According to Sharon Chen, Adani Green Energy Ltd, the Gautam Adani-owned debt-to-capital ratio has soared to 95.3 per cent, a level that is on the higher side for a private company. The capital expenditure of the company plans and its funding are other factors that need a close watch.

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“We would be more comfortable looking at a 70 per cent level or up to 80 per cent for a company in a growth phase,” she said. “Adani Green warrants watching closely.”

Around $70billion has a plan to be invested in the entire green energy supply chain by 2030. His aim is to become the world’s biggest renewable power producer by the end of this decade. To be sure, Chen said the “Adani Group has a track record of getting external investors to put in money and that overseas companies have a lot of interest in India. Adani is in that sweet spot,” she said. Still, Adani Green is one of the most leveraged companies in the tycoon’s empire, with Asia’s second-worst debt-to-equity ratio of 2,021 per cent.