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Adani Green Energy Limited — Q2 FY26
Adani Green Energy delivered a strong H1 FY26, with revenue from power supply up 26% YoY to INR 6,088 crore and EBITDA up 25% to INR 5,651 crore, driven by a 39% increase in energy sales to 19.6 billion units and capacity expansion of 49% to 16.7 GW.
bullish
high
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Adani Green Energy delivered a strong H1 FY26, with revenue from power supply up 26% YoY to INR 6,088 crore and EBITDA up 25% to INR 5,651 crore, driven by a 39% increase in energy sales to 19.6 billion units and capacity expansion of 49% to 16.7 GW. The company added 2.4 GW of greenfield capacity in H1, 74% of FY25's total, and remains on track for 5 GW in FY26 and 50 GW by 2030. Management highlighted operational excellence with best-in-class EBITDA margins of 92%, supported by AI-driven O&M. Key risks include evacuation delays at Khavda, though management expects 10 GW evacuation capacity by year-end, and potential margin compression as infirm power converts to PPAs.
अडानी ग्रीन एनर्जी ने वित्त वर्ष 2026 की पहली छमाही में मजबूत प्रदर्शन किया। बिजली बेचने से आय 26% बढ़कर 6,088 करोड़ रुपये हो गई। कमाई (EBITDA) 25% बढ़कर 5,651 करोड़ रुपये रही। इसकी वजह बिजली की बिक्री में 39% की बढ़ोतरी (19.6 अरब यूनिट) और बिजली बनाने की क्षमता में 49% का इजाफा (16.7 गीगावॉट) है। कंपनी ने पहली छमाही में 2.4 गीगावॉट नई क्षमता जोड़ी, जो पिछले पूरे साल के 74% के बराबर है। इस साल 5 गीगावॉट और 2030 तक 50 गीगावॉट क्षमता का लक्ष्य है। कंपनी का मुनाफा मार्जिन 92% है, जो AI तकनीक से संचालन के कारण संभव हुआ। जोखिमों में खावड़ा में बिजली निकासी में देरी शामिल है, हालांकि साल के अंत तक 10 गीगावॉट निकासी क्षमता की उम्मीद है।
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Evacuation delays at Khavda
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Energy Sales
19.6B units
+39% YoY
Energy sales for H1 FY26, driven by capacity additions and higher plant availability.
Renewable Capacity
16.7 GW
+49% YoY
Total operational renewable capacity as of H1 FY26, solidifying India's largest pure-play RE position.
Greenfield Capacity Addition (H1)
2.4 GW
+74% of FY25 total
Record H1 capacity addition, demonstrating strong execution despite monsoon challenges.
Net Debt to Run-Rate EBITDA
4.4x
Stable
Leverage for operational assets; including under-construction debt, it is 5.1x.
What Changed vs Last Quarter
NEW
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.
NEW
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.
UPDATED
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.
UPDATED
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.
DROPPED
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
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.
NEW RISK
Margin compression from infirm power conversion
As infirm power (currently sold at merchant rates) gets converted to PPAs, blended realizations may decline, impacting EBITDA margins.
NEW RISK
Competition in BESS tenders
Management acknowledged aggressive bidding in BESS tenders, which may pressure returns; they chose not to participate in recent tenders.
NEW RISK
Monsoon impact on solar PLF
Prolonged monsoon in Q2 FY26 reduced solar PLF, though management expects normalization in H2.
RISK GONE
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.
RISK GONE
Monsoon-related operational disruptions
Extended monsoon last year impacted generation; management claims better preparedness but monsoon fury remains uncertain.
RISK GONE
ISTS waiver taper impact on tariffs
25% reduction in ISTS waiver from July 2025 may affect merchant pricing; management sees limited near-term impact.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q1 FY26, Q2 FY25
Solar merchant prices fell to ₹2.2/unit in Q1 from ~₹3 in Q4 due to early monsoon and oversupply; wind prices also seasonal.
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 reaffirmed commitment to add 5 GW of renewable capacity in FY26, with 2.4 GW already commissioned in H1.
Grid availability for new projects is impacted by transmission infrastructure delays, though management expects 10 GW evacuation capacity by year-end.
View Risks →