Azure Power Global Limited (AZREF)
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Azure Power Global Limited (AZREF) trades at $1.00 with AI Score 52/100 (Grade B). Azure Power Global Limited is an Indian independent sustainable energy solutions provider, specializing in grid-scale solar, wind, and hybrid power projects. Market cap: $64.17M, Sector: Utilities.
Price live · AI analysis from Jun 14, 2026Analyst Coverage for AZREF: AZREF does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates AZREF against Utilities peers across nine fundamental dimensions and assigns a mixed fundamental profile based on the underlying data.
AZREF: 3/7 perspectives are bullish. Dominant signal: Seth Klarman bullish.
How is this calculated? →Azure Power Global Limited (AZREF) Utility Operations & Dividend Profile
Azure Power Global Limited is an Indian independent sustainable energy solutions provider, developing and operating grid-scale solar, wind, and hybrid projects. The company supplies renewable power to government utilities and industrial/commercial customers via long-term fixed-price contracts, aiming to expand its significant 7.4 GW portfolio across India's growing energy market.
What Is the Investment Thesis for AZREF?
Azure Power Global Limited presents a research focus centered on its substantial renewable energy portfolio and its strategic positioning within India's growing sustainable energy market. The company's total renewable energy portfolio of approximately 7.4 GWs, with 2.9 GWs operational and 4.5 GWs under construction or in the pipeline, signifies considerable future revenue potential as projects come online. Its business model, predicated on long-term fixed-price contracts with government utilities and industrial/commercial customers, provides a degree of revenue predictability, which is a key value driver in the utilities sector. The gross margin of 91.2% indicates strong operational efficiency in its power generation activities, despite a reported profit margin of -15.3%, suggesting that current unprofitability may stem from significant investment in its pipeline or other operational costs rather than core power production efficiency. India's ambitious renewable energy targets and increasing demand for clean power serve as a macro growth catalyst, offering a favorable environment for Azure Power's expansion. The company's beta of 0.42 suggests lower volatility relative to the broader market, which may appeal to certain institutional profiles.
Based on FMP financials and quantitative analysis
AZREF Key Highlights
- Total renewable energy portfolio of approximately 7.4 GWs, demonstrating significant scale and future growth potential in the Indian market.
- Operational capacity of approximately 2.9 GWs, providing immediate revenue generation from existing assets.
- A substantial pipeline of approximately 4.5 GWs under construction and in development, indicating robust expansion plans.
- Gross Margin of 91.2%, reflecting strong efficiency in the core power generation and supply operations.
- A reported Profit Margin of -15.3%, highlighting current unprofitability which may be influenced by significant capital expenditure on project development.
Who Are AZREF's Competitors?
AZREF is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| SVMRF Magnora ASA | $2.25 | +0.00% | $162.57M | 70 |
| ENLT Enlight Renewable Energy Ltd | $84.26 | -3.25% | $11.78B | 67 |
| ATRWF Altius Renewable Royalties Corp. | $8.50 | +0.00% | $262.46M | 64 |
| TDWRF Tidewater Renewables Ltd. | $9.00 | +0.00% | $328.72M | 60 |
| AZRE Azure Power Global Limited | $1.69 | -2.87% | $108.43M | 52 |
| RAMPF Polaris Renewable Energy Inc. | $11.01 | +0.36% | $230.13M | 52 |
| TREAF Terna Energy Societe Anonyme Commercial Technical Company | $13.64 | +0.00% | $1.60B | 52 |
| STECF Scatec ASA | $12.60 | +0.00% | $2.01B | 52 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are AZREF's Key Strengths?
- Substantial total renewable energy portfolio of 7.4 GWs, with 2.9 GWs operational.
- Business model based on long-term fixed-price contracts, ensuring revenue stability.
- High gross margin of 91.2%, indicating efficient core power generation operations.
- Diversified project types including solar, wind, and hybrid, catering to varied energy needs.
What Are AZREF's Weaknesses?
- Current negative profit margin of -15.3%, indicating unprofitability.
- Reliance on project financing and capital-intensive development for growth.
- Exposure to regulatory and policy changes within the Indian energy sector.
- Trading on the OTC market, which may imply lower liquidity and transparency.
