Adani Green Energy Gets Buy Rating from ICICI Securities After Strong Q4 Results

New Delhi | May 5, 2025 — ICICI Securities has issued a Buy recommendation for Adani Green Energy Ltd (AGEL), setting a target price of ₹1,150. With the stock currently trading at ₹916.65, the target price indicates a 25% upside potential, driven by the company’s robust performance in Q4FY25.

Financial Performance: Q4FY25 Results

Adani Green Energy delivered strong results in Q4FY25, with revenue increasing by 31% YoY, reaching ₹27 billion. The growth in revenue was fueled by a 44% YoY increase in energy generation, reflecting the company’s enhanced capacity and operational efficiency.

• EBITDA for Q4FY25 stood at ₹24 billion, marking a 31% YoY growth.

• Profit rose by 25% YoY, totaling ₹3.9 billion. However, the overall profit figure was impacted by exceptional losses of ₹1.66 billion during the quarter.

Annual Growth

For the full fiscal year FY25, Adani Green Energy reported:

• Revenue of ₹99 billion, up 23% YoY.

• EBITDA of ₹90 billion, also up 23% YoY.

• Energy generation grew by 28% YoY, primarily driven by the addition of new capacity.

Strategic Growth Targets for FY26 and Beyond

Adani Green Energy has set clear targets for further growth, including:

• An additional 5 GW capacity in FY26.

• A long-term goal of reaching 50 GW of operational capacity by 2030, with a mix of 45 GW generation capacity and 5 GW pumped storage capacity.

ICICI Securities is quite positive about Adani Green Energy’s future, pointing to its steady performance, expanding renewable energy portfolio, and strong revenue growth. Analysts see value in the stock, which is currently trading at 12 times its locked-in EBITDA — a level they find attractive given the company’s long-term growth plans.

The brokerage’s ₹1,150 target is based on a 16x multiple, reflecting confidence in AGEL’s ability to scale up and maintain momentum in the coming years.