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Model Note · ADANI GREEN ENERGY LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
ADANI GREEN ENERGY LTD Discounted cash flow · base FY26
ADANI GREEN ENERGY LTD
Value per share, this model₹37
CMP 2026-09-10₹1,281.30
Difference(97.1)%
Growth the CMP implies40.9%/yr
This note states the assumptions and the arithmetic of one model of ADANI GREEN ENERGY LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
15.5% a year
FY26 15.3% · 5-yr CAGR 32.9%
EBITDA margin
81.6%
FY26 81.6% · 5-yr average 73.1%
Depreciation · capex, % of revenue
26.1% · 201.9%, fading to 1.2× depreciation
FY26 26.1% · 201.9%
Working capital, % of added revenue · tax
14.4% · 0.9%
53 working-capital days · effective 0.9%
Discount rate
11.00%
1-yr beta 1.69
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹99,705 · ₹0 · ₹0 cr
FY26 net debt ₹99,705 cr
Shares
164.70 crore
164.70 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
12,928
14,932
17,246
19,919
23,007
26,573
growth %
15.3
15.5
15.5
15.5
15.5
15.5
EBITDA
10,549
12,184
14,073
16,254
18,774
21,684
Depreciation
(3,372)
(3,897)
(4,501)
(5,199)
(6,005)
(6,936)
NOPAT
7,112
8,213
9,486
10,956
12,654
14,615
less capex
(26,097)
(30,147)
(27,466)
(23,228)
(17,017)
(8,323)
less working-capital build
—
(289)
(333)
(385)
(445)
(514)
Free cash flow to firm
—
(18,326)
(13,812)
(7,458)
1,197
12,715
Present value
(17,394)
(11,811)
(5,746)
831
7,950
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · ADANI GREEN ENERGY LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(26,170)
PV of the terminal value (125% of EV)
1,32,047
Enterprise value
1,05,877
less net debt
(99,705)
less non-controlling interest
0
add non-operating investments
0
Equity value
6,172
÷ 164.70 crore shares
₹37
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
67
146
242
359
506
10.5%
(15)
52
130
224
339
11.0%
(84)
(28)
37
115
207
11.5%
(143)
(95)
(41)
23
99
12.0%
(195)
(154)
(107)
(53)
10
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
