Adani Green Energy FY26 Annual Earnings Summary
4 quarters covered · ₹12,928 Cr revenue · ₹1,987 Cr PAT · 83.8% average EBITDA margin.
Quarter-by-quarter progression
Management promises made during the year
Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q2 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q3 FY26Current-quarter commentary contains related risk or weakness, so the promise appears not to have been delivered yet.
Q4 FY26Risks flagged during the year
Delays in grid augmentation (2-3 GW pushed to Q4) have caused curtailment, particularly at Khavda, reducing revenue and EBITDA.
Q4 FY26 · highInadequate transmission infrastructure could limit capacity additions and utilization, especially at Khavda.
Q4 FY26 · highCurtailment and lower merchant realizations caused an estimated INR 1,200-1,500 crore EBITDA loss in FY26; recovery depends on PPA conversion and grid improvements.
Q1 FY26 · mediumCurtailment due to transmission lag is impacting <5% of EBITDA; management expects resolution in weeks/months.
Q1 FY26 · mediumSolar merchant prices fell to ₹2.2/unit in Q1 from ~₹3 in Q4 due to early monsoon and oversupply; wind prices also seasonal.
Q2 FY26 · mediumGrid availability for new projects is impacted by transmission infrastructure delays, though management expects 10 GW evacuation capacity by year-end.
Q2 FY26 · mediumAs infirm power (currently sold at merchant rates) gets converted to PPAs, blended realizations may decline, impacting EBITDA margins.
Q3 FY26 · mediumMerchant power realizations fell sharply (solar Rs 2.20/unit vs Rs 2.82 last year) due to market conditions, impacting revenue.
Q3 FY26 · mediumRising silver prices (3x increase) could increase module costs by ~10%, potentially impacting project IRRs if not hedged.
Q4 FY26 · mediumRamping battery storage to 10 GWh in one year involves supply chain and capital flexibility challenges.
Q4 FY26 · mediumChanges in renewable energy policies or grid regulations could impact project economics and timelines.
Q1 FY26 · lowExtended monsoon last year impacted generation; management claims better preparedness but monsoon fury remains uncertain.
What changed through the year
Q1 FY26 · 5 GW capacity addition target for FY26
Management confirmed on track to add 5 GW this fiscal, with 1.6 GW already commissioned in Q1.
Q1 FY26 · 50 GW target by 2030 remains fully funded
Capital management framework ensures growth is fully funded for the 50 GW target while maintaining credit discipline.
Q1 FY26 · 25% of capacity to target C&I/merchant markets by FY30
Strategy to allocate a quarter of portfolio to merchant, C&I, and hybrid contracts, including data center demand.
Q2 FY26 · 5 GW capacity addition in FY26
Management reaffirmed commitment to add 5 GW of renewable capacity in FY26, with 2.4 GW already commissioned in H1.
Q2 FY26 · CapEx of INR 30,000-35,000 crore annually for next 2 years
CFO guided CapEx in the range of INR 30,000-35,000 crore per year for FY27 and FY28, supporting similar capacity additions.
Q2 FY26 · 50 GW capacity target by 2030
Management reiterated the long-term target of 50 GW operational capacity by 2030, with steady progress on Khavda and other projects.
Q2 FY26 · BESS strategy to be announced shortly
CEO indicated that a detailed strategy for battery energy storage systems (BESS) will be shared soon, with plans for large-scale deployment.
Q3 FY26 · FY26 run-rate EBITDA of INR 17,000 crore
Management guided for FY26 run-rate EBITDA of INR 17,000 crore, including INR 1,000 crore other income, with power supply EBITDA at INR 16,000 crore.
Q3 FY26 · CapEx of INR 35,000-40,000 crore next year
Management guided for CapEx in the range of INR 35,000-40,000 crore for the next fiscal year to support 50 GW target by 2030.
Q3 FY26 · Battery storage capacity to more than double next year
Management expects to commission 3.5 GWh battery storage this fiscal and more than double that capacity in the coming year.
Q3 FY26 · 50 GW operational capacity by 2030
Management reiterated target to achieve 50 GW operational renewable capacity by 2030, with 5.6 GW added in calendar 2025.
Q4 FY26 · FY27 capacity addition of 4.5-5 GW
Management guided for 4.5-5 GW of new capacity in FY27, constrained by transmission evacuation availability.
Q4 FY26 · 10 GWh battery storage commissioning in FY27
Plans to commission over 10 GWh of battery storage in FY27, with capital cost of ~INR 1.5 crore per MWh.
Q4 FY26 · More than 90% of new capacity tied to long-term PPAs
Going forward, over 90% of capacity additions will be under long-term PPAs, reversing the FY26 anomaly of high merchant exposure.
Q4 FY26 · 50 GW target by 2030 unchanged
Management reaffirmed the 50 GW target by 2030, with no current revision despite near-term constraints.