Anuj Upadhyay · Investec
evasiveCan capacity addition guidance be scaled up beyond 5 GW?
I think 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.
ADANIGREEN / Q2-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.
Research layer active
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Questions audited
12
Answered directly
67%
Numeric claims
1
Consistency
contradicted
Question ledger
What was answered, and how?
Anuj Upadhyay · Investec
partialHow did non-PPA segment boost EBITDA margin?
No, I don't think so. It is an element of a non-PPA segment per se... these are add-on to our overall returns because our PPAs are for 25 years once they are operationalized.
Anuj Upadhyay · Investec
directWhat was the average merchant realization?
So, the exact numbers from a solar perspective, the my average merchant realization was INR 2.1 per unit, plus the RECs that we earn on that, so that's another 35 paisa per unit. And from wind perspective, it is INR 5.13 per unit, plus the RECs.
Puneet Gulati · HSBC
directAre revenues from PPA capacity sold on merchant capitalized?
Yes.
Puneet Gulati · HSBC
partialWhat is the progress and spend on PSP projects?
Our first project, which is at Chitravathi, of 500 MW of PSP, it's progressing well. It is about 57% odd completed in terms of physical progress. And as per the overall project cost is about, I think about INR 5,270 crore.
Puneet Gulati · HSBC
partialWhy is hybrid PLF lower YoY?
So hybrid CUF is also dependent on what kind of solar-wind combination you have. So the new projects have a specific design CUF, which is lower.
Puneet Gulati · HSBC
directDid any new LOAs convert to PPAs this quarter?
In Q2, specifically, there is no such major development.
Manish Somaiya · Cantor Fitzgerald
directWhat is the CapEx cadence for FY26 and FY27?
From a CapEx perspective, we have visibility for 5 GW of capacity this year, which will translate into a CapEx of about INR 30,000 crores... From a perspective of next two years, the range would be in that same INR 30,000 crores-INR 35,000 crores of CapEx to be spent each year.
Manish Somaiya · Cantor Fitzgerald
partialWhat caused the improvement in receivable days?
If you look at the annexure on receivables that we have in the earnings presentation, you will see that our overdue receivables, which is basically, any payment beyond the due date, is only four days.
Manish Somaiya · Cantor Fitzgerald
evasiveWhy did solar CUF dip sequentially and how much Khavda capacity came online in Q3?
I think, I'm not sure where you're looking at this... there has been a weather change... I don't get that idea from where you get this idea that we have been delayed in execution of certain projects.
Manish Somaiya · Cantor Fitzgerald
directHow should we think about leverage given CapEx needs?
From a net debt to EBITDA, which we track on a continuous basis, net debt to run rate EBITDA, we from an operational asset perspective, we are at 4.4 x of net debt to run rate EBITDA. And including the under construction debt, we are at 5 x, 5.1 x... for another two to three years, we will be in the range between four to five times.
Mohit Kumar · ICICI Securities
directWill run rate EBITDA of INR 34 billion per quarter be achieved in H2?
Yes, definitely, Mohit.