Adani Green Energy Limited (ADANIGREEN)
₹1,185.10 -5.19% last close, 23 Oct
Q2 FY27 results
Adani Green Energy Limited reported Q2 FY27 results on 22 Oct 2026: revenue ₹4,258 Cr (+41.6% year on year, -3.9% on the previous quarter), and net profit ₹747 Cr (+16.0% year on year); the operating margin was 89.2%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4,258 | +41.6% | -3.9% |
| Operating profit | ₹3,797 | +45.9% | -4.7% |
| Net profit | ₹747 | +16.0% | -24.0% |
| EPS (₹) | 4.00 | +16.3% | -20.8% |
| Operating margin | 89.2% | — | — |
- Operating margin expanded 264 bps YoY
- 31% of pre-tax profit came from other income and one-off items
- Core business grew faster than reported profit (core profit +343%)
Quality of profit: of pre-tax profit of ₹856 Cr, ₹594 Cr (69%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved +343.3% year on year.
Against its own trend: net profit of ₹747 Cr was -5.1% against the ₹787 Cr its recent growth pointed to (in line). This is a statistical baseline, not an analyst estimate.
Share price since the results: -8.5% (close before the filing to the latest close).
ADANIGREEN delivery percentage and open interest
NSE end-of-day data for
On Fri, 23 Oct 2026, 34.89% of the ADANIGREEN shares traded on NSE were taken to delivery, against the stock's own 20-session average of 36.15%. That is close to its usual level. In ADANIGREEN futures, open interest fell 39.50% while the futures price fell 5.11%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 34.6% · 30.7% · 17.3% · 11.3% · 34.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Adani Green Energy has issued a notice for an Extraordinary General Meeting (EGM) on November 16, 2026, seeking shareholder approval to increase its borrowing limit from ₹25,000 crore to ₹40,000 crore in excess of paid-up capital and free reserves. The ₹15,000 crore headroom increase will support capex in battery storage, pumped hydro, and ongoing capacity additions toward its 50 GW goal. Shareholders will also vote on material related-party transactions for FY 2026-27 with Adani New Industries Limited and Mundra Solar Energy Limited. The record cut-off date for e-voting eligibility is set for November 9, 2026.
- Proposed increase in borrowing limit under Section 180(1)(c) from ₹25,000 crore to ₹40,000 crore over paid-up capital, free reserves, and share premium
- Approval sought for material related-party transactions during FY 2026-27 with Adani New Industries Limited and Mundra Solar Energy Limited
- Extraordinary General Meeting scheduled for Monday, November 16, 2026 at 11:00 AM via video conferencing
- Voting cut-off date fixed as Monday, November 9, 2026
Adani Green Energy Limited submitted its operational and financial presentation for the period ended September 30, 2026. For H1 FY27, revenue from power supply grew 36% YoY to ₹7,957 crore, while EBITDA from power supply increased 41% YoY to ₹8,299 crore. Cash profit surged 35% YoY to ₹4,176 crore, supported by operational capacity expanding to 20.8 GW (20,763 MW). The company is progressing towards its long-term target of 50 GW by 2030, supported by secured sites of ~2,50,000 acres and a US$ 3.4 billion revolving construction facility.
- Revenue from power supply rose 36% YoY to ₹7,957 crore in H1 FY27
- EBITDA from power supply jumped 41% YoY to ₹8,299 crore in H1 FY27
- Cash profit grew 35% YoY to ₹4,176 crore
- Total operational capacity reached 20,763 MW (20.8 GW) as of September 30, 2026
- Secured ~2,50,000 acres of resource-rich sites and 5+ GW of Pumped Storage Projects
Adani Green Energy Limited reported its Q2 and H1 FY27 unaudited financial results. Standalone total income for Q2 FY27 stood at ₹8,181 crore, up significantly from ₹4,198 crore in Q2 FY26, driven by higher equipment and goods sales of ₹7,841 crore. Standalone PAT for the quarter stood at ₹33 crore, down from ₹475 crore in the year-ago period due to higher inventory and procurement costs. In H1 FY27, the company deployed ₹17,160 crore in capex (up 38% YoY, representing ~127% of TTM revenue), expanding its total operating renewable portfolio to 20.8 GW, including 10,752 MW at the Khavda site.
- Q2 FY27 standalone total income rose to ₹8,181 crore vs ₹4,198 crore in Q2 FY26
- Standalone Q2 FY27 PAT fell to ₹33 crore compared to ₹475 crore in Q2 FY26
- H1 FY27 capex deployment reached ₹17,160 crore, a 38% YoY increase
- Operational capacity at the Khavda renewable plant reached 10,752 MW (up from 7.1 GW a year ago)
- Total operating renewable portfolio across India reached 20.8 GW and 6.63 GWh of battery energy storage
Adani Green Energy Limited (AGEL) has submitted its provisional operational update for H1 FY27. For the 570 MW RG2 portfolio, actual generation in H1 FY27 reached 635 million units, compared to 1,259 million units generated in FY26. The RG2 assets maintained an operational solar CUF of 25.4%, plant availability of 98.3%, and grid availability of 99.6%. The company continues to target 50 GW by 2030, supported by ~2,50,000 acres of secured land and an operational base of ~15 GW.
