Buy Adani Green Energy, target price Rs 1,150: ICICI Securities
ETMarkets.com
Financials
Adani Green Energy reported strong set of result in Q4FY25. Revenue was Rs 27 billion (+31% YoY), in line with higher generation (+44% YoY). EBITDA came in at Rs 24 billion (+31% YoY) and profit was INR 3.9bn (+25% YoY). Profit was partly impacted by exceptional losses of INR 1.66bn booked during the quarter. FY25 revenue/EBITDA was up 23% YoY at Rs 99 billion/90 billion as generation improved by 28%. The company commissioned 2.6GW capacity in Q4FY25 (2.3GW/0.3GWsolar/wind); this substantially improved the annual commissioning to 3.3GW. Commissioning at Khavda (in Gujarat) was 1.7GW/2.1GW in Q4FY25/FY25, taking the operational capacity to 4.1GW at Khavda. AGEL is targeting to achieve 30GW of operational capacity at Khavda by 2029.
Investment Rationale
Adani Green Energy had a strong Q4FY25 both operationally and financially. It commissioned ~2.6GW/3.3GW in Q4FY25/FY25, taking operational capacity to 14.2GW. Its locked-in generation capacity soared by 50% to ~33GW (vs ~22GW as of Mar?24). AGEL?s energy sales were up 28% in FY25, mainly due to contribution from incremental capacity. In Q4, its revenue was Rs 27 billion (+31% YoY), in line with higher generation; EBITDA came in at Rs 24 billion (+31% YoY) and profit was Rs 3.9 billion (+25% YoY). It plans to achieve 50GW operational capacity by 2030 ? 45GW generation capacity and 5GW PSP capacity; it is targeting 30GW operational capacity at Khavda by 2029. AGEL has guided for capacity addition of 5GW in FY26. The stock is trading at 12x locked-in EBITDA. Retain BUY with a target price of Rs 1,150.
Live Events
Promoter/FII Holdings
Promoters held 60.94 per cent stake in the company as of 31-Mar-2025, while FIIs owned 12.45 per cent, DIIs 2.4 per cent.
(You can now subscribe to our
(You can now subscribe to our ETMarkets WhatsApp channel ICICI Securities has a buy call on Adani Green Energy with a target price of Rs 1,150. The current market price of Adani Green Energy is Rs 916.65 .Adani Green Energy reported strong set of result in Q4FY25. Revenue was Rs 27 billion (+31% YoY), in line with higher generation (+44% YoY). EBITDA came in at Rs 24 billion (+31% YoY) and profit was INR 3.9bn (+25% YoY). Profit was partly impacted by exceptional losses of INR 1.66bn booked during the quarter. FY25 revenue/EBITDA was up 23% YoY at Rs 99 billion/90 billion as generation improved by 28%. The company commissioned 2.6GW capacity in Q4FY25 (2.3GW/0.3GWsolar/wind); this substantially improved the annual commissioning to 3.3GW. Commissioning at Khavda (in Gujarat) was 1.7GW/2.1GW in Q4FY25/FY25, taking the operational capacity to 4.1GW at Khavda. AGEL is targeting to achieve 30GW of operational capacity at Khavda by 2029.Adani Green Energy had a strong Q4FY25 both operationally and financially. It commissioned ~2.6GW/3.3GW in Q4FY25/FY25, taking operational capacity to 14.2GW. Its locked-in generation capacity soared by 50% to ~33GW (vs ~22GW as of Mar?24). AGEL?s energy sales were up 28% in FY25, mainly due to contribution from incremental capacity. In Q4, its revenue was Rs 27 billion (+31% YoY), in line with higher generation; EBITDA came in at Rs 24 billion (+31% YoY) and profit was Rs 3.9 billion (+25% YoY). It plans to achieve 50GW operational capacity by 2030 ? 45GW generation capacity and 5GW PSP capacity; it is targeting 30GW operational capacity at Khavda by 2029. AGEL has guided for capacity addition of 5GW in FY26. The stock is trading at 12x locked-in EBITDA. Retain BUY with a target price of Rs 1,150.Promoters held 60.94 per cent stake in the company as of 31-Mar-2025, while FIIs owned 12.45 per cent, DIIs 2.4 per cent.
(Disclaimer: Recommendations given in this section or any reports attached herein are authored by an external party. Views expressed are that of the respective authors/entities. These do not represent the views of Economic Times (ET). ET does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same. Please consult your financial adviser and seek independent advice.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
40 minutes ago
- Time of India
Pakistani govt raises salaries of NA speaker, Senate chairman to 1.3 mn: Report
Islamabad: The Pakistani government has formally raised the monthly salaries of the National Assembly speaker and the Senate chairman to Rs 1.3 million, according to a media report on Saturday. The new salary marks a significant rise from their previous salary of Rs 205,000. The Ministry of Parliamentary Affairs issued the notification on May 29, but details surfaced on Friday, Samaa TV reported. The monthly salary for both officials has been fixed at Rs 1.3 million and they will also receive an additional 50 per cent as a temporary allowance on top of it, according to the notification. The revised salary structure will be effective retrospectively from January 1, 2025. Live Events Earlier on March 21, it was reported that the salaries and allowances of federal cabinet members had been significantly increased, with federal ministers, ministers of state and advisers receiving hikes of up to 188 per cent. Sources had said that the federal ministers approved a summary of the salary increments for themselves and ministers of state through circulation. An amendment to the Federal Ministers and Ministers of State (Allowances and Salaries) Act, 1975, was approved, paving the way for these increases. Following the bill's approval, the revised salary of a federal minister, minister of state and adviser would stand at Rs 519,000. Previously, federal ministers were earning Rs 200,000, while ministers of state had a salary of Rs 180,000. This decision marked a substantial 159 per cent increase in the salaries of federal ministers, while ministers of state and advisers have witnessed an increment of up to 188 per cent. Earlier this year, the Finance Committee had approved an increase in the salaries of members of the National Assembly and senators, raising their monthly pay to Rs 519,000, according to the report.
