Adani Green Energy Ltd (AGEL) has strongly rejected a recent report by UK-based activist investor Snowcap Research, labelling it as factually inaccurate and filled with analytical errors.

What Happened: The report misrepresents the company's comprehensive disclosures, according to Adani Green. “misleading and mischievous misrepresentation of AGEL's comprehensive disclosures,” the firm said in a statement.

Earlier in the day, Snowcap Research had accused the firm of inflating metrics, overstating cashflow estimates and relying heavily on related party transactions.

The company said that the research firm had made a critical error by incorrectly portraying its cash and equivalents, which the report listed as ₹4,144 crore instead of the accurate figure of ₹12,374 crore, citing its FY24 results and Q4 presentation. This information distorts the projected cash flow generation depicted in the report, Adani Green argues.

The renewable energy major criticised the research firm for not engaging with it or providing an opportunity to respond to the allegations, suggesting “malevolent intent” behind the report. Adani Green countered that rating agency India Ratings recently upgraded Adani Green Energy to “IND AA-“/Stable, claiming that this highlights its increasing cash flows from operations and strong execution scale-up.

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“We stand by all the disclosures made,  including Return on Capital, debt, and our business plan,” a company spokesperson said.

Adani Green said it is committed to reaching 50 gigawatts by 2030 and aims to deliver 6-8 gigawatts of incremental capacity annually, asserting that it has full control over resources for this target, including land, phased evacuation readiness and vendor participation. It said it also has access to financing from domestic and international banks and capital markets, ensuring debt access for its growth portfolio.

“The deliberate attempt to mislead investors and the public is part of a concerning pattern of attacks on the Adani portfolio of companies originating from foreign shores. The timing of such reports confirms an ulterior motive to affect the share market, when parliamentary elections are ongoing in India,” the company said.

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