Azure Power Global (AZREF) Stock Price
Azure Power Global Price
Over the last 6 years Azure Power Global grew revenue by 18.5% annually, reaching 21.31 B INR. For Azure Power Global, the net margin of -15.7% is up versus -17.5% a few years ago.
Azure Power Global stock price
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Stock Price
ⓘHow to Read This Chart
This chart tracks the historical stock price of Azure Power Global over time. You can switch between daily, weekly, and monthly views and select custom time ranges — from a single day to the full available history. Use the toggle to view price changes in absolute currency terms or as a percentage change relative to the starting date.
Total Return vs. Price Return
The "Total Return" toggle includes reinvested dividends on top of the pure price movement. This is critical because dividends can account for a significant portion of long-term returns. Historically, roughly 40 % of the S&P 500's total return has come from dividends. Always compare total return when evaluating a stock's real performance against a benchmark.
Intraday Price Data
When viewing a one-day time frame, the chart displays real-time intraday price movements. This is useful for observing how Azure Power Global stock reacts to market openings, earnings releases, or breaking news throughout the trading session.
What to Look For
Look for long-term trends (sustained upward or downward movements over months and years), support and resistance levels (price zones where the stock repeatedly bounces or reverses), and volatility (how much the price fluctuates day to day). Comparing Azure Power Global's price chart to a market index like the S&P 500 can reveal whether the stock is outperforming or underperforming the broader market.
| Date | Azure Power Global Price |
|---|---|
| 7/27/2026 | 1.00 INR |
| 7/26/2026 | 1.00 INR |
| 7/21/2026 | 1.00 INR |
| 6/23/2026 | 1.00 INR |
| 6/7/2026 | 1.00 INR |
| 6/4/2026 | 0.55 INR |
| 6/3/2026 | 1.00 INR |
| 6/2/2026 | 1.00 INR |
| 6/1/2026 | 1.00 INR |
| 5/31/2026 | 1.00 INR |
| 5/28/2026 | 1.00 INR |
| 5/27/2026 | 1.00 INR |
| 5/26/2026 | 1.00 INR |
| 5/21/2026 | 1.00 INR |
| 5/19/2026 | 1.00 INR |
| 5/18/2026 | 1.00 INR |
| 5/12/2026 | 95.61 INR |
| 4/21/2026 | 1.25 INR |
Azure Power Global Revenue, EBIT, Net Income
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Azure Power Global Income Statement, Balance Sheet, Cash Flow Statement
| REVENUEB INR |
|---|
| REVENUE GROWTH% |
| GROSS MARGIN% |
| GROSS INCOMEB INR |
| EBITB INR |
| EBIT MARGIN% |
| NET INCOMEB INR |
| NET INCOME GROWTH% |
| SHARESM |
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|
| 7.70 | 9.93 | 12.96 | 15.24 | 18.34 | 20.75 | 21.31 |
| – | 28.91 | 30.55 | 17.58 | 20.38 | 13.12 | 2.69 |
| 91.01 | 91.25 | 91.16 | 91.72 | 91.29 | 91.20 | 91.00 |
| 7.01 | 9.06 | 11.81 | 13.98 | 16.74 | 18.92 | 19.39 |
| 3.94 | 5.61 | 6.52 | 7.79 | 11.01 | 10.12 | 8.39 |
| 51.14 | 56.48 | 50.30 | 51.10 | 60.03 | 48.79 | 39.39 |
| -1.13 | 0.08 | -2.27 | -4.21 | -2.10 | -2.29 | -3.35 |
| – | -106.88 | -3,008.97 | 85.37 | -49.98 | 8.60 | 46.39 |
| 25.97 | 33.97 | 43.05 | 47.98 | 50.88 | 64.17 | 64.17 |
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Income Statement Key Figures
ⓘRevenue and Revenue Growth
Revenue is the starting point of every income statement — it measures the total sales Azure Power Global generates from its core business. Revenue growth (expressed as year-over-year percentage change) is one of the most important indicators of business momentum. Sustained growth above 10 % annually is generally considered strong, while declining revenue is a serious warning sign that demands investigation.
