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Gautam Adani-led Adani Green Energy has been a favourite of investors in the past two years. Shares of the company have soared 3,345% to Rs 1,067.95 on February 16 from Rs 31 on February 15, 2019.

The rise in prices indicates that an investment of just Rs 10,000 soared to Rs 3.44 lakh. The stock is among the top performer in the BSE500 pack which represents 93% of the total market capitalisation of the exchange.

Going ahead, analysts believe that Adani Green Energy will be a key beneficiary of government thrust on green (renewable) energy vis-a-vis conventional thermal energy. The government has set an ambitious target to reach a renewable capacity of 175GW by FY22 and 400GW by FY30, driving growth over the medium to long term.

The company aims to become a 25 GW-company by FY25 from the current 3.2 GW operational capacity and 11.6 GW of the project pipeline. Solar is expected to contribute 70–80% of incremental projects. Data available with BSE showed that retail investors held 0.96% stake in the company as of December 31, while high networth investors had 0.71%.

Commenting on the further growth opportunity, Edelweiss Securities said: “Adani Green Energy is one of the largest renewable companies in India with a current project portfolio of 14,815 MW. Given the government’s ambitious target to reach 175 GW of renewable capacity by 2022 and 400 GW by 2030, the company is favourably placed to tap into this mega opportunity. Addressing the key issue of land acquisition, Adani Green Energy has already tied up 70,000 acres. It has also identified 200,000-plus acres across India for future growth. Adani Green is favourably placed to tap into upcoming opportunities in the renewables space, given rising government focus.”

Of late, the company reported a net profit of Rs 41.36 crore for the third quarter ended December 31. It had posted a loss of Rs 128.5 crore in Q3 of last year. The company’s total revenue also increased to Rs 843 crore, up 63% from Rs 523 crore from the corresponding quarter in the previous financial year.

Adani Green is one of the largest renewable companies in India, with a current project portfolio of 14,815 MW. The electricity generated is supplied to central and state government entities and government-backed corporations. On the back of long-term Power Purchase Agreements (PPAs) of 25 years with central and state government entities, Adani Green has leveraged its capabilities and expanded its presence across 11 Indian states.