AI-generated · cited to primary sources · not investment advice
Adani Green (541450) Nov 2025 Filing Analysis
Does management do what it says?
The company confirms the availability of the USD 3.4 billion revolving construction facility to ensure fully funded growth. (4 met, 1 exceeded across 5 tracked commitments)
“So from that aspect for another two years, three years, because of the kind of capex that we are continuing to do, we will be in the range between 4 times to 5 times of net debt to run rate EBITDA and continue to be there around that.”
Management reported adding 5.6 GW of greenfield capacity in calendar year 2025, which exceeds the annual target of 5 GW. (1 exceeded, 1 revised, 3 in progress across 5 tracked commitments)
“I think we are committed to the 5 gigawatt. And I think we would like to first achieve that before saying anything else on the future capacity... we have been on track to achieve 5 gigawatt more, 5 gigawatt in this year.”
Solar CUF for 9MFY26 is reported at 24%, which is a decrease from the 25% reported for FY25, missing the improvement target. (1 missed across 1 tracked commitment)
“So, if you look out at overall basis, we should be 100-basis-point to 200-basis-point more than the last year... we are definitely expecting 100-basis-point to 200-basis-point more than last year.”
See the full cited Management analysis of Adani Green
How durable is the business?
The company is adding a new dimension to its scale moat by pivoting into Pumped Storage Projects (PSP), with a target of 5 GW+ by 2030 to solve RE intermittency. (1 new, 1 shifted)
“Targeted addition of 5 GW+ Hydro PSP capacity by 2030”
See the full cited Business Model analysis of Adani Green
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