Adani Green Energy Limited: Navigating Growth and Challenges in India’s Renewable Energy Landscape

Adani Green Energy Limited (AGEL), a subsidiary of the Adani Group, exemplifies India’s renewable energy transition through rapid solar and wind expansion. The case explores AGEL’s ambitious growth, debt-heavy capital structure, conservative dividend policy, and valuation dynamics-highlighting how financial prudence, strategic alliances, and government support shape sustainability-led corporate growth.

This case enables learners to analyze corporate finance in high-growth industries by examining AGEL’s profitability, liquidity, solvency and capital structure. It develops understanding of debt-equity trade-offs, dividend policy under expansion, valuation drivers and strategic alignment with government policy within India’s evolving renewable energy ecosystem.