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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✓ 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.
83%Questions answered0Evaded / 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 hypothetical scenario.
no quantification of generation lossno hypothetical 100% scenario
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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 for evacuation of power.
Partial answer
High priority
Merchant power sales percentage and timeline for PPA conversion.
Asked by Abhinav Nalawade, ICICI Securities
Gave strategy and vague timeline but did not quantify current merchant revenue or specific PPA conversion.
no breakdown of merchant vs PPAvague timeline
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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, which is possible.
Answered
High priority
Run rate EBITDA for current operational capacity of 17.2 GW.
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.
Answered
High priority
Why revenue declined despite capacity increase.
Asked by Speaker 12, Envision Capital
Explained reasons for revenue decline: seasonality, curtailment, and lower merchant pricing.
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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 in this last quarter... curtailment impact... market pricing for the merchant power has also been subdued in the last quarter.
Answered
Medium priority
Interest cost impact from currency depreciation.
Asked by Speaker 12, Envision Capital
Clearly stated no impact from rupee 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
Explained specific locations and reasons for grid availability issues.
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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 and Khavda. At both these places, there has been an impact on the grid availability per se for our new projects... in Rajasthan... 1,000 MW has now been released... In Khavda, the curtailment remains... we were expecting this 2-3 GW... to come in the last quarter itself.
Answered
Medium priority
Reason for lower wind PLFs: wind speeds or curtailment.
Asked by Nikhil Nigania, Bernstein
Clearly attributed lower wind PLFs to wind speeds, 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
It's absolutely wind speed. ... 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 confirm or deny risk, instead highlighted battery storage mitigation.
did not directly address riskshifted to battery storage
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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... by the end of this financial year, we are going to commission India's largest... battery storage project.
Answered
Medium priority
Battery capacity being set up 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. ... we do expect and we are aiming to add more than twice of it in the coming year.
Partial answer
Medium priority
Impact of rising silver prices on project costs and IRRs.
Asked by Pradyumna Choudhary, JM Financial
Did not quantify silver's cost share or provide specific hedging details.
no quantification of silver cost contributionvague hedging strategy
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Question
silver prices really going up... what could be the impact in terms of if you could quantify how much silver contributes to our total cost, and how do we really plan on hedging?
Ashish Khanna, CEO
when we make a business case, we don't take into consideration the lowest cost of commodities. We take a very conservative view... we have the advantage in future to have our own module production... we have this price risk being mitigated in future.
Answered
High priority
Merchant realization for solar and wind this quarter vs last year.
Asked by Anuj Upadhyay, Investec
Provided specific merchant realization numbers for both solar and wind for current and prior year quarter.
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Question
can you just quantify your merchant realization when it comes to both solar and wind for the quarter and comparable quarter for the previous year?
Speaker 16 (unidentified)
During the current quarter, our solar merchant realization was INR 2.20 per unit. For the last quarter, for Q3 2025, it was INR 2.82 per megawatt per unit. For the wind, it was around INR 3.5 for this quarter, while it was INR 4.15 for last.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Revenue next year: INR 17,000-18,000 crore | ₹17,500 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”.