Today › Renewable power › Adani Green Energy

Renewable power Historical case study · data as of 03 Jul 2026 · published 08 Oct 2026 (97 days later)

Adani Green Energy — 100-point case study

How Adani Green Energy looked on 50 technical and 50 fundamental measures on 03 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: ADANIGREEN · BSE: 541450
Close on 03 Jul 2026	₹1,556.20
Market cap then	₹2,56,880 crore
Valuation	P/E 129.3× · P/B 12.87×
Momentum	RSI (14) 63 · 1-year return +54.3%
Next 3 months	-13.8% vs Nifty 50 -6.9% (to 07 Oct 2026)

Scorecard

Technical — 50 points

29 bullish · 15 neutral · 4 caution · 1 bearish — the picture leaned positive.

Fundamental — 50 points

8 bullish · 28 neutral · 5 caution · 8 bearish — the picture was mixed.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Technical analysis — 50 points

Calculated by code from daily prices up to 03 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope +0.17%/day	Bullish	Over the last 20 sessions the regression line of closing prices was rising about 0.17% a day — a short-term uptrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return +92.9%	Bullish	The 100-session trend line was up (+0.68%/day) and the stock was +92.9% over three months, so the medium-term picture was bullish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +54.3%	Bullish	Compared with a year earlier the price was +54.3%. A strong positive year. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 1,439.58 / 30W 1,119.09	Bullish	On the weekly chart the stock showed a weekly close above a rising 10-week and 30-week average stack. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 1,544.80→1,557.00; lows 1,291.40→1,396.00	Bullish	The two most recent swing points showed higher swing highs and higher swing lows — classic uptrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	34.9	Bullish	ADX at 34.9 shows a strong trend in force. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 26.4 / –DI 12.9	Bullish	+DI was above –DI: upward price pressure outweighed downward pressure. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	1,508.38 (+3.2%)	Bullish	Close of 1,556.20 was 3.2% above the 20-day SMA — the short-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	1,414.64 (+10.0%)	Bullish	Close of 1,556.20 was 10.0% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	1,096.91 (+41.9%)	Bullish	Close of 1,556.20 was 41.9% above the 200-day SMA — the long-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 1,527.17 / 21E 1,496.95	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 08 Apr 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	last golden cross 06 May 2026	Bullish	The 50-day average was 29.0% above the 200-day. The most recent signal was a golden cross on 06 May 2026. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+18.1% in 20 sessions	Bullish	The 50-day average rose 18.1% over the past month — rising. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	1,508 / 1,415 / 1,181 / 1,097	Bullish	The 20/50/100/200-day averages were perfectly stacked bullish (20 > 50 > 100 > 200). Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	1,536.46 (+1.3%)	Bullish	Anchored to the start of July, the volume-weighted average price was 1,536.46; the close was above it — buyers that month were on average in profit. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	62.8	Bullish	RSI at 62.8 showed positive momentum without being overbought. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	bearish divergence	Caution	Comparing the last 20 sessions with the 20 before: bearish divergence: price made a higher high but RSI made a lower high. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 39.10 / signal 42.31	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-6.68 → -3.20	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	39.10	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 87.4 / %D 71.2	Caution	Slow stochastic at 87.4 was in overbought territory (>80). Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-9.4	Caution	%R of -9.4 put the close near the top of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	145	Bullish	CCI at 145 signalled an unusually strong upward deviation (>+100). Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	+3.3%	Bullish	Price changed +3.3% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.91 (bands 1,449.68–1,567.09)	Neutral	%B of 0.91 — inside the bands, upper half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 7.8% (8th pct of 6M)	Caution	Band width was at the 8th percentile of the last six months. A squeeze like this often precedes a larger move (direction unknown). How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹49.64 (3.2% of price)	Neutral	A typical day's range was about ₹49.64, or 3.2% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	36.1% vs 1Y 41.7%	Neutral	Annualised 30-day volatility was 36.1%, close to the one-year level of 41.7%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	1,402.04–1,597.69	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	1.78	Neutral	A beta of 1.78 means the stock tended to move more than the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.71× / 5-day 0.97×	Neutral	The final session traded 0.71× its 20-day average volume and the last five sessions averaged 0.97× — normal participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.14	Neutral	Average volume on up days was 1.14× that on down days — balanced. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price rose — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	rising (20d)	Bullish	The A/D line rose, meaning closes tended to be in the upper part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	0.18	Bullish	CMF at +0.18 indicated net inflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	55.3	Bullish	MFI, a volume-weighted RSI, was 55.3. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹474 cr/day	Neutral	About ₹474 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	1,459.85 / 1,396.00 / 1,291.40	Neutral	Nearest support (prior swing lows) sat at 1,459.85, 6.6% below the close, then 1,396.00, 1,291.40. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	none above	Neutral	No swing-high resistance above within a year — the stock was near its highs. How to read: Information only.
40	Monthly pivot points (for next month)	P 1,535.07 \| R1 1,587.73 \| S1 1,503.53	Neutral	Classic pivots from July's high/low/close gave a pivot of 1,535.07; the close was above it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 1,377 \| 38.2% 1,260 \| 50.0% 1,166 \| 61.8% 1,071	Neutral	Measuring the 6-month rise from 765.00 to 1,566.60, the close was nearest the 23.6% retracement at 1,377.42. How to read: Information only.
