 2025 | 2
Adani Green Energy (ADANIGR IN) India Equity Research | Result Update

Concall Key Takeaways

⏹ AGEL added 3.3GW of RE capacity in FY25, totalling 14.2GW by year-end despite Khavda
being affected by the rains and the challenging environment. This was more than double
of any other Indian developer’s and contributed to 16% of India’s solar and 14% of wind
additions during FY25. AGEL has, by now, added almost 4GW in Khavda. Another 1GW
of capacity is nearing completion and should be commissioned by 15-May-25, taking the
total to 15.2GW.

⏹ Khavda has achieved 32% solar CUF in Q4FY25 on the back of efficient technologies like
bifacial module, trackers, etc. Current quarter CUF runrate is even better, and for full
year, commensurate levels would be achieved. Capacity added last year has stabilized
and is generating output now. The company added 1GW in Rajasthan, in FY25. Hybrid
capacity is under commissioning. Wind CUF should improve.

⏹ Overall capacity addition guidance for FY26 is 5GW while, going ahead, capacity add
would see ~25% CAGR with 30GW Khavda target by 2029 and 50GW overall by 2030. A
number of project initiatives have been taken, and FY25 learnings have been imbibed.
AGEL aims for a 75% PPA+hybrid and 25% merchant+C&I portfolio going ahead.

⏹ AGEL has ~30GW of PPA LoA and 3GW of merchant capacity. LoA stood at 9.6GW and a
6.5GW PPA was signed in FY25. MSEDCL phasing would be 2+1+1GW, as per timelines.
Khavda transmission capacity is growing adequately with 4GW to be added by Jun-25
and 7GW by year-end. The Ministry of Power is actively monitoring this wrt adherence to
timelines.

⏹ 14% of the 14.2GW is merchant capacity, but infirm+merchant share rose significantly
in Q4FY25, thereby benefiting the company. Merchant rates for solar are Rs3.1-3.2/unit
currently, and for solar with REC are Rs3.6-3.7/unit; while for wind, merchant rates are
Rs5.5/unit and for wind with REC are Rs6/unit. Expiry of the ISTS waiver would create
further value on existing merchant capacities. Merchant supply would be mostly wind,
though C&I and PSPs will add up going ahead.

⏹ The Chitravathi PSP project would demonstrate commissioning of a PSP in the least
possible time – this is the main focus. The UPPCL project has a 72-month timeline.
Funding for capex is mostly tied up and sanctions are in place. FY26 5GW capex is 95%
tied up.

Exhibit 2: AGEL’s EV/EBITDA-based valuation

Current Target
Consolidated (Rs bn)
FY25/24-end FY31/30-end

EBITDA 89 437
Target EV/EBITDA (x) 23 13
EV 2,034 5,679
Net Debt (Phase Adjusted) 539 1,408
Equity Value 1,495 4,271
Profit from Assoc - Minority Interest -1 -5
Target P/E (x) 30 25
Value of Net Minority -34 -115
Target Equity Value 1,461 4,156
Discounted Equity Value (15% CoE, Mar-26E) 2,376
Stock Price (Rs) 922 1,500

Source: Emkay Research

This report is intended for [email protected] use and downloaded at 04

Emkay Research is also available on www.emkayglobal.com and Bloomberg EMKAY<GO>. Please refer to the last page of the report on Restrictions on Distribution. In Singapore, this research report or research
analyses may only be distributed to Institutional Investors, Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore.
April 30, 2025 | 3
Adani Green Energy (ADANIGR IN) India Equity Research | Result Update