Hans India
an hour ago
- Hans India
Delhi exporter held for Rs 30 crore scam linked to trade benefit scheme
New Delhi: An exporter was arrested for cheating and forgery related to a foreign trade benefit scam, causing a loss of Rs 30.47 crore to the exchequer, a Delhi Police official said on Saturday. 'Angad Pal Singh was arrested soon after his deportation from the US and arrest by CBI in another case,' said Vikram K. Porwal, Deputy Commissioner of Police (Economic Offence Wing). He said the accused was arrested on the complaint of the Naraina branch of ICICI Bank, which detected 467 fake Foreign Inward Remittance Certificates (FIRCs) submitted by its 18 account holders (17 firms). The scam is linked to FIRCs for the period from September 26, 2013, to October 21, 2015, the police said. DCP Porwal said that Angad Pal Singh and his family members created forged FIRC and obtained benefits of Duty Credit Scrips worth Rs 30.47 crore and sold them in the open market. All these FIRCs, which ran into crores of rupees, were purportedly issued from Corporation Bank, Bhikaji Cama Place, Delhi, he said. DCP Porwal said that soon after a complaint was filed against the exporter and his family, they fled to the US. 'The accused was later deported from the US and arrested by the CBI in another case of fraud. He has been arrested by EOW on June 2, and his police custody was obtained from a court,' he said, adding that the accused is presently in judicial custody. The DCP said that three other accused were arrested in this case earlier. They have already been charge-sheeted. Angad Singh, along with his father Surinder Singh and brother Harsahib Singh, was holding ownership of five firms, namely Kumar Trading Company, National Trader, Trident Overseas India, HSC Exim India and AHC Auto Spares, the police said. Angad Singh, who studied till Class 12 in Delhi, learnt the tricks of export business from his father, who exported auto spare parts through his firm, National Trader. He also engaged some other firms belonging to his family/friends on the pretext of providing high returns, the police said.
Business Standard
an hour ago
- Business Standard
H.M. Electro Mech Limited Net Profit in FY25 rise 4.25% to Rs. 8.35 crore
PNN New Delhi [India], June 7: H.M. Electro Mech Limited, engaged in the field of turnkey projects of supply, installation, testing and commissioning of pumping machineries along with comprehensive operation and maintenance has reported net profit of Rs. 8.35 crore for the financial year ended March 2025, rise of 4.25% as compared to the net profit of Rs. 8.01 crore reported in the financial year 2023-24. Revenue from operations of the company for the FY25 was reported at Rs. 121.67 crore, rise of 3.96% Y-o-Y as compared to the revenue from operations of Rs. 117.03 crore. The company has shown strong financial performance in the fiscal year ending March 31, 2025. Revenue from operations grew by 3.96% year-on-year, reaching Rs12,166.69 lakh, compared to Rs11,703.45 lakh in the previous year. On a half-yearly basis, revenue saw a significant jump of 68.01%, from Rs4,539.59 lakh in September 2024 to Rs7,627.09 lakh in March 2025. EBITDA also improved, increasing by 5.29% year-on-year to Rs1,330.01 lakh and by 42.23% half-yearly. The EBITDA margin stood at 10.93%, reflecting a modest gain of 1.27% annually despite a slight dip of 1.86% on a half-yearly comparison. Profit After Tax (PAT) rose by 4.25% year-on-year to Rs835.07 lakh, with a robust 50.88% increase in the half-yearly figure. The PAT margin remained stable at 6.86%, showing a marginal improvement over the previous year. These results highlight the company's resilience and consistent growth across key financial metrics. About H.M. Electro Mech Limited: H.M. Electro Mech Limited is engaged in the field of turnkey projects of supply, installation, testing and commissioning of pumping machineries along with comprehensive operation and maintenance. Initially the core Business of the Company was Infra projects related to water supply scheme involving Pumping Machineries and allied accessories for water and waste water. Over the years it has diversified in the field of electrification projects with Indian railways, Nationalized Banks and Municipal Corporations. it has also started EPC (Engineering, Procurement and Construction) field projects which involves laying cross country pipe line and civil work related to water supply projects including construction of water treatment plant (WTP), Civil Work for Pump Houses, Diesel Generating Sets, Panel Room, Instrumentation, PLC-SCADA. The company is also engaged in sale of products which includes Pump, Pipes, Transformer, Motor and Other Electronic Accessories. H.M. Electro Mech Limited is ISO 9001:2015 certified and Class 'AA' (highest category for EPC Contracts - unlimited bidding capacity subject to fulfilment of other tender conditions) with Irrigation division of Government of Gujarat. It is authorized by Government of Gujarat Energy and Petrochemicals Department to carry out Electrical Installation Works in the Gujarat State. Disclaimer: Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The Company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