42	52-week high / low	H 1,566.60 / L 765.00	Bullish	The close was 0.7% below the 52-week high and 103.4% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-up 08 Apr at 934.90	Neutral	There was 1 unfilled gap(s). The latest, a gap-up on 08 Apr 2026, left an open level at 934.90 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	rising channel	Bullish	Rule-based pattern scan: rising channel — successive higher highs and lows. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 1,418.30–1,563.60	Neutral	The close was inside the prior 20-day range of 1,418.30–1,563.60. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Doji	Neutral	On 03 Jul the candle opened 1,559.90, ranged 1,518.50–1,566.60 and closed 1,556.20: Doji — indecision. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 1,136.20–1,343.70; Tenkan 1,517.95 / Kijun 1,481.30	Bullish	Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M +5.3% / 3M +84.2%	Bullish	The stock outperformed the Nifty 50 by 84.2 points over three months and outperformed by 5.3 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M +60.5%	Bullish	No sector index in today's data set, so we show the 6-month comparison instead: 60.5 points ahead of the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	29 bullish · 1 bearish · 15 neutral · 4 caution	Bullish	Across the 49 readings the technical picture leaned positive. Levels that mattered: support 1,459.85, resistance n/a. This is a description of the chart on 03 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 03 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 03 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	129.3×	Neutral	At ₹1,556.20 the market valued the company at about ₹2,56,880 crore, or 129.3× the ₹1,987 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	12.87×	Neutral	Market cap was 12.87× the Mar 2026 book value (equity + reserves) of ₹19,965 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	19.87×	Neutral	The company was valued at 19.87× its trailing-12-month sales of ₹12,928 crore. How to read: Information only.
4	EV / EBITDA (approx.)	33.5×	Neutral	Enterprise value (market cap + ₹1,03,545 cr borrowings; cash not netted) was 33.5× trailing operating profit of ₹10,768 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	0.8%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹0.8 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	4.81	Bearish	P/E of 129.3 divided by 3-year profit growth of 26.9% a year gives a PEG of 4.81. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	n/a	Neutral	Dividend history in our data window was not available. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹2,56,880 cr	Neutral	At about ₹2.57 lakh crore the company was a large-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹180.99 vs ₹1,556.20	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹180.99; the price was 760% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+15.3%	Bullish	Revenue for FY26 was ₹12,928 crore, +15.3% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+14.0%	Bullish	The Jan–Mar 2026 quarter brought ₹3,502 crore of revenue, +14.0% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	-0.7%	Bearish	FY26 net profit was ₹1,987 crore, -0.7% on FY25's ₹2,001 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+34.2%	Bullish	Quarterly profit was ₹514 crore versus ₹383 crore a year earlier (+34.2%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	18.4%	Caution	Revenue compounded at 18.4% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	26.9%	Caution	Net profit compounded at 26.9% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	32.9%	Caution	Over five years (FY21–FY26) revenue compounded at 32.9% a year. Note: revenue jumped more than 40% in Mar 2023, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+10.0%	Neutral	Reported EPS went from ₹9.12 to ₹10.03 (+10.0%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	83%	Neutral	Operating profit (EBITDA) was 83% of sales in FY26 versus 79% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	80% → 87% → 86% → 82%	Bullish	Quarterly margins moved from 80% to 82% over the last four quarters — expanding. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	15.4%	Neutral	₹15.4 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	12.4%	Neutral	FY26 profit was 12.4% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	7%	Bearish	Return on capital employed (debt + equity) was 7% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	1.39%	Neutral	Net profit was 1.39% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	1%	Neutral	The company paid about 1% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	54%	Caution	Non-operating 'other income' of ₹1,072 crore made up 54% of pre-tax profit — a large share, so core earnings were lower than headline profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	5.19	Bearish	Borrowings of ₹1,03,545 crore were 5.19× equity — high leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	9.60×	Bearish	Debt equalled 9.60 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	1.3×	Bearish	Earnings before interest and tax covered interest cost 1.3 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+64.5%	Bullish	Shareholders' equity grew +64.5% from ₹12,137 crore to ₹19,965 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹19,031 cr (19% of fixed assets)	Neutral	Projects under construction (CWIP) were 19% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	-369 days	Neutral	Working capital tied up equalled -369 days of sales (FY25: -436). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	60 days	Neutral	It took 60 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	60 (FY25 50)	Neutral	Customers took 60 days on average to pay, versus 50 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹10,135 cr	Bullish	The business generated ₹10,135 crore of operating cash in FY26 versus ₹8,364 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	n/a	Neutral	Free cash flow line not available on source page. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	5.10×	Bullish	Operating cash flow was 5.10× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	n/a	Neutral	Not available. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	n/a	Neutral	Not available. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	n/a	Neutral	Not available. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	0%	Neutral	The company paid out about 0% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	0% / 0% / 0%	Neutral	Payout ratios for FY24 / FY25 / FY26 — dividends were irregular. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+4.0%	Caution	Paid-up equity capital changed +4.0% (₹1,584 cr → ₹1,647 cr). A fall indicates a buyback; a rise indicates new shares were issued. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	62.44% (+1.51 pts YoY)	Neutral	Promoters owned 62.44% at Mar 2026 versus 60.93% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	11.10% (-1.35 pts YoY)	Bearish	FIIs held 11.10% at Mar 2026, down from 12.45% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	4.56% (+2.16 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 4.56%, up from 2.40%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	9.3 lakh (-6.5% YoY)	Neutral	The shareholder count moved from 10.0 lakh to 9.3 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	none reported	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	4/8	Bearish	Passed: positive profit, positive operating cash flow, CFO > net profit, operating margin improved. Failed: leverage fell, ROA improved, asset turnover improved, no meaningful dilution (<3%). Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	1 strength(s) · 6 weakness(es)	Neutral	Strengths: Company's median sales growth is 31.4% of last 10 years. Weaknesses: Stock is trading at 11.1 times its book value; Though the company is reporting repeated profits, it is not paying out dividend; Company has low interest coverage ratio; Tax rate seems low; Company has a low return on equity of 13.4% over last 3 years; Company might be capitalizing the interest cost. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	8 bullish · 8 bearish · 28 neutral · 5 caution	Neutral	On the numbers published by 03 Jul 2026 the fundamental picture was mixed. Valuation: P/E 129.3×, P/B 12.87×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 03 Apr 2026 – 03 Jul 2026 that an investor could have known on the snapshot date.

