Adani Green Energy Limited — Q3 FY26
Adani Green Energy reported robust 9M FY26 results with revenue from power supply up 25% YoY to Rs 8,508 crore and EBITDA up 24% to Rs 7,921 crore, maintaining an industry-leadi...
neutral
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✓ 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.
75%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Impact of grid availability on generation for solar, wind, hybrid.
Asked by Abhinav Nalawade, ICICI Securities
Acknowledged impact but did not quantify generation loss or provide counterfactual.
no quantification of generation lossno hypothetical 100% scenario given
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Question
grid availability has been low since the last two quarters. How much of it has impacted generation for solar, wind, and hybrid as well? What would have been the generation if, say, the availability was 100%?
Ashish Khanna, CEO
grid availability has been impacting us... we were expecting in the last quarter some 2-3 gigawatts of augmentation, which has not taken place. However... there has been an augmentation of 1 gigawatt... we are expecting 2-3 gigawatts of augmentation from Khavda itself.
Partial answer
High priority
Merchant power sales and timeline for PPA conversion.
Asked by Abhinav Nalawade, ICICI Securities
Provided strategy and broad timeline but no specific numbers on current merchant split.
no specific breakdown of merchant vs PPAtimeline vague
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Question
we are selling about 46% on merchant. So how much of it was in from power, and when can we expect that to be sold on PPA?
Ashish Khanna, CEO
our strategy has been to maintain around 20% of merchant... most of it is also being utilized once the PPA are going to be operationalized. In the current context, it has started already coming in, and we do expect in the coming year itself more than 1-2 gigawatts of it.
Answered
High priority
Run rate EBITDA for current operational capacity.
Asked by Abhinav Nalawade, ICICI Securities
Provided specific run rate EBITDA numbers for FY26.
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Question
As per our current capacity, operational capacity of about 17.2 GW, what will be our run rate EBITDA?
Ashish Khanna, CEO
For FY26, we are projecting a run rate EBITDA of INR 17,000 crore, including other income of about INR 1,000 crore. On our run rate EBITDA from our power supply revenue would be about INR 16,000 crore.
Partial answer
High priority
Why revenue declined despite capacity increase.
Asked by Speaker 12, Envision Capital
Listed factors but did not quantify their individual impact on revenue per MW.
no specific revenue per MW explanationno quantification of each factor
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Question
I'm failing to understand why is the revenue going down despite our capacity increasing? ... when I just divide the revenue with the operational capacity, it is less than INR 0.65 lakh per megawatt. So what am I missing here?
Ashish Khanna, CEO
It is the seasonality... wind has been particularly low... curtailment impact... market pricing for the merchant power has also been subdued... we do expect better things in this particular quarter.
Answered
Medium priority
Interest cost impact from currency depreciation.
Asked by Speaker 12, Envision Capital
Clearly stated no impact from currency depreciation due to hedging.
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Question
how much of it is on account of, say, the currency depreciation which we are having, and how much will be our actual interest cost if that depreciation would not have been there?
Saurabh Shah, CFO
we don't have any impact of depreciation of rupee because we are fully hedged in terms of principal as well as interest. So whatever is the mark-to-market... gets benefited out of the hedge benefit that we get.
Answered
High priority
Revenue and CapEx guidance for current and next year.
Asked by Speaker 12, Envision Capital
Provided specific CapEx and revenue guidance ranges.
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Question
do you have any guidance for the current year and the next year in terms of revenue and CapEx both?
Saurabh Shah, CFO
CapEx... about INR 35,000-INR 40,000 crore of CapEx that we will do for the next year. And revenue... run rate EBITDA... would be INR 17,000 crore... revenue per se, it would be in the range of about INR 17,000-INR 18,000 crore for next year.
Answered
High priority
Factors impacting grid availability for solar.
Asked by Speaker 13, Cantor
Clearly explained factors and provided specific updates on grid augmentation.
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Question
we've seen in the presentation that grid availability is down again this quarter, and we wanted to understand what are the factors that are impacting the grid availability, especially for solar.
Ashish Khanna, CEO
Predominantly, our expansion is coming at two places... Rajasthan, other is Khavda. At both these places, there has been an impact on the grid availability... In Rajasthan... 1,000 MW has now been released... In Khavda, the curtailment remains... we were expecting this 2-3 GW... now being delayed.
Answered
Medium priority
Meaningful changes in tariff mix impacting revenue per unit.
Asked by Speaker 13, Cantor
Clearly stated no tariff mix change and attributed revenue impact to merchant pricing.
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Question
were there any meaningful changes in tariff mix for the quarter that impacted the revenue per unit of sales?
Ashish Khanna, CEO
No, I think the only thing there was no tariff mix per se. But since the merchant power pricing has been subdued in the last quarter, you would see that the revenue is not in line with what has been there in the past.
Answered
Medium priority
Reason for lower wind PLFs.
Asked by Nikhil Nigania, Bernstein
Clearly attributed lower wind PLFs to wind speed, not curtailment.
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Question
when we calculate wind PLFs, we see them down as well. Would you attribute that largely to wind speeds or again to grid curtailment only?
Ashish Khanna, CEO
No, no, no. It's absolutely wind speed. Nikhil, it is wind speed, and that's not only for us. But you can look around. The wind speed, particularly in regions like Khavda, has been the sole factor for our lower PLF at Khavda.
Partial answer
High priority
Risk of achieving 5-6 GW addition next year due to grid constraints.
Asked by Nikhil Nigania, Bernstein
Did not directly answer whether grid constraints pose a risk; pivoted to battery storage.
did not directly address risk of grid constraintsfocused on battery storage mitigation
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Question
these grid constraints are beyond our control... do we see a risk that next year we would be able to do 5-6 GW addition again, or do you think that should not be a challenge?
Ashish Khanna, CEO
we do expect another 10 GW to be added in the next year... huge deployment of battery storage at Khavda... we are going to commission India's largest... battery storage project.
Answered
High priority
Battery capacity and timeline.
Asked by Mohit Kumar, ICICI Securities
Provided specific capacity and timeline for battery storage.
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Question
how much battery capacity you are putting up, and what is the tentative timeline for setting it up?
Ashish Khanna, CEO
in this particular financial year, we are going to commission 3.3 gigawatt-hour of capacity battery, 3.5 to be precise. And... we do expect and we are aiming to add more than twice of it in the coming year.
Evasive
Medium priority
Impact of rising silver prices on project costs and IRRs.
Asked by Pradyumna Choudhary, JM Financial
Did not quantify the impact of silver price increase on IRRs; gave general assurances.
no quantification of IRR impactgeneric statements about conservatism
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Question
silver prices during this time have actually gone 3x... what does it really do to our IRRs of these projects? ... how do we really deal with it?
Ashish Khanna, CEO
when we bid the project, always take into consideration the vagaries of commodities... we are very, very conservative in our costing... we are overtly conservative on our commodity pricing... it is still a very different and a decent level of returns which this project gives to us.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Run rate EBITDA FY26: INR 17,000 crore including other income | ₹17,000 cr | ₹7,921 cr | Overstated vs filing |
| Run rate EBITDA from power supply: INR 16,000 crore | ₹16,000 cr | ₹7,921 cr | Overstated vs filing |
| Revenue next year: INR 17,000-18,000 crore | ₹17,000 cr | ₹2,618 cr | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.