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 ene...
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.
67%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
High priority
Can capacity addition guidance be scaled up beyond 5 GW?
Asked by Anuj Upadhyay, Investec
Management did not address the possibility of scaling up, only reaffirmed existing guidance.
deferred to achieving current guidance firstno commitment on scaling up
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Question
In the first half, we have already commissioned 2.4 GW, and we had guided for 5 GW addition in the second half... So any probability where we can scale up our guidance for the full year?
Ashish Khanna, CEO
I think we are committed to the 5 GW, and I think we would like to first achieve that before saying anything else on the future capacities.
Partial answer
High priority
How did non-PPA segment boost EBITDA margin?
Asked by Anuj Upadhyay, Investec
Management explained the concept but did not provide specific margin impact or volume details.
did not quantify contributionattributed to early execution but no margin breakdown
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Question
My sense basically was the merchant realization was down during the quarter, but it's largely has been led by higher volume of the merchant, which has contributed to the EBITDA. Could you just clarify on this part, sir?
Ashish Khanna, CEO
No, I don't think so. It is an element of a non-PPA segment per se... these are add-on to our overall returns because our PPAs are for 25 years once they are operationalized.
Answered
High priority
What was the average merchant realization?
Asked by Anuj Upadhyay, Investec
Management provided specific per-unit realizations for solar and wind merchant sales.
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Question
And lastly, sir, just can you clarify on the average realization which we got on this, in form of the merchant realization, merchant sales?
Ashish Khanna, CEO
So, the exact numbers from a solar perspective, the my average merchant realization was INR 2.1 per unit, plus the RECs that we earn on that, so that's another 35 paisa per unit. And from wind perspective, it is INR 5.13 per unit, plus the RECs.
Answered
Medium priority
Are revenues from PPA capacity sold on merchant capitalized?
Asked by Puneet Gulati, HSBC
Management gave a clear affirmative answer.
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Question
My first question is just a bit of clarification on the revenues that you're earning from PPA-based capacity currently sold on merchant basis. You are recognizing it on revenue, you're not capitalizing it, right?
Ashish Khanna, CEO
Yes.
Partial answer
Medium priority
What is the progress and spend on PSP projects?
Asked by Puneet Gulati, HSBC
Management provided physical progress and total project cost but did not state how much has been spent so far.
gave physical progress but not exact spend amount
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Question
Secondly, if you can also talk about the progress on the PSP side. How much have you spent so far there?
Ashish Khanna, CEO
Our first project, which is at Chitravathi, of 500 MW of PSP, it's progressing well. It is about 57% odd completed in terms of physical progress. And as per the overall project cost is about, I think about INR 5,270 crore.
Partial answer
Medium priority
Why is hybrid PLF lower YoY?
Asked by Puneet Gulati, HSBC
Management explained the reason but did not quantify the impact of the mix change on the reported PLF.
attributed to design mix but no specific quantification of impact
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Question
And if you can also talk a bit about slightly lower, you know, PLF on the hybrid side. While both wind and solar have done well on year-over-year basis, hybrid has been a tad lower on year-over-year basis. How should one think about that?
Ashish Khanna, CEO and Raj Kumar Jain, Head of Business Development
So hybrid CUF is also dependent on what kind of solar-wind combination you have. So the new projects have a specific design CUF, which is lower.
Answered
Medium priority
Did any new LOAs convert to PPAs this quarter?
Asked by Puneet Gulati, HSBC
Management clearly stated no major PPA conversion in Q2.
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Question
And lastly, if you can talk a bit about if you signed any new PPAs during the quarter? There were a few projects which you won early into this year, and late last year. Any progress there?
Saurabh Shah, CFO
In Q2, specifically, there is no such major development.
Answered
High priority
What is the CapEx cadence for FY26 and FY27?
Asked by Manish Somaiya, Cantor Fitzgerald
Management provided specific CapEx guidance for current and next two years.
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Question
CapEx was about 18% higher year-over-year, so maybe if you can just help us understand the cadence of CapEx spending in fiscal 2026 and maybe even 2027.
Saurabh Shah, CFO
From a CapEx perspective, we have visibility for 5 GW of capacity this year, which will translate into a CapEx of about INR 30,000 crores... From a perspective of next two years, the range would be in that same INR 30,000 crores-INR 35,000 crores of CapEx to be spent each year.
Partial answer
Medium priority
What caused the improvement in receivable days?
Asked by Manish Somaiya, Cantor Fitzgerald
Management focused on overdue days rather than explaining the sequential improvement in total receivable days.
attributed to overdue days but did not explain the improvement in overall receivable days
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Question
I did see the receivable days improved, and perhaps if you could just kind of give us some color on what is that attributable to? Are you having delays in payments from discoms?
Ashish Khanna, CEO
If you look at the annexure on receivables that we have in the earnings presentation, you will see that our overdue receivables, which is basically, any payment beyond the due date, is only four days.
Evasive
High priority
Why did solar CUF dip sequentially and how much Khavda capacity came online in Q3?
Asked by Manish Somaiya, Cantor Fitzgerald
Management did not provide the Q3 commissioning figure and disputed the premise of delay.
denied delayattributed to weather but no specific Q3 commissioning number
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Question
I was just going through the solar capacity utilization factor, which dipped sequentially. Maybe if you can just allude to why that was. And then just connected to it, the delayed Khavda commissioning in 2Q. How much of that capacity has since come online in Q3?
Ashish Khanna, CEO
I think, I'm not sure where you're looking at this... there has been a weather change... I don't get that idea from where you get this idea that we have been delayed in execution of certain projects.
Answered
High priority
How should we think about leverage given CapEx needs?
Asked by Manish Somaiya, Cantor Fitzgerald
Management provided current leverage ratios and a forward range.
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Question
And just lastly, on leverage, if you can just help us frame leverage as we sort of go ahead, especially with all the CapEx needs that you have, the growth plans that you have. How should we think about leverage, not just in fiscal 2026, but perhaps even a little bit beyond?
Ashish Khanna, CEO
From a net debt to EBITDA, which we track on a continuous basis, net debt to run rate EBITDA, we from an operational asset perspective, we are at 4.4 x of net debt to run rate EBITDA. And including the under construction debt, we are at 5 x, 5.1 x... for another two to three years, we will be in the range between four to five times.
Answered
High priority
Will run rate EBITDA of INR 34 billion per quarter be achieved in H2?
Asked by Mohit Kumar, ICICI Securities
Management gave a clear affirmative answer.
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Question
If we had guided for a run rate EBITDA of INR 136 billion for the portfolio, which got commissioned by the end of Q1 FY 2026, right? Which amounts to roughly INR 34 billion per quarter. Of course, this quarter we had monsoon, but is it fair to assume that as we enter Q3 and Q4, where run rate EBITDA of INR 34 billion per quarter will be achieved?
Ashish Khanna, CEO
Yes, definitely, Mohit.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Run rate EBITDA guidance of INR 14,100 crore | ₹14,100 cr | ₹5,651 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.