Adani Green Energy: Consolidated Financials and Valuations

Profit & Loss Balance Sheet

Y/E Mar (Rs mn) FY24 FY25 FY26E FY27E FY28E Y/E Mar (Rs mn) FY24 FY25 FY26E FY27E FY28E
Revenue 92,200 112,120 149,245 185,819 233,334 Share capital 15,840 15,840 16,471 16,471 16,471
Revenue growth (%) 18.6 21.6 33.1 24.5 25.6 Reserves & Surplus 90,580 105,530 206,497 249,439 307,646
EBITDA 73,180 88,770 127,838 164,577 210,993 Net worth 106,420 121,370 222,968 265,910 324,117
EBITDA growth (%) 48.4 21.3 44.0 28.7 28.2 Minority interests 68,060 104,360 110,260 116,660 123,560
Depreciation & Amortization 19,030 24,980 31,384 39,583 48,155 Non-current liab. & prov. 4,370 4,960 5,420 5,880 6,340
EBIT 54,150 63,790 96,454 124,993 162,838 Total debt 630,600 780,690 900,155 1,085,444 1,232,268
EBIT growth (%) 49.1 17.8 51.2 29.6 30.3 Total liabilities & equity 836,750 1,043,620 1,271,670 1,507,417 1,720,500
Other operating income 1,570 1,650 1,733 1,819 1,910 Net tangible fixed assets 561,490 727,010 913,355 1,099,560 1,282,793
Other income 12,400 11,990 10,003 10,416 10,766 Net intangible assets - - - - -
Financial expense 50,270 54,810 63,272 75,395 90,346 Net ROU assets 30,660 36,050 37,961 39,967 42,073
PBT 16,280 20,970 43,185 60,014 83,258 Capital WIP 64,270 144,800 169,800 213,550 257,300
Extraordinary items (2,460) (3,260) 0 0 0 Goodwill 30 30 30 30 30
Taxes 4,110 2,140 8,637 13,503 20,981 Investments [JV/Associates] 4,940 9,390 9,390 9,390 9,390
Minority interest (2,770) (6,740) (7,070) (7,570) (8,070) Cash & equivalents 97,850 51,360 54,692 56,525 58,449
Income from JV/Associates 2,890 4,440 4,000 4,000 4,000 Current assets (ex-cash) 36,520 34,860 40,236 45,873 53,091
Reported PAT 9,830 13,270 31,478 42,941 58,207 Current Liab. & Prov. 39,850 64,020 63,250 72,513 103,521
PAT growth (%) 14.7 35.0 137.2 36.4 35.6 NWC (ex-cash) (3,330) (29,160) (23,013) (26,640) (50,430)
Adjusted PAT 12,290 16,530 31,478 42,941 58,207 Total assets 836,750 1,043,620 1,271,670 1,507,417 1,720,500
Diluted EPS (Rs) 7.8 10.4 19.1 26.1 35.3 Net debt 532,750 729,330 845,463 1,028,919 1,173,819
Diluted EPS growth (%) 16.9 34.5 83.1 36.4 35.6 Capital employed 836,750 1,043,620 1,271,670 1,507,417 1,720,500
DPS (Rs) 0 0 0 0 0 Invested capital 588,850 733,930 928,333 1,112,917 1,274,465
Dividend payout (%) 0 0 0 0 0 BVPS (Rs) 58.2 67.6 126.7 152.8 188.1
EBITDA margin (%) 79.4 79.2 85.7 88.6 90.4 Net Debt/Equity (x) 5.8 6.8 4.1 4.1 3.8
EBIT margin (%) 58.7 56.9 64.6 67.3 69.8 Net Debt/EBITDA (x) 7.3 8.2 6.6 6.3 5.6
Effective tax rate (%) 25.2 10.2 20.0 22.5 25.2 Interest coverage (x) 1.3 1.4 1.7 1.8 1.9
NOPLAT (pre-IndAS) 40,479 57,280 77,164 96,870 121,803 RoCE (%) 9.7 8.5 9.6 10.1 11.1
Shares outstanding (mn) 1,584 1,584 1,647 1,647 1,647 Source: Company, Emkay Research
Source: Company, Emkay Research

