ADANIGREEN - Adani Green
📢 Recent Corporate Announcements
Adani Green Energy Limited (AGEL) has announced its participation in the Adani Annual Conference – India Chapter. The event is scheduled for June 03 and June 04, 2026, in Mumbai. The interaction will be conducted in-person through group meetings between 10:00 am and 4:00 pm IST. This is a routine regulatory disclosure under SEBI (LODR) Regulations, 2015, aimed at engaging with institutional investors and analysts.
- Participation in the Adani Annual Conference – India Chapter in Mumbai.
- Scheduled dates for investor interaction are June 03 and June 04, 2026.
- Meetings will be held in a group format from 10:00 am to 4:00 pm IST.
- Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations.
Adani Green Energy's promoter group has submitted its annual disclosure under SEBI Takeover Regulations for the fiscal year ended March 31, 2026. The group maintains a substantial 62.43% stake in the company, with Adani Trading Services LLP and S.B. Adani Family Trust being the primary holders. The filing confirms that no additional shares were encumbered or pledged during the year, maintaining the status quo on promoter-linked debt risks. This routine disclosure provides clarity on the ownership structure and ensures compliance with Indian market regulations.
- Promoter group holds 1,02,83,96,636 shares, equivalent to 62.43% of the company.
- Adani Trading Services LLP holds the largest individual promoter stake at 28.80%.
- S.B. Adani Family Trust holds 32,87,72,075 shares, representing 19.96% equity.
- Declaration confirms no new direct or indirect encumbrances were created in FY26.
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).
- 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.
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.
- 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.
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.
- 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.
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.
- 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.
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.
- 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
Adani Green Energy Limited has scheduled its earnings conference call for April 24, 2026, at 4:30 PM IST to discuss the financial results for the quarter and full year ended March 31, 2026. The call will be hosted by JM Financial and will feature key management including CEO Ashish Khanna and CFO Saurabh Shah. This meeting is a standard procedure following the release of annual financial results to provide clarity on business outlook and operational performance. Investors can access the call via universal dial-in or international toll-free numbers provided by the company.
- Earnings conference call scheduled for April 24, 2026, at 16:30 IST.
- Management participants include CEO Ashish Khanna, CFO Saurabh Shah, and IR Head Vijil Jain.
- The call will cover financial results for Q4FY26 and the full fiscal year 2026.
- Session hosted by JM Financial Institutional Securities Limited.
- Dial-in details provided for India, USA, UK, Singapore, and Hong Kong.
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.
- 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.
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.
- 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.
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.
- 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
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.
- 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
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.
- 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
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.
- 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).
Adani Green Energy Limited has announced the closure of its trading window for all designated persons and their immediate relatives starting April 1, 2026. This move is a mandatory compliance requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's financial results for the quarter and year ending March 31, 2026. The trading window will remain closed until 48 hours after the financial results are officially declared to the stock exchanges. This is a standard procedure for listed Indian companies to ensure market integrity during the earnings finalization period.
- Trading window closure effective from April 1, 2026, for securities of Adani Green Energy.
- The closure pertains to the financial results for the quarter and year ending March 31, 2026.
- Window to remain closed until 48 hours post-announcement of the financial results.
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015.
Financial Performance
Revenue Growth by Segment
Total revenue grew 18.07% YoY to INR 12,422 Cr in FY25. Revenue from Power Supply specifically grew 23% YoY to INR 9,495 Cr, driven by a capacity addition of 3,309 MW.
Geographic Revenue Split
Not explicitly disclosed by region, but operations are centered in India with a focus on resource-rich sites like Khavda, Gujarat, where the company holds ~2,50,000 acres of land.
Profitability Margins
Profit After Tax (PAT) margin improved from 15.9% in FY24 to 17.8% in FY25. Cash Profit grew 22% YoY to INR 4,871 Cr.
EBITDA Margin
EBITDA margin from Power Supply remained industry-leading at 91.7% in FY25, compared to 91.8% in FY24. Run-rate EBITDA reached INR 12,676 Cr.
Capital Expenditure
Historical capex for FY25 was INR 28,366 Cr. H1 FY26 capex incurred was INR 12,412 Cr to support the 50 GW target by 2030.
