ADANIGREENENERGY / Q4-FY26 / claim-ledger

Audit the questions that mattered.

Adani Green Energy · Analyst questions, management answers, and the quality of the response where the ledger is available.

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PositiveQ4-FY26 · 2026-04-15Back to quarter ↗

Questions audited

Answered directly

75%

Numeric claims

Consistency

contradicted

Question ledger

What was answered, and how?

Manish Somaya · Cantor

partial

Milestones to grow operational capacity from 1.4 GW to 10 GW by 2027.

We hope in the next few days we should reach the mark of 3 gawatt hours of installed capacity in Kabra. The only sensitivity we see is capital flexibility and organizational capability to manage the supply chain.

Manish Somaya · Cantor

direct

Battery economics vs core solar/wind in EBITDA margin and capital intensity.

We think batteries give similar or slightly better returns. We fund at about 1.5 crores per megawatt hour and expect about 25 lakhs of EBITDA per megawatt hour.

Manish Somaya · Cantor

direct

Blended revenue per unit and merchant vs C&I exposure for FY27.

Our average blended PPA rates are about 3 rupees 10 paisa. We're contracting additional solar around 265 and wind around 375-380. AGL is not directly participating in C&I; that is done via Adani Energy Solutions.

Mohit Kumar · ICICI Securities

direct

Loss in EBITDA in FY26 due to lower availability and lower prices for infirm power.

We've lost about 500 crores of EBITDA in the past year on account of curtailment. The loss from lower rates would be 800 to 1,000 crores, total 1,200 to 1,500 crores.

Mohit Kumar · ICICI Securities

partial

Transmission connectivity for new capacity and conversion of infirm power to long-term PPAs.

We are stopping execution at 4-5 GW due to transmission constraints. We are adding north of 10,000 MWh of batteries. More than 90% of capacities will be tied up in long-term PPAs.

Mohit Kumar · ICICI Securities

direct

Quantum of battery in MW/MWh, cycles, and capital cost for FY27.

We'll be adding north of 10 GWh of batteries in a 3-hour configuration, about 3.3 GW. Capital cost about 1.5 crores per MWh, total capex around 15,000 crores.

Nikil Neania · Burnstein

partial

Future growth plans beyond existing PPAs and participation in renewable tenders.

We have 28 GW already signed up. Directionally, more than 90% of installed capacity will be tied up in long-term contracts. A lot of demand is expected via Adani Energy Solutions for data centers.

Nikil Neania · Burnstein

direct

Commercial terms for 5 GW renewable capacity with Adani Energy Solutions.

Both companies contract on an arms-length market test basis. Rates are between 260-270 for solar and 370-390 for wind.

Nikil Neania · Burnstein

direct

Reason for improved performance this quarter vs last quarter.

Multiple factors: Rajasthan line commissioned, additional lines at Kavda, better merchant pricing, and 2 GW additional capacity added last quarter.

Prites Cher · Lucky Investment

evasive

Will capacity addition move from 4-5 GW to 7-8 GW in FY28?

We will be looking at addition of 4.5 to 5 GW in the coming year. We don't want to guide to FY28-29 today because transmission is closely evolving.

Bhavik Sha · Invexa Capital

partial

Total capex for FY27 including 5 GW solar/wind and 10 GWh battery.

Around 40 to 42 is what we guiding to the market generally but yes the number can touch around the number that you're speaking about.

Pune · HSBC

direct

Breakdown of 19 GW capacity into PPA, infirm, and merchant.

9.7 GW operating under PPAs, 5.3 GW infirm (to be converted to PPAs), 4.2 GW pure merchant.