Intrinsic value of Azure Power Global - AZRE

Previous Close

$15.55

  Intrinsic Value

$29.96

stock screener

  Rating & Target

str. buy

+93%

Previous close

$15.55

 
Intrinsic value

$29.96

 
Up/down potential

+93%

 
Rating

str. buy

We calculate the intrinsic value of AZRE stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  102
  158
  237
  343
  484
  666
  894
  1,174
  1,510
  1,907
  2,369
  2,896
  3,490
  4,153
  4,883
  5,680
  6,543
  7,470
  8,461
  9,512
  10,624
  11,794
  13,023
  14,309
  15,652
  17,053
  18,511
  20,029
  21,607
  23,247
Variable operating expenses, $m
  45
  69
  103
  149
  211
  290
  389
  511
  657
  830
  1,030
  1,260
  1,518
  1,806
  2,124
  2,471
  2,846
  3,250
  3,680
  4,138
  4,621
  5,131
  5,665
  6,224
  6,809
  7,418
  8,052
  8,713
  9,399
  10,112
Fixed operating expenses, $m
  6
  6
  6
  7
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
Total operating expenses, $m
  51
  75
  109
  156
  218
  297
  396
  518
  664
  837
  1,038
  1,268
  1,526
  1,814
  2,132
  2,479
  2,855
  3,259
  3,689
  4,147
  4,630
  5,141
  5,675
  6,234
  6,819
  7,429
  8,063
  8,724
  9,410
  10,124
Operating income, $m
  52
  83
  127
  187
  267
  369
  498
  656
  846
  1,070
  1,331
  1,628
  1,964
  2,338
  2,751
  3,201
  3,688
  4,212
  4,771
  5,365
  5,993
  6,654
  7,348
  8,074
  8,833
  9,624
  10,448
  11,305
  12,197
  13,123
EBITDA, $m
  131
  206
  311
  454
  642
  886
  1,191
  1,566
  2,017
  2,549
  3,167
  3,873
  4,670
  5,558
  6,536
  7,604
  8,760
  10,003
  11,330
  12,739
  14,229
  15,797
  17,443
  19,167
  20,967
  22,843
  24,798
  26,832
  28,946
  31,144
Interest expense (income), $m
  39
  39
  67
  109
  169
  249
  355
  492
  664
  874
  1,128
  1,427
  1,775
  2,172
  2,620
  3,119
  3,669
  4,269
  4,919
  5,618
  6,364
  7,156
  7,993
  8,875
  9,800
  10,769
  11,781
  12,836
  13,935
  15,078
  16,267
Earnings before tax, $m
  13
  16
  18
  19
  18
  14
  6
  -8
  -28
  -58
  -97
  -146
  -208
  -281
  -368
  -468
  -581
  -707
  -847
  -999
  -1,163
  -1,339
  -1,527
  -1,726
  -1,936
  -2,157
  -2,388
  -2,630
  -2,881
  -3,144
Tax expense, $m
  3
  4
  5
  5
  5
  4
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  9
  11
  13
  14
  13
  10
  4
  -8
  -28
  -58
  -97
  -146
  -208
  -281
  -368
  -468
  -581
  -707
  -847
  -999
  -1,163
  -1,339
  -1,527
  -1,726
  -1,936
  -2,157
  -2,388
  -2,630
  -2,881
  -3,144

