Whalesbook
Aisa kaise hua? Growth ka raaz khula!
Is baar company ne operational efficiency par kaafi focus kiya hai. AI-driven systems ka use karke electricity generation ko optimize kiya hai, jiski wajah se margins bhi chamak gaye. Revenue 14% badh kar ₹3,502 Crore ho gaya aur EBITDA 20% jump kar ke ₹2,882 Crore pahunch gaya. EBITDA margins 82.3% par aa gaye, jo industry mein sabse best hain. Capacity addition bhi record-breaking raha, 5.1 GW add kiya gaya, jisse total operational capacity 19.3 GW ho gayi hai. Yeh China ke bahar sabse bada greenfield addition hai!
Par Yeh Debt Ka Kya Karen? Valuation Par Bhi Sawal!
Lekin yahan ek bada 'lekin' hai. Itni badi growth ke liye paisa kahan se aaya? Company ka net debt ₹91,252 Crore tak pahunch gaya hai! Yeh figure kai investors ko chintit kar raha hai. Jab hum iski tulna competitors se karte hain, toh difference saaf dikhta hai. JSW Energy, jiska market cap lagbhag ₹700 billion hai, woh 40x P/E par trade kar raha hai aur uske paas kam debt hai. Tata Power, jiska market cap ₹1.2 trillion hai, woh 55x P/E par hai, aur uska leverage bhi Adani Green se kam hai. Adani Green ka P/E toh 150x ke aas paas hai aur market cap ₹2.5 trillion ke paas chal raha hai! Matlab, future growth toh price mein adjust ho gaya hai, par risk bhi zyada hai.
Aage Kya? Outlook Aur Caution
Company ne apna 50 GW renewable capacity by 2030 ka target confirm kiya hai. Land aur transmission links sab secured hain. Lekin ₹91,252 Crore ka net debt ek bada financial bojh hai, agar interest rates badhein ya projects mein koi gadbad ho jaaye toh dikkat ho sakti hai. Khavda jaise bade projects ko manage karne ke liye aur capital chahiye hoga, jis se ya toh debt aur badhega ya fir equity dilute hogi. Experts keh rahe hain ki Adani Green ki execution acchi hai, par valuation aur debt-heavy expansion model ko dekh kar thoda cautious rehna chahiye. Stock mein volatility rehne ki poori sambhavna hai.