Azure Power Global Limited

AZREFOTCUtilities● Active

$0.97

$-0.03(-3.00%)

Market Cap$62241369

P/E Ratio—

52W High$1.5

52W Low$0.01

Avg Volume10K

Open$1.00

Beta0.36

Free Cash Flow Financials Revenue

Azure Power Global Limited (AZREF) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

AZREF · free cash flow · updated Jun 8, 2026

Core FCF metrics

AZREF · FCF · TTM · margin & CAGR

Free cash flow was $6.75B for FY2025 (fiscal year ending 2025-03-31), up 129.7% year-over-year The FCF margin was 32.9%.

FY2025 Free Cash Flow$6.75B▲ +129.7% YoY

Trailing 12M (TTM)$2.95Btrailing 4 quarters sum

FCF Margin32.9%$6.75B ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

AZREF · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$7.21B(455M)$6.75B▲ +129.7%32.9%

FY2024$3.34B(394M)$2.94B▲ +46.7%13.8%

FY2023$7.96B(5.95B)$2.00B▲ +511.4%9.7%

FY2022$4.60B(549M)−$487.1M▼ 159.4%-2.7%

FY2021$4.98B(255M)−$187.8M▲ +9.3%-1.2%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

AZREF · P/FCF · FCF yield · FCF per share

Azure Power Global Limited (AZREF) trades at a FCF yield of 113.36% and a price-to-free-cash-flow ratio of 0.0x. FCF per share stands at $45.98, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

113.36%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$45.98

TTM FCF ÷ Shares Outstanding

Price / FCF

x0.0

Share Price ÷ FCF per Share

EV / FCF (TTM)

x17.9

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-03-31

Cash flow statement summary

AZREF · cash flow statement · operating / investing / financing

For FY2025, Azure Power Global Limited generated $7.21B in operating cash flow and spent 455M in capital expenditures, yielding $6.75B in free cash flow.

Operating Activities

+$7.21B

Cash from core business operations

2025-03-31

Investing Activities

−$145.0M

CapEx, acquisitions & investments

2025-03-31

Financing Activities

−$5.07B

Buybacks, dividends & debt

2025-03-31

FCF FormulaOperating CF ($7.21B) − |CapEx| (455M) = FCF ($6.75B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Utilities)

AZREF vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Azure Power Global LimitedYOU

AZREF

$6.75B+129.7%32.9%

100%

Constellation Energy Corporation

CEG

$1.29B+125.6%5.0%

19%

Duke Energy Corporation

Utilities · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Azure Power Global Limited (AZREF) reported free cash flow of $6.75B for FY2025 (fiscal year ending 2025-03-31), up 129.7% year-over-year. The FCF margin was 32.9%.

Based on available data, Azure Power Global Limited has maintained positive free cash flow for at least 3 fiscal year(s). FCF peaked at $6.75B in FY2025.

Azure Power Global Limited's FCF yield is 113.36% and price-to-FCF ratio is 0.0x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

AZREF free cash flow · 8 questions

Azure Power Global Limited free cash flow was $6.75B for FY2025, up 129.7% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $2.95B.

AZREF free cash flowAZREF FCFAZREF FCF 2025AZREF free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Azure Power Global Limited · Azure Power Global Limited SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026