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Adani Green FY26: 5.1 GW Capacity Added, EBITDA Rises 23% to ₹10,865 Cr
Adani Green Energy Limited (AGEL) reported a robust FY26, adding a record 5.1 GW of greenfield capacity to reach a 19.3 GW operational portfolio. Energy sales surged 34% YoY to 37.6 billion units, driving revenue from power supply up 22% to ₹11,602 crores. EBITDA grew 23% to ₹10,865 crores with an industry-leading margin of 91.2%. The company is aggressively targeting 50 GW by 2030, supported by the massive Khavda project and a significant expansion into battery energy storage (BESS).
Key Highlights
Added 5.1 GW capacity in FY26, the highest greenfield expansion globally outside China.
EBITDA increased 23% YoY to ₹10,865 crores with a high margin of 91.2%.
Energy sales grew by 34% YoY to 37.6 billion units, powering over 8.7 million homes.
Targeting 10 GWh of battery storage by 2027 to mitigate grid curtailment, which caused a ₹500 crore EBITDA loss in FY26.
Average blended PPA rates stand at ₹3.10 per unit, with new solar contracts expected at ₹2.60-2.80.
💼 Action for Investors
Investors should view AGEL as a high-growth leader in the renewable sector with strong execution capabilities and healthy margins. Monitor the progress of the Khavda project and the integration of battery storage as key drivers for future profitability and risk mitigation.
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Adani Green FY26 EBITDA Jumps 23% to ₹10,865 Cr; Record 5.1 GW Capacity Added
Adani Green Energy reported a strong FY26 with a 23% YoY increase in EBITDA to INR 10,865 crores and a high EBITDA margin of 91.2%. The company added a record 5.1 GW of greenfield capacity, bringing its total operating portfolio to 19.3 GW. Management highlighted significant progress at the Khavda site and a strategic push into Battery Energy Storage Systems (BESS) with a target of 10 GWh by 2027. Despite a ₹500 crore EBITDA loss due to grid curtailment, the company remains on track for its 50 GW target by 2030.
Key Highlights
Added 5.1 GW capacity in FY26, reaching a total operating portfolio of 19.3 GW.
EBITDA grew 23% YoY to INR 10,865 crores with an industry-leading margin of 91.2%.
Energy sales surged 34% YoY to 37.6 billion units, driven by greenfield expansions.
Targeting 10 GWh of battery storage by 2027, with current BESS capex at ~₹1.5 cr/MWh.
Reported an EBITDA loss of ~₹500 crores due to grid curtailment issues during the fiscal year.
💼 Action for Investors
Investors should view the aggressive capacity ramp-up and high EBITDA margins as strong indicators of long-term value. The focus on battery storage (BESS) provides a strategic hedge against curtailment and offers attractive incremental returns.
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Adani Green FY26: Revenue Jumps 22% to ₹11,602 Cr; Operational Capacity Reaches 19.3 GW
Adani Green Energy reported a strong financial performance for FY26, with revenue from power supply increasing 22% YoY to ₹11,602 crore. The company added a record 5.1 GW of greenfield capacity, bringing its total operational portfolio to 19.3 GW. EBITDA from power supply grew 23% to ₹10,865 crore, maintaining a high margin of 91.2%. While cash profit rose 11% to ₹5,399 crore, net debt also increased to ₹91,252 crore with a leverage ratio of 5.6x.
Key Highlights
Operational capacity grew 35% YoY to 19.3 GW, with a record 5.1 GW greenfield addition in FY26.
Revenue from power supply increased by 22% to ₹11,602 crore, driven by a 34% rise in energy sales to 37.6 billion units.
EBITDA from power supply rose 23% YoY to ₹10,865 crore with a robust margin of 91.2%.
Net debt stood at ₹91,252 crore, with the net debt to run-rate EBITDA ratio increasing to 5.6x from 5.1x YoY.
The company operationalized 1,376 MWh of BESS capacity in Khavda and targets 50 GW total capacity by 2030.
