Azure Power Global Limited (AZREF) Fair Value & Analysis
Utilities · US · Market cap $64.2M
Azure Power Global Limited
AZREF · US
Fair value as of: Jul 14, 2026
From 14 valuation models · updated today
Fair value updated Jul 14, 2026 — revised from $9.10 to $1.17 (−87.1%) since Jun 24, 2026.
Price vs Fair Value (12 months)
12‑month range $0.0500 – $1.40 · fair‑value band $0.5231 – $1.82 · the $1.00 price screens below the $1.17 fair value. As of Jul 14, 2026.
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Azure Power Global Limited (AZREF) currently trades at $1.00, while our model-based Fair Value estimate is $1.17 — implying the stock looks roughly 17.4% undervalued today. We read business quality at 43/100 (below-average quality), in the Utilities sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium) — always confirm before acting.
Over the trailing twelve months, Azure Power Global Limited generated revenue of $20.5B at a net margin of -15.3%. Revenue declined 2.7% year over year. It earns a return on equity of -9.8%. Net debt stands at $115B. Fundamentals as of Jul 14, 2026
Our scenario range runs from $0.5231 (bear case) to $1.82 (bull case); at $1.00, the current price sits within that range. The share trades about 29% below its 52-week high, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -22% fair-value upside — at 17%, AZREF screens cheaper than that median.
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jul 14, 2026. TTM = trailing twelve months.
About the company
Azure Power Global Limited operates as a renewable energy developer and independent renewable power producer in India. It builds, owns, and operates grid-scale renewable energy projects; and supplies renewable energy to government utilities, and independent industrial and commercial customers on a long-term power purchase agreement. The company has an operating capacity of 3,041 megawatts, including rooftop capacity of 86.5 megawatts. Azure Power Global Limited was founded in 2008 and is based in Gurugram, India.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Azure Power Global Limited reported revenue of $20.5B in FY2025 versus $15.2B in FY2021, a compound +7.7%/yr. Reported net income was −$3.1B in FY2025.
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10 more Utilities - Renewable stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| China Yangtze Power Co 600900 | ¥26.94 | ¥25.13 | -7% |
| Ørsted A/S D2G | €20.80 | €9.92 | -52% |
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| Adani Green Energy Limited ADANIGREEN | ₹1,483 | ₹139.34 | -91% |
| AXIA Energia SA AXIAP | $10.74 | $9.77 | -9% |
| VERBUND AG OEWA | €60.05 | €92.82 | +55% |
| BEPUN BEPUN | C$49.26 | C$43.64 | -11% |
| China Longyuan Power Group 001289 | ¥16.56 | ¥12.93 | -22% |
| BEP BEP | $35.44 | $27.28 | -23% |
| Fortum Oyj FOJCF | $22.79 | $15.78 | -31% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.
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Not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.