01 Apr 2026 Adani Green reports 5,051 MW capacity addition in FY26; operational capacity at 19.3 GW — The company said it added 5,051 MW of renewable capacity in FY26, taking operational capacity to about 19.3 GW, with much of the addition at Khavda, Gujarat, and an initial 1,376 MWh of battery storage commissioned. Shares rose about 3% in early trade. source
24 Apr 2026 Adani Green Q4 FY26 consolidated net profit up 34% to Rs 514 crore — For the March 2026 quarter, consolidated net profit was Rs 514 crore versus Rs 383 crore a year earlier, and revenue from operations was Rs 3,502 crore versus Rs 3,073 crore. FY26 energy sales rose 34% to 37,567 million units; operational capacity stood at 19.3 GW. source
15 May 2026 Gautam Adani and Sagar Adani agree to $18 million settlement with US SEC — Gautam Adani ($6 million) and Sagar Adani ($12 million) agreed to settle the SEC civil case; a request for entry of final judgment was filed in a New York court. Adani Green said it is not a party to the proceedings and no charges were brought against it. source
29 May 2026 Adani Green filing cites operational capacity of 19,294 MW — A company disclosure reported operational renewable capacity of 19,294 MW after 5,051 MW was added in FY2025-26, with 9.4 GW operational at the Khavda project in Gujarat. source
29 Jun 2026 Adani Green commissions 150 MW solar project at Khavda; capacity nears 20 GW — A wholly owned step-down subsidiary commissioned a 150 MW solar project at Khavda, Gujarat, with commercial generation from June 28, 2026. Total operational capacity rose to 19,985.8 MW and BESS capacity to 3,366 MWh. source

