Adani Green Energy Ltd.Strong Capacity Growth Amid Headwinds

Adani Green Energy demonstrated robust capacity expansion with operational renewable energy growing 48% year-on-year to 17.2 gigawatts, including 5.6 gigawatts added in calendar year 2025, representing 14% of India's total solar and wind additions.

Revenue from power supply increased 25% to ₹8,508 crores for nine months FY26, while EBITDA grew 24% to ₹7,921 crores with an industry-leading margin of 91.5%. However, management acknowledged near-term headwinds from grid curtailment due to transmission delays, subdued merchant pricing with solar realizations declining 22% and wind down 16% year-on-year. The company is strategically deploying 3.5 gigawatt-hours of battery storage in FY26, scaling to over 7 gigawatt-hours in FY27 to mitigate curtailment risks and enable peak power arbitrage.

Management projects run-rate EBITDA of ₹17,000 crores by FY26-end and FY27 revenue of ₹17,000-18,000 crores, with planned capex of ₹35,000-40,000 crores. The flagship Khavda project reached 7.7 gigawatts, while the company maintains its long-term trajectory toward 50 gigawatts by 2030 despite near-term operational challenges.