Adani Green Energy Ltd.20 GW Crossed, EBITDA +33%, Storage Scales

Adani Green crossed 20 GW of capacity and reported energy sales up 30% to 13.7 billion units in Q1 FY27, with EBITDA from power supply up 33% to ₹4,122 Cr at a 94% margin.

Quarterly capex was ₹8,800 Cr, up 41%. It commissioned 1.9 GWh of battery storage at Khavda, taking installed storage to 3.5 GWh, and targets more than 10 GWh this year and about 50 GWh by FY30. Management is moving merchant and C&I capacity into long-term, fixed-price contracts with Adani Energy Solutions, 25 years for solar and wind and 15 years for batteries, to remove market risk, though per-unit prices were not disclosed.

Curtailment still costs 5-7% of EBITDA but is expected to end at Khavda by the end of the calendar year as another 7 GW of evacuation arrives. FY27 capex is guided at about ₹42,000 Cr for 5 GW of renewables and 10-plus GWh of storage, and run-rate EBITDA is expected to rise from about ₹17,000 Cr to ₹21,000 Cr by the end of the year.