Adani Green Energy Moat Analysis: Score & Risks
Adani Green Energy Ltd.
A first-pass moat teardown of Adani Green Energy Ltd., built from single-pass filing evidence. Free note — provisional, and the full two-pass deep dive may revise it.
First-pass narrow read — primary edge in Switching Costs. Provisional, single-pass evidence.
Adani Green Energy Ltd. scores 4.99 on MoatSCORE 6.0 — a narrow moat in Power. This is a first-pass note: the dimensional read and the filing receipts below come from a single GFIP evidence pass, not the full two-pass deep corpus behind our flagship deep dives. Provisional — published free while the deep version is queued.
Seven dimensions of moat
Ordered by contribution. Each dimension carries a verified filing quote, graded [M] mechanism or [O] outcome.
“93% contracted portfolio 25-year fixed tariff PPAs Avg. Portfolio tariff: ` 2.96/unit3”
“99.7% less operational freshwater consumption per unit of generation (0.01 kl/MWh) in 9MFY26 against 3.5 kl / MWh, statutory limit for thermal power”
“Adani Green reached an operational renewable energy capacity of over 14 GW and is on target to build the world's largest renewable energy plant of 30 GW at Khavda”
“The new wind capacity additions are on the merchant side, where the price realization in H1 has been very attractive as well.”
“We expanded our CNG stations from 733 to 903 and PNG connections from 8.45 lakhs to 9.76 lakhs”
“alignment of O&M as per AGEL practices, and plants inducted successfully into the proprietary ENOC network”
D8 rating: ADEQUATE. Not part of the moat score — it governs the cost of equity and the fade window. First-pass; not yet deep-reviewed.
The barrier gate — first-pass
Effective barrier 5 — below 6, so the band is capped narrow. First-pass estimate.
Deep two-pass review. This draft rests on a single GFIP evidence pass; the full 10-year AR + concall corpus may move the read.
The barrier gate. A firmer replication or bypass estimate is the most likely thing to shift the band.
Adverse events. Any governance, regulatory or funding shock captured in D8 could re-rate the fade window.
Where this note fits. This company is one of 509 Indian companies we have scored for moat durability — 370 narrow, 126 narrow-trending-wide, none wide. Every score, dimension by dimension, is free in the Moat Screener.
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