Utilities
Live Price
Offline$1.00
+0.00% today
1Y Change
+100.00%
Window
Jun 30, 2025 → Jun 25, 2026
Coverage: 247 bars · Jun 30, 2025 → Jun 25, 2026
Research Briefing
A compact read on the setup, peer context, quarterly changes, and recent earnings reaction.
Research Snapshot
Azure Power Global Limited (AZREF) is a Utilities stock with a market cap of $6.11B. The stock last traded around $1.00 and up 100.0% across the available one-year price window (Jun 30, 2025 → Jun 25, 2026). Baseline metrics include revenue growth of -3.7%, EPS growth of +6.4%, a dividend yield of 0.0%. What stands out right now is revenue -3.7%, EPS +6.4%, free cash flow +129.7% with operating margin 34.7% and ROIC 4.3%. Valuation is more restrained than many high-expectation growth names at price/sales 0.3. Overall, the current profile looks closer to a turnaround or cyclical reset than a generic broad-market placeholder. Stock Foundry combines AZREF price history, valuation, growth, dividend context, earnings, analyst forecasts, news, related Utilities peers on this page.
Benchmark Edge
Normalized return, excess return, max drawdown, and calendar-year wins against the benchmarks investors actually use.
Relative Read
AZREF is 81.15 pts ahead over the shared 1Y window.
AZREF had 84.98 pts deeper max drawdown than SPY.
AZREF beat SPY in 1 of 2 calendar years shown and trailed in 1.
AZREF
+100.00%
Normalized return
SPY
+18.85%
S&P 500
Excess Return
+81.15 pts
Relative to SPY
AZREF Max Drawdown
-94.12%
Trailing 1Y
SPY Max Drawdown
-9.13%
Trailing 1Y
Uses the longest available daily history for AZREF and SPY.
| Year | AZREF | SPY | Excess | Leader |
|---|---|---|---|---|
| 2026 | 0.00% | +6.71% | -6.71 pts | SPY |
| 2025 | +100.00% | +11.19% | +88.81 pts | AZREF |
Financial profile
Profitability, balance sheet stamina, and cash efficiency drawn from the latest filings.
FY Revenue
$15.2B
-16.9% YoY
FY Net Income
-$4.2B
-99.9% YoY
Free Cash Flow
-$187.8M
+61.4% YoY
Revenue Growth
-3.7%
EPS Growth
+6.4%
Gross Margin
91.2%
Net Margin
-15.3%
Income statement
INR
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 20.5B | 21.3B | 20.7B | 18.3B | 15.2B |
| Gross Profit | 18.7B | 19.4B | 18.9B | 176M | 145M |
| Operating Income | 7.1B | 7.8B | 8.8B | 11.1B | 4.5B |
| EBITDA | 12.1B | 13.1B | 14.0B | 12.4B | 7.7B |
| Net Income | -3.1B | -3.3B | -2.3B | -2.1B | -4.2B |
| EPS (Diluted) | — | — | — | — | — |
Balance sheet
INR
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cash & Equivalents | 8.7B | 7.5B | 12.7B | 160M | 83M |
| Total Assets | 173.6B | 179.9B | 190.5B | 2.5B | 2.0B |
| Total Liabilities | 142.8B | 147.2B | 155.0B | 2.0B | 1.7B |
| Shareholder Equity | 30.6B | 32.2B | 34.9B | 38.9B | 24.2B |
| Total Debt | 123.6B | 126.8B | 135.1B | 132.6B | 107.2B |
| Net Debt | 114.9B | 119.3B | 122.4B | 1.6B | 1.4B |
Cash flow positioning
Latest Full Year
Operating Cash Flow
67M
+8.7% YoY
Capital Expenditures
255M
+53.6% YoY
Free Cash Flow
188M
+61.4% YoY
Key ratios
Gross Margin
91.2%
Operating Margin
34.7%
Net Margin
-15.3%
ROE
-10.0%
Debt / Equity
4.04x
Next Step
Use the numbers to decide whether this is a growth candidate, a quality compounder, or just an interesting outlier.