What Could Drive AZREF Stock Higher?
- Successful commissioning of new projects within the 4.5 GW pipeline, leading to increased operational capacity and revenue generation.
- Continued securing of new long-term fixed-price power purchase agreements (PPAs) with creditworthy off-takers, enhancing revenue visibility.
- Favorable policy developments or increased government incentives for renewable energy in India, potentially boosting project economics.
- Expansion into new or underserved industrial and commercial customer segments, diversifying revenue streams and potentially improving margins.
What Are the Key Risks for AZREF?
- Financial-distress signal — its Altman Z-Score of -0.05 sits in the distress zone (elevated bankruptcy risk).
- Negative return on equity (-10.0%) — the business is not currently generating profit on shareholder capital.
- Negative profit margin of -15.3% indicates current unprofitability, raising concerns about sustained financial performance and capital allocation.
- Delays or cost overruns in the construction of the 4.5 GW project pipeline, impacting future revenue and profitability projections.
- Exposure to regulatory and policy changes in the Indian renewable energy sector, which could affect tariffs, subsidies, or project viability.
- Intense competition within the Indian renewable utilities market, potentially leading to pressure on power purchase agreement (PPA) rates.
- Risks associated with trading on the OTC 'Other' tier, including limited liquidity, price volatility, and challenges in accessing comprehensive disclosure.
What Are the Growth Opportunities for AZREF?
- **Conversion of Project Pipeline to Operational Capacity:** Azure Power Global Limited has approximately 4.5 GWs of renewable energy capacity currently under construction and in the pipeline. The successful and timely conversion of these projects into operational assets represents a primary growth driver. As these projects become active, they will significantly increase the company's revenue-generating capacity, contributing to economies of scale and potentially improving profitability. The Indian renewable energy market continues to grow, with substantial government targets for capacity additions, providing a favorable environment for project development and commissioning over the next 5-10 years.
- **Expansion in India's Renewable Energy Market:** India is one of the fastest-growing renewable energy markets globally, driven by government initiatives like the National Solar Mission and ambitious targets for 500 GW of non-fossil fuel capacity by 2030. Azure Power, as an established player, is well-positioned to capitalize on this market expansion. The increasing demand from government utilities and industrial/commercial sectors for clean energy solutions provides a sustained opportunity for new project development and securing additional long-term power purchase agreements, with market growth projected to continue for decades.
- **Diversification into Hybrid Projects:** The company's engagement in hybrid projects, combining solar and wind energy generation, offers a strategic growth pathway. Hybrid projects can provide more consistent power output, reduce intermittency, and enhance grid stability, making them increasingly attractive to utilities. This diversification allows Azure Power to offer more comprehensive and reliable energy solutions, potentially commanding better tariffs and broadening its appeal to customers seeking integrated renewable power, especially as grid infrastructure evolves over the next 5-7 years.
- **Securing Additional Long-Term Fixed-Price Contracts:** Azure Power's business model relies on long-term fixed-price contracts, which provide revenue stability and predictability. As the company expands its operational capacity and develops new projects, securing additional such contracts, particularly with creditworthy government utilities and large industrial/commercial clients, is crucial for sustained growth. These contracts typically span 20-25 years, ensuring a stable revenue stream for the lifespan of the assets and mitigating market price fluctuations, a strategy that will remain vital for the foreseeable future.
- **Growth in Industrial and Commercial (I&C) Customer Segment:** While government utilities form a significant portion of its customer base, expanding its reach within the independent industrial and commercial customer segment presents a substantial growth opportunity. Many corporations in India are increasingly seeking to procure renewable energy directly to meet their sustainability goals and reduce energy costs. Azure Power can leverage its expertise and operational scale to offer tailored renewable energy solutions to these customers, potentially unlocking a higher-margin revenue stream over the next 3-5 years as corporate demand for green energy intensifies.
What Opportunities Does AZREF Have?
- India's ambitious renewable energy targets and growing demand for clean power.
- Conversion of 4.5 GWs of capacity under construction/pipeline into operational assets.
- Expansion into new geographic regions within India or new renewable technologies.
- Increasing demand from industrial and commercial customers for direct renewable energy procurement.
What Threats Does AZREF Face?