Cash flows Valuations and key Ratios

Y/E Mar (Rs mn) FY24 FY25 FY26E FY27E FY28E Y/E Mar FY24 FY25 FY26E FY27E FY28E

PBT (ex-other income) 6,770 13,420 37,183 53,599 76,493 P/E (x) 118.9 88.4 48.3 35.4 26.1

Others (non-cash items) 5,950 5,070 6,003 6,416 6,766 P/CE(x) 46.7 35.2 24.2 18.4 14.3

Taxes paid (500) (2,220) (8,177) (13,043) (20,521) P/B (x) 15.9 13.6 7.3 6.0 4.9

Change in NWC 4,170 (4,600) (8,925) 710 20,728 EV/Sales (x) 22.0 19.8 16.0 13.8 11.6

Operating cash flow 77,130 83,640 110,736 152,243 211,200 EV/EBITDA (x) 27.2 24.7 18.5 15.5 12.8

Capital expenditure (157,000) (247,610) (246,550) (273,550) (279,350) EV/EBIT(x) 36.8 34.3 24.5 20.4 16.5

Acquisition of business 0 0 0 0 0 EV/IC (x) 3.4 3.0 2.5 2.3 2.1

Interest & dividend income 8,070 7,220 5,303 5,561 5,749 FCFF yield (%) (4.0) (7.5) (5.7) (4.8) (2.5)

Investing cash flow (210,600) (198,270) (236,547) (263,134) (268,584) FCFE yield (%) (8.4) (14.5) (12.8) (12.6) (10.1)

Equity raised/(repaid) 23,380 0 631 0 0 Dividend yield (%) 0 0 0 0 0

Debt raised/(repaid) 139,350 141,840 120,092 185,946 147,515 DuPont-RoE split

Payment of lease liabilities (2,120) (2,700) 0 0 0 Net profit margin (%) 13.3 14.7 21.1 23.1 24.9

Interest paid (46,010) (49,850) (63,272) (75,395) (90,346) Total asset turnover (x) 0.1 0.1 0.1 0.1 0.1

Dividend paid (incl tax) - - - - - Assets/Equity (x) 9.3 9.1 7.1 5.9 5.6

Others 24,930 31,390 5,900 6,400 6,900 RoE (%) 16.3 16.6 19.9 18.7 20.7

Financing cash flow 139,530 120,680 63,351 116,951 64,069 DuPont-RoIC

Net chg in Cash 6,060 6,050 (62,461) 6,060 6,685 NOPLAT margin (%) 43.9 51.1 51.7 52.1 52.2

OCF 77,130 83,640 110,736 152,243 211,200 IC turnover (x) 0.2 0.2 0.2 0.2 0.2

Adj. OCF (w/o NWC chg.) 72,960 88,240 119,661 151,533 190,472 RoIC (%) 7.7 8.7 9.3 9.5 10.2

FCFF (79,870) (163,970) (135,814) (121,307) (68,150) Operating metrics

FCFE (122,070) (211,560) (193,783) (191,141) (152,747) Core NWC days (13.2) (94.9) (56.3) (52.3) (78.9)

OCF/EBITDA (%) 105.4 94.2 86.6 92.5 100.1 Total NWC days (13.2) (94.9) (56.3) (52.3) (78.9)

FCFE/PAT (%) (1,241.8) (1,594.3) (615.6) (445.1) (262.4) Fixed asset turnover 0.2 0.1 0.2 0.2 0.2

FCFF/NOPLAT (%) (197.3) (286.3) (176.0) (125.2) (56.0) Opex-to-revenue (%) 7.8 8.0 7.6 7.6 7.5

Source: Company, Emkay Research Source: Company, Emkay Research

This report is intended for [email protected] use and downloaded at 04

Emkay Research is also available on www.emkayglobal.com and Bloomberg EMKAY<GO>. Please refer to the last page of the report on Restrictions on Distribution. In Singapore, this research report or research
analyses may only be distributed to Institutional Investors, Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore.
April 30, 2025 | 4
Adani Green Energy (ADANIGR IN) India Equity Research | Result Update