Gross Margin
Gross margin = (Revenue − Cost of Goods Sold) ÷ Revenue. It reveals what percentage of each dollar of revenue Azure Power Global retains after direct production costs. High gross margins (above 50 %) are typical of asset-light businesses like software and brands, while capital-intensive industries like manufacturing often operate below 30 %. Compare Azure Power Global's gross margin to industry peers and track it over time to spot improving or deteriorating pricing power.
EBIT and EBIT Margin
EBIT measures operating profit — what remains after subtracting all operating expenses (including R&D, sales, and administrative costs) from gross profit. The EBIT margin shows this as a percentage of revenue. Because it excludes interest and taxes, EBIT allows fair comparisons between companies with different debt levels and tax jurisdictions. A rising EBIT margin indicates improving operational efficiency.
Net Income and Earnings Per Share (EPS)
Net income is the company's final profit after all expenses, interest, and taxes. Dividing net income by the number of shares outstanding gives you EPS — the single most influential metric in stock valuation. Consistent EPS growth is the primary driver of long-term stock price appreciation. Always check whether EPS growth comes from genuine profit improvement or from share buybacks reducing the share count.
Shares Outstanding
The total number of shares Azure Power Global has issued. A declining share count (through buybacks) boosts EPS and signals management confidence. A rising share count (through stock issuance) dilutes existing shareholders. Always monitor this number alongside EPS to get the full picture of per-share value creation.
Analyst Estimates
The projected figures represent consensus estimates from professional analysts. Compare these forecasts against Azure Power Global's historical growth rates to assess whether expectations are realistic. A company that consistently beats consensus estimates tends to see its stock price rewarded over time, while repeated misses erode investor confidence.
Azure Power Global stock margins
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Azure Power Global Stock Revenue, EBIT, Earnings per Share
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Azure Power Global business model & stock analysis
Azure Power Global SWOT Analysis
Strengths
1. Established Market Presence: Azure Power Global Ltd has established itself as a leading player in the renewable energy market, particularly in India.
2. Strong Financial Position: The company has a solid financial position with a healthy cash flow, enabling it to invest in expanding its operations and infrastructure.
3. Diverse Portfolio: Azure Power Global Ltd has a diverse portfolio of solar power projects, reducing its dependence on a single market or technology.
Weaknesses
1. Vulnerability to Policy Changes: The company's performance is highly affected by government policies and regulations related to renewable energy, which can pose a risk to its operations.
2. High-Interest Costs: Azure Power Global Ltd has a significant amount of debt, leading to higher interest costs, which may impact its profitability in the long run.
3. Limited Geographic Presence: Although the company has a strong presence in India, its operations are limited to a few other countries, potentially limiting its growth opportunities.
Opportunities
1. Growing Renewable Energy Market: The increasing focus on renewable energy globally presents an opportunity for Azure Power Global Ltd to expand its market presence.
2. Government Initiatives: The government support and favorable policies towards renewable energy in various countries provide an opportunity for the company to secure more project contracts.
3. Technological Advancements: Continuous advancements in solar power technology can enable Azure Power Global Ltd to improve efficiency and reduce costs, enhancing its competitive advantage.
Threats
1. Intense Competition: The renewable energy industry is highly competitive, with the presence of established players and new entrants. This poses a threat to Azure Power Global Ltd's market share and profitability.
2. Regulatory and Policy Risks: Changes in government policies and regulations related to renewable energy can have a negative impact on the company's operations and financial performance.
3. Economic Volatility: Fluctuations in the global economy can affect the affordability and demand for renewable energy projects, which may impact Azure Power Global Ltd's revenue and profitability.
Azure Power Global Employees
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Azure Power Global Eulerpool Fair Value
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Fair Value Estimate
ⓘWhat Is Fair Value?
Fair value is an estimate of what a stock is truly "worth" based on its financial fundamentals, independent of the current market price. If the calculated fair value is above the current share price, the stock may be undervalued — and vice versa. This chart shows three different fair value approaches so you can cross-check them against each other.