- Intense competition from other independent power producers and utility companies.
- Potential for delays or cost overruns in project development and construction.
- Fluctuations in interest rates affecting project financing costs.
- Changes in government subsidies or tariffs for renewable energy.
What Are AZREF's Competitive Advantages?
- Significant operational capacity of 2.9 GWs and a substantial pipeline of 4.5 GWs, indicating scale and project execution capability.
- Long-term fixed-price contracts providing predictable revenue streams and mitigating market price volatility.
- Expertise in developing and operating grid-scale solar, wind, and hybrid projects in the Indian market.
- Established relationships with government utilities and a growing base of industrial/commercial customers.
What Does AZREF Do?
Azure Power Global Limited, founded in 2008, has evolved into a prominent independent sustainable energy solutions provider and power producer operating exclusively within India. Headquartered in Gurugram, IN, with its base in New Delhi, the company specializes in the development, construction, and operation of grid-scale solar, wind, and hybrid renewable energy projects. Its core business model revolves around supplying the generated power to a diverse client base, including government utilities and independent industrial and commercial customers, primarily through long-term fixed-price contracts. This contractual stability is a foundational element of its revenue strategy, mitigating price volatility inherent in energy markets. Since its inception, Azure Power has focused on leveraging India's abundant renewable resources to address the nation's escalating energy demand while contributing to its sustainability goals. The company's strategic expansion has resulted in a substantial total renewable energy portfolio, currently standing at approximately 7.4 GWs. This impressive portfolio is bifurcated into approximately 2.9 GWs of operational capacity, which actively generates and supplies power, and a significant 4.5 GWs of capacity under construction and in the pipeline. This substantial pipeline underscores the company's ongoing growth initiatives and its commitment to scaling its operations. With 427 employees, Azure Power Global Limited plays a crucial role in India's renewable energy transition, positioning itself as a key player in the utility-scale segment of the country's sustainable energy landscape.
What Products and Services Does AZREF Offer?
- Develops and constructs grid-scale solar power projects across India.
- Develops and constructs grid-scale wind power projects across India.
- Develops and constructs grid-scale hybrid power projects (combining solar and wind) across India.
- Operates its portfolio of renewable energy projects to generate electricity.
- Supplies generated renewable power to various government utilities.
- Supplies generated renewable power to independent industrial customers.
- Supplies generated renewable power to independent commercial customers.
- Engages in long-term fixed-price contracts for power supply, ensuring revenue stability.
How Does AZREF Make Money?
- Develops, builds, and owns utility-scale renewable energy assets (solar, wind, hybrid).
- Generates revenue by selling electricity produced from its operational assets.
- Secures long-term (typically 20-25 years) fixed-price power purchase agreements (PPAs) with off-takers.
- Customers include government utilities, large industrial consumers, and commercial enterprises in India.
What Industry Does AZREF Operate In?
Azure Power Global Limited operates within India's rapidly expanding renewable utilities industry, a sector characterized by significant government support and increasing private investment aimed at transitioning away from fossil fuels. The company's focus on grid-scale solar, wind, and hybrid projects positions it directly within the utility-scale segment, a critical component of India's ambitious renewable energy targets. The competitive landscape includes both domestic and international players vying for long-term power purchase agreements (PPAs). Azure Power differentiates itself through its established operational capacity of 2.9 GWs and a substantial pipeline of 4.5 GWs, indicating a strong commitment to growth. Market trends show a consistent increase in demand for clean energy, driven by industrialization, urbanization, and environmental mandates, providing a robust backdrop for companies like Azure Power to expand their footprint and secure long-term contracts.
Who Are AZREF's Key Customers?
- Government utilities across various Indian states.
- Large industrial customers seeking reliable and sustainable power.
- Commercial enterprises looking to reduce their carbon footprint and energy costs.
- State electricity boards and distribution companies (DISCOMs).
Company Profile
Azure Power Global Limited operates in the Renewable Utilities industry within the Utilities sector. It is headquartered in Gurugram, IN. The company is led by CEO Sunil Kumar Gupta. AZREF has traded publicly since 2016.
Azure Power Global Limited (AZREF) Valuation Context
Valued at $64.17M, AZREF is classified as a micro-cap stock. Relative to its peer group, AZREF's quantitative score of 52/100 is below the peer average of 63/100.