RECOMMENDATION HISTORY – DETAILS RECOMMENDATION HISTORY - TREND

BUY Hold Sell Reduce

Closing
Date TP (INR) Rating Analyst Add Price Target Price
Price (INR) 2550

13-Mar-25 874 1,500 Buy Sabri Hazarika 2192

23-Oct-24 1,702 2,550 Buy Sabri Hazarika
1834
12-Oct-24 1,792 2,550 Buy Sabri Hazarika
1476
15-Sep-24 1,788 2,550 Buy Sabri Hazarika
1118
09-Aug-24 1,781 2,550 Buy Sabri Hazarika
760

31-Aug-23

30-Dec-23

27-Dec-24
29-Apr-24

28-Aug-24

27-Apr-25
02-May-23
Source: Company, Bloomberg, Emkay Research
Source: Company, Emkay Research

This report is intended for [email protected] use and downloaded at 04

Emkay Research is also available on www.emkayglobal.com and Bloomberg EMKAY<GO>. Please refer to the last page of the report on Restrictions on Distribution. In Singapore, this research report or research
analyses may only be distributed to Institutional Investors, Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore.
April 30, 2025 | 5
Adani Green Energy (ADANIGR IN) India Equity Research | Result Update

GENERAL DISCLOSURE/DISCLAIMER BY EMKAY GLOBAL FINANCIAL SERVICES LIMITED (EGFSL):