What happened next (03 Jul 2026 → 07 Oct 2026)

Price went from ₹1,556.20 to ₹1,341.40 by 07 Oct 2026 (-13.8%) while the Nifty 50 moved -6.9% — underperforming by 6.9 points.
Highest ₹1,631.50 on 14 Jul 2026; lowest ₹1,214.90 on 31 Aug 2026.
S1 1,459.85: broken on a closing basis on 23 Jul 2026.
S2 1,396.00: broken on a closing basis on 23 Jul 2026.
200-day SMA: price was above it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 22 Jul 2026): revenue ₹4,431 crore (+16.6% YoY), net profit ₹983 crore (+19.3% YoY), operating margin 90% vs 80% a year earlier (Screener consolidated figures).

Later news

22 Jul 2026 Adani Green Q1 FY27: revenue Rs 4,431 crore, consolidated profit Rs 983 crore; capacity crosses 20 GW — Revenue from operations rose 16.6% YoY to Rs 4,431 crore. Profit attributable to equity holders was Rs 845 crore (up 18.5%); consolidated profit including non-controlling interests was Rs 983 crore. Operational capacity rose 27% to 20,142 MW. The stock closed about 4.5% lower at Rs 1,472.30. source
11 Aug 2026 US court enters SEC final judgment and dismisses indictment against Adani executives — On August 10, 2026 the US District Court (EDNY) entered final judgment in the SEC civil case against Gautam and Sagar Adani and dismissed the criminal indictment against them and Vneet Jaain with prejudice. Adani Green said it was not a party and faced no charges. source
02 Sep 2026 Adani Green operationalises 139 MW solar project at Khavda; operational capacity 20,280.8 MW — A subsidiary commercially operationalised a 139 MW solar plant at Khavda, Gujarat, taking total operational capacity to 20,280.80 MW and BESS capacity to 3,551 MWh. Shares rose about 3% on the day while benchmark indices fell. source

Educational summary. On 03 Jul 2026 the technical picture leaned positive and the fundamental picture was mixed. Over the next three months the stock moved -13.8% against -6.9% for the Nifty 50. Here the chart's message did not line up neatly with what followed — a reminder that indicators describe the past, not the future. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Adani Green Energy today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 08 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

More case studies today

₹1,568.80close 03 Jul

Power transmission & distributionNSE: ADANIENSOLData as of 03 Jul 2026

Adani Energy Solutions — 100-point case study

Technical

Fundamental

What happened next (3 months): -20.2% vs Nifty 50 -6.9%

Technical: positiveFundamental: was mixedP/E 80.1×P/B 7.54×RSI 631Y +79.2%

₹221.79close 03 Jul

Thermal powerNSE: ADANIPOWERData as of 03 Jul 2026

Adani Power — 100-point case study

Technical

Fundamental

What happened next (3 months): -11.2% vs Nifty 50 -6.9%

Technical: was mixedFundamental: was mixedP/E 33.0×P/B 6.60×RSI 461Y +88.6%

₹252.20close 03 Jul

Public-sector bankNSE: BANKBARODAData as of 03 Jul 2026

Bank of Baroda — 100-point case study

Technical

Fundamental

What happened next (3 months): -7.0% vs Nifty 50 -6.9%

Technical: negativeFundamental: positiveP/E 6.5×P/B 0.85×RSI 331Y +4.1%