Earnings-Based Fair Value
Calculated by multiplying the current earnings per share (EPS) by the average historical P/E ratio over a selected multi-year period. The smoothing over several years filters out temporary spikes or dips. If this fair value exceeds the market price, it suggests the stock is cheap relative to its earning power.
Example: Fair Value (Earnings) 2022 = EPS 2022 × Average P/E 2019–2021
Revenue-Based Fair Value
Derived by multiplying revenue per share by the average historical price-to-sales ratio. This method is particularly useful for companies with volatile or temporarily depressed earnings, as revenue tends to be more stable than profits. It answers: "At what price has the market historically valued each dollar of this company's sales?"
Example: Fair Value (Revenue) 2022 = Revenue per Share 2022 × Average P/S 2019–2021
Dividend-Based Fair Value
Calculated by dividing the dividend per share by the average historical dividend yield. This approach is most relevant for mature, consistently dividend-paying companies. If the resulting fair value is higher than the current price, it implies the stock offers a better yield than its historical average.
Example: Fair Value (Dividend) 2022 = Dividend per Share 2022 ÷ Average Yield 2019–2021
How to Use This Chart
When all three fair value lines converge above the current price, it strengthens the case that the stock is undervalued. When they diverge, investigate why — it may indicate a structural shift in margins, payout policy, or growth rate. The forward estimates on the right extend the analysis using projected fundamentals, helping you assess whether the current price already reflects future growth expectations.
Azure Power Global historical P/E ratio, EBIT multiple, and P/S ratio
Azure Power Global annual returns
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Annual Return
ⓘWhat This Chart Shows
This chart breaks down 's total annual return into two components: price return (gains or losses from stock price movement) and dividend return (income received from dividend payments). Together, they represent the total return an investor would have earned in each calendar year.
Price Return
Price return measures the percentage change in 's stock price from January 1st to December 31st of each year. Positive bars indicate the stock appreciated; negative bars show a decline. This is the component most investors focus on, but it tells only part of the story — especially for dividend-paying stocks.
Dividend Return
Dividend return represents the income generated from dividends paid during the year, expressed as a percentage of the starting stock price. While it may seem small in any single year (typically 1–4 % for established companies), dividends compound significantly over decades and have historically contributed roughly 40 % of total stock market returns.
What to Look For
Examine how many years showed positive vs. negative returns to gauge consistency. A stock with mostly positive years and small drawdowns suggests lower risk. Also compare 's annual returns to a benchmark index — consistently outperforming the market is a hallmark of a strong investment. Pay attention to the worst years: understanding downside risk is just as important as chasing upside potential.
Azure Power Global shares outstanding
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Azure Power Global Analyst Rating Actions
| Date | Firm | Action | Rating | Reliability |
|---|---|---|---|---|
| 1/12/2023 | Maintained | Underperform | – | |
| 9/1/2022 | Downgrade | OutperformSector Perform | 52 | |
| 8/29/2022 | Downgrade | OutperformUnderperform | – | |
| 3/2/2022 | Maintained | Outperform | 52 | |
| 8/31/2021 | Maintained | Buy | – | |
| 8/31/2021 | Maintained | Overweight | 33 | |
| 6/16/2021 | Maintained | Overweight | 33 | |
| 11/11/2020 | Maintained | Buy | – | |
| 10/19/2020 | Maintained | Outperform | – | |
| 9/27/2020 | Downgrade | BuyHold | – |
Eulerpool Reliability Score (0–100): measures how often a firm’s bullish or bearish calls were directionally correct three months later, blended with the average return following its calls. Every rating we record is stored permanently and scores update continuously; firms with fewer than 3 measured calls are not scored yet.
EESG©
Eulerpool ESG Scorecard© for the Azure Power Global stock
EEnvironment
20
Environment
SSocial
20
Social
GGovernance (Corporate Governance)
4
Governance (Corporate Governance)
The Eulerpool ESG Scorecard© is the strictly copyrighted intellectual property of Eulerpool Research Systems. Any unauthorized use, imitation, or infringement will be actively pursued and may lead to significant legal consequences. For licenses, collaborations, or usage rights, please contact us directly via our contact form. Contact Form to us.
