Who are Adani Green Energy's main competitors?

Named competitors: NTPC Green Energy (NTPCGREEN.NS), Tata Power (renewables) (TATAPOWER.NS), JSW Energy (JSWENERGY.NS). The cockpit's measured peer set (industry) also includes Huadian New Energy (600930.SS), Brookfield Infrastructure Partners L.P (BIP), Talen Energy (TLN), China Three Gorges Renewables (Group) (600905.SS), China Longyuan Power (0916.HK), Enlight Renewable Energy (ENLT).

Is Adani Green Energy expensive compared with its peers?

On forward p/e it trades at 87.9× against a peer median of 33.4×, most expensive of 9 in its peer set.

How has Adani Green Energy stock performed?

Over six months to 6 Nov 2026 the shares returned +4.3% against -16.4% for the median peer; over one year +24.9%.

← CockpitCompetitor Analysis › ADANIGREEN.NS Adani Green EnergyOpen in the cockpit ↗

Adani Green EnergyADANIGREEN.NSCompetitor analysis, valuation and peers

India · INR·Power & Utilities›Alternative Power Generation

Develops, owns and operates utility-scale solar and wind power plants across India, part of the Adani Group.

≈ India's NextEra Energy ResourcesMomentum strong 73

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$24.7B

US dollars, full cap

Free float

18%

of shares outstanding

$/day

$23.3M

20-day average traded

Fwd P/E

87.9×

forward earnings

ROIC−WACC

-12.1 pp

WACC 16.7%

Hurdle

n/a

no reverse DCF

Next earnings

75 days

20 Jan 2027

Close · INR₹1,424

1D+0.7%

1W+9.7%

1M+6.2%

3M+3.8%

6M+4.3%

YTD+40.3%

1Y+24.9%

ATR %3.1%

Beta1.64

52w lowhigh12.7% off high

What Adani Green Energy does

Develops, owns and operates utility-scale solar and wind power plants across India, part of the Adani Group.

Sells almost all its output under 25-year power purchase agreements (fixed-tariff contracts), mainly with state utilities and the central agency SECI, so revenue follows contracted capacity and tariff rather than market prices. The large Khavda site in Gujarat is the main base of new capacity. The Adani family controls it, with France's TotalEnergies a major minority holder.

In one line: India's NextEra Energy Resources.

Products and services

Utility-scale solar power
Wind power
Hybrid solar-wind-storage projects

Customers

State electricity distribution utilities (via long
Government of India (via SECI/NTPC contracts)

Where it sits in the supply chain

Utilities
Renewable power generation
Solar & wind - India

What could go right

Renewable capacity addition pipeline
India's clean-energy policy push

What could go wrong

High leverage/capex funding needs
Adani Group governance/regulatory scrutiny

Moat: narrow (scale, regulatory licence, installed base). Large contracted renewable capacity under long-term power purchase agreements, backed by the Adani Group.

Headquarters: Ahmedabad, India · Founded: 2015 · Employees: 976

Named competitors

NTPC Green Energy NTPCGREEN.NS
Tata Power (renewables) TATAPOWER.NS
JSW Energy JSWENERGY.NS

Adani Green Energy at a glance

Size Adani Green Energy (ADANIGREEN.NS) is an India Utilities company (Alternative Power Generation) with a market value of $24.7B, the 39th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,424 on 6 Nov 2026.

Performance Over six months the shares gained 4.3%, against -16.4% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 10 in its peer set.

Growth Revenue grew 20.9% over the last twelve months (peer median +16.4%); the operating margin is 60.9% (peer median 24.8%).

Valuation It trades at 87.9× forward earnings against a peer median of 33.4× (most expensive of 9).

Capital Return on invested capital runs 12.1 points below its cost of capital (16.7% WACC).

Next results Next results expected around 20 Jan 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Adani Green Energy against the median of its 9 peers (local-currency closes).

