EV-to-EBITDA is calculated as enterprise value divided by its EBITDA. As of today, Azure Power Global's enterprise value is $1,328.7 Mil.
Azure Power Global's EBITDA for the trailing twelve months (TTM) ended in Mar. 2024 was $160.2 Mil. Therefore, Azure Power Global's EV-to-EBITDA for today is 8.29.
The historical rank and industry rank for Azure Power Global's EV-to-EBITDA or its related term are showing as below:
AZREF's EV-to-EBITDA is not ranked *
in the Utilities - Independent Power Producers industry.
Industry Median: 11.47 * Ranked among companies with meaningful EV-to-EBITDA only.
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio to determine the fair market value of a company.
The "classic" EV-to-EBITDA is much better in capturing debt and net cash than the PE Ratio (TTM).
Azure Power Global (OTCPK:AZREF) EV-to-EBITDA Explanation
EV-to-EBITDA is a valuation multiple used in finance and investment to measure the value of a company. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Azure Power Global's PE Ratio (TTM) for today is calculated as:
Azure Power Global's share price for today is $1.00.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. Azure Power Global's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2024 was $-0.628.
* 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.
Study has found that the companies with the lowest EV-to-EBITDA outperforms companies measured as cheap by other ratios such as PE Ratio (TTM).
The historical data trend for Azure Power Global's EV-to-EBITDA 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.
AZREF vs SAFX, VGAS, STEM: EV-to-EBITDA Comparison
For the Utilities - Renewable subindustry, Azure Power Global's EV-to-EBITDA, along with its competitors' market caps and EV-to-EBITDA 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 EV-to-EBITDA vs Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Azure Power Global's EV-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Azure Power Global's EV-to-EBITDA falls into.
Azure Power Global's current Enterprise Value is $1,328.7 Mil.
For company reported semi-annually, GuruFocus uses latest annual data as the TTM data. Azure Power Global's EBITDA for the trailing twelve months (TTM) ended in Mar. 2024 was $160.2 Mil.
* 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 (AZREF) has a EV-to-EBITDA of 8.29 as of Jul. 12, 2026. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Azure Power Global.
Is Azure Power Global's EV-to-EBITDA too high?
Azure Power Global's current EV-to-EBITDA is 8.29. The Utilities - Independent Power Producers industry median EV-to-EBITDA is 11.47. Azure Power Global's value of 8.29 is 27.7% below 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 EV-to-EBITDA compare to SAFX and VGAS?
Azure Power Global's EV-to-EBITDA of 8.29 can be compared against companies in the Utilities - Independent Power Producers industry. The industry median EV-to-EBITDA is 11.47. Azure Power Global's value of 8.29 is 27.7% below this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EV-to-EBITDA for an Utilities - Independent Power Producers company?
The median EV-to-EBITDA among Utilities - Independent Power Producers companies is 11.47, based on 358 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, EV-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Azure Power Global's current EV-to-EBITDA of 8.29 is 27.7% below 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 EV-to-EBITDA mean?
A high EV-to-EBITDA can signal that a stock is expensive relative to its fundamentals. EV to EBITDA ratio is the company's enterprise value divided by earnings before interest, taxes, depreciation and amortization. View historical data on Azure Power Global. For the Utilities - Independent Power Producers industry, the median EV-to-EBITDA is 11.47 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Azure Power Global's current EV-to-EBITDA is 8.29. 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 EV-to-EBITDA of 8.29. The current EV-to-EBITDA is 8.29 and 27.7% below the Utilities - Independent Power Producers industry median of 11.47. 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 EV-to-EBITDA calculated?
EV-to-EBITDA is calculated from a company's financial statements. For Azure Power Global (AZREF), the current EV-to-EBITDA is 8.29 as of Jul. 12, 2026. 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 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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