Emkay Global Financial Services Limited (CIN-L67120MH1995PLC084899) and its affiliates are a full-service, brokerage, investment banking, investment
management and financing group. Emkay Global Financial Services Limited (EGFSL) along with its affiliates are participants in virtually all securities trading
markets in India. EGFSL was established in 1995 and is one of India's leading brokerage and distribution house. EGFSL is a corporate trading member of
BSE Limited (BSE), National Stock Exchange of India Limited (NSE), MCX Stock Exchange Limited (MCX-SX), Multi Commodity Exchange of India Ltd (MCX)
and National Commodity & Derivatives Exchange Limited (NCDEX) (hereinafter referred to be as “Stock Exchange(s)”). EGFSL along with its [affiliates]
offers the most comprehensive avenues for investments and is engaged in the businesses including stock broking (Institutional and retail), merchant
banking, commodity broking, depository participant, portfolio management and services rendered in connection with distribution of primary market issues
and financial products like mutual funds, fixed deposits. Details of associates are available on our website i.e. www.emkayglobal.com.
EGFSL is registered as Research Analyst with the Securities and Exchange Board of India (“SEBI”) bearing registration Number INH000000354 as per SEBI
(Research Analysts) Regulations, 2014. EGFSL hereby declares that it has not defaulted with any Stock Exchange nor its activities were suspended by any
Stock Exchange with whom it is registered in last five years. However, SEBI and Stock Exchanges had conducted their routine inspection and based on their
observations have issued advice letters or levied minor penalty on EGFSL for certain operational deviations in ordinary/routine course of business. EGFSL
has not been debarred from doing business by any Stock Exchange / SEBI or any other authorities; nor has its certificate of registration been cancelled by
SEBI at any point of time.
EGFSL offers research services to its existing clients as well as prospects. The analyst for this report certifies that all of the views expressed in this report
accurately reflect his or her personal views about the subject company or companies and its or their securities, and no part of his or her compensation was,
is or will be, directly or indirectly related to specific recommendations or views expressed in this report.
This report is based on information obtained from public sources and sources believed to be reliable, but no independent verification has been made nor is
its accuracy or completeness guaranteed. This report and information herein is solely for informational purpose and shall not be used or considered as an
offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Though disseminated to all the clients
simultaneously, not all clients may receive this report at the same time. The securities discussed and opinions expressed in this report may not be suitable
for all investors, who must make their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient.
EGFSL and/or its affiliates may seek investment banking or other business from the company or companies that are the subject of this material. EGFSL may
have issued or may issue other reports (on technical or fundamental analysis basis) of the same subject company that are inconsistent with and reach
different conclusion from the information, recommendations or information presented in this report or are contrary to those contained in this report. Users
of this report may visit www.emkayglobal.com to view all Research Reports of EGFSL. The views and opinions expressed in this document may or may not
match or may be contrary with the views, estimates, rating, and target price of the research published by any other analyst or by associate entities of
EGFSL; our proprietary trading, investment businesses or other associate entities may make investment decisions that are inconsistent with the
recommendations expressed herein. In reviewing these materials, you should be aware that any or all of the foregoing, among other things, may give rise
to real or potential conflicts of interest including but not limited to those stated herein. Additionally, other important information regarding our relationships
with the company or companies that are the subject of this material is provided herein. All material presented in this report, unless specifically indicated
otherwise, is under copyright to Emkay. None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or
distributed to any other party, without the prior express written permission of EGFSL . All trademarks, service marks and logos used in this report are
trademarks or registered trademarks of EGFSL or its affiliates. The information contained herein is not intended for publication or distribution or circulation
in any manner whatsoever and any unauthorized reading, dissemination, distribution or copying of this communication is prohibited unless otherwise
expressly authorized. Please ensure that you have read “Risk Disclosure Document for Capital Market and Derivatives Segments” as prescribed by Securities
and Exchange Board of India before investing in Indian Securities Market. In so far as this report includes current or historic information, it is believed to
be reliable, although its accuracy and completeness cannot be guaranteed.
This report has not been reviewed or authorized by any regulatory authority. There is no planned schedule or frequency for updating research report relating
to any issuer/subject company.
Please contact the primary analyst for valuation methodologies and assumptions associated with the covered companies or price targets.
Disclaimer for U.S. persons only: Research report is a product of Emkay Global Financial Services Ltd., under Marco Polo Securities 15a6 chaperone
service, which is the employer of the research analyst(s) who has prepared the research report. The research analyst(s) preparing the research report is/are
resident outside the United States (U.S.) and are not associated persons of any U.S. regulated broker-dealer and therefore the analyst(s) is/are not subject
to supervision by a U.S. broker-dealer, and is/are not required to satisfy the regulatory licensing requirements of Financial Institutions Regulatory Authority
(FINRA) or required to otherwise comply with U.S. rules or regulations regarding, among other things, communications with a subject company, public
appearances and trading securities held by a research analyst account.
This report is intended for distribution to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the U.S. Securities and Exchange Act, 1934 (the
Exchange Act) and interpretations thereof by U.S. Securities and Exchange Commission (SEC) in reliance on Rule 15a 6(a)(2). If the recipient of this report
is not a Major Institutional Investor as specified above, then it should not act upon this report and return the same to the sender. Further, this report may
not be copied, duplicated and/or transmitted onward to any U.S. person, which is not the Major Institutional Investor. In reliance on the exemption from
registration provided by Rule 15a-6 of the Exchange Act and interpretations thereof by the SEC in order to conduct certain business with Major Institutional
Investors. Emkay Global Financial Services Ltd. has entered into a chaperoning agreement with a U.S. registered broker-dealer, Marco Polo Securities Inc.
("Marco Polo"). Transactions in securities discussed in this research report should be effected through Marco Polo or another U.S. registered broker dealer.