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,280
  1,978
  2,958
  4,291
  6,054
  8,323
  11,172
  14,670
  18,876
  23,842
  29,607
  36,197
  43,630
  51,911
  61,038
  71,002
  81,788
  93,380
  105,757
  118,902
  132,798
  147,430
  162,787
  178,861
  195,651
  213,159
  231,392
  250,362
  270,086
  290,587
Adjusted assets (=assets-cash), $m
  1,280
  1,978
  2,958
  4,291
  6,054
  8,323
  11,172
  14,670
  18,876
  23,842
  29,607
  36,197
  43,630
  51,911
  61,038
  71,002
  81,788
  93,380
  105,757
  118,902
  132,798
  147,430
  162,787
  178,861
  195,651
  213,159
  231,392
  250,362
  270,086
  290,587
Revenue / Adjusted assets
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
  0.080
Average production assets, $m
  794
  1,226
  1,834
  2,661
  3,755
  5,162
  6,929
  9,098
  11,706
  14,786
  18,361
  22,448
  27,057
  32,193
  37,853
  44,033
  50,722
  57,910
  65,586
  73,739
  82,356
  91,430
  100,954
  110,923
  121,335
  132,193
  143,500
  155,264
  167,497
  180,211
Working capital, $m
  -93
  -144
  -215
  -312
  -441
  -606
  -813
  -1,068
  -1,374
  -1,736
  -2,155
  -2,635
  -3,176
  -3,779
  -4,444
  -5,169
  -5,954
  -6,798
  -7,699
  -8,656
  -9,668
  -10,733
  -11,851
  -13,021
  -14,243
  -15,518
  -16,845
  -18,226
  -19,662
  -21,155
Total debt, $m
  832
  1,351
  2,080
  3,073
  4,384
  6,072
  8,192
  10,794
  13,924
  17,619
  21,908
  26,811
  32,341
  38,502
  45,292
  52,705
  60,730
  69,354
  78,563
  88,343
  98,682
  109,568
  120,993
  132,953
  145,445
  158,470
  172,036
  186,149
  200,824
  216,077
Total liabilities, $m
  952
  1,471
  2,200
  3,193
  4,504
  6,192
  8,312
  10,914
  14,044
  17,739
  22,028
  26,931
  32,461
  38,622
  45,412
  52,825
  60,850
  69,474
  78,683
  88,463
  98,802
  109,688
  121,113
  133,073
  145,565
  158,590
  172,155
  186,269
  200,944
  216,197
Total equity, $m
  328
  506
  757
  1,099
  1,550
  2,131
  2,860
  3,755
  4,832
  6,104
  7,579
  9,266
  11,169
  13,289
  15,626
  18,176
  20,938
  23,905
  27,074
  30,439
  33,996
  37,742
  41,673
  45,788
  50,087
  54,569
  59,236
  64,093
  69,142
  74,390
Total liabilities and equity, $m
  1,280
  1,977
  2,957
  4,292
  6,054
  8,323
  11,172
  14,669
  18,876
  23,843
  29,607
  36,197
  43,630
  51,911
  61,038
  71,001
  81,788
  93,379
  105,757
  118,902
  132,798
  147,430
  162,786
  178,861
  195,652
  213,159
  231,391
  250,362
  270,086
  290,587
Debt-to-equity ratio
  2.540
  2.670
  2.750
  2.800
  2.830
  2.850
  2.860
  2.870
  2.880
  2.890
  2.890
  2.890
  2.900
  2.900
  2.900
  2.900
  2.900
  2.900
  2.900
  2.900
  2.900
  2.900
  2.900
  2.900
  2.900
  2.900
  2.900
  2.900
  2.900
  2.900
Adjusted equity ratio
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256
  0.256

