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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 delivered a strong Q4 FY26, with revenue up 22% YoY to ₹11,620 crore and EBITDA up 23% to ₹10,865 crore, achieving an industry-leading EBITDA margin of 91.2%. Energy sales surged 34% to 37.6 billion units, driven by record capacity addition of 5.1 GW in FY26, taking the operating portfolio to 19.3 GW. The company is on track for 50 GW by 2030, with a major push into battery storage—targeting 10 GWh of battery capacity addition in FY27 at a capex of ~₹15,000 crore. Management highlighted that curtailment and lower merchant realizations cost ~₹1,200-1,500 crore in EBITDA in FY26, but expect this to normalize as evacuation infrastructure improves and more capacity is tied to long-term PPAs. A key risk is that transmission constraints may persist, though battery storage acts as a hedge.
Colored figures show movement against the previous available record.
Guidance to track
- All new capacity will be tied to long-term PPAs, with a focus on solar and wind.
- Capex of ~₹15,000 crore at ~₹1.5 crore/MWh; 3-hour configuration.
- No revision to target; includes solar, wind, hybrid, and storage.
- Supported by scale, operational excellence, and battery storage integration.
Risks flagged
- Curtailment cost ₹1,200-1,500 crore in FY26; management expects improvement but admits risks persist.
- Lower realizations on infirm power contributed to EBITDA loss; conversion to PPAs may be delayed.
- Targeting 10 GWh battery addition in FY27; supply chain and capital flexibility are key sensitivities.
- ISTS benefit changes and evolving discom contract structures could impact project economics.
Key quotes
- We've lost about 500 crores of EBITDA in the past year on account of curtailment.
- Our focus today is to make sure that we set up these capacities and as the market evolves which is the specific area where the economic opportunity is the highest that is where we will deploy them.
- We will make sure that more than 90% of installed capacity of AGL is tied up in long-term contract tracks and nothing changes from that perspective.
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