ADANIGREEN / Q1-FY26 / claim-ledger

Audit the questions that mattered.

Adani Green Energy · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ1-FY26 · 2025-08-01Back to quarter ↗

Questions audited

12

Answered directly

79%

Numeric claims

2

Consistency

contradicted

Question ledger

What was answered, and how?

Mohit Kumar · ICICI Securities

direct

Cross block and run rate EBITDA for 15.8 GW capacity

The current cross block of the company is 89,000 crores approximately, and the run rate EBITDA for Q1 is about 13,600 crores. On a yearly basis, it will be about 17,000 crores.

Mohit Kumar · ICICI Securities

partial

Capacity commissioned in value terms for Q1 FY26

For the current quarter, yes. We did 1.6 gigawatt. The CapEx for solar is always four and a half crores, for wind 8.6 crores. The current CapEx for the current year booking was about 6,500 crores.

Mohit Kumar · ICICI Securities

direct

Associate income source and if only from Mundra Solar

It's Mundra Solar Energy Limited where we have 25% stake. Whatever profits they generate, we get a 25% share.

Mohit Kumar · ICICI Securities

partial

Transmission challenges for 5 GW target

There is a little bit of challenge from carbon evacuation. However, it's hardly less than 5% of our EBITDA margins. We don't foresee a big challenge in the coming quarters.

Speaker 6 · Research desk

partial

Solar CUF lower at 28% vs earlier 32% at Khavda

Khavda has one of the best radiations. As proportion of Khavda increases, overall CUF will increase. Currently it's one third, so lower than top end.

Speaker 6 · Research desk

direct

Average merchant price for solar and wind in Q1

On solar side, average is 2.2, but wind has been nominally good. 5.7 on the wind.

Sabri Hazarika · Emkay Global Financial Services Ltd

partial

Segregation of merchant and inform power sales

It's a mix of solar and wind, and also pre-COD power. Predominantly solar because of projects with later COD. On core merchant, it tilts more towards wind.

Mahesh Patil · ICICI Securities

direct

Revenue growth 30% vs energy sales growth 42% due to merchant prices?

Yes, predominantly you can attribute it to it.

Mahesh Patil · ICICI Securities

partial

Backdown due to grid during peak solar hours

There have been certain backdowns with respect to evacuation, but it is less than 5% of our EBITDA margins.

Mahesh Patil · ICICI Securities

direct

Capacity tied up under PPA out of 33 GW locked-in

Total is 36.5 GW, more than 31.5 GW is under PPA.

Speaker 6 · Research desk

direct

Gross debt level and borrowing cost for Q1

Gross debt as on 30th June is 78,000 crores, and borrowing cost is in the range of 9.1 to 9.2%.

Speaker 6 · Research desk

direct

Merchant prices in Q4 for comparison

In Q4, wind was about 4.7, solar near to 3 rupees.