Adani Green Energy Ltd.Q2 EBITDA +51%, batteries 6.6 GWh, Khavda line slips

Adani Green Energy's Q2 FY27 call, held on 22 October 2026, reported power-supply revenue of ₹4,019 crore, up 45%, and EBITDA of ₹3,835 crore, up 51%, a margin of 92%.

For the half, revenue was ₹8,299 crore, up 36%, and EBITDA ₹7,957 crore, up 41%, with total EBITDA of ₹8,276 crore that would have been close to ₹9,000 crore without curtailment. Operating capacity reached 20.8 GW and installed battery storage 6.6 GWh after 3 GWh was added at Khavda; management still expects to exceed 10 GWh this year. The Phase 3 transmission line now arrives in the next quarter rather than by year end, so the 4.5 to 5 GW commissioning target depends on it, and a second 7 GW line also looks delayed.

Management said batteries act as virtual transmission and second-half curtailment should be lower. Interest cost held at 8.9% with 72% of loans fixed, and 3.5 GWh of batteries is tied up with AESL. Of 12 earlier promises, three were delayed, four are on track, one was met, one is not yet visible and three were not mentioned.