💼 Action for Investors
Investors should view the aggressive capacity expansion and high EBITDA margins as positive growth indicators. However, the increasing debt levels and leverage ratios warrant close monitoring as the company pursues its 50 GW target.
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Adani Green Energy Approves FY26 Results and Key Board Re-appointments
Adani Green Energy's board has approved the audited financial results for the fiscal year ended March 31, 2026, with auditors issuing an unmodified opinion. The company announced the re-appointment of three key independent directors, including former IndusInd Bank CEO Romesh Sobti, for second terms starting September 2026. Significant changes in the audit structure include the appointment of M/s. Shah Dhandharia & Co. LLP as a joint statutory auditor for a five-year term until 2031. Additionally, Lokesh Kumar Jeengar has been appointed as the new Head of Business Development & Strategy to drive the company's growth initiatives.
Key Highlights
Approved audited standalone and consolidated financial results for FY26 with an unmodified audit opinion.
Re-appointed Independent Directors Romesh Sobti, Neera Saggi, and Dr. Anup Shah for second terms starting September 2026.
Appointed M/s. Shah Dhandharia & Co. LLP and re-appointed M/s. S R B C & Co. LLP as Joint Statutory Auditors for a 5-year term (2026-2031).
Appointed Lokesh Kumar Jeengar as Head - Business Development & Strategy, succeeding Raj Kumar Jain.
Scheduled the 11th Annual General Meeting (AGM) for June 25, 2026.
💼 Action for Investors
Investors should monitor the detailed financial performance metrics once the full report is released to evaluate the company's operational efficiency. The continuity in board leadership and the long-term auditor appointments reflect a focus on stable governance.
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Adani Green Operationalises 292 MW Solar Project in Khavda, Gujarat
Adani Green Energy Limited (AGEL) has successfully operationalized a 292 MW solar power project at Khavda, Gujarat, through its step-down subsidiary. This addition brings the company's total operational renewable generation capacity to 19,585.8 MW. Furthermore, the company maintains a total operational Battery Energy Storage System (BESS) capacity of 1,376 MWh. Power generation from this new facility is scheduled to commence on April 23, 2026, following relevant clearances.
Key Highlights
Operationalized 292 MW solar power project at Khavda, Gujarat via subsidiary AGE26AL
Total operational renewable generation capacity increased to 19,585.8 MW
Total operational Battery Energy Storage System (BESS) capacity stands at 1,376 MWh
Power generation from the new plant scheduled to commence on April 23, 2026
💼 Action for Investors
Investors should view this as a positive development in AGEL's execution of its massive Khavda renewable energy park. The steady increase in operational capacity supports long-term revenue growth and validates the company's project delivery capabilities.
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Adani Green Energy Receives Strong ESG Rating of 87.3 from Care ESG Ratings
Adani Green Energy Limited (AGEL) has been assigned an ESG rating of 87.3 by Care ESG Ratings Limited, as per the disclosure on April 11, 2026. This high score reflects the company's robust integration of environmental, social, and governance standards into its business operations. For a renewable energy leader, such a rating is critical for attracting global institutional investors and securing green financing at competitive rates. The rating was officially received by the company on April 10, 2026.
Key Highlights
Care ESG Ratings Limited assigned a high ESG score of 87.3 to Adani Green Energy.
The rating information was received by the company on April 10, 2026.
Disclosure was made under Regulation 30 of the SEBI Listing Regulations.
The high score reinforces the company's standing in the global sustainable energy sector.
💼 Action for Investors
Investors should view this as a positive validation of the company's governance and sustainability practices. This rating may help the company lower its cost of capital and attract ESG-focused institutional funds.
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Adani Green Operational Capacity Jumps 35% to 19.3 GW in FY26; Adds 5.1 GW Greenfield Capacity
Adani Green Energy Limited (AGEL) reported a robust 35% YoY growth in its operational capacity, reaching 19.3 GW for FY26. The company added 5.1 GW of greenfield capacity during the year, a 1.5x increase over the 3.3 GW added in FY25. Sale of energy grew by 34% YoY to 37,567 million units, primarily driven by the massive scale-up at the Khavda renewable energy cluster. The company also successfully operationalized 1,376 MWh of battery storage (BESS), marking a significant milestone in its energy storage strategy.
