AZREF (Azure Power Global) Debt-to-Equity: 3.94 (As of Mar. 2024)


AZREF Azure Power Global Ltd AZREF
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What is Azure Power Global Debt-to-Equity?

Azure Power Global AZREF 12 Debt-to-Equity is 3.94 as of Mar. 2024. GuruFocus rates AZREF with a GF Score™ of 12/100.

Azure Power Global's Short-Term Debt & Capital Lease Obligation for the quarter that ended in Mar. 2024 was $557.5 Mil. Azure Power Global's Long-Term Debt & Capital Lease Obligation for the quarter that ended in Mar. 2024 was $969.6 Mil. Azure Power Global's Total Stockholders Equity for the quarter that ended in Mar. 2024 was $388.1 Mil. Azure Power Global's debt to equity for the quarter that ended in Mar. 2024 was 3.94.

A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.

The historical rank and industry rank for Azure Power Global's Debt-to-Equity or its related term are showing as below:

AZREF's Debt-to-Equity is not ranked *
in the Utilities - Independent Power Producers industry.
Industry Median: 0.85
* Ranked among companies with meaningful Debt-to-Equity only.

Azure Power Global  (OTCPK:AZREF) Debt-to-Equity Explanation

In the calculation of Debt to Equity, we use the total of Short-Term Debt & Capital Lease Obligation and Long-Term Debt & Capital Lease Obligation divided by Total Stockholders Equity. In some calculations, Total Liabilities is used to for calculation.

Be Aware

Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.

Azure Power Global Debt-to-Equity Related Terms

Azure Power Global Debt-to-Equity Historical Data

* Premium members only.

The historical data trend for Azure Power Global's Debt-to-Equity can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Azure Power Global Debt-to-Equity Chart

Azure Power Global Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Debt-to-Equity
Get a 7-Day Free Trial Premium Member Only Premium Member Only 3.47 4.42 3.41 3.87 3.94

Azure Power Global Semi-Annual Data
Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Debt-to-Equity Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only 3.47 4.42 3.41 3.87 3.94

AZREF vs SAFX, VGAS, STEM: Debt-to-Equity Comparison

For the Utilities - Renewable subindustry, Azure Power Global's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Azure Power Global Debt-to-Equity vs Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, Azure Power Global's Debt-to-Equity distribution charts can be found below:

* The bar in red indicates where Azure Power Global's Debt-to-Equity falls into.


AZREF
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Azure Power Global Ltd AZREF
Debt-to-Equity is just one metric. See GF Score™, valuation, warning signs, and more.
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Azure Power Global Debt-to-Equity Calculation

Debt to Equity measures the financial leverage a company has.

Azure Power Global's Debt to Equity Ratio for the fiscal year that ended in Mar. 2024 is calculated as

Debt to Equity=Total Debt / Total Stockholders Equity
=(Short-Term Debt & Capital Lease Obligation + Long-Term Debt & Capital Lease Obligation) / Total Stockholders Equity
=(557.471 + 969.63) / 388.081
=3.94

Azure Power Global's Debt to Equity Ratio for the quarter that ended in Mar. 2024 is calculated as

Debt to Equity=Total Debt / Total Stockholders Equity
=(Short-Term Debt & Capital Lease Obligation + Long-Term Debt & Capital Lease Obligation) / Total Stockholders Equity
=(557.471 + 969.63) / 388.081
=3.94

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Debt-to-Equity →
What does a Debt-to-Equity of 3.94 mean?
Azure Power Global (AZREF) has a Debt-to-Equity of 3.94 as of Mar. 2024. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Azure Power Global and its competitors.
Is Azure Power Global's Debt-to-Equity too high?
Azure Power Global's current Debt-to-Equity is 3.94. The Utilities - Independent Power Producers industry median Debt-to-Equity is 0.85. Azure Power Global's value of 3.94 is 363.5% above this industry median. Overall, Azure Power Global has a GF Score™ of 12/100, reflecting its overall financial health beyond just this single metric.
How does Azure Power Global's Debt-to-Equity compare to SAFX and VGAS?
Azure Power Global's Debt-to-Equity of 3.94 can be compared against companies in the Utilities - Independent Power Producers industry. The industry median Debt-to-Equity is 0.85. Azure Power Global's value of 3.94 is 363.5% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for an Utilities - Independent Power Producers company?
The median Debt-to-Equity among Utilities - Independent Power Producers companies is 0.85, based on 392 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Azure Power Global's current Debt-to-Equity of 3.94 is 363.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Azure Power Global and its competitors. For the Utilities - Independent Power Producers industry, the median Debt-to-Equity is 0.85 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Azure Power Global's current Debt-to-Equity is 3.94. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Azure Power Global stock overvalued right now?
Azure Power Global (AZREF) has a current Debt-to-Equity of 3.94. The current Debt-to-Equity is 3.94 and 363.5% above the Utilities - Independent Power Producers industry median of 0.85. Azure Power Global's overall GF Score™ is 12/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Azure Power Global (AZREF), the current Debt-to-Equity is 3.94 as of Mar. 2024. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Azure Power Global Business Description

Address Phase II, 8th Floor, Tower A, DLF Infinity, Cyber City, Gurugram, HR, IND, 122002
Azure Power Global Ltd is a utility-scale renewable energy project developer and operator. It is engaged in the development, construction, ownership, operation, maintenance, and management of renewable energy assets based on long-term contracts (Power Purchase Agreements or PPA) with Indian Government energy distribution companies, as well as other Indian non-governmental energy distribution companies and commercial customers.
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Debt-to-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

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