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Revenue
₹3,800 Cr
verified against source
Revenue YoY
31%
reported change
EBITDA
₹3,108 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Adani Green Energy delivered a strong Q1 FY26, with revenue from power supply rising 31% YoY to ₹3,312 crore and EBITDA up 31% to ₹3,108 crore, yielding an industry-best EBITDA margin of 92.8%. Operational capacity reached 15.8 GW after adding 1.6 GW in the quarter, while energy sales grew 42% YoY to 10.5 billion units. The company remains on track to add 5 GW this fiscal, with 31.5 GW of its 36.5 GW pipeline tied to PPAs. Merchant realizations were volatile (solar ₹2.2/unit, wind ₹5.7/unit), but management expects wind to improve seasonally. Key risks include transmission evacuation constraints at Khavda (currently <5% EBITDA impact) and potential monsoon-related disruptions, though the company is better prepared this year.
Colored figures show movement against the previous available record.
Guidance to track
- Management confirmed on track to add 5 GW this fiscal, with 1.6 GW already commissioned in Q1.
- Capital management framework ensures growth is fully funded for the 50 GW target while maintaining credit discipline.
- Strategy to allocate a quarter of portfolio to merchant, C&I, and hybrid contracts, including data center demand.
Risks flagged
- Curtailment due to transmission lag is impacting <5% of EBITDA; management expects resolution in weeks/months.
- Solar merchant prices fell to ₹2.2/unit in Q1 from ~₹3 in Q4 due to early monsoon and oversupply; wind prices also seasonal.
- Extended monsoon last year impacted generation; management claims better preparedness but monsoon fury remains uncertain.
- 25% reduction in ISTS waiver from July 2025 may affect merchant pricing; management sees limited near-term impact.
Key quotes
- Surpassing a historic milestone of 15 gigawatt operational renewable energy capacity, and Adani Energy Green is proud to have held in accelerating the transition to clean energy.
- Our revenue from power supply increased by 31% year on year to rupees 3,312 crore, and EBITDA rose by 31% to 3,108 crore, delivering industry best EBITDA margin of 92.8%.
- We are not desperate. We pick what where we feel is the best place for us.
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