This report is intended for [email protected] use and downloaded at 04

Emkay Research is also available on www.emkayglobal.com and Bloomberg EMKAY<GO>. Please refer to the last page of the report on Restrictions on Distribution. In Singapore, this research report or research
analyses may only be distributed to Institutional Investors, Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore.
April 30, 2025 | 6
Adani Green Energy (ADANIGR IN) India Equity Research | Result Update

RESTRICTIONS ON DISTRIBUTION
This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state,
country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Except otherwise restricted by
laws or regulations, this report is intended only for qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of
such jurisdictions. Specifically, this document does not constitute an offer to or solicitation to any U.S. person for the purchase or sale of any financial
instrument or as an official confirmation of any transaction to any U.S. person. Unless otherwise stated, this message should not be construed as official
confirmation of any transaction. No part of this document may be distributed in Canada or used by private customers in United Kingdom.

ANALYST CERTIFICATION BY EMKAY GLOBAL FINANCIAL SERVICES LIMITED (EGFSL)

The research analyst(s) primarily responsible for the content of this research report, in part or in whole, certifies that the views about the companies and
their securities expressed in this report accurately reflect his/her personal views. The analyst(s) also certifies that no part of his/her compensation was, is,
or will be, directly or indirectly, related to specific recommendations or views expressed in the report. The research analyst (s) primarily responsible of the
content of this research report, in part or in whole, certifies that he or his associated persons1 may have served as an officer, director or employee of the
issuer or the new listing applicant (which includes in the case of a real estate investment trust, an officer of the management company of the real estate
investment trust; and in the case of any other entity, an officer or its equivalent counterparty of the entity who is responsible for the management of the
issuer or the new listing applicant). The research analyst(s) primarily responsible for the content of this research report or his associate may have Financial
Interests2 in relation to an issuer or a new listing applicant that the analyst reviews. EGFSL has procedures in place to eliminate, avoid and manage any
potential conflicts of interests that may arise in connection with the production of research reports. The research analyst(s) responsible for this report
operates as part of a separate and independent team to the investment banking function of the EGFSL and procedures are in place to ensure that confidential
information held by either the research or investment banking function is handled appropriately. There is no direct link of EGFSL compensation to any
specific investment banking function of the EGFSL.

1
An associated person is defined as (i) who reports directly or indirectly to such a research analyst in connection with the preparation of the reports; or (ii)
another person accustomed or obliged to act in accordance with the directions or instructions of the analyst.

2
Financial Interest is defined as interest that are commonly known financial interest, such as investment in the securities in respect of an issuer or a new
listing applicant, or financial accommodation arrangement between the issuer or the new listing applicant and the firm or analysis. This term does not
include commercial lending conducted at the arm’s length, or investments in any collective investment scheme other than an issuer or new listing applicant
notwithstanding the fact that the scheme has investments in securities in respect of an issuer or a new listing applicant.

COMPANY-SPECIFIC / REGULATORY DISCLOSURES BY EMKAY GLOBAL FINANCIAL SERVICES LIMITED (EGFSL):

Disclosures by Emkay Global Financial Services Limited (Research Entity) and its Research Analyst under SEBI (Research Analyst) Regulations, 2014 with
reference to the subject company(s) covered in this report-:

1. EGFSL, its subsidiaries and/or other affiliates and Research Analyst or his/her associate/relative’s may have Financial Interest/proprietary positions in
the securities recommended in this report as of April 30, 2025
2. EGFSL, and/or Research Analyst does not market make in equity securities of the issuer(s) or company(ies) mentioned in this Report
Disclosure of previous investment recommendation produced:
3. EGFSL may have published other investment recommendations in respect of the same securities / instruments recommended in this research report
during the preceding 12 months. Please contact the primary analyst listed in the first page of this report to view previous investment
recommendations published by EGFSL in the preceding 12 months.
4. EGFSL, its subsidiaries and/or other affiliates and Research Analyst or his/her relative’s may have material conflict of interest in the securities
recommended in this report as of April 30, 2025
5. EGFSL, its affiliates and Research Analyst or his/her associate/relative’s may have actual/beneficial ownership of 1% or more securities of the subject
company at the end of the month immediately preceding the April 30, 2025
6. EGFSL or its associates may have managed or co-managed public offering of securities for the subject company in the past twelve months.
7. EGFSL, its affiliates and Research Analyst or his/her associate may have received compensation in whatever form including compensation for
investment banking or merchant banking or brokerage services or for products or services other than investment banking or merchant banking or
brokerage services from securities recommended in this report (subject company) in the past 12 months.
8. EGFSL, its affiliates and/or and Research Analyst or his/her associate may have received any compensation or other benefits from the subject
company or third party in connection with this research report.