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  9
  11
  13
  14
  13
  10
  4
  -8
  -28
  -58
  -97
  -146
  -208
  -281
  -368
  -468
  -581
  -707
  -847
  -999
  -1,163
  -1,339
  -1,527
  -1,726
  -1,936
  -2,157
  -2,388
  -2,630
  -2,881
  -3,144
Depreciation, amort., depletion, $m
  79
  123
  183
  266
  375
  516
  693
  910
  1,171
  1,479
  1,836
  2,245
  2,706
  3,219
  3,785
  4,403
  5,072
  5,791
  6,559
  7,374
  8,236
  9,143
  10,095
  11,092
  12,134
  13,219
  14,350
  15,526
  16,750
  18,021
Funds from operations, $m
  89
  134
  196
  280
  389
  527
  697
  902
  1,142
  1,421
  1,740
  2,099
  2,498
  2,938
  3,417
  3,935
  4,491
  5,084
  5,712
  6,375
  7,073
  7,804
  8,568
  9,366
  10,197
  11,062
  11,962
  12,897
  13,868
  14,877
Change in working capital, $m
  -35
  -51
  -71
  -97
  -128
  -165
  -207
  -255
  -306
  -362
  -420
  -480
  -541
  -603
  -664
  -725
  -785
  -844
  -901
  -957
  -1,012
  -1,065
  -1,118
  -1,170
  -1,222
  -1,275
  -1,327
  -1,381
  -1,436
  -1,492
Cash from operations, $m
  124
  185
  268
  377
  517
  692
  905
  1,157
  1,448
  1,783
  2,159
  2,578
  3,039
  3,541
  4,082
  4,661
  5,276
  5,928
  6,613
  7,332
  8,084
  8,869
  9,686
  10,536
  11,420
  12,337
  13,289
  14,278
  15,304
  16,370
Maintenance CAPEX, $m
  -50
  -79
  -123
  -183
  -266
  -375
  -516
  -693
  -910
  -1,171
  -1,479
  -1,836
  -2,245
  -2,706
  -3,219
  -3,785
  -4,403
  -5,072
  -5,791
  -6,559
  -7,374
  -8,236
  -9,143
  -10,095
  -11,092
  -12,134
  -13,219
  -14,350
  -15,526
  -16,750
New CAPEX, $m
  -294
  -433
  -608
  -827
  -1,093
  -1,407
  -1,767
  -2,169
  -2,609
  -3,080
  -3,575
  -4,087
  -4,609
  -5,136
  -5,660
  -6,179
  -6,689
  -7,189
  -7,676
  -8,152
  -8,618
  -9,074
  -9,524
  -9,969
  -10,412
  -10,858
  -11,307
  -11,764
  -12,232
  -12,714
Cash from investing activities, $m
  -344
  -512
  -731
  -1,010
  -1,359
  -1,782
  -2,283
  -2,862
  -3,519
  -4,251
  -5,054
  -5,923
  -6,854
  -7,842
  -8,879
  -9,964
  -11,092
  -12,261
  -13,467
  -14,711
  -15,992
  -17,310
  -18,667
  -20,064
  -21,504
  -22,992
  -24,526
  -26,114
  -27,758
  -29,464
Free cash flow, $m
  -221
  -327
  -463
  -633
  -842
  -1,091
  -1,378
  -1,705
  -2,070
  -2,468
  -2,894
  -3,345
  -3,815
  -4,301
  -4,798
  -5,304
  -5,816
  -6,333
  -6,854
  -7,378
  -7,907
  -8,441
  -8,980
  -9,528
  -10,085
  -10,654
  -11,237
  -11,837
  -12,455
  -13,094
Issuance/(repayment) of debt, $m
  353
  519
  729
  992
  1,312
  1,688
  2,120
  2,602
  3,130
  3,695
  4,289
  4,903
  5,530
  6,161
  6,791
  7,413
  8,025
  8,624
  9,209
  9,780
  10,338
  10,886
  11,425
  11,959
  12,492
  13,026
  13,565
  14,114
  14,675
  15,253
Issuance/(repurchase) of shares, $m
  112
  167
  238
  328
  438
  570
  725
  903
  1,105
  1,329
  1,572
  1,833
  2,110
  2,401
  2,705
  3,019
  3,342
  3,675
  4,015
  4,364
  4,720
  5,085
  5,458
  5,841
  6,234
  6,639
  7,056
  7,486
  7,931
  8,392
Cash from financing (excl. dividends), $m  
  465
  686
  967
  1,320
  1,750
  2,258
  2,845
  3,505
  4,235
  5,024
  5,861
  6,736
  7,640
  8,562
  9,496
  10,432
  11,367
  12,299
  13,224
  14,144
  15,058
  15,971
  16,883
  17,800
  18,726
  19,665
  20,621
  21,600
  22,606
  23,645
Total cash flow (excl. dividends), $m
  244
  359
  504
  686
  907
  1,168
  1,466
  1,800
  2,165
  2,556
  2,967
  3,392
  3,825
  4,262
  4,697
  5,128
  5,551
  5,966
  6,370
  6,765
  7,152
  7,530
  7,903
  8,273
  8,641
  9,010
  9,384
  9,763
  10,151
  10,551
Retained Cash Flow (-), $m
  -121
  -179
  -251
  -341
  -451
  -581
  -729
  -903
  -1,105
  -1,329
  -1,572
  -1,833
  -2,110
  -2,401
  -2,705
  -3,019
  -3,342
  -3,675
  -4,015
  -4,364
  -4,720
  -5,085
  -5,458
  -5,841
  -6,234
  -6,639
  -7,056
  -7,486
  -7,931
  -8,392
Prev. year cash balance distribution, $m
  17
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  1
  1
  1
  2
  3
  4
  5
  6
  7
  9
  10
  12
  15
  17
  20
  22
  25
  29
  32
  35
  39
  43
  47
  51
  56
  60
  65
Cash available for distribution, $m
  140
  180
  253
  345
  456
  587
  737
  897
  1,060
  1,227
  1,394
  1,558
  1,715
  1,861
  1,993
  2,109
  2,209
  2,291
  2,355
  2,402
  2,431
  2,446
  2,445
  2,432
  2,407
  2,372
  2,328
  2,277
  2,220
  2,159
Discount rate, %
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
  130
  153
  196
  241
  285
  325
  358
  378
  383
  376
  357
  328
  293
  254
  214
  175
  139
  107
  80
  58
  41
  28
  18
  12
  7
  4
  3
  1
  1
  0
Current shareholders' claim on cash, %
  62.5
  39.9
  26.3
  17.8
  12.3
  8.7
  6.4
  4.7
  3.5
  2.7
  2.1
  1.7
  1.3
  1.1
  0.9
  0.7
  0.6
  0.5
  0.4
  0.4
  0.3
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1

