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    Adani Green

    ADANIGREEN
    Power·24 Apr 2026
    Management Summary

    Adani Green reported robust Q4 and full-year FY26 results, driven by significant capacity additions and strong operating performance. The company added a record 5.1 GW of greenfield capacity and made substantial progress in battery energy storage, targeting 10 GWh+ annually. Despite an EBITDA loss of INR 1,300-1,500 crores in FY26 due to curtailment, management is actively mitigating these risks through BESS deployment and expects improved transmission infrastructure. The company remains on track for its 50 GW by 2030 target with a focus on long-term PPAs.

    Highlights

    5

    • Strong revenue growth of 22% YoY to INR 11,602 crores and EBITDA growth of 23% to INR 10,865 crores, demonstrating operational excellence.

    • Achieved highest greenfield annual capacity expansion globally outside of China, adding 5.1 GW in FY26.

    • Significant progress in BESS deployment, with 3 GWh added recently and a target of 10 GWh+ annually, acting as a hedge against grid issues.

    • Secured an inaugural BBB+ credit rating from a Japanese agency, equivalent to India's sovereign rating, reflecting fiscal discipline.

    • Commitment to long-term PPAs, with over 90% of new capacity additions expected to be tied up in such contracts.

    Concerns

    2

    • Incurred an EBITDA loss of INR 1,300-1,500 crores in FY26 due to curtailment and lower realizations from infirm power.

    • Acknowledged ongoing challenges with grid availability and transmission constraints in India, which may lead to pockets of uncertainty.

    Key financials

    Metrics

    4

    Periods

    2

    Headline

    3
    • Revenue from Power Supply
      ₹11,602 Cr
      YoY+22%
    • EBITDA
      ₹10,865 Cr
      YoY+23%
    • EBITDA Margin
      91.2%

    FY26

    1
    • Lost EBITDA
      ₹1,300 Cr

    Order Book

    high confidence

    Total Value

    28 GW

    as of 2026-03-31

    quantified

    Composition

    Mix3 contract types
    • Operating Capacity - 100% PPA9.7 GW50.5%
    • Operating Capacity - Infirm (Interim Merchant)5.3 GW27.6%
    • Operating Capacity - Pure Merchant4.2 GW21.9%

    Share of order book by contract type (derived from disclosed amounts)

    "Adani Green has 28 GW of signed capacity, with 19.3 GW currently operational. The operational capacity includes 9.7 GW under 100% PPAs, 5.3 GW as interim merchant power expected to convert to PPAs, and 4.2 GW as pure merchant capacity to be tied up in long-term contracts."

    Source:
    Prepared remarks

    Capital allocation

    2
    high confidence
    CategoryHeadline
    Capex

    ₹40,000 crores

    Debt

    Debt disclosed

    Cost 8.9%

    Guidance & targets

    14
    CategoryTargetPriority
    Capacity
    Cumulative Operating Capacity
    50 GW
    		High
    Capacity Addition
    Annual Greenfield Capacity Addition
    4.5-5 GW
    		High
    Capacity Addition
    Annual Execution Capability
    7-8 GW
    		Medium
    Battery Storage Capacity
    Annual Battery Storage Addition
    10 GWh+
    		High
    Battery Storage Capacity
    Total Battery Storage Addition
    north of 10 GWh
    		High
    Pumped Hydro Capacity
    Maiden Project Completion
    500 MW
    		High
    PPA Profile
    Long-term PPA Coverage for New Capacity
    more than 90%
    		High
    Tariff Realization
    Solar PPA Rates (New Contracts)
    INR 2.60-2.80
    		High
    Tariff Realization
    Wind PPA Rates (New Contracts)
    INR 3.70-3.80
    		High
    EBITDA
    EBITDA per MWh from BESS
    INR 25 lakhs
    		High
    Evacuation Capacity
    Additional Evacuation Capacity in Khavda
    7 GW
    		High
    Evacuation Capacity
    Additional Evacuation Capacity in Khavda
    7 GW
    		High
    Evacuation Capacity
    Total Additional Evacuation Capacity in Khavda
    14-15 GW
    		High
    Infirm Power Conversion
    Conversion of Infirm Capacity to PPAs
    5.3 GW
    		High

    Additional Evacuation Capacity in Khavda

    next 12-15 months
    Current9 GW active
    Target7 GW by Dec 2026, another 7 GW by March 2027

    Why it matters

    Crucial for enabling further capacity additions and reducing curtailment risks.