Key Highlights
Operational capacity increased by 35% YoY to 19.3 GW, with 5.1 GW added in FY26 alone.
Sale of energy rose 34% YoY to 37,567 million units, supported by high plant availability across solar, wind, and hybrid portfolios.
Operationalized 1,376 MWh of BESS capacity in Khavda, Gujarat, representing one of the world's largest single-location deployments.
Solar CUF stood at 24.0% and Hybrid CUF at 35.2%, backed by plant availability exceeding 98%.
The company remains on track for its 50 GW target by 2030, with 5+ GW of Pumped Storage Project (PSP) sites already secured.
💼 Action for Investors
Investors should note the accelerated execution pace at the Khavda cluster, which is critical for AGEL's 50 GW target. The successful deployment of large-scale battery storage and high EBITDA margins from power supply make this a strong growth play in the renewable sector.
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Adani Green Subsidiary Signs JV with IHC Group Unit for Indian Renewable Projects
Adani Green Energy's UAE subsidiary has executed a Joint Venture Agreement with Minerva Holding RSC Ltd, a subsidiary of the UAE-based International Holding Company (IHC) Group. AGEL UAE will hold up to a 20% stake in the new entity, Minerva Renewables Holding RSC Limited, which is dedicated to developing and operating renewable energy projects in India. IHC Group is a massive global entity with a market capitalization exceeding US$ 230 billion, providing significant backing for this venture. This partnership aims to leverage IHC's capital and AGEL's execution capabilities to scale India's renewable energy capacity.
Key Highlights
AGEL UAE to invest in the Joint Venture Company for up to a 20% interest stake
Partner Minerva is wholly owned by EPointZero, the energy arm of IHC Group with a US$ 230 billion market cap
The JV focuses on the development, construction, and operation of renewable energy projects within India
Governance structure allows Minerva to appoint up to 4 directors while AGEL UAE will appoint 1 director
Agreement executed on April 08, 2026, marking a strategic international collaboration for AGEL
💼 Action for Investors
Investors should view this as a strategic positive that enhances AGEL's project pipeline and provides access to global capital through the IHC Group. Monitor for future announcements regarding specific project capacities and capital expenditure commitments under this JV.
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Adani Green Directors to File for Dismissal of US SEC Complaint by April 30, 2026
Gautam Adani and Sagar Adani, directors of Adani Green Energy, intend to move for the dismissal of the US SEC's civil complaint by April 30, 2026. The defense argues that the US court lacks personal jurisdiction and that the SEC's claims are impermissibly extraterritorial. Importantly, Adani Green Energy Limited itself is not a party to these proceedings and has not been charged. The company also clarified that there are no charges of bribery or corruption under the US Foreign Corrupt Practices Act against the directors.
Key Highlights
Motion to dismiss the SEC complaint is scheduled to be filed by April 30, 2026
Defense cites lack of personal jurisdiction and failure to state a valid claim as grounds for dismissal
Adani Green Energy Limited is not a party to the legal proceedings and faces no charges
Clarified that no charges of bribery or corruption (FCPA) have been brought against the directors
Defendants have submitted a pre-motion conference letter to the EDNY judge
💼 Action for Investors
Investors should monitor the outcome of the dismissal motion after April 30, 2026, as a favorable ruling would significantly reduce legal overhang. While the company is not directly involved, the legal status of its promoters remains a key sentiment driver.
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Adani Green Operationalizes 360.5 MW RE Projects and 1,376 MWh BESS Capacity
Adani Green Energy Limited (AGEL) has successfully commissioned 360.5 MW of renewable energy projects in Rajasthan and Gujarat, alongside a massive 1,376 MWh Battery Energy Storage System (BESS) at Khavda. This expansion brings the company's total operational renewable capacity to 19,293.8 MW. The operationalization of the BESS projects marks a significant milestone in the company's energy storage capabilities. These projects became commercially active on April 1, 2026, contributing immediately to the company's generation and storage profile.
