Adani Green Energy Limited

“AGEL operates a genuine long-duration renewable energy infrastructure business in one of the world's best structural growth markets, but the investment case is fatally undermined by a US DOJ bribery indictment that directly implicates the core contract-winning process, ~6x net debt/EBITDA with deeply negative free cash flow, total dependence on capital market access, opaque promoter-controlled governance with no independent board oversight, and a 59x forward P/E that prices in near-perfect 45 GW execution — the base case 10-year return of ~2x is inadequate compensation for these compounding risks of permanent capital impairment.”