Azure Power Global Limited is an India-based power producer. The Company sells solar power in India on long term fixed price contracts to its customers. The Company is also developing micro-grid applications for the highly fragmented and underserved electricity market in India. The Company operates approximately 20 utility scale projects and several commercial rooftop projects with a combined rated capacity of approximately 240 megawatts. The Company's services include design, engineering and construction of grid integrated solar installations; off grid solar installations for villages, hamlets and remote areas; turnkey solar installations for commercial and residential complexes on roof tops, as back up and alternate source, and operation and maintenance of solar installations. The Company's projects include Project Punjab, Rajasthan Projects, Gandhinagar Smart City Rooftop Project and Micro-Grids in Bihar and Uttar Pradesh.

FINANCIAL RATIOS  of  Azure Power Global (AZRE)

Valuation Ratios
P/E Ratio -22.4
Price to Sales 6.4
Price to Book 2
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow -1.7
Growth Rates
Sales Growth Rate 61.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 69.9%
Cap. Spend. - 3 Yr. Gr. Rate 107.5%
Financial Strength
Quick Ratio 2
Current Ratio 0.4
LT Debt to Equity 235.4%
Total Debt to Equity 265.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 23.8%
Ret/ On Assets - 3 Yr. Avg. 8.4%
Return On Total Capital -3.2%
Ret/ On T. Cap. - 3 Yr. Avg. -6.2%
Return On Equity -15.5%
Return On Equity - 3 Yr. Avg. -49%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 81%
EBITDA Margin - 3 Yr. Avg. 48.8%
Operating Margin 47.6%
Oper. Margin - 3 Yr. Avg. 39.4%
Pre-Tax Margin -6.3%
Pre-Tax Margin - 3 Yr. Avg. -44.7%
Net Profit Margin -28.6%
Net Profit Margin - 3 Yr. Avg. -62.3%
Effective Tax Rate -350%
Eff/ Tax Rate - 3 Yr. Avg. -132.7%
Payout Ratio 0%