Key Highlights
Operationalized 360.5 MW renewable energy projects across Rajasthan (137.5 MW) and Gujarat (223 MW)
Commissioned 1,376 MWh of Battery Energy Storage System (BESS) projects at Khavda, Gujarat
Total operational renewable generation capacity reached 19,293.8 MW
Total operational BESS capacity now stands at 1,376 MWh on a dispatchable basis
Projects involve multiple subsidiaries including Adani Green Energy Twenty Five and Twenty Six series
💼 Action for Investors
Investors should note the strong execution pace and the significant entry into large-scale battery storage, which is critical for grid stability. This capacity addition reinforces AGEL's growth trajectory toward its long-term renewable energy targets.
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Adani Green Operationalizes 951 MW Projects; Total Capacity Hits 18,933 MW
Adani Green Energy Limited (AGEL) has successfully operationalized an aggregate of 951 MW of renewable energy projects across Rajasthan and Gujarat. This expansion includes 251 MW at Baiya, Rajasthan, and 700 MW at Khavda, Gujarat, through various step-down subsidiaries. With this commissioning, AGEL's total operational renewable generation capacity has increased to 18,933.3 MW. The projects officially commenced power generation on March 30, 2026, following necessary regulatory clearances.
Key Highlights
Operationalized 951 MW of aggregate power projects in Rajasthan (251 MW) and Gujarat (700 MW).
Total operational renewable generation capacity increased to 18,933.3 MW.
The 700 MW addition at Khavda highlights the rapid scaling of AGEL's flagship renewable energy site.
Power generation commenced on March 30, 2026, across six different Special Purpose Vehicles (SPVs).
💼 Action for Investors
This significant capacity addition strengthens AGEL's revenue potential and reinforces its position as a leader in India's renewable energy sector. Investors should monitor the company's progress toward its 2030 capacity targets as execution remains on track.
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Adani Green Operationalizes 510.1 MW Projects in Khavda; Total Capacity Hits 17,982 MW
Adani Green Energy Limited (AGEL) has successfully operationalized 510.1 MW of renewable energy projects at Khavda, Gujarat, through its various subsidiaries. This addition brings the company's total operational renewable generation capacity to 17,982.3 MW. The projects, which include solar, wind, and hybrid configurations, officially commenced power generation on March 22, 2026. This expansion reinforces AGEL's execution capabilities at the Khavda renewable energy park, one of the world's largest.
Key Highlights
Operationalized an aggregate of 510.1 MW power projects at Khavda, Gujarat
Total operational renewable generation capacity increased to 17,982.3 MW
Project mix includes Solar (300 MW), Wind (140.1 MW), and Hybrid (70 MW) components
Power generation commenced on March 22, 2026, following relevant clearances
Executed through five step-down subsidiaries including Adani Green Energy Twenty Six B and Twenty Four
💼 Action for Investors
Investors should view this as a positive milestone in AGEL's capacity ramp-up, which directly contributes to immediate revenue generation. Monitor the company's progress toward its long-term 2030 renewable energy targets.
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Adani Green Operationalizes 185 MW Wind Project; Total Capacity Reaches 17,472 MW
Adani Green Energy Limited (AGEL) has successfully operationalized a 185 MW wind power project at Khavda, Gujarat, through its step-down subsidiary AGE25CL. This addition brings the company's total operational renewable generation capacity to 17,472.2 MW. Power generation from this new facility is scheduled to commence on March 01, 2026. This move aligns with AGEL's aggressive growth strategy and strengthens its operational footprint in the Khavda renewable energy hub.
Key Highlights
Operationalized 185 MW wind power project at Khavda, Gujarat
Total operational renewable capacity increased to 17,472.2 MW
Project executed via wholly-owned step-down subsidiary AGE25CL
Power generation to officially commence from March 01, 2026
💼 Action for Investors
Investors should view this as a positive step towards the company's long-term capacity targets. Monitor the execution pace of remaining projects in the Khavda renewable energy park to assess future revenue growth.
