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Transmission evacuation constraints at Khavda
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Adani Green Energy Limited — Q1 FY26
Adani Green Energy delivered a strong Q1 FY26, with revenue from power supply rising 31% YoY to ₹3,312 crore and EBITDA up 31% to ₹3,108 crore, yielding an industry-best EBITDA margin of 92.8%.
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Adani Green Energy delivered a strong Q1 FY26, with revenue from power supply rising 31% YoY to ₹3,312 crore and EBITDA up 31% to ₹3,108 crore, yielding an industry-best EBITDA margin of 92.8%. Operational capacity reached 15.8 GW after adding 1.6 GW in the quarter, while energy sales grew 42% YoY to 10.5 billion units. The company remains on track to add 5 GW this fiscal, with 31.5 GW of its 36.5 GW pipeline tied to PPAs. Merchant realizations were volatile (solar ₹2.2/unit, wind ₹5.7/unit), but management expects wind to improve seasonally. Key risks include transmission evacuation constraints at Khavda (currently <5% EBITDA impact) and potential monsoon-related disruptions, though the company is better prepared this year.
अडानी ग्रीन एनर्जी ने पहली तिमाही में शानदार प्रदर्शन किया। बिजली बेचने से कमाई 31% बढ़कर ₹3,312 करोड़ हो गई। कंपनी का मुनाफा (EBITDA) भी 31% बढ़कर ₹3,108 करोड़ पहुंचा, जो बिक्री का 92.8% है - यह उद्योग में सबसे अच्छा है। कंपनी के पास अब 15.8 गीगावॉट बिजली बनाने की क्षमता है, जिसमें इस तिमाही में 1.6 गीगावॉट जोड़ा गया। बिजली की बिक्री 42% बढ़कर 10.5 अरब यूनिट हो गई। कंपनी इस साल 5 गीगावॉट और जोड़ने की योजना पर काम कर रही है। बाजार में बिजली के दाम में उतार-चढ़ाव रहा, लेकिन कंपनी को उम्मीद है कि हवा से बिजली का दाम बेहतर होगा। मुख्य जोखिमों में बिजली पहुंचाने की लाइनों में रुकावट और बारिश से नुकसान शामिल है, लेकिन कंपनी इस बार पहले से ज्यादा तैयार है।
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Operational Capacity
15.8 GW
+45% YoY
Added 1.6 GW in Q1; 4.9 GW added in past year, a record for India's renewable sector.
Energy Sales
10.5B units
+42% YoY
Record growth driven by capacity additions and high plant availability.
Wind CUF
42.3%
Strong wind performance due to site selection and early monsoon; plant availability at 95.5%.
Merchant Solar Price
₹2.2/unit
Lower than Q4 FY25 (~₹3/unit) due to early monsoon and solar overcapacity; wind at ₹5.7/unit.
What Changed vs Last Quarter
NEW
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.
UPDATED
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.
UPDATED
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.
DROPPED
Chitravathi PSP commissioning by September 2027
The 500 MW pumped storage plant at Chitravathi is expected to be commissioned by September 2027.
NEW RISK
Transmission evacuation constraints at Khavda
Curtailment due to transmission lag is impacting <5% of EBITDA; management expects resolution in weeks/months.
NEW RISK
Merchant price volatility
Solar merchant prices fell to ₹2.2/unit in Q1 from ~₹3 in Q4 due to early monsoon and oversupply; wind prices also seasonal.
NEW RISK
Monsoon-related operational disruptions
Extended monsoon last year impacted generation; management claims better preparedness but monsoon fury remains uncertain.
NEW RISK
ISTS waiver taper impact on tariffs
25% reduction in ISTS waiver from July 2025 may affect merchant pricing; management sees limited near-term impact.
RISK GONE
DOJ/SEC case uncertainty
The ongoing DOJ and SEC cases against individuals (not the company) remain unresolved; management provided no update on hearings or progress.
RISK GONE
Execution risk at Khavda
Scaling Khavda to 30 GW by 2029 involves significant execution challenges; any delays could impact capacity addition targets.
RISK GONE
Debt funding for 50 GW target
While equity is funded, debt for the full 50 GW target is not yet tied up; management only has visibility for 1-1.5 years.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q4 FY25
Scaling Khavda to 30 GW by 2029 involves significant execution challenges; any delays could impact capacity addition targets.
Mentioned in Q2 FY25, Q3 FY25
CFO indicated that after adding 5 GW in FY25, the run-rate EBITDA would exceed ₹15,000 crore.
Fast read
Guidance and risk preview
Management confirmed on track to add 5 GW this fiscal, with 1.6 GW already commissioned in Q1.
Curtailment due to transmission lag is impacting <5% of EBITDA; management expects resolution in weeks/months.
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