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Adani Green Energy Margin Trend — Quarter by Quarter

Adani Green Energy's EBITDA margin moved from 77.0% in Q2 FY24 to 82.0% in Q4 FY26 across 11 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2682.0%—
Q3 FY2686.0%—
Q2 FY2687.0%—
Q1 FY2680.0%—
Q4 FY2578.0%—
Q3 FY2580.0%—
Q2 FY2574.0%—
Q1 FY2585.0%—
Q4 FY2473.0%—
Q3 FY2472.0%—
Q2 FY2477.0%+50 bps

What management said about ebitda margin

G

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.

G

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.

G

Q3 FY25 · Run-rate EBITDA of ₹15,000 crore+ post FY25 additions

CFO indicated that after adding 5 GW in FY25, the run-rate EBITDA would exceed ₹15,000 crore.

G

Q2 FY25 · Run-rate EBITDA of INR 16,000 crore post 6 GW addition

After adding 6 GW, the company expects a run-rate EBITDA in excess of INR 16,000 crore on an installed base of 17 GW.

G

Q1 FY25 · Portfolio borrowing cost to decline from 9.4%

CFO expects average portfolio interest rate to come down significantly from 9.4%, with new borrowings at 8.6%-8.9%.

G

Q2 FY24 · Refinancing of RG-One bonds at similar cost

Management expects to refinance the $500 million RG-One bond through USD PP market at an effective cost similar to current AGEL Holdco cost of ~9.6%, with no material increase.

G

Q1 FY24 · Solar project cost ex-BCD: ₹4.8-5 cr/MW

Capital cost for solar projects excluding basic customs duty is expected to be in this range.

G

Q1 FY24 · Wind project cost: ₹6.3-6.5 cr/MW

All-in capital cost for wind projects, including turbine and balance of system.