Adani Green Energy Limited delivered strong operating performance in the second quarter of FY27, supported by renewable energy capacity expansion, higher electricity sales, improved power realizations and growing battery energy storage operations. The company’s results for the quarter ended September 30, 2026, highlight the increasing scale of its renewable energy business.

Revenue from power supply increased 45% year-on-year to ₹4,019 crore in Q2 FY27, compared with ₹2,776 crore in the corresponding quarter last year. This growth reflects the company’s expanding operating portfolio and stronger energy sales across its renewable energy assets.

EBITDA from power supply climbed 51% year-on-year to ₹3,835 crore, compared with ₹2,543 crore in Q2 FY26. EBITDA growth outpaced revenue growth, demonstrating improved operating performance and the benefits of scale.

The EBITDA margin from power supply reached approximately 92% during the quarter, compared with 90.5% a year earlier. This high margin reflects the economics of renewable power generation, where operating costs can remain relatively low once projects become operational.

Adani Green’s consolidated net profit attributable to equity holders increased to approximately ₹673 crore, compared with ₹583 crore in the same quarter last year. The profit growth was positive, although investors should assess earnings alongside financing costs, capital expenditure and the company’s continued investment requirements.

Energy sales rose 33% year-on-year to 12,090 million units during Q2 FY27. Higher generation and sales were supported by capacity additions and operating performance across the company’s solar, wind and hybrid energy projects.

The company also reported strong first-half performance. Revenue from power supply for H1 FY27 increased 36% year-on-year to ₹8,299 crore, while EBITDA from power supply rose 41% to ₹7,957 crore.

Total EBITDA for the first half reached ₹8,276 crore. The company reported an EBITDA margin of approximately 93% for H1 FY27, underlining the strong operating profitability of its renewable energy portfolio.

Energy sales increased 32% year-on-year to 25,747 million units during the first half. This growth reflects the combined contribution of additional capacity and the performance of existing solar, wind and hybrid assets.

Adani Green’s operational renewable energy portfolio reached 20.8 GW by September 30, 2026, representing 24% year-on-year growth. The company added 4,083 MW of greenfield capacity on a year-on-year basis, including solar, wind and hybrid projects.

The company continues to develop its large renewable energy complex at Khavda in Gujarat. Operational capacity at the location has expanded significantly, making it an important contributor to the company’s long-term renewable generation plans.

Battery energy storage is becoming an increasingly important part of Adani Green’s business strategy. During Q2 FY27, the company added approximately 3.08 GWh of battery energy storage system capacity at Khavda, taking cumulative installed battery storage capacity to approximately 6.63 GWh.

According to the company, this installed capacity represents more than half of India’s operational battery energy storage capacity. Storage systems can help manage the timing of renewable electricity generation, improve flexibility and support power delivery when generation and demand do not align.

Management indicated that the company remains confident of exceeding 10 GWh of installed battery storage capacity in FY27. It also stated that approximately 3.5 GWh of capacity was already tied up under long-term arrangements, with another 3.1 GWh in the process of being contracted as of the end of September.

The company’s renewable energy expansion, however, depends partly on the availability of transmission infrastructure. Management discussed delays involving the Phase 3 transmission corridor and said the timing of new capacity commissioning would depend on infrastructure readiness.

Adani Green indicated that it remained on track to commission approximately 4.5 GW to 5 GW of greenfield capacity in FY27, subject to the Phase 3 transmission corridor becoming available by the fourth quarter. Any further delay could affect the timing of capacity commissioning and the pace of revenue growth.

Transmission constraints and power curtailment remain important operating considerations, particularly for large renewable energy developments. Management said battery storage deployment is helping mitigate some of the challenges associated with curtailment, while improved operating practices and technology are supporting performance.

The company also highlighted better merchant power realizations, favourable wind conditions and improvements in operating efficiency as contributors to stronger EBITDA growth. Management said investments in digitisation and technology were helping improve profitability from its existing operations.

Capital expenditure remained substantial as the company continued to build new generation and storage capacity. Adani Green reported capital expenditure of approximately ₹17,160 crore during H1 FY27, up 38% year-on-year, reflecting the scale of its ongoing development programme.

The company reported net debt to run-rate EBITDA of approximately 5.6 times. While renewable energy projects require significant upfront investment and typically generate cash flows over long periods, this leverage level makes financing costs, cash generation and disciplined capital allocation important areas for investors to monitor.

Management also discussed the company’s borrowing costs, which it said had declined to approximately 8.9%, compared with 11.1% in 2019. Lower financing costs can support project economics, although the effect depends on the company’s overall debt structure, refinancing conditions and future funding requirements.

Looking ahead, Adani Green is targeting continued expansion of its renewable energy portfolio, with a long-term ambition to reach 50 GW of operational renewable energy capacity by 2030. Its strategy combines utility-scale solar and wind generation with hybrid projects and battery storage.

The key opportunities include growing demand for clean electricity, capacity additions, improved merchant power realizations and the development of energy storage. The main factors to watch are transmission availability, project execution, curtailment, debt levels, capital expenditure and the ability to convert new capacity into sustained cash flows.

Overall, Q2 FY27 was a strong quarter for Adani Green Energy’s operating business, with power-supply revenue and EBITDA growing faster than energy sales. Whether this performance translates into sustainable long-term shareholder value will depend on continued execution, financing discipline and timely development of the infrastructure needed to deliver renewable power.

This video is for educational and informational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investors should review official company disclosures and consider their own financial objectives and risk tolerance before making investment decisions.

Highlights in Short

• Q2 FY27 power-supply revenue: ₹4,019 crore, up 45% YoY.
• Q2 FY27 EBITDA from power supply: ₹3,835 crore, up 51% YoY.
• Q2 EBITDA margin from power supply: approximately 92%.
• Q2 net profit attributable to equity holders: approximately ₹673 crore, versus ₹583 crore last year.
• Q2 energy sales: 12,090 million units, up 33% YoY.
• H1 FY27 power-supply revenue: ₹8,299 crore, up 36% YoY.
• H1 FY27 EBITDA from power supply: ₹7,957 crore, up 41% YoY.
• H1 FY27 energy sales: 25,747 million units, up 32% YoY.
• Operational renewable energy portfolio: 20.8 GW as of September 30, 2026.
• Battery storage capacity: approximately 6.63 GWh, with a target to exceed 10 GWh in FY27.
• H1 capital expenditure: approximately ₹17,160 crore.
• Net debt to run-rate EBITDA: approximately 5.6x.
• FY27 greenfield commissioning target: 4.5–5 GW, subject to transmission corridor availability.
• Key risks: transmission delays, curtailment, leverage and execution of large capital projects.