Adani Green Energy financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	₹148B	₹129B	₹112B	₹92.1B	₹77.7B
Revenue growth	—	+15%	+22%	+19%	—
Gross profit	₹104B	₹81.4B	₹67.2B	₹56.9B	₹44.2B
EBITDA	₹129B	₹109B	₹89.2B	₹73.5B	₹55.4B
Net income	₹18.7B	₹15.8B	₹13.3B	₹9.83B	₹8.57B
Free cash flow	n/a	-₹232B	-₹201B	-₹119B	-₹5.41B
Capital expenditure	n/a	₹261B	₹248B	₹158B	₹33.8B
Total debt	₹1.16T	₹1.02T	₹809B	₹663B	₹556B

Quarterly statements and history in the cockpit →

Adani Green Energy competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Adani Green Energy is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Adani Green Energy is the large dot.

Adani Green Energy competitors and peer comparison

Head to head with its named competitors (ADANIGREEN.NS vs NTPCGREEN.NS vs TATAPOWER.NS vs JSWENERGY.NS)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Adani Green Energy ADANIGREEN.NS	$24.7B	+4%	+21%	61%	87.9×	n/a
NTPC Green Energy NTPCGREEN.NS	$7.37B	-24%	+49%	50%	59.8×	n/a
Tata Power TATAPOWER.NS	$11.9B	-20%	-4%	13%	25.0×	n/a
JSW Energy JSWENERGY.NS	$10.1B	-9%	+26%	36%	39.7×	n/a

How Adani Green Energy compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

Adani Green Energy against its 9 peers (data as of 6 Nov 2026)
Measure	ADANIGREEN.NS	Peer median	Rank in peer set
1-month return	+6.2%	+1.8%	4th highest of 10
6-month return	+4.3%	-16.4%	2nd highest of 10
Distance from 52-week high	-12.7%	-26.8%	3rd highest of 10
Revenue growth (TTM)	+20.9%	+16.4%	4th highest of 10
Operating margin	60.9%	24.8%	highest of 10
Forward P/E	87.9×	33.4×	most expensive of 9
ROIC minus cost of capital	-12.1 pp	-2.8 pp	lowest of 10
EV / EBITDA	27.4×	16.7×	3rd most expensive of 7
Net debt / EBITDA	8.6×	7.1×	3rd most indebted of 7

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Adani Green Energy ADANIGREEN.NS	India	$24.7B	+4%	+21%	61%	87.9×	n/a	n/a
Huadian New Energy 600930.SS	China	$24.5B	-35%	+32%	27%	27.1×	n/a	n/a
Brookfield Infrastructure Partners L.P BIP	United States	$25.6B	+7%	+16%	25%	71.0×	n/a	n/a
Talen Energy TLN	United States	$14.7B	-12%	+20%	20%	13.0×	21.1%	-10.0%
China Three Gorges Renewables (Group) 600905.SS	China	$14.7B	-16%	-8%	17%	39.8×	n/a	n/a
China Longyuan Power 0916.HK	Hong Kong	$13.8B	-17%	-6%	27%	11.5×	0.6%	+0.2%
Enlight Renewable Energy ENLT	United States	$9.57B	-25%	+29%	51%	n/a	n/a	n/a
Corporacion Acciona Energias Renovables ANE.MC	Spain	$8.06B	-7%	-14%	18%	21.1×	n/a	n/a
NTPC Green Energy NTPCGREEN.NS	India	$7.37B	-24%	+49%	50%	59.8×	n/a	n/a
Clearway Energy CWEN	United States	$7.00B	-11%	+8%	13%	56.4×	33.1%	+2.4%

Questions

Who are Adani Green Energy's main competitors?: Named competitors: NTPC Green Energy (NTPCGREEN.NS), Tata Power (renewables) (TATAPOWER.NS), JSW Energy (JSWENERGY.NS). The cockpit's measured peer set (industry) also includes Huadian New Energy (600930.SS), Brookfield Infrastructure Partners L.P (BIP), Talen Energy (TLN), China Three Gorges Renewables (Group) (600905.SS), China Longyuan Power (0916.HK), Enlight Renewable Energy (ENLT).
Is Adani Green Energy expensive compared with its peers?: On forward p/e it trades at 87.9× against a peer median of 33.4×, most expensive of 9 in its peer set.
How has Adani Green Energy stock performed?: Over six months to 6 Nov 2026 the shares returned +4.3% against -16.4% for the median peer; over one year +24.9%.