Azure Power Global Limited (AZREF)

Azure Power Global Balance Sheet

Financials in millions INR. Fiscal year is April - March.

Assets

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Cash & Equivalents	11,404	8,670	7,469	12,724	18,796
Short-Term Investments	2,254	3	-	7	6
Accounts Receivable	3,438	4,636	4,623	5,713	6,041
Other Receivables	254	352	309	221	98
Inventory	10	8	13	13	-
Prepaid Expenses	119	111	169	255	157
Restricted Cash	9,885	9,192	8,271	7,764	3,784
Other Current Assets	1,443	6,282	6,697	1,154	1,797
Total Current Assets	28,807	29,254	27,551	27,851	30,679
Property, Plant & Equipment	132,461	134,770	141,073	147,985	148,797
Other Intangible Assets	17	10	9	1	8
Long-Term Investments	457	457	457	457	96
Long-Term Deferred Tax Assets	1,037	2,352	1,766	1,137	1,920
Long-Term Deferred Charges	256	273	289	305	322
Long-Term Accounts Receivable	3,211	3,555	3,942	4,185	3,456
Other Long-Term Assets	2,535	2,947	4,850	8,615	5,341
Total Assets	168,781	173,618	179,937	190,536	190,619

Liabilities

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Accounts Payable	1,089	1,092	1,429	1,504	3,573
Accrued Expenses	414	455	1,235	1,267	2,149
Short-Term Debt	-	-	10,451	7,840	7,036
Current Portion of Long-Term Debt	8,663	10,498	35,515	9,414	9,209
Current Unearned Revenue	351	308	313	308	230
Current Portion of Leases	402	324	316	292	300
Current Income Taxes Payable	3	52	183	386	181
Other Current Liabilities	4,022	7,317	6,112	5,188	3,936
Total Current Liabilities	14,944	20,046	55,554	26,199	26,614
Long-Term Debt	108,945	109,306	77,031	114,191	112,542
Long-Term Leases	4,373	3,482	3,469	3,408	3,534
Long-Term Unearned Revenue	5,677	6,197	6,518	6,688	5,417
Pension & Post-Retirement Benefits	67	42	44	39	53
Long-Term Deferred Tax Liabilities	4,796	2,405	3,285	3,338	1,936
Other Long-Term Liabilities	1,463	1,344	1,250	1,138	947
Total Liabilities	140,265	142,822	147,151	155,001	151,043

Shareholders' Equity

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Common Stock	3	3	3	3	3
Additional Paid-In Capital	56,724	56,724	56,741	56,743	56,726
Retained Earnings	-26,669	-24,073	-20,942	-17,597	-15,312
Comprehensive Income & Other	-1,749	-2,061	-3,583	-4,239	-2,503
Total Common Equity	28,309	30,593	32,219	34,910	38,914
Minority Interest	207	203	567	625	662
Shareholders' Equity	28,516	30,796	32,786	35,535	39,576
Total Liabilities & Equity	168,781	173,618	179,937	190,536	190,619

Additional Metrics

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Total Debt	122,383	123,610	126,782	135,145	132,621
Net Cash (Debt)	-108,725	-114,937	-119,313	-122,414	-113,819
Net Cash Growth	-	-	-	-	-
Net Cash Per Share	-1694.42	-1791.23	-1859.43	-1907.76	-2237.17
Filing Date Shares Outstanding	64.17	64.17	64.17	64.17	64.16
Total Common Shares Outstanding	64.17	64.17	64.17	64.17	64.16
Working Capital	13,863	9,208	-28,003	1,652	4,065
Book Value Per Share	441.18	476.78	502.12	544.05	606.50
Tangible Book Value	28,292	30,583	32,210	34,909	38,906
Tangible Book Value Per Share	440.92	476.62	501.98	544.04	606.38
Land	4,248	4,240	4,262	3,748	3,224
Machinery	150,907	150,534	149,689	150,978	135,903
Construction In Progress	1,738	723	3,146	5,723	17,316

Data Source: S&P Global Market Intelligence Last updated: Mar 31, 2024

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every six months for this company.

Update frequency:

Semi-annually

Last checked:

Sep 22, 2026

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