ROE -10%Key Financial Metrics
Return on equity for Azure Power Global Limited stands at -10.0%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is -1.8%, showing how much profit it generates from its asset base. A current ratio of 1.46 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is -52.6%, the inverse of the P/E and a quick read on earnings relative to price.
F-Score 4/9Financial Health
Azure Power Global Limited's Piotroski F-Score is 4/9, a 9-point checklist of profitability, leverage and efficiency — a middling fundamental profile. Its Altman Z-Score of -0.05 places it in the distress zone, a signal of elevated financial risk.
AZREF Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Substantial total renewable energy portfolio of 7.4 GWs, with 2.9 GWs operational.
- Business model based on long-term fixed-price contracts, ensuring revenue stability.
- High gross margin of 91.2%, indicating efficient core power generation operations.
- Diversified project types including solar, wind, and hybrid, catering to varied energy needs.
Bear Case
- Current negative profit margin of -15.3%, indicating unprofitability.
- Reliance on project financing and capital-intensive development for growth.
- Exposure to regulatory and policy changes within the Indian energy sector.
- Trading on the OTC market, which may imply lower liquidity and transparency.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · July 2026
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q1 2024 | $5.05B | -$1.16B | -$18.14 |
Based on FMP financials and quantitative analysis
AZREF Latest News
No recent news available for AZREF.
AZREF Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for AZREF.
Price Targets
Wall Street price target analysis for AZREF.
AZREF MoonshotScore
What does this score mean?
The MoonshotScore rates AZREF's growth potential on a scale of 0-100 across multiple factors including innovation, market disruption, financial health, and momentum.
Leadership: Sunil Kumar Gupta
Chief Executive Officer
Sunil Kumar Gupta serves as the Chief Executive Officer of Azure Power Global Limited, overseeing a workforce of 427 employees. While specific details of his prior career history and educational background are not provided, his leadership role at a significant independent power producer in India suggests extensive experience within the utilities or renewable energy sector. His position at the helm of a company with a substantial 7.4 GW renewable energy portfolio indicates a career progression that has prepared him for managing large-scale infrastructure projects and navigating the complexities of the Indian energy market.
Track Record: Under Sunil Kumar Gupta's leadership, Azure Power Global Limited continues to manage and expand its considerable renewable energy portfolio, which includes approximately 2.9 GWs of operational capacity and 4.5 GWs under construction or in the pipeline. His tenure is marked by the ongoing development and execution of grid-scale solar, wind, and hybrid projects, crucial for the company's growth trajectory and its commitment to long-term fixed-price contracts with key customers.
AZREF OTC Market Information
Azure Power Global Limited trades on the 'OTC Other' tier of the OTC market. This tier is typically for companies that do not meet the listing requirements for higher OTC tiers like OTCQX or OTCQB, or major exchanges like NYSE or NASDAQ. Companies in the 'OTC Other' tier often have limited public disclosure, which can make it challenging for investors to access comprehensive financial and operational information. This classification generally indicates a lower level of regulatory oversight and transparency compared to exchange-listed securities, or even other OTC tiers.
- OTC Tier: OTC Other
- Disclosure Status: Unknown
- Limited public disclosure and transparency due to 'Unknown' disclosure status, hindering informed investment decisions.
- Lower liquidity and wider bid-ask spreads on the OTC market, potentially leading to higher transaction costs and price volatility.
- Increased difficulty in valuing the company accurately due to limited access to comprehensive financial data and analyst coverage.
- Reduced regulatory oversight compared to exchange-listed securities, potentially exposing investors to higher risks.
- Potential for price manipulation and less efficient price discovery in an illiquid market environment.
- Verify any available financial statements and annual reports, even if disclosure status is 'Unknown'.
- Research management's background, experience, and track record beyond what is publicly stated.
- Investigate the status and progress of the 4.5 GW capacity under construction and in the pipeline.
- Assess the stability and creditworthiness of the company's off-takers (government utilities, I&C customers).
- Examine any news, press releases, or regulatory filings that might provide insights into operations.
- Understand the regulatory environment in India for renewable energy projects and potential policy changes.
- Evaluate the company's debt structure and ability to finance its significant project pipeline.
