Azure Power Global Limited (AZREF) F-3 Shelf registration (foreign)

EXHIBIT 12.1

RATIO OF EARNINGS TO FIXED CHARGES

The following table sets forth our ratio of earnings to fixed charges on a historical basis for the periods indicated. The ratio of earnings to fixed charges, as well as any deficiency of earnings are determined using the following applicable factors:

Earnings available for fixed charges are calculated by determining the sum of: (a) loss before income tax; (b) interest expense before preferred security dividends of consolidated subsidiaries and (c) amortization of capitalized interest.

Fixed charges are comprised of interest expense (including amortization of debt issuance costs), interest capitalized and preferred security dividends of consolidated subsidiaries.

Amount in INR 000’s

										For the Three Months Ended June 30, 2018
	For the Year Ended March 31,
	2016			2017			2018
Ratio of earnings to fixed charges
Computation of Earnings:
(Loss) before income tax		(1,327,095	)		(299,236	)		(1,275,111	)		124,384
Interest expense*		2,325,776			2,763,992			5,844,184			1,285,721
Amortization of Capitalized Interest		14,209			20,333			32,392			10,668
Total Earning/(loss) available for fixed charges		1,012,890			2,485,089			4,601,465			1,420,773
Computation of Fixed Charges:
Interest expense*		2,325,776			2,763,992			5,844,184			1,285,721
Interest capitalized		219,166			256,802			383,884			69,862
Redeemablenon-controlling Interest		29,825			44,073			6,397			—
Fixed Charges		2,574,767			3,064,867			6,234,465			1,355,583
Ratio of Earnings to Fixed Charges:		—			—			—			1.05
Earnings are inadequate to cover fixed charges in the amount of:		(1,561,877	)		(579,778	)		(1,633,000	)		—

* Includes onetime refinance cost relating tonon-cash write offs of unamortized deferred financing cost andone-time prepayment fees for debt refinancing of INR 62,095 and INR 1,290,511 during the years ended March 31, 2017 and March 31, 2018.