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...
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.
71%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Milestones to ramp BESS from 1.4 GW to 10 GW by FY27
Asked by Manish Somaiya, Cantor Fitzgerald
Described current progress but did not provide step-by-step milestones to 10 GW.
no specific milestones givenno timeline for 10 GW
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Question
If you can just help us understand some of the milestones to getting there, supply chain dependencies, grid connectivity, what is it going to take to ramp to that level in FY 2027?
Sagar Adani, Executive Director
We hope that in the next few days, we should reach the mark of 3 GWh of installed capacity in Khavda... Our capacity ramp-up and addition on the battery side has been very significant so far and is very robust.
Answered
High priority
Battery economics vs core solar/wind: EBITDA margin, capital intensity, payback
Asked by Manish Somaiya, Cantor Fitzgerald
Provided specific capital cost and EBITDA per MWh, compared to solar/wind.
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Question
how should we think about battery economics versus core solar wind portfolio in terms of EBITDA margin, capital intensity, payback period?
Sagar Adani, Executive Director
We think that batteries give similar to or in fact, in many cases, slightly better... funding our BESS portfolio at about INR 1.5 crore per MWh... get about INR 25 lakh of EBITDA per MWh from a thumb rule perspective.
Partial answer
High priority
Blended revenue per unit and merchant vs C&I exposure in FY27
Asked by Manish Somaiya, Cantor Fitzgerald
Gave current blended rate and new contract rates but no FY27 blended forecast.
no forward blended rate guidanceredirected to C&I via AESL
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Question
how should we look at or think about the blended revenue per unit and realizations? This, I guess, if I can connect the second piece to it, how should we think about merchant versus C&I exposure?
Sagar Adani, Executive Director
Our average blended PPA rates across the board are about INR 3.10... contracting additional solar capacity around the range of about 265, and wind capacity around 375-380.
Answered
High priority
Loss in EBITDA in FY26 due to lower availability and infirm power prices
Asked by Mohit Kumar, ICICI Securities
Quantified EBITDA loss due to curtailment and lower realizations.
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Question
what is the loss in EBITDA in FY 2026 due to lower availability and the lower prices realized compared to long-term rates for the infirm power we were selling?
Sagar Adani, Executive Director
we've lost about INR 500 crores of EBITDA in the past year on account of curtailment... total of somewhere between INR 1,200 crores, INR 1,300 crores -INR 1,500 crores of EBITDA in the past year
Partial answer
High priority
Transmission connectivity at Khavda and conversion of infirm power to PPAs
Asked by Mohit Kumar, ICICI Securities
Gave general capability and commitment but no specific timeline or capacity numbers for conversion.
no specific timeline for infirm to PPA conversionno quantification of transmission capacity
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Question
how are you seeing the on the ground transmission connectivity coming up, especially in Khavda? ... do you think the infirm power which is sitting right now will completely get transferred to long-term PPAs over next fiscal?
Sagar Adani, Executive Director
our capability as an organization is to be able to execute a capacity of around the range of 7 GW-8 GW per year... we don't expect there to be any significant evacuation constraints... more than 90% of the capacities that AGEL adds will be tied up in long-term PPAs
Answered
High priority
Battery quantum in MW/MWh, cycles, and capital cost for FY27
Asked by Mohit Kumar, ICICI Securities
Provided MWh, GW equivalent, and total CapEx; cycles not specified but configuration given.
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Question
Can you just talk about the quantum of battery in terms of megawatt and megawatt hour and number of cycle you're looking to run and capital cost likely to incur in FY 2027 for the batteries?
Sagar Adani, Executive Director
We'll be adding north of 10 GWh of batteries... three-hour configuration, so that would be about 3.3 GW equivalent... capital cost of about INR 1.5 crores per MWh, so that should be about INR 15,000 crores total CapEx
Evasive
Medium priority
Future growth plans beyond manufacturing and Maharashtra PPAs
Asked by Nikhil Nigania, Bernstein
Did not address lack of recent tender participation or give concrete future pipeline.
no specific pipeline beyond existing PPAsvague reference to AESL
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Question
Beyond that, we don't see Adani Green actively participate in some of the recent renewable tenders. Is the plan beyond that to focus more on the C&I/data center space via Adani Energy Solutions?
Sagar Adani, Executive Director
today, in addition to whatever the capacities, obviously we have a total of 28 GW that's already signed up... directionally, we will make sure that more than 90% of installed capacity of AGEL is tied up in long-term contracts
Answered
Medium priority
Commercial terms for 5 GW renewable arrangement with Adani Energy Solutions
Asked by Nikhil Nigania, Bernstein
Provided specific price ranges for solar and wind under the arrangement.
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Question
Adani Energy mentioned, I think about 5 GW is what they have signed up on the renewable front, which I'm supposing is with Adani Green. Possible to give some color on what are the commercial terms for that arrangement?
Sagar Adani, Executive Director
somewhere between INR 260-INR 270 for solar and somewhere between INR 370-INR 390 for wind. Those are numbers at which they're contracting today.
Answered
Medium priority
Reason for QoQ performance improvement and curtailment outlook
Asked by Nikhil Nigania, Bernstein
Listed specific factors: Rajasthan line, Khavda lines, better merchant pricing.
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Question
If you could give some color on last quarter to this quarter, we see a good improvement in performance. Was it due to the Rajasthan line getting commissioned? ... What drove the better performance and possibly lower curtailment?
Sagar Adani, Executive Director
It's been the Rajasthan line being commissioned... additional lines being commissioned at Khavda... relatively better merchant pricing compared to what there was in Q3.
Evasive
High priority
Will execution ramp from 4-5 GW to 7-8 GW in FY28?
Asked by Pritesh Chheda, Lucky Investment Managers
Refused to guide for FY28, citing uncertainty in transmission.
no FY28 guidancedeferred to later
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Question
When you look at the annual, the five-year vision of about 60,000, we need to do that 700. It's fair to assume that, what we saw is addition of 4-5 in the last 2 years, this number should move to 7,000 or 7,000-8,000 with effect next year, which is FY 2028?
Sagar Adani, Executive Director
We will be looking at an addition in the coming year of somewhere between 4.5-5. The limit on that addition is primarily due to our view in terms of how evacuation constraints might come up.
Answered
High priority
CapEx for FY27: 5 GW execution + 10 GWh battery + pumped hydro
Asked by Bhavik Shah, Invexa Capital
Confirmed CapEx range of INR 40,000-42,000 crores, agreeing with analyst's estimate.
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Question
Our CapEx for the year would be at around, say, INR 45,000 crores, if my understanding is correct?
Sagar Adani, Executive Director
Around 40-42 is what we are guiding to the market generally. Yes, the number can touch around the number that you're speaking about.
Answered
High priority
Breakdown of 19 GW capacity into PPA, infirm, and merchant
Asked by Puneet, HSBC
Provided exact breakdown: 9.7 GW PPA, 5.3 GW infirm-to-PPA, 4.2 GW merchant.
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Question
can you also break down your 19 GW capacity into PPA based? What is?
Sagar Adani, Executive Director
9.7 GW of operating capacity is going 100% under PPAs. 5,300 MW of capacity is going as informed today, but those are PPA capacities that are going to be converted into PPAs... 4.2 GW is merchant capacity.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA loss of INR 500 cr due to curtailment in FY26 | ₹500 cr | ₹10,865 cr | Understated vs filing |
| Total EBITDA loss of INR 1,200-1,500 cr in FY26 | ₹1,350 cr | ₹10,865 cr | Understated vs filing |
| BESS EBITDA per MWh INR 25 lakh | 25 | 10,865 | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.