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%.
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.
75%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Milestones to grow operational capacity from 1.4 GW to 10 GW by 2027.
Asked by Manish Somaya, Cantor
Answered with battery progress but did not give specific milestones for 10 GW target.
no specific milestones givenfocused on battery capacity rather than overall capacity
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Question
If you can just help us understand uh some of the milestones to getting there uh supply chain dependencies, grid connectivity uh you know what is it going to take to ramp to that level in 27 and how prepared are you?
Saga (management)
We hope in the next few days we should reach the mark of 3 gawatt hours of installed capacity in Kabra. The only sensitivity we see is capital flexibility and organizational capability to manage the supply chain.
Answered
High priority
Battery economics vs core solar/wind in EBITDA margin and capital intensity.
Asked by Manish Somaya, Cantor
Provided specific cost and EBITDA per unit metrics for batteries.
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Question
How should we think about battery economics versus core solar wind portfolio uh in terms of EVA margin, capital intensity, payback period?
Saga (management)
We think batteries give similar or slightly better returns. We fund at about 1.5 crores per megawatt hour and expect about 25 lakhs of EBITDA per megawatt hour.
Answered
High priority
Blended revenue per unit and merchant vs C&I exposure for FY27.
Asked by Manish Somaya, Cantor
Provided specific rate ranges and clarified C&I strategy.
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Question
As we look at fiscal 27 how should we look at or think about the blended revenue per unit uh and and realizations? Um and just I guess if I can connect the second piece to it how should we think about merchant versus CNI exposure?
Saga (management)
Our average blended PPA rates are about 3 rupees 10 paisa. We're contracting additional solar around 265 and wind around 375-380. AGL is not directly participating in C&I; that is done via Adani Energy Solutions.
Answered
High priority
Loss in EBITDA in FY26 due to lower availability and lower prices for infirm power.
Asked by Mohit Kumar, ICICI Securities
Provided specific EBITDA loss figures.
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Question
What is the loss in AIDA in FY26 due to lower availability and B lower prices realized compared to long-term rates for the infirm power we were selling.
Saga (management)
We've lost about 500 crores of EBITDA in the past year on account of curtailment. The loss from lower rates would be 800 to 1,000 crores, total 1,200 to 1,500 crores.
Partial answer
High priority
Transmission connectivity for new capacity and conversion of infirm power to long-term PPAs.
Asked by Mohit Kumar, ICICI Securities
Addressed transmission and battery strategy but did not give exact timeline for converting all infirm power.
no specific timeline for conversion of all infirm power
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Question
How are you seeing the on the ground transmission connectivity coming up especially in K cod? Do you think the infirm power which is sitting right now will completely get transferred to long-term PPS over next cycle?
Saga (management)
We are stopping execution at 4-5 GW due to transmission constraints. We are adding north of 10,000 MWh of batteries. More than 90% of capacities will be tied up in long-term PPAs.
Answered
High priority
Quantum of battery in MW/MWh, cycles, and capital cost for FY27.
Asked by Mohit Kumar, ICICI Securities
Provided specific capacity, configuration, and cost numbers.
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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 FI27 for the batteries.
Saga (management)
We'll be adding north of 10 GWh of batteries in a 3-hour configuration, about 3.3 GW. Capital cost about 1.5 crores per MWh, total capex around 15,000 crores.
Partial answer
Medium priority
Future growth plans beyond existing PPAs and participation in renewable tenders.
Asked by Nikil Neania, Burnstein
Reiterated existing pipeline but did not address lack of participation in recent tenders.
no specific new tender participation plans
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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 CNI/data center space via Adani energy solutions?
Saga (management)
We have 28 GW already signed up. Directionally, more than 90% of installed capacity will be tied up in long-term contracts. A lot of demand is expected via Adani Energy Solutions for data centers.
Answered
Medium priority
Commercial terms for 5 GW renewable capacity with Adani Energy Solutions.
Asked by Nikil Neania, Burnstein
Provided specific rate ranges for the arrangement.
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Question
Adani energy mentioned about 5 gawatt signed up on the renewable front. Possible to give some color on what are the commercial terms for that arrangement.
Saga (management)
Both companies contract on an arms-length market test basis. Rates are between 260-270 for solar and 370-390 for wind.
Answered
Medium priority
Reason for improved performance this quarter vs last quarter.
Asked by Nikil Neania, Burnstein
Listed specific factors for improvement.
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Question
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?
Saga (management)
Multiple factors: Rajasthan line commissioned, additional lines at Kavda, better merchant pricing, and 2 GW additional capacity added last quarter.
Evasive
High priority
Will capacity addition move from 4-5 GW to 7-8 GW in FY28?
Asked by Prites Cher, Lucky Investment
Did not confirm or deny a ramp-up to 7-8 GW, deferred guidance.
declined to guide for FY28deferred to later
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Question
When you look at the five year vision of over 50,000 we need to do that 700 so it's fair to assume that this number should move to 7,000 or 7 to 8,000 with next year which is FI28?
Saga (management)
We will be looking at addition of 4.5 to 5 GW in the coming year. We don't want to guide to FY28-29 today because transmission is closely evolving.
Partial answer
Medium priority
Total capex for FY27 including 5 GW solar/wind and 10 GWh battery.
Asked by Bhavik Sha, Invexa Capital
Provided a range but did not confirm exact figure.
gave a range rather than exact number
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Question
Our capex for the year would be at around say 45,000 crores if that understanding is correct?
Saga (management)
Around 40 to 42 is what we guiding to the market generally but 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 Pune, HSBC
Provided exact breakdown of capacity categories.
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Question
Can you also break down your 19 gawatt capacity into base? What is PPA based and what is merchant?
Saga (management)
9.7 GW operating under PPAs, 5.3 GW infirm (to be converted to PPAs), 4.2 GW pure merchant.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA loss of 500 cr from curtailment in FY26 | ₹500 cr | ₹10,865 cr | Understated vs filing |
| Total EBITDA loss of 1200-1500 cr from curtailment and lower rates | ₹1,350 cr | ₹10,865 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.