AZRE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AZRE stock intrinsic value calculation we used $64 million for the last fiscal year's total revenue generated by Azure Power Global. The default revenue input number comes from 2017 income statement of Azure Power Global. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AZRE stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.1%, whose default value for AZRE is calculated based on our internal credit rating of Azure Power Global, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Azure Power Global.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AZRE stock the variable cost ratio is equal to 43.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $6 million in the base year in the intrinsic value calculation for AZRE stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 8.1% for Azure Power Global.

Corporate tax rate of 27% is the nominal tax rate for Azure Power Global. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AZRE stock is equal to 0.3%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AZRE are equal to 775.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Azure Power Global operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AZRE is equal to -91%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $224 million for Azure Power Global - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 13 million for Azure Power Global is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Azure Power Global at the current share price and the inputted number of shares is $0.2 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ Azure Power Global Ltd. to Host Earnings Call   [Aug-09-18 06:30AM  ACCESSWIRE]
▶ Azure Powers Portfolio Surpasses 3 Gigawatts   [Jul-17-18 06:30AM  Business Wire]
▶ Azure Roof Power Announces US$ 135 Million Financing   [May-31-18 06:41AM  Business Wire]
▶ May Best Growth Stocks   [May-22-18 12:02PM  Simply Wall St.]
▶ Azure Power Wins 130 MW Solar Power Project in Maharashtra   [May-17-18 06:30AM  Business Wire]
▶ Azure Power Surpasses 1 GW of Operating Solar Capacity   [May-15-18 06:30AM  Business Wire]
▶ Azure Power Wins 200 MW Solar Power Project in Gujarat   [Apr-03-18 06:30AM  Business Wire]
▶ Azure Power Wins 130 MWs of Solar Power Projects   [Mar-21-18 02:21PM  Business Wire]
▶ Azure Power Global Ltd. to Host Earnings Call   [Feb-09-18 06:45AM  ACCESSWIRE]
▶ Azure Power Announces Results for Fiscal Third Quarter 2018   [Feb-08-18 04:30PM  Business Wire]
▶ Dipti Swain Joins Azure Power as General Counsel   [Jan-31-18 07:30AM  Business Wire]
▶ Azure Power Wins 200 MWs in SECI Auction   [Jan-09-18 06:30AM  Business Wire]
▶ Dr R.P. Singh Joins Azure Powers Board of Directors   [Oct-26-17 09:15AM  Business Wire]
▶ Azure Power Wins 260 MW Solar Power Project in Gujarat   [Sep-26-17 07:00AM  Business Wire]
▶ Azure Power Announces Results for Fiscal First Quarter 2018   [Aug-11-17 04:30PM  Business Wire]
▶ Azure Power to Issue Indias First Solar Green Bond   [Jul-28-17 06:30AM  Business Wire]
▶ Azure Power Assigned Highest Accreditation Rating by ICRA   [Jul-27-17 03:22PM  Business Wire]
▶ Azure Power reports 4Q loss   [Jun-19-17 10:43PM  Associated Press]
▶ Azure Power: Early-Stage Investor Resigns from Board   [Mar-31-17 05:00PM  Business Wire]
▶ Azure Power(s) Defence Establishments in Maharashtra   [Mar-29-17 05:00PM  Business Wire]
▶ Azure Power reports 3Q loss   [Feb-14-17 06:34AM  Associated Press]
▶ Azure Power Announces Results for Fiscal Third Quarter 2017   [Feb-13-17 09:12PM  Business Wire]
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