Adani Green Energy Ltd.Record Capacity Growth & BESS Focus

Adani Green Energy delivered strong FY26 performance with revenue from power supply rising 22% year-on-year to ₹11,602 crores and EBITDA growing 23% to ₹10,865 crores at an industry-leading 91.2% margin.

The company achieved the highest greenfield capacity expansion globally outside China, adding 5.1 gigawatts to reach 19.3 gigawatts operational capacity, marking 35% year-on-year growth. Energy sales surged 34% to 37.6 billion units. The landmark Khavda project now has 9.4 gigawatts operational with 1.4 gigawatt-hours of battery storage. Management acknowledged a one-time EBITDA loss of ₹1,300-1,500 crores from curtailment and merchant pricing issues that will not recur.

For FY27, the company is guiding conservative capacity additions of 4.5-5 gigawatts, all PPA-backed, despite having 7-8 gigawatts execution capability. The strategic shift toward battery storage is evident with plans to add 10 gigawatt-hours in FY27, representing a sevenfold increase and targeting 50% of India's BESS market. Total FY27 capex is projected at ₹40,000-42,000 crores, with ₹15,000 crores allocated to battery storage, reflecting management's proactive approach to mitigate transmission constraints while maintaining the 50 gigawatts by 2030 target.