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...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
79%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Cross block and run rate EBITDA for 15.8 GW capacity
Asked by Mohit Kumar, ICICI Securities
Provided specific numbers for cross block and EBITDA run rate.
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Question
Is it possible to share the cross block and run it a bit of the 15.8 gigawatt capacity?
Saurabh Shah, CFO
The current cross block of the company is 89,000 crores approximately, and the run rate EBITDA for Q1 is about 13,600 crores. On a yearly basis, it will be about 17,000 crores.
Partial answer
Medium priority
Capacity commissioned in value terms for Q1 FY26
Asked by Mohit Kumar, ICICI Securities
Confirmed capacity but gave CapEx per MW instead of total value for 1.6 GW.
value not directly given for 1.6 GW
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Question
Is it possible to sell the capacity commission in value term in Q1 FY26? I think we restored 1.6 gigawatt. Correct?
Saurabh Shah, CFO
For the current quarter, yes. We did 1.6 gigawatt. The CapEx for solar is always four and a half crores, for wind 8.6 crores. The current CapEx for the current year booking was about 6,500 crores.
Answered
Medium priority
Associate income source and if only from Mundra Solar
Asked by Mohit Kumar, ICICI Securities
Confirmed the source and clarified it's the only thing.
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Question
The associate income of 101 crore, is it primarily due to Mundra Green Technology, that solar manufacturer?
Saurabh Shah, CFO
It's Mundra Solar Energy Limited where we have 25% stake. Whatever profits they generate, we get a 25% share.
Partial answer
High priority
Transmission challenges for 5 GW target
Asked by Mohit Kumar, ICICI Securities
Acknowledged challenge but gave only a vague percentage impact.
no specific quantification of impact
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Question
Do you see any transmission challenges which are coming up, which are causing some challenges in commissioning these capacities?
Ashish Khanna, CEO
There is a little bit of challenge from carbon evacuation. However, it's hardly less than 5% of our EBITDA margins. We don't foresee a big challenge in the coming quarters.
Partial answer
Medium priority
Solar CUF lower at 28% vs earlier 32% at Khavda
Asked by Speaker 6
Explained mix effect but did not directly attribute lower CUF to monsoon.
did not confirm monsoon impact
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Question
In this quarter, we were close to 28%. But earlier presentations mentioned 32% at Khavda. So the lower CUF is due to early monsoon?
Ashish Khanna, CEO
Khavda has one of the best radiations. As proportion of Khavda increases, overall CUF will increase. Currently it's one third, so lower than top end.
Answered
High priority
Average merchant price for solar and wind in Q1
Asked by Speaker 6
Provided specific numbers for both solar and wind merchant prices.
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Question
What is the average merchant price that we sold for the quarter?
Ashish Khanna, CEO
On solar side, average is 2.2, but wind has been nominally good. 5.7 on the wind.
Partial answer
Medium priority
Segregation of merchant and inform power sales
Asked by Sabri Hazarika, Emkay Global Financial Services Ltd
Gave qualitative mix but no quantitative breakdown.
no exact split given
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Question
Sale of power of around 2,000 million units, is that mostly wind? What would the segregation be?
Raj Jain, Head - Business Development
It's a mix of solar and wind, and also pre-COD power. Predominantly solar because of projects with later COD. On core merchant, it tilts more towards wind.
Answered
High priority
Revenue growth 30% vs energy sales growth 42% due to merchant prices?
Asked by Mahesh Patil, ICICI Securities
Confirmed the reason directly.
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Question
Energy sales growth is 42% YoY, but revenue growth is 30%. Is this solely because of lower merchant prices?
Ashish Khanna, CEO
Yes, predominantly you can attribute it to it.
Partial answer
Medium priority
Backdown due to grid during peak solar hours
Asked by Mahesh Patil, ICICI Securities
Acknowledged backdown but gave only a vague percentage impact.
no specific volume or duration
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Question
Was there any back down due to the grid during peak solar hours in this quarter?
Ashish Khanna, CEO
There have been certain backdowns with respect to evacuation, but it is less than 5% of our EBITDA margins.
Answered
High priority
Capacity tied up under PPA out of 33 GW locked-in
Asked by Mahesh Patil, ICICI Securities
Provided specific numbers for total and PPA capacity.
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Question
Out of around 33 GW locked-in capacity, what is the capacity tied up under PPA?
Ashish Khanna, CEO
Total is 36.5 GW, more than 31.5 GW is under PPA.
Answered
High priority
Gross debt level and borrowing cost for Q1
Asked by Speaker 6
Provided exact numbers for debt and cost.
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Question
Can you tell us what is the gross debt levels for the quarter, and what was the borrowing cost?
Saurabh Shah, CFO
Gross debt as on 30th June is 78,000 crores, and borrowing cost is in the range of 9.1 to 9.2%.
Answered
Medium priority
Merchant prices in Q4 for comparison
Asked by Speaker 6
Provided specific numbers for previous quarter.
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Question
What was the prices last quarter?
Saurabh Shah, CFO
In Q4, wind was about 4.7, solar near to 3 rupees.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Run rate EBITDA Q1 is 13,600 crores | ₹13,600 cr | ₹3,108 cr | Overstated vs filing |
| Yearly EBITDA run rate is 17,000 crores | ₹17,000 cr | ₹3,108 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.