Transmission and evacuation constraints
Curtailment cost ₹1,200-1,500 crore in FY26; management expects improvement but admits risks persist.
ADANIGREENENERGY / bear-case history
Track the concerns that keep returning.
Adani Green Energy · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
high
Merchant power price volatility
Lower realizations on infirm power contributed to EBITDA loss; conversion to PPAs may be delayed.
Execution risk on battery storage ramp-up
Targeting 10 GWh battery addition in FY27; supply chain and capital flexibility are key sensitivities.
Regulatory and policy uncertainty
ISTS benefit changes and evolving discom contract structures could impact project economics.