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Revenue
₹3,008 Cr
verified against source
Revenue YoY
26%
reported change
EBITDA
₹5,651 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 H1 FY26, with revenue from power supply up 26% YoY to INR 6,088 crore and EBITDA up 25% to INR 5,651 crore, driven by a 39% increase in energy sales to 19.6 billion units and capacity expansion of 49% to 16.7 GW. The company added 2.4 GW of greenfield capacity in H1, 74% of FY25's total, and remains on track for 5 GW in FY26 and 50 GW by 2030. Management highlighted operational excellence with best-in-class EBITDA margins of 92%, supported by AI-driven O&M. Key risks include evacuation delays at Khavda, though management expects 10 GW evacuation capacity by year-end, and potential margin compression as infirm power converts to PPAs.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed commitment to add 5 GW of renewable capacity in FY26, with 2.4 GW already commissioned in H1.
- CFO guided CapEx in the range of INR 30,000-35,000 crore per year for FY27 and FY28, supporting similar capacity additions.
- Management reiterated the long-term target of 50 GW operational capacity by 2030, with steady progress on Khavda and other projects.
- CEO indicated that a detailed strategy for battery energy storage systems (BESS) will be shared soon, with plans for large-scale deployment.
Risks flagged
- Grid availability for new projects is impacted by transmission infrastructure delays, though management expects 10 GW evacuation capacity by year-end.
- As infirm power (currently sold at merchant rates) gets converted to PPAs, blended realizations may decline, impacting EBITDA margins.
- Management acknowledged aggressive bidding in BESS tenders, which may pressure returns; they chose not to participate in recent tenders.
- Prolonged monsoon in Q2 FY26 reduced solar PLF, though management expects normalization in H2.
Key quotes
- Our EBITDA margin remains best in class at 92%, and cash profit surged by 17% year-on-year to INR 3,904 crores.
- We are committed to the 5 GW, and I think we would like to first achieve that before saying anything else on the future capacities.
- We do expect another 2.5 GW or more than that coming in this particular H2 of further evacuation.
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