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Grid curtailment delays impacting generation
View Risks →Adani Green Energy Limited — Q3 FY26
Adani Green Energy reported robust operational growth for 9M FY26, with energy sales up 37% YoY to 27.6 billion units and operational capacity expanding 48% YoY to 17.2 GW.
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Adani Green Energy reported robust operational growth for 9M FY26, with energy sales up 37% YoY to 27.6 billion units and operational capacity expanding 48% YoY to 17.2 GW. However, Q3 revenue was impacted by grid curtailment delays (2-3 GW augmentation pushed to Q4), subdued merchant power pricing (solar merchant realization fell to ₹2.20/unit from ₹2.82), and lower wind speeds. Management maintained its 91.5% EBITDA margin and guided for FY27 revenue of ₹17,000-18,000 crore with capex of ₹35,000-40,000 crore. The company is commissioning a 3.5 GWh battery storage project at Khavda to mitigate curtailment risks. Key risk: continued grid augmentation delays could pressure near-term generation and revenue.
आदानी ग्रीन एनर्जी ने 9 महीनों में मजबूत वृद्धि दिखाई। बिजली की बिक्री 37% बढ़कर 27.6 अरब यूनिट हो गई और बिजली बनाने की क्षमता 48% बढ़कर 17.2 गीगावॉट हो गई। लेकिन तीसरी तिमाही में कमाई पर असर पड़ा क्योंकि ग्रिड में देरी से बिजली भेजने में रुकावट आई, बाजार में बिजली के दाम घटे (सौर बिजली ₹2.82 से ₹2.20 प्रति यूनिट), और हवा की गति कम रही। कंपनी का मुनाफा मार्जिन 91.5% बना रहा और अगले साल 17,000-18,000 करोड़ रुपये की कमाई का अनुमान है। खर्च 35,000-40,000 करोड़ रुपये होगा। कंपनी खावड़ा में 3.5 गीगावॉट-घंटे की बैटरी लगा रही है ताकि ग्रिड रुकावट से बचा जा सके। मुख्य जोखिम: ग्रिड में देरी जारी रही तो बिजली उत्पादन और कमाई पर दबाव बढ़ सकता है।
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Operational Capacity
17.2 GW
+48% YoY
Operational renewable capacity expanded 48% year-on-year to 17.2 GW, reinforcing leadership.
Energy Sales
27.6B units
+37% YoY
Energy sales surged 37% YoY to 27.6 billion units for 9M FY26.
Solar Merchant Realization
₹2.20/unit
-22% YoY
Solar merchant realization fell to ₹2.20/unit in Q3 from ₹2.82/unit in Q3 FY25.
Battery Storage Capacity (to be commissioned)
3.5 GWh
New
World's largest single-location BESS of 3.5 GWh to be commissioned by end of FY26.
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Guidance and risk preview
Management guided for FY27 revenue from power supply in the range of ₹17,000-18,000 crore, with run-rate EBITDA of ₹17,000 crore.
Delays in grid augmentation (2-3 GW pushed to Q4) have caused curtailment, reducing revenue despite capacity additions.
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