Adani Green Faces Financial Challenges Amid Growth Targets

31 May 2024 CW Team

In a detailed 51-page report, Snowcap Research highlighted that Adani Green Energy is falling short of its stated return targets. The report emphasized that the combination of lower returns and rising debt-financing costs threatens the company's ability to meet its ambitious 2030 renewable energy goal. Snowcap's analysis indicated that without raising equity, Adani Green can only meet 50 percent of its 50GW target funding requirement by 2030, despite the company's claims that the target is "fully funded."

Snowcap also pointed out that Adani Green has not achieved the return on capital target of 17 percent announced in 2021. Instead, the company has likely delivered an 11-12 percent return on capital for projects completed over the past three years, aligning with industry peers but below expectations, with a 9.5 percent cost of debt.

Adani Green's response to the report was swift and categorical. A company representative stated that the analysis was "baseless, factually inaccurate, and contains analytical errors and false allegations," designed to negatively impact the company's share price. Despite the report, Adani Green's shares fell over 2.2 percent but recovered some losses shortly after. Adani Enterprises, the group's flagship company, also saw a dip of up to 2.6 percent.

The criticism from Snowcap comes over a year after the Adani Group faced significant allegations from short-seller Hindenburg Research, which accused the group of corruption and market manipulation. These accusations initially wiped out over $150 billion of the Adani Group's market value, though Adani has consistently denied any wrongdoing and much of the stock value has since been regained.

Snowcap clarified that it holds no positions in or against Adani Green, which is approximately 56 percent owned by units controlled by Adani.

The renewable energy unit of billionaire Gautam Adani's empire, Adani Green Energy, may miss key growth targets unless it consolidates its finances through a share issue, according to a report by London-based Snowcap Research. In a detailed 51-page report, Snowcap Research highlighted that Adani Green Energy is falling short of its stated return targets. The report emphasized that the combination of lower returns and rising debt-financing costs threatens the company's ability to meet its ambitious 2030 renewable energy goal. Snowcap's analysis indicated that without raising equity, Adani Green can only meet 50 percent of its 50GW target funding requirement by 2030, despite the company's claims that the target is fully funded. Snowcap also pointed out that Adani Green has not achieved the return on capital target of 17 percent announced in 2021. Instead, the company has likely delivered an 11-12 percent return on capital for projects completed over the past three years, aligning with industry peers but below expectations, with a 9.5 percent cost of debt. Adani Green's response to the report was swift and categorical. A company representative stated that the analysis was baseless, factually inaccurate, and contains analytical errors and false allegations, designed to negatively impact the company's share price. Despite the report, Adani Green's shares fell over 2.2 percent but recovered some losses shortly after. Adani Enterprises, the group's flagship company, also saw a dip of up to 2.6 percent. The criticism from Snowcap comes over a year after the Adani Group faced significant allegations from short-seller Hindenburg Research, which accused the group of corruption and market manipulation. These accusations initially wiped out over $150 billion of the Adani Group's market value, though Adani has consistently denied any wrongdoing and much of the stock value has since been regained. Snowcap clarified that it holds no positions in or against Adani Green, which is approximately 56 percent owned by units controlled by Adani.

Real Estate

08 May 2026

Integrated Waterproofing Strategies

Waterproofing buildings used to be an annual pre-monsoon affair but the evolution of real-estate development has changed that approach. In new developments, developers are weaving waterproofing solutions into both the design and construction phases, an approach that Nikhil Madan, Managing Director, Mahima Group, says, “is all about ensuring lasting durability [of the building] and keeping lifecycle risks including water seepage and extensive maintenance to a minimum.”Watertight by designAluminium formwork systems aren’t commonly thought of as a waterproofing tool but at the Mahima Group,..

Infrastructure Urban

08 May 2026

GROHE Showcases Water-Led Design At Milan

GROHE unveiled its GROHE SPA Aqua Sanctuary at Milan Design Week 2026, transforming Piccolo Teatro Studio Melato into an immersive showcase of water, design and wellbeing. Built on the philosophy of ‘Wellbeing Through Water’, the installation reimagined bathrooms as holistic spaces for relaxation, rejuvenation and self-care.The Aqua Sanctuary was presented through three interconnected sanctums. The first showcased the 3D-printed GROHE SPA AquaTree shower and faucet, highlighting bespoke innovation and biophilic design. The second featured the Atrio Private Collection and GROHE SPA x Buster..

Infrastructure Transport

08 May 2026

Rahee Group Expands Rail Manufacturing Capacity

Rahee Group has outlined a multi-year investment roadmap to expand its operational footprint and strengthen manufacturing capabilities for India’s growing railway and urban transit sector. The Group is expanding in Odisha with a new Track Component Casting Unit, for which the groundbreaking ceremony was held on 8 April 2026 in the presence of Odisha Chief Minister Mohan Charan Majhi.The Group’s flagship EPC arm, Rahee Infratech Ltd, continues to focus on complex rail infrastructure projects, including track systems, bridges, viaducts and ballastless infrastructure. Its wholly owned subsidi..