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Adani Green Incorporates New UAE Subsidiary for Renewable Energy Expansion
Adani Green Energy Limited (AGEL) has announced the incorporation of a new wholly-owned subsidiary, Adani Renewable Energy Middle East Ltd (AREMEL), in the United Arab Emirates on February 25, 2026. The new entity is focused on the generation of power using renewable energy sources, marking a strategic move into the Middle Eastern market. AREMEL has been incorporated with an initial authorized capital of AED 10,000. This development signals AGEL's intent to diversify its geographic footprint beyond the Indian market.
Key Highlights
Incorporated Adani Renewable Energy Middle East Ltd (AREMEL) as a 100% wholly-owned subsidiary in the UAE.
The subsidiary was established on February 25, 2026, with an authorized capital of AED 10,000.
The primary business objective is power generation through renewable energy sources.
The transaction was completed via cash consideration for the subscription of shares.
💼 Action for Investors
Investors should monitor this expansion as a sign of the company's international growth ambitions. While the initial capital is small, future project wins in the Middle East could be significant catalysts for the stock.
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Adani Green Energy Updates on US SEC Civil Case Procedural Order
Adani Green Energy Limited (AGEL) has informed the exchanges that a US Court passed a procedural order on January 30/31, 2026, regarding the SEC's civil case against Mr. Gautam Adani and Mr. Sagar Adani. The company explicitly stated that it is not a party to these legal proceedings and no charges have been brought against the corporate entity itself. This update follows a series of clarifications issued by the company between November 2024 and January 2026. While the company is not directly involved, the legal developments concerning its promoters remain a key area of interest for stakeholders.
Key Highlights
US Court issued a procedural order on January 30, 2026, in the SEC civil case against promoters.
Adani Green Energy Limited (AGEL) is not a party to the ongoing US legal proceedings.
No charges have been brought against the company (AGEL) in this specific matter.
The announcement follows multiple previous clarifications dated from Nov 21, 2024, to Jan 31, 2026.
💼 Action for Investors
Investors should continue to monitor the US legal proceedings involving the promoters as they may influence market sentiment, despite the company not being a direct party. Maintain a cautious approach until the legal situation reaches a definitive resolution.
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Adani Green Updates on US SEC Matter: Defendants to Move for Dismissal
Adani Green Energy has provided a legal update regarding the US SEC civil complaint against directors Gautam and Sagar Adani. The defendants have formally accepted service of the complaint while reserving all legal defenses and intend to move for a dismissal of the SEC's charges. The company clarified that it is not a party to these proceedings and no charges have been brought against the entity itself. Furthermore, the company reiterated that there are no charges of bribery or corruption under the US Foreign Corrupt Practices Act against the defendants.
Key Highlights
Defendants Gautam and Sagar Adani have accepted service of the SEC complaint without accepting EDNY jurisdiction.
The legal team for the defendants intends to move to dismiss the SEC's complaint or file responsive pleadings.
Adani Green Energy Limited is not a party to the legal proceedings and faces no charges.
The company clarified that no charges of bribery or corruption under the FCPA have been brought against the defendants.
This update follows a series of disclosures regarding the matter dating back to November 21, 2024.
💼 Action for Investors
Investors should monitor the outcome of the dismissal motion as it will significantly impact market sentiment regarding corporate governance. While the company is not directly charged, the legal standing of its top leadership remains a key risk factor to watch.
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Adani Green Energy Secures 'BBB+' Japanese Credit Rating from JCR with Stable Outlook
Japan Credit Rating Agency (JCR) has assigned Adani Green Energy Limited (AGEL) a 'BBB+' rating with a stable outlook, placing it at par with India's sovereign rating. This milestone reflects AGEL's significant EBITDA growth from INR 1,855 Cr in FY20 to INR 10,532 Cr in FY25, supported by an operational capacity of over 17.3 GW. The rating highlights the company's disciplined financial management and its ability to access diversified global funding, evidenced by an extended 9.4-year average debt maturity. This move is expected to enhance AGEL's visibility and access to Japanese capital markets.
