Azure Power Global Limited (AZREF) Fair Value & Analysis
Utilities · US · Market cap $64.2M
Azure Power Global Limited
AZREF · US
Strengths
Risks
Fair value as of: Aug 21, 2026
From 11 valuation models · updated 7 days ago
Fair value updated Aug 21, 2026, revised from $1.17 to $1.16 (−0.9%) since Aug 13, 2026.
Below-average quality, trading 14% below our fair value.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The model range is unusually wide ($0.5190 to $1.81). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Our model range runs from $0.5190 (bear) to $1.81 (bull), base $1.16. The closer the price sits to the lower half, the larger the margin of safety.
- Quality 36/100 (below-average quality) with medium evidence: read the verdict with care.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.
How to read this chart
60‑month range $0.0500 – $27.41 · fair‑value band $0.5190 – $1.81 · the $1.00 price screens below the $1.16 fair value. Dashed = 300-day average. As of Aug 21, 2026.
Analysis
Azure Power Global Limited (AZREF) currently trades at $1.00, while our model-based Fair Value estimate is $1.16, implying the stock looks roughly 16.2% undervalued today. The Quality Score stands at 36/100 (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 Aug 21, 2026
Our scenario range runs from $0.5190 (bear case) to $1.81 (bull case); at $1.00, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. 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 -12% fair-value upside, at 16%, AZREF screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 11 models by family
Widest divergence: DCF Models ($0.9563) versus Asset-Based ($0.4235). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 37 · Market factors (momentum, volatility) 65
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
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.
Full company description
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.
Company description, as reported by the company or data provider.
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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Peer Group
Utilities - Renewable · 217 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Utilities - Renewable median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Utilities - Renewable stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| China Yangtze Power Co 600900 | ¥27.96 | ¥25.13 | -10% |
| Ørsted A/S ORSTED | kr 141.30 | kr 31.40 | -78% |
| Huaneng Lancang River Hydropower Inc 600025 | ¥9.79 | ¥5.57 | -43% |
| Adani Green Energy Limited ADANIGREEN | ₹1,319 | ₹169.61 | -87% |
| AXIA Energia SA AXIAP | $10.74 | $9.49 | -12% |
| VERBUND AG OEWA | €57.00 | €66.19 | +16% |
| BEP BEP | $32.49 | $70.40 | +117% |
| BEPUN BEPUN | C$45.16 | C$41.59 | -8% |
| Fortum Oyj FORTUM | €19.80 | €13.55 | -32% |
| China Longyuan Power Group 001289 | ¥15.92 | ¥7.55 | -53% |
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Frequently asked questions
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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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