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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%.
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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.
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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Promises
2 promises
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0 delivered, 0 close, 2 missed.
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Risks
4 risks
Risk Intelligence
Transmission and evacuation constraints
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Energy Sales
37.6B units
+34% YoY
Driven by 5.1 GW capacity addition and strong plant performance.
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.
What Changed vs Last Quarter
NEW
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.
NEW
50 GW operating capacity by 2030
No revision to target; includes solar, wind, hybrid, and storage.
NEW
EBITDA margin to remain above 90%
Supported by scale, operational excellence, and battery storage integration.
UPDATED
Battery storage addition of 10 GWh in FY27
Capex of ~₹15,000 crore at ~₹1.5 crore/MWh; 3-hour configuration.
DROPPED
FY27 revenue guidance of ₹17,000-18,000 crore
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.
DROPPED
FY27 capex guidance of ₹35,000-40,000 crore
Capex for next year is expected to be in the range of ₹35,000-40,000 crore to support 50 GW target by 2030.
DROPPED
Grid augmentation of 2-3 GW expected in Q4 FY26
Management expects 2-3 GW of grid augmentation at Khavda in the current quarter, with an additional 1 GW by March end.
NEW RISK
Transmission and evacuation constraints
Curtailment cost ₹1,200-1,500 crore in FY26; management expects improvement but admits risks persist.
NEW RISK
Merchant power price volatility
Lower realizations on infirm power contributed to EBITDA loss; conversion to PPAs may be delayed.
NEW RISK
Execution risk on battery storage ramp-up
Targeting 10 GWh battery addition in FY27; supply chain and capital flexibility are key sensitivities.
NEW RISK
Regulatory and policy uncertainty
ISTS benefit changes and evolving discom contract structures could impact project economics.
RISK GONE
Grid curtailment delays impacting generation
Delays in grid augmentation (2-3 GW pushed to Q4) have caused curtailment, reducing revenue despite capacity additions.
RISK GONE
Subdued merchant power pricing
Merchant power realizations fell sharply (solar to ₹2.20/unit, wind to ₹3.52/unit) due to market conditions, impacting revenue.
RISK GONE
Commodity price risk (silver/module costs)
Rising silver prices (3x increase) and module costs (~10% YoY) could pressure project IRRs if not hedged adequately.
RISK GONE
Regulatory tightening of DSM norms
CERC's draft regulation on tighter DSM norms for renewables could increase penalties, though management sees it as a business case for storage.
Fast read
Guidance and risk preview
All new capacity will be tied to long-term PPAs, with a focus on solar and wind.
Curtailment cost ₹1,200-1,500 crore in FY26; management expects improvement but admits risks persist.
View Risks →