Key Highlights
JCR assigned AGEL a 'BBB+' rating with a Stable Outlook, matching India's sovereign credit rating.
AGEL's EBITDA surged from INR 1,855 Cr in FY20 to INR 10,532 Cr in FY25, with H1 FY26 at INR 6,324 Cr.
The company currently operates a 17.3 GW renewable portfolio, the largest in India, with a 50 GW target by 2030.
AGEL has successfully extended its average debt maturity to 9.4 years, strengthening its long-term credit profile.
Group peer Adani Ports (APSEZ) achieved an 'A-' rating, surpassing India's sovereign rating threshold.
💼 Action for Investors
Investors should view this as a strong validation of AGEL's credit profile and its ability to attract international capital. The sovereign-equivalent rating likely reduces future borrowing costs and improves the company's long-term financial sustainability.
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Adani Green Energy Assigned 'BBB+' Long-term Issuer Rating by Japan Credit Rating Agency
Adani Green Energy Limited (AGEL) has been assigned a new long-term issuer rating of 'BBB+' by Japan Credit Rating Agency, Ltd (JCR). The rating comes with a 'Stable' outlook, indicating a steady financial profile and creditworthiness. This is a fresh rating assignment from the Japanese agency, which was not previously applicable. Such international ratings are crucial for AGEL as they facilitate access to global capital markets and potentially lower borrowing costs.
Key Highlights
Japan Credit Rating Agency (JCR) assigned a new 'BBB+' long-term issuer rating.
The outlook for the assigned rating is 'Stable'.
This is a first-time rating assignment for the company by this specific agency.
The rating reflects the company's credit profile in the international renewable energy sector.
💼 Action for Investors
The investment-grade rating from a major Japanese agency is a positive development for the company's debt profile. Investors should monitor if this leads to new international bond issuances or improved financing terms.
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Adani Green Confirms 7 GWh BESS Target and ₹40,000 Crore Capex Plan for FY27
Adani Green Energy Limited (AGEL) has clarified media reports, confirming its ambitious target to deploy 7 GWh of Battery Energy Storage Systems (BESS) in Gujarat. The company is planning a massive capital expenditure of up to ₹40,000 crore for the financial year 2027 to drive this growth. AGEL intends to more than double its BESS capacity in the subsequent financial year compared to current levels. This expansion is part of its strategy to lead large-scale renewable energy storage implementation in India.
Key Highlights
Targeting 7 GWh Battery Energy Storage Systems (BESS) capacity in Gujarat
Planned capital expenditure (capex) of up to ₹40,000 crore for FY27
Intends to more than double (2x) BESS capacities in the subsequent financial year
On track to deploy one of the world's largest single-location BESS projects in the coming months
💼 Action for Investors
Investors should view this as a strong growth signal, though they should monitor the company's debt levels and funding strategy for the ₹40,000 crore capex. The focus on BESS is a critical competitive advantage in the renewable energy sector.
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Adani Green Clarifies 7 GWh BESS Target and Rs 40,000 Crore Capex Plan for FY27
Adani Green Energy Limited (AGEL) has clarified media reports regarding its massive expansion into Battery Energy Storage Systems (BESS). The company is on track to deploy one of the world's largest single-location BESS projects in the coming months and intends to more than double its capacity in FY27. Reports indicate a target of 7 GWh BESS in Gujarat with a projected capital expenditure of up to Rs 40,000 crore for the 2026-27 financial year. This strategic move aims to enhance value for stakeholders by leading large-scale energy storage implementation in India.
Key Highlights
Targeting 7 GWh Battery Energy Storage Systems (BESS) capacity in Gujarat
Planned capital expenditure (capex) of up to Rs 40,000 crore for FY27
Intends to more than double (2x) BESS capacity in the subsequent financial year
On track to deploy one of the world's largest single-location BESS projects in the coming months
💼 Action for Investors
Investors should view this as a significant growth signal for AGEL's renewable portfolio, though they should monitor the funding mix for the Rs 40,000 crore capex. The successful execution of the BESS project will be a key re-rating trigger for the stock.