Energy Sales
37.6B units
+34% YoY
Driven by 5.1 GW capacity addition and strong plant performance.
ADANIGREENENERGY
Energy
15 Apr 2026
Adani Green Energy Ltd — Q4 FY26
Adani Green Energy delivered a strong Q4 FY26, with revenue up 22% YoY to ₹11,620 crore and EBITDA up 23% to ₹10,865 crore, achieving an industry-leading EBITDA margin of 91.2%.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Adani Green Energy delivered a strong Q4 FY26, with revenue up 22% YoY to ₹11,620 crore and EBITDA up 23% to ₹10,865 crore, achieving an industry-leading EBITDA margin of 91.2%. Energy sales surged 34% to 37.6 billion units, driven by record capacity addition of 5.1 GW in FY26, taking the operating portfolio to 19.3 GW. The company is on track for 50 GW by 2030, with a major push into battery storage—targeting 10 GWh of battery capacity addition in FY27 at a capex of ~₹15,000 crore. Management highlighted that curtailment and lower merchant realizations cost ~₹1,200-1,500 crore in EBITDA in FY26, but expect this to normalize as evacuation infrastructure improves and more capacity is tied to long-term PPAs. A key risk is that transmission constraints may persist, though battery storage acts as a hedge.
Key Numbers
Operating Capacity
19.3 GW
+35% YoY
Highest annual greenfield capacity addition globally outside China.
Battery Storage Capacity (Khavda)
3 GWh
+1.4 GWh YoY
World's largest single-location BESS; 50% of India's operating battery capacity.
PPA Contracted Capacity
28 GW
N/A
Includes signed PPAs; 90%+ of future capacity to be tied to long-term contracts.
Management Guidance
FY27 capacity addition of 4.5-5 GW
All new capacity will be tied to long-term PPAs, with a focus on solar and wind.
Management guidance growthBattery storage addition of 10 GWh in FY27
Capex of ~₹15,000 crore at ~₹1.5 crore/MWh; 3-hour configuration.
Management guidance capex50 GW operating capacity by 2030
No revision to target; includes solar, wind, hybrid, and storage.
Management guidance growthEBITDA margin to remain above 90%
Supported by scale, operational excellence, and battery storage integration.
Management guidance marginsKey Risks
Transmission and evacuation constraints
Curtailment cost ₹1,200-1,500 crore in FY26; management expects improvement but admits risks persist.
high · management_commentaryMerchant power price volatility
Lower realizations on infirm power contributed to EBITDA loss; conversion to PPAs may be delayed.
medium · analyst_questionExecution risk on battery storage ramp-up
Targeting 10 GWh battery addition in FY27; supply chain and capital flexibility are key sensitivities.
medium · management_commentaryRegulatory and policy uncertainty
ISTS benefit changes and evolving discom contract structures could impact project economics.
medium · analyst_questionNotable Quotes
We've lost about 500 crores of EBITDA in the past year on account of curtailment.
Our focus today is to make sure that we set up these capacities and as the market evolves which is the specific area where the economic opportunity is the highest that is where we will deploy them.
We will make sure that more than 90% of installed capacity of AGL is tied up in long-term contract tracks and nothing changes from that perspective.
Frequently Asked Questions
What was Adani Green Energy's revenue in Q4 FY26?
Adani Green Energy reported revenue of ₹3,502 Cr in Q4 FY26, representing a +22% change compared to the same quarter last year.
What guidance did Adani Green Energy management give for FY27?
FY27 capacity addition of 4.5-5 GW: All new capacity will be tied to long-term PPAs, with a focus on solar and wind. Battery storage addition of 10 GWh in FY27: Capex of ~₹15,000 crore at ~₹1.5 crore/MWh; 3-hour configuration. 50 GW operating capacity by 2030: No revision to target; includes solar, wind, hybrid, and storage. EBITDA margin to remain above 90%: Supported by scale, operational excellence, and battery storage integration.
What are the key risks for Adani Green Energy in FY27?
Key risks include Transmission and evacuation constraints — Curtailment cost ₹1,200-1,500 crore in FY26; management expects improvement but admits risks persist.; Merchant power price volatility — Lower realizations on infirm power contributed to EBITDA loss; conversion to PPAs may be delayed.; Execution risk on battery storage ramp-up — Targeting 10 GWh battery addition in FY27; supply chain and capital flexibility are key sensitivities.; Regulatory and policy uncertainty — ISTS benefit changes and evolving discom contract structures could impact project economics..
Did Adani Green Energy meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Adani Green Energy Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.