Grid curtailment delays impacting generation
Delays in grid augmentation (2-3 GW pushed to Q4) have caused curtailment, particularly at Khavda, reducing revenue and EBITDA.
ADANIGREEN / Q3-FY26 / risks
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Adani Green Energy · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Subdued merchant power pricing
Merchant power realizations fell sharply (solar Rs 2.20/unit vs Rs 2.82 last year) due to market conditions, impacting revenue.
Commodity price risk (silver/module costs)
Rising silver prices (3x increase) could increase module costs by ~10%, potentially impacting project IRRs if not hedged.
CERC DSM regulation tightening
CERC draft regulation on tighter DSM norms for renewables could increase penalties, though management sees storage as mitigation.