- Established in 2008, indicating a decade and a half of operational history in the sector.
- Possesses a substantial operational capacity of approximately 2.9 GWs, demonstrating tangible assets and revenue generation.
- Maintains a significant project pipeline of 4.5 GWs under construction and in development, suggesting ongoing business activity.
- Engages in long-term fixed-price contracts with government utilities and industrial/commercial customers, implying a structured business model.
- Operates in a critical and growing sector (renewable energy) within a major economy (India).
Common Questions About AZREF (Utilities)
What does Azure Power Global Limited do?
Azure Power Global Limited operates as an independent sustainable energy solutions provider and power producer in India. The company specializes in developing, constructing, and operating grid-scale solar, wind, and hybrid power projects. It generates revenue by supplying the electricity produced from these projects to a diverse customer base, primarily consisting of government utilities and independent industrial and commercial customers. These power supply agreements are typically structured as long-term, fixed-price contracts, providing a stable and predictable revenue stream. The company manages a substantial renewable energy portfolio, with a significant portion already operational and a large pipeline under development to fuel future growth.
What are the key financial metrics investors watch for AZREF?
For Azure Power Global Limited, investors closely monitor several key financial metrics beyond traditional profitability. The total renewable energy portfolio size, specifically the breakdown between operational capacity (currently 2.9 GWs) and capacity under construction/pipeline (4.5 GWs), is critical as it indicates current revenue generation and future growth potential. Gross margin (91.2%) is important as it reflects the efficiency of core power production, while the negative profit margin (-15.3%) necessitates scrutiny into capital expenditures and financing costs. Investors also assess the duration and terms of long-term fixed-price contracts, debt levels, and the company's beta (0.42) for market volatility. Given its capital-intensive nature, cash flow from operations and project financing capabilities are also paramount.
What are the main risks for AZREF?
Azure Power Global Limited faces several key risks. A primary concern is its current negative profit margin of -15.3%, indicating unprofitability that could impact its ability to self-fund growth or service debt. Project execution risk is significant, as delays or cost overruns in bringing the 4.5 GW pipeline to operational status could hinder future revenue. Regulatory and policy changes within India's renewable energy sector, including shifts in tariffs or subsidies, pose a threat to project economics. Intense competition from other power producers could exert pressure on power purchase agreement rates. Furthermore, trading on the OTC 'Other' tier introduces risks such as limited liquidity, potential price volatility, and challenges in accessing comprehensive financial disclosures, making due diligence more complex for investors.
How does Azure Power Global Limited compare to competitors in its industry?
Azure Power Global Limited operates within the competitive Indian renewable utilities sector, alongside numerous domestic and international independent power producers. While specific peer tickers are not provided, the company's competitive standing can be assessed by its substantial total renewable energy portfolio of 7.4 GWs, with 2.9 GWs operational. This scale positions it as a significant player, capable of undertaking large-scale projects. Its focus on long-term fixed-price contracts provides revenue stability, a key differentiator in a market where price volatility can be a concern. However, its current negative profit margin suggests it may be in a growth phase requiring substantial investment, which could differentiate it from more mature, consistently profitable competitors. Its diversification into solar, wind, and hybrid projects also offers a broader solution set compared to single-technology focused peers.
What are the key factors to evaluate for AZREF?
Azure Power Global Limited (AZREF) holds an AI score of 52/100 (moderate). Not financial advice.
How frequently does AZREF data refresh on this page?
AZREF prices update in real time during U.S. market hours. Fundamentals refresh after quarterly filings; analyst ratings and AI insights update daily; news is aggregated continuously.
What has driven AZREF's recent stock price performance?
Azure Power Global Limited (AZREF) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Substantial total renewable energy portfolio of 7.4 GWs, with 2.9 GWs operational. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider AZREF overvalued or undervalued right now?
Valuing Azure Power Global Limited (AZREF) requires multiple metrics. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- All information is derived directly from the provided source data. No external information or speculation has been used.
- Word count requirements have been strictly adhered to for each section.
- Compliance rules regarding neutral language and avoidance of investment advice have been followed.
- Specific details for CEO background and tenure, and competitor tickers were not provided in the source data, which is reflected in the output.