Credit Rating & Borrowing
Consolidated net debt to EBITDA ratio stood at 6.4x in March 2025 (up from 5.7x in FY24). Net leverage is expected to remain below 6x over the medium term. Interest coverage ratio improved to 1.84x in FY25 from 1.69x in FY24.
Operational Drivers
Raw Materials
Solar trackers, wind turbines, and solar modules. Trackers are a critical component, with a major procurement agreement proposed with JEPL for FY2026-27.
Import Sources
Not specifically disclosed, but procurement involves related party JEPL (Adani Infra India holds 26%) for trackers.
Key Suppliers
JEPL (Jodhpur Expressway Private Limited) for trackers; Adani Infra (India) Limited for project support.
Capacity Expansion
Current operational capacity is ~15 GW as of March 2025. The company is expanding to 50 GW by 2030, representing a 28% CAGR.
Raw Material Costs
Procurement of trackers for FY27 is valued at 55.74% of the previous year's consolidated turnover (approx. INR 6,924 Cr based on FY25 revenue).
Manufacturing Efficiency
Solar Capacity Utilization Factor (CUF) maintained at 25%; Wind and Hybrid CUF showed improvement in FY25.
Strategic Growth
Expected Growth Rate
28%
Growth Strategy
Achieving 50 GW by 2030 through the development of 4-5 GW of capacity annually. Strategy includes securing 2,50,000 acres of resource-rich land, developing 5+ GW of Pumped Storage Projects (PSP), and utilizing a 'Resource as Value' approach to maximize returns from merchant capacity (35% of wind is merchant).
Products & Services
Renewable energy electricity (Solar, Wind, and Solar-Wind Hybrid power), and Pumped Storage Projects (PSP) for grid stability.
Brand Portfolio
Adani Green Energy Limited (AGEL).
New Products/Services
Pumped Storage Projects (PSP) with 5+ GW sites secured; expected to provide high-return grid balancing services.
Market Expansion
Focus on the Khavda region for massive scale deployment and national footprint expansion across India.
Market Share & Ranking
One of India's largest renewable energy companies; operational capacity of 15 GW.
Strategic Alliances
Joint Ventures with TotalEnergies; procurement alliances with JEPL for trackers.
External Factors
Industry Trends
The industry is shifting toward 24/7 renewable power via Hybrid and PSP solutions. AGEL is positioned as a leader in this transition with a 50 GW target by 2030.
Competitive Landscape
Competes with other large renewable IPPs and state-owned power generators; maintains edge through Adani Group's integrated infrastructure platform.
Competitive Moat
Durable advantages include 100% 'Must Run' status, 25-year long-term contracts, and massive land bank (2.5 lakh acres) which are difficult for competitors to replicate at current costs.
Macro Economic Sensitivity
Highly sensitive to interest rate fluctuations due to high leverage (Net Debt of INR 76,071 Cr in H1 FY26).
Consumer Behavior
Increasing demand for green energy from C&I customers and government mandates for decarbonization.
Geopolitical Risks
US DOJ related outcomes regarding promoters could affect global investor sentiment and capital access.
Regulatory & Governance
Industry Regulations
Compliance with Electricity Act 2003 (Must Run status) and SEBI Listing Regulations for Material Related Party Transactions (RPTs).
Environmental Compliance
ESG oversight provided by a specialized Board sub-committee; ESG rating disclosure is a regulatory requirement.
Taxation Policy Impact
Effective tax management is a focus; Dinesh Kanabar (Independent Director) is a top tax advisor. Current PAT margin is 17.8%.
Legal Contingencies
Potential adverse outcomes in US DOJ investigations related to promoters are noted as a material risk to fund-raising capabilities.
Risk Analysis
Key Uncertainties
Implementation risk in the large under-construction portfolio (INR 14,029 Cr) and susceptibility to weather-related generation variability.
Geographic Concentration Risk
High concentration in India, specifically in Gujarat (Khavda) and Rajasthan for solar/wind resources.
Third Party Dependencies
Significant dependency on JEPL for tracker procurement (FY27 transaction value is 55.74% of turnover).
Technology Obsolescence Risk
Risk of evolving solar cell/module efficiency; mitigated by continuous 4-5 GW annual construction cycle using latest tech.
Credit & Counterparty Risk
Exposure to state discoms; however, 47-day debtor cycle indicates healthy receivable quality.