- H1 FY27 RG2 portfolio generation reported at 635 Mn units (FY26: 1,259 Mn units)
- Solar CUF for the RG2 portfolio stood at 25.4% for H1 FY27
- Plant availability stood at 98.3% and grid availability at 99.6% for H1 FY27
- Overall long-term pipeline backed by ~2,50,000 acres of land and ~5+ GW of PSP sites secured
Adani Green Energy Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from RTA MUFG Intime India confirms that securities received for dematerialisation were processed and confirmed or rejected within prescribed timelines. The security certificates received were duly mutilated and cancelled. This is a standard procedural compliance filing with no impact on operations or financials.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarterly period ended September 30, 2026
- Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 03, 2026
- Filed with BSE and NSE on October 06, 2026
Adani Green Energy Limited (AGEL) has commercially operationalized 481.9 MW of renewable energy projects (343.3 MW solar, 138.6 MW wind) and 3,081 MWh of Battery Energy Storage System (BESS) projects at Khavda and Mundra, Gujarat. This expands AGEL's total operational renewable generation capacity to 20,762.70 MW and BESS capacity to 6,632 MWh (6.63 GWh), nearly doubling its BESS portfolio from 3.55 GWh in June 2026. AGEL now accounts for over 50% of India's operational BESS capacity and targets adding more than 10 GWh of battery storage in FY27 towards a 5-year target of 50 GWh.
- Commissioned 481.9 MW of RE capacity (343.3 MW solar and 138.6 MW wind) across Khavda and Mundra
- Operationalized 3,081 MWh of BESS capacity, taking total operational BESS capacity to 6,632 MWh (6.63 GWh)
- Total operational renewable generation capacity reached 20,762.70 MW
- Company now commands over 50% of India's total operational BESS capacity (~12.6 GWh)
- On track to add >10 GWh of battery storage in FY27 and targeting 50 GWh over the next 5 years
Adani Green Energy Limited has received a Settlement Order from SEBI under the SEBI (Settlement Proceedings) Regulations, 2018. The settlement resolves alleged violations of Regulation 33(1)(d) of the SEBI Listing Regulations and Clause 2 of the erstwhile Listing Agreement without admitting or denying the findings. The company paid a settlement amount of ₹45,50,000 (₹45.5 lakh). The financial impact is negligible, representing less than 0.001% of AGEL's TTM revenue of ₹13,559 crore.
- SEBI approved settlement application on September 22, 2026
- Settlement amount paid is INR 45,50,000 (₹45.5 lakh)
- Pertains to alleged violation of Regulation 33(1)(d) of SEBI Listing Regulations
- Settled without admitting or denying findings of facts and conclusions of law
- Company confirmed no material financial impact from this order
Adani Green Energy Limited has notified the exchanges of multiple upcoming investor interactions scheduled between September 14 and September 24, 2026. Events include a Capital Market site visit to Khavda on September 14, attendance at the Jefferies India Forum on September 17, and the BoFA Asia Pacific Conference in Hong Kong on September 21-22. Additionally, the company will participate in the JPM Industrial and Electric Utilities Tour in Ahmedabad on September 24. These are routine investor engagement events with no immediate financial impact.
- September 14, 2026: Capital Market physical site visit scheduled at Khavda
- September 17, 2026: Participation in Jefferies India Forum 2026 via physical meetings at Gurgaon
- September 21-22, 2026: 1x1 and group meetings at BoFA 2026 Asia Pacific Conference in Hong Kong
- September 24, 2026: Group meetings during JPM Industrial and Electric Utilities Tour at Ahmedabad
Adani Green Energy Limited announced the voting results of its Extraordinary General Meeting (EGM) held on September 03, 2026. Shareholders approved the re-appointment of three Independent Directors—Mr. Romesh Sobti, Mrs. Neera Saggi, and Dr. Anup Shah—each for a second 5-year term. All three special resolutions passed overwhelmingly with over 99.4% votes in favor across 95.26% total voter turnout.
- Re-appointment of Mr. Romesh Sobti as Independent Director approved with 99.97% votes in favor (effective September 20, 2026)
- Re-appointment of Mrs. Neera Saggi as Independent Director approved with 99.88% votes in favor (effective September 07, 2026)
- Re-appointment of Dr. Anup Shah as Independent Director approved with 99.40% votes in favor (effective September 07, 2026)
- Overall voter participation stood at 95.26% (1,56,90,71,331 votes polled out of 1,64,71,76,155 total shares)
Adani Green Energy Limited's (AGEL) wholly-owned stepdown subsidiary, Adani Green Energy Twenty Six A Limited, has operationalