Promises
1 promise
Promise Tracker
0 delivered, 0 close, 1 missed.
View Promises →
Adani Green Energy Limited — Q4 FY26
Adani Green Energy reported a strong Q4 FY26 with revenue from power supply up 22% YoY to INR 11,602 crore and EBITDA up 23% YoY to INR 10,865 crore, achieving an EBITDA margin of 91.2%.
bullish
high
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
Adani Green Energy reported a strong Q4 FY26 with revenue from power supply up 22% YoY to INR 11,602 crore and EBITDA up 23% YoY to INR 10,865 crore, achieving an EBITDA margin of 91.2%. The stellar performance was driven by record greenfield capacity addition of 5.1 GW in FY26, taking the operating portfolio to 19.3 GW, led by the Khavda project (9.4 GW operational). Energy sales surged 34% to 37.6 billion units. Management guided for 4.5-5 GW capacity addition in FY27, with a major push on battery storage (10 GWh planned) to mitigate curtailment risks. The company lost an estimated INR 1,200-1,500 crore in EBITDA due to curtailment and lower merchant realizations, but expects this to normalize as more capacity is tied to long-term PPAs. Key risk: transmission evacuation constraints could persist, impacting new capacity utilization.
अडानी ग्रीन एनर्जी ने वित्त वर्ष 2026 की चौथी तिमाही में शानदार प्रदर्शन किया। बिजली बेचने से कमाई 22% बढ़कर 11,602 करोड़ रुपये हो गई। कंपनी का मुनाफा (EBITDA) 23% बढ़कर 10,865 करोड़ रुपये रहा, जो कमाई का 91.2% है। यह सफलता नए सोलर-विंड प्लांट लगाने से मिली - साल में 5.1 गीगावॉट क्षमता जुड़ी, जिससे कुल 19.3 गीगावॉट हो गया। खावड़ा प्रोजेक्ट से 9.4 गीगावॉट बिजली बन रही है। बिजली की बिक्री 34% बढ़कर 37.6 अरब यूनिट पहुंच गई। कंपनी अगले साल 4.5-5 गीगावॉट और जोड़ेगी और बैटरी स्टोरेज पर जोर देगी ताकि बिजली कटौती का नुकसान कम हो। इस साल कटौती से 1,200-1,500 करोड़ का नुकसान हुआ, लेकिन लंबी अवधि के अनुबंधों से यह सामान्य हो जाएगा। चिंता: ट्रांसमिशन लाइनों की कमी से नई क्षमता का पूरा उपयोग नहीं हो पाएगा।
Promises0 met · 1 missedRisks4 trackedTranscriptfull text
Research workspace
Focused Modules
Risks
4 risks
Risk Intelligence
Transmission evacuation constraints
View Risks →
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
Operating Capacity
19.3 GW
+35% YoY
Cumulative operating portfolio reached 19.3 GW, with 5.1 GW added in FY26.
Energy Sales
37.6 billion units
+34% YoY
Energy sales surged 34% year-on-year, driven by capacity additions and strong plant performance.
Khavda Operational Capacity
9.4 GW
N/A
World's largest renewable installation at Khavda now has 9.4 GW operational, including 1.4 GWh battery storage.
Battery Storage Addition Target
10 GWh
N/A
Plans to commission over 10 GWh of battery storage in FY27 to hedge against curtailment.
What Changed vs Last Quarter
NEW
FY27 capacity addition of 4.5-5 GW
Management guided for 4.5-5 GW of new capacity in FY27, constrained by transmission evacuation availability.
NEW
10 GWh battery storage commissioning in FY27
Plans to commission over 10 GWh of battery storage in FY27, with capital cost of ~INR 1.5 crore per MWh.
NEW
More than 90% of new capacity tied to long-term PPAs
Going forward, over 90% of capacity additions will be under long-term PPAs, reversing the FY26 anomaly of high merchant exposure.
NEW
50 GW target by 2030 unchanged
Management reaffirmed the 50 GW target by 2030, with no current revision despite near-term constraints.
DROPPED
FY26 run-rate EBITDA of INR 17,000 crore
Management guided for FY26 run-rate EBITDA of INR 17,000 crore, including INR 1,000 crore other income, with power supply EBITDA at INR 16,000 crore.
DROPPED
CapEx of INR 35,000-40,000 crore next year
Management guided for CapEx in the range of INR 35,000-40,000 crore for the next fiscal year to support 50 GW target by 2030.
DROPPED
Battery storage capacity to more than double next year
Management expects to commission 3.5 GWh battery storage this fiscal and more than double that capacity in the coming year.
DROPPED
50 GW operational capacity by 2030
Management reiterated target to achieve 50 GW operational renewable capacity by 2030, with 5.6 GW added in calendar 2025.
NEW RISK
Transmission evacuation constraints
Inadequate transmission infrastructure could limit capacity additions and utilization, especially at Khavda.
NEW RISK
Curtailment and merchant price volatility
Curtailment and lower merchant realizations caused an estimated INR 1,200-1,500 crore EBITDA loss in FY26; recovery depends on PPA conversion and grid improvements.
NEW RISK
Execution risk on battery storage ramp-up
Ramping battery storage to 10 GWh in one year involves supply chain and capital flexibility challenges.
NEW RISK
Regulatory and policy uncertainty
Changes in renewable energy policies or grid regulations could impact project economics and timelines.
RISK GONE
Grid curtailment delays impacting generation
Delays in grid augmentation (2-3 GW pushed to Q4) have caused curtailment, particularly at Khavda, reducing revenue and EBITDA.
RISK GONE
Subdued merchant power pricing
Merchant power realizations fell sharply (solar Rs 2.20/unit vs Rs 2.82 last year) due to market conditions, impacting revenue.
RISK GONE
Commodity price risk (silver/module costs)
Rising silver prices (3x increase) could increase module costs by ~10%, potentially impacting project IRRs if not hedged.
RISK GONE
CERC DSM regulation tightening
CERC draft regulation on tighter DSM norms for renewables could increase penalties, though management sees storage as mitigation.
🤫 Topics management stopped discussing
Mentioned in Q2 FY25, Q3 FY25, Q3 FY26
Management guided for FY26 run-rate EBITDA of INR 17,000 crore, including INR 1,000 crore other income, with power supply EBITDA at INR 16,000 crore.
Mentioned in Q2 FY26, Q3 FY26
Management guided for CapEx in the range of INR 35,000-40,000 crore for the next fiscal year to support 50 GW target by 2030.
Fast read
Guidance and risk preview
Management guided for 4.5-5 GW of new capacity in FY27, constrained by transmission evacuation availability.
Inadequate transmission infrastructure could limit capacity additions and utilization, especially at Khavda.
View Risks →