    So, we expect an additional 7 gigawatts of evacuation that is opening up in Khavda by December of 2026. ... And then we expect an additional 7 gigawatts that is coming up by March of '27.

    How to verify

    guidance_and_targets[category='Evacuation Capacity']

    Risks & concerns

    2
    RiskSeverity

    Transmission and Evacuation Constraints

    Constraints led to INR 1,300-1,500 crores EBITDA loss in FY26; management is limiting execution and adding BESS as a hedge. — Management acknowledged

    medium

    Regulatory Complexity in India's Power Sector

    The regulatory framework can be complicated, leading to pockets of uncertainty and complications from time to time. — Management acknowledged

    low

    Q&A highlights

    8

    “So, our capacity ramp-up and addition on the battery side has been very significant so far and is very robust. The only sensitivity we see with that is the capital flexibility to be able to fund the growth of batteries and to be able to have the organizational capability to manage the supply chain. These are only 2 sensitivities. Batteries are delinked with pretty much everything else. In fact, batteries operate as a hedge to the lack of grid availability.”

    Analyst questioned the feasibility of rapid BESS expansion; management confirmed significant progress and strategic role of BESS as a grid hedge.

    asked by Manish Somaiya

    2 min read5 chapters

    Detailed Narrative

    01

    Robust Financial and Operational Performance in FY26

    Adani Green Energy reported a strong financial performance for FY26, with revenue from power supply increasing by an impressive 22% year-on-year to INR 11,602 crores. This growth translated into a 23% rise in EBITDA, reaching INR 10,865 crores, maintaining an industry-leading EBITDA margin of 91.2%. The company also achieved a significant operational milestone by adding 5.1 GW of greenfield capacity during the year, bringing its cumulative operating portfolio to 19.3 GW, marking the highest annual capacity expansion globally outside of China.

    02

    Strategic Focus on Battery Energy Storage Systems (BESS)

    The company is making substantial strides in deploying Battery Energy Storage Systems (BESS) as a strategic hedge against grid availability and curtailment issues. In the last 3-4 months, Adani Green has already added approximately 3 GWh of BESS capacity in Khavda, aiming to reach north of 10 GWh by the end of FY27 and targeting 10 GWh+ annually. Management highlighted that BESS offers similar or even slightly better return economics compared to core renewable projects, with a capital intensity of INR 1.5 crores per MWh and an expected EBITDA of INR 25 lakhs per MWh.

    03

    Addressing Transmission Constraints and Curtailment Losses

    Adani Green acknowledged that transmission and evacuation constraints, along with lower realizations from infirm power, resulted in a significant EBITDA loss of INR 1,300-1,500 crores in FY26. To mitigate these challenges, the company is consciously limiting its FY27 capacity additions to 4.5-5 GW and is aggressively deploying BESS. Furthermore, management expects substantial improvements in evacuation infrastructure, with an additional 14-15 GW of capacity projected to open up in Khavda over the next 12-15 months (7 GW by Dec 2026 and another 7 GW by March 2027).

    04

    Long-term PPA Strategy and C&I Market Engagement

    The company reiterated its commitment to securing long-term Power Purchase Agreements (PPAs), stating that over 90% of its future capacity additions will be tied up in such contracts. For new solar capacity, PPA rates are expected to be in the range of INR 2.60-2.80, while wind capacity is projected at INR 3.70-3.80. Adani Green leverages its sister company, Adani Energy Solutions Limited (AESL), to interface with C&I customers, contracting capacities on an arm's length, market-driven basis, ensuring optimal realization for its power generation.

    05

    Aggressive Capex Plans and 2030 Capacity Target

    Adani Green is on track to achieve its ambitious target of 50 GW operating capacity by 2030. This expansion will be supported by substantial capital expenditure, with an estimated FY27 capex in the range of INR 40,000-42,000 crores. A significant portion of this outlay, approximately INR 15,000 crores, is earmarked for the development of 10 GWh of battery storage capacity. The company also plans to complete its maiden 500 MW pumped hydro project in Chitravathi, Andhra Pradesh, in the coming year.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.