Emkay Rating Distribution

Ratings Expected Return within the next 12-18 months.

BUY >15% upside

ADD 5-15% upside

REDUCE 5% upside to 15% downside

SELL <15% downside

Emkay Global Financial Services Ltd.

CIN - L67120MH1995PLC084899
7th Floor, The Ruby, Senapati Bapat Marg, Dadar - West, Mumbai - 400028. India
Tel: +91 22 66121212 Fax: +91 22 66121299 Web: www.emkayglobal.com

This report is intended for [email protected] use and downloaded at 04

Emkay Research is also available on www.emkayglobal.com and Bloomberg EMKAY<GO>. Please refer to the last page of the report on Restrictions on Distribution. In Singapore, this research report or research
analyses may only be distributed to Institutional Investors, Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore.
April 30, 2025 | 7
Adani Green Energy (ADANIGR IN) India Equity Research | Result Update

OTHER DISCLAIMERS AND DISCLOSURES:

Other disclosures by Emkay Global Financial Services Limited (Research Entity) and its Research Analyst under SEBI (Research Analyst)
Regulations, 2014 with reference to the subject company(s) -:

EGFSL or its associates may have financial interest in the subject company.

Research Analyst or his/her associate/relative’s may have financial interest in the subject company.

EGFSL or its associates and Research Analyst or his/her associate/ relative’s may have material conflict of interest in the subject company. The research
Analyst or research entity (EGFSL) have not been engaged in market making activity for the subject company.

EGFSL or its associates may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the month immediately
preceding the date of public appearance or publication of Research Report.

Research Analyst or his/her associate/relatives may have actual/beneficial ownership of 1% or more securities of the subject company at the end of the
month immediately preceding the date of public appearance or publication of Research Report.

Research Analyst may have served as an officer, director or employee of the subject company.

EGFSL or its affiliates may have received any compensation including for investment banking or merchant banking or brokerage services from the subject
company in the past 12 months. . Emkay may have issued or may issue other reports that are inconsistent with and reach different conclusion from the
information, recommendations or information presented in this report or are contrary to those contained in this report. Emkay Investors may visit
www.emkayglobal.com to view all Research Reports. The views and opinions expressed in this document may or may not match or may be contrary with
the views, estimates, rating, and target price of the research published by any other analyst or by associate entities of Emkay; our proprietary trading,
investment businesses or other associate entities may make investment decisions that are inconsistent with the recommendations expressed herein. EGFSL
or its associates may have received compensation for products or services other than investment banking or merchant banking or brokerage services from
the subject company in the past 12 months. EGFSL or its associates may have received any compensation or other benefits from the Subject Company or
third party in connection with the research report. EGFSL or its associates may have received compensation from the subject company in the past twelve
months. Subject Company may have been client of EGFSL or its affiliates during twelve months preceding the date of distribution of the research report and
EGFSL or its affiliates may have co-managed public offering of securities for the subject company in the past twelve months.

Digitally signed by
Seshadri Seshadri Kumar
Sen
Kumar Sen Date: 2025.04.30
02:05:17 +05'30'
This report is intended for [email protected] use and downloaded at 04
Emkay Research is also available on www.emkayglobal.com and Bloomberg EMKAY<GO>. Please refer to the last page of the report on Restrictions on Distribution. In Singapore, this research report or research
analyses may only be distributed to Institutional Investors, Expert Investors or Accredited Investors as defined in the Securities and Futures Act, Chapter 289 of Singapore.
April 30, 2025 | 8