Azure Power Global shareholder structure
| % | Name |
|---|---|
0.46617% | |
0.00016% |
Azure Power Global Beneficial Ownership Filings (SEC 13D/G)
| Stake | Holder | Filing |
|---|---|---|
30.40% | SEC ↗ | |
20.60% | SEC ↗ | |
19.40% | SEC ↗ | |
19.40% | SEC ↗ | |
19.40% | SEC ↗ | |
19.40% | SEC ↗ | |
19.40% | SEC ↗ | |
19.40% | SEC ↗ | |
18.00% | SEC ↗ | |
18.00% | SEC ↗ |
Azure Power Global Executives and Management Board
16 members · avg. age 52 · 19 % women
Management
Mr. Sunil Gupta (62)
Chief Executive Officer
Mr. Sugata Sircar (61)
Chief Financial Officer · since 2022
Ms. Shweta Srivastava (49)
Chief Human Resources Officer
Mr. Sankalp Kant (44)
Senior Vice President - Strategy and Commercial
Mr. Vijay Wadhwani (46)
Chief Compliance and Ethics Officer
Ms. Kritika Baralia (38)
Vice President - Business Development and Commercial
Board of Directors
Mr. Brijesh Mehra (61)
Non-Executive Chairman of the Board
Mr. Richard Payette (64)
Non-Executive Lead Independent Director
Ms. Pratibha Bajaj (41)
Non-Executive Nominee Director - CDPQ Infrastructures Asia Pte Ltd.
Mr. Julian Gratiaen (45)
Non-Executive Nominee Director - OMERS Infrastructure
Mr. Philippe Wind (59)
Non-Executive Director
Mr. Jean-francois Boisvenu (59)
Non-Executive Independent Director
Frequently asked questions about Azure Power Global
The business model of Azure Power Global Ltd is based on the development, construction, ownership, operation, and maintenance of solar power plants. As a leading independent solar power producer, Azure Power focuses on delivering reliable and affordable clean energy solutions. The company utilizes its expertise in the entire value chain of solar projects, from site selection and securing permits to engineering, procurement, and execution. By leveraging its technology and experience, Azure Power aims to provide sustainable energy solutions and contribute to the global transition towards a greener and more sustainable future.
Azure Power Global Ltd is primarily active in the renewable energy industry.
The main competitors of Azure Power Global Ltd in the market include companies like SunEdison, First Solar, and Canadian Solar. These companies also specialize in the development and operation of solar power projects, similar to Azure Power Global Ltd. With their expertise and presence in the renewable energy sector, they pose a competitive challenge to Azure Power Global Ltd as they all aim to capture a significant market share and contribute to the global transition to clean energy.
Azure Power Global Ltd is a leading solar power developer in India, specializing in the development, construction, operation, and maintenance of rooftop and ground-mounted solar power projects. Founded in 2008, Azure Power has played a pivotal role in driving the adoption of solar energy in India. The company has a strong track record of successfully executing utility-scale solar projects across various states in the country. Azure Power has been recognized for its commitment to sustainability and has attracted significant investments from both institutional and individual investors. With a focus on clean and sustainable energy solutions, Azure Power Global Ltd is poised to continue its growth and contribute to India's renewable energy goals.
Azure Power Global Ltd has achieved several significant milestones. The company has become one of India's leading solar power developers and operators, with a strong presence in the renewable energy sector. Azure Power has successfully developed multiple utility-scale solar power projects across the country, showcasing its expertise and commitment to sustainable energy solutions. Additionally, the company has entered into strategic partnerships and collaborations to drive further growth and expansion. Azure Power's innovative approach, commitment to clean energy, and successful project execution have established it as a key player in the renewable energy industry.
Azure Power Global Ltd is primarily present in various countries and regions. As a leading solar power company, Azure Power operates in multiple locations including India, United States, and various other countries. With a focus on developing, constructing, and operating solar power projects, Azure Power has expanded its presence and established a strong foothold in key regions worldwide.
Azure Power Global Ltd represents a strong commitment to sustainable and clean energy solutions. Their corporate philosophy revolves around providing renewable energy to empower communities and reduce carbon emissions. Azure Power aims to deliver low-cost solar power solutions with a focus on quality, reliability, and innovation. By leveraging advanced technology and operational excellence, the company strives to create a positive impact on the environment while delivering long-term value to shareholders. With their extensive experience and a dedicated team, Azure Power Global Ltd remains at the forefront of the renewable energy sector, driving the transition towards a greener and more sustainable future.
8 analysts currently rate the Azure Power Global stock: 0 recommend buying, 2 holding and 6 selling.
Converted at the current exchange rate, the Azure Power Global share trades at 0.01 EUR (1.00 INR).
The Azure Power Global share (AZREF) is listed on 5 stock exchanges, including: NYSE (AZRE), Frankfurt (256.F), München (256.MU), Düsseldorf (256.DU).
Azure Power Global Ltd is a leading solar energy company based in India that specializes in the development, construction, and operation of photovoltaic (PV) systems. The company's business includes the generation and sale of solar energy to governments, businesses, and private customers. Azure Power's core business is project development, where the company selects suitable locations to build solar plants. The locations are chosen based on factors such as sunlight exposure, terrain, grid connectivity, and regulatory frameworks. Azure Power handles the entire project development process, from planning and financing to implementation and operation of the plant. Azure Power currently operates solar power plants with a total installed capacity of over 7 gigawatts (GW) in India, the US, and Mexico. The company plans to further expand its capacity in the coming years. The company also offers a range of products and services to meet the needs of its customers. These products include solar modules, inverters, and solar batteries. The company also provides consulting services to customers who require customized energy solutions for their specific needs. Azure Power is also able to offer tailored solutions to governments and businesses looking to transition their energy systems to solar power. The company has already implemented various projects for governments in India and the US, including states, cities, and schools. Azure Power also develops solutions for industrial customers looking to reduce their energy costs. Azure Power earns its revenue through the sale of solar energy to its customers. The company has long-term power purchase agreements with various customers, guaranteeing a fixed quantity and price for the solar energy. This provides the company with a stable source of income and minimizes the risk of fluctuations in the electricity market. Azure Power is also committed to making sustainable energy accessible to all. The company has launched various initiatives to promote solar energy in rural areas connected to the grid. By introducing solar energy to these areas, the company can help improve access to energy and enhance people's lives. In summary, Azure Power Global Ltd is a leading solar energy company specializing in project development, construction, and operation of photovoltaic systems. The company also offers a range of products and services to meet the needs of its customers and earns revenue through the sale of solar energy to governments, businesses, and private customers. Azure Power is also committed to making sustainable energy accessible to all and has launched various initiatives to promote solar energy in rural areas.
The revenue cannot currently be calculated for Azure Power Global.
The profit cannot currently be calculated for Azure Power Global.
The P/E ratio cannot be calculated for Azure Power Global at the moment.
The P/S cannot be calculated for Azure Power Global currently.
The Eulerpool Quality Score for Azure Power Global is 2/10.
The ISIN of Azure Power Global is MU0527S00004. The ISIN (International Securities Identification Number) is a globally unique identifier for securities.
The WKN of Azure Power Global is A2AS8S. The WKN (Wertpapierkennnummer) is a six-digit German security identification number.
The ticker of Azure Power Global is AZREF. The ticker symbol is used to trade Azure Power Global shares on the stock exchange.
Azure Power Global paid dividends every year for the past 0 years.
Azure Power Global is assigned to the 'Utilities' sector.
The dividends of Azure Power Global are distributed in INR.
Azure Power Global stock
Azure Power Global Peer Group
Azure Power Global Ticker
Azure Power Global FIGI
All fundamentals and in-depth analysis of Azure Power Global
Our stock analysis for Azure Power Global stock includes important financial indicators such as revenue, profit, P/E ratio, P/S ratio, EBIT, as well as information on dividends. We also assess aspects such as stocks, market capitalization, debt, equity, and liabilities of Azure Power Global. If you are looking for more detailed information on these topics, we offer comprehensive analyses on our subpages.