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EV-to-OCF is calculated as enterprise value divided by its cash flow from operations. As of today, Azure Power Global's Enterprise Value is $1,328.7 Mil.
Azure Power Global's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2024 was $40.3 Mil. Therefore, Azure Power Global's EV-to-OCF for today is 32.99.
The historical rank and industry rank for Azure Power Global's EV-to-OCF or its related term are showing as below:
AZREF'
s EV-to-OCF Range Over the Past 10 Years
Min: -1627.32 Med: 36.52 Max: 70.11
Current: 32.99
During the past 11 years, the highest EV-to-OCF of Azure Power Global was 70.11. The lowest was -1627.32. And the median was 36.52.
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. 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 (OTCPK:AZREF) EV-to-OCF Explanation
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. 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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Cash Flow from Operations is an important financial metric because it represents the cash generated from operating activities at a company's disposal. Companies with a low EV-to-OCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Azure Power Global EV-to-OCF Related Terms
Azure Power Global EV-to-OCF Historical Data
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The historical data trend for Azure Power Global's EV-to-OCF 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.
For the Utilities - Renewable subindustry, Azure Power Global's EV-to-OCF, along with its competitors' market caps and EV-to-OCF 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-OCF vs Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Azure Power Global's EV-to-OCF distribution charts can be found below:
* The bar in red indicates where Azure Power Global's EV-to-OCF 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 Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2024 was $40.3 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-OCF of 32.99 as of Jul. 16, 2026. This is 10% below median its historical median of 36.52.
Is Azure Power Global's EV-to-OCF too high?
Azure Power Global's current EV-to-OCF of 32.99 is 10% below median its 10-year median of 36.52. The Utilities - Independent Power Producers industry median EV-to-OCF is 9.76. Azure Power Global's value of 32.99 is 238% 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 EV-to-OCF compare to SAFX and VGAS?
Azure Power Global's EV-to-OCF of 32.99 can be compared against companies in the Utilities - Independent Power Producers industry. The industry median EV-to-OCF is 9.76. Azure Power Global's value of 32.99 is 238% above this benchmark. While the company's 10-year median is 36.52 vs. the industry median of 9.76, Azure Power Global has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EV-to-OCF for an Utilities - Independent Power Producers company?
The median EV-to-OCF among Utilities - Independent Power Producers companies is 9.76, based on 442 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-OCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-OCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Azure Power Global's current EV-to-OCF of 32.99 is 238% 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 EV-to-OCF mean?
A high EV-to-OCF can signal that a stock is expensive relative to its fundamentals. For the Utilities - Independent Power Producers industry, the median EV-to-OCF is 9.76 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Azure Power Global's current EV-to-OCF is 32.99, which is 10% below median its own 10-year median of 36.52. 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-OCF of 32.99. The current EV-to-OCF is 32.99, which is 10% below median its 10-year median of 36.52 and 238% above the Utilities - Independent Power Producers industry median of 9.76. 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-OCF calculated?
EV-to-OCF is calculated from a company's financial statements. For Azure Power Global (AZREF), the current EV-to-OCF is 32.99 as of Jul. 16, 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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