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Revenue
₹2,618 Cr
verified against source
Revenue YoY
25%
reported change
EBITDA
₹7,921 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 reported robust 9M FY26 results with revenue from power supply up 25% YoY to Rs 8,508 crore and EBITDA up 24% to Rs 7,921 crore, maintaining an industry-leading EBITDA margin of 91.5%. Energy sales grew 37% to 27.6 billion units, driven by 48% YoY operational capacity expansion to 17.2 GW. However, Q3 was impacted by grid curtailment delays (2-3 GW augmentation pushed to Q4) and subdued merchant power pricing (solar merchant realization fell to Rs 2.20/unit vs Rs 2.82 last year). Management guided for FY26 run-rate EBITDA of Rs 17,000 crore and CapEx of Rs 35,000-40,000 crore next year. Battery storage (3.5 GWh commissioning imminent) and pumped storage are key to mitigating curtailment risks. Risk: continued transmission delays could pressure near-term generation and returns.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for FY26 run-rate EBITDA of INR 17,000 crore, including INR 1,000 crore other income, with power supply EBITDA at INR 16,000 crore.
- Management guided for CapEx in the range of INR 35,000-40,000 crore for the next fiscal year to support 50 GW target by 2030.
- Management expects to commission 3.5 GWh battery storage this fiscal and more than double that capacity in the coming year.
- Management reiterated target to achieve 50 GW operational renewable capacity by 2030, with 5.6 GW added in calendar 2025.
Risks flagged
- Delays in grid augmentation (2-3 GW pushed to Q4) have caused curtailment, particularly at Khavda, reducing revenue and EBITDA.
- Merchant power realizations fell sharply (solar Rs 2.20/unit vs Rs 2.82 last year) due to market conditions, impacting revenue.
- Rising silver prices (3x increase) could increase module costs by ~10%, potentially impacting project IRRs if not hedged.
- CERC draft regulation on tighter DSM norms for renewables could increase penalties, though management sees storage as mitigation.
Key quotes
- Our energy sales surged by an impressive 37% year-on-year, reaching 27.6 billion units.
- We are now on track for deployment of one of the world's largest single-location battery energy storage projects in the coming months.
- Our strategy towards investment and expertise in this particular way will be a differentiator between us and others in this industry.
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