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Revenue
₹3,502 Cr
verified against source
Revenue YoY
22%
reported change
EBITDA
₹10,865 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Adani Green Energy reported a strong Q4 FY26 with revenue from power supply up 22% YoY to INR 11,602 crore and EBITDA up 23% YoY to INR 10,865 crore, achieving an EBITDA margin of 91.2%. The stellar performance was driven by record greenfield capacity addition of 5.1 GW in FY26, taking the operating portfolio to 19.3 GW, led by the Khavda project (9.4 GW operational). Energy sales surged 34% to 37.6 billion units. Management guided for 4.5-5 GW capacity addition in FY27, with a major push on battery storage (10 GWh planned) to mitigate curtailment risks. The company lost an estimated INR 1,200-1,500 crore in EBITDA due to curtailment and lower merchant realizations, but expects this to normalize as more capacity is tied to long-term PPAs. Key risk: transmission evacuation constraints could persist, impacting new capacity utilization.
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Guidance to track
- Management guided for 4.5-5 GW of new capacity in FY27, constrained by transmission evacuation availability.
- Plans to commission over 10 GWh of battery storage in FY27, with capital cost of ~INR 1.5 crore per MWh.
- Going forward, over 90% of capacity additions will be under long-term PPAs, reversing the FY26 anomaly of high merchant exposure.
- Management reaffirmed the 50 GW target by 2030, with no current revision despite near-term constraints.
Risks flagged
- Inadequate transmission infrastructure could limit capacity additions and utilization, especially at Khavda.
- Curtailment and lower merchant realizations caused an estimated INR 1,200-1,500 crore EBITDA loss in FY26; recovery depends on PPA conversion and grid improvements.
- Ramping battery storage to 10 GWh in one year involves supply chain and capital flexibility challenges.
- Changes in renewable energy policies or grid regulations could impact project economics and timelines.
Key quotes
- Our energy sales surged by an impressive 34% year-on-year, reaching 37.6 billion units.
- We have lost about INR 500 crores of EBITDA in the past year on account of curtailment.
- Our long-term stated goal remains that more than 90% of the capacities that AGEL adds will be tied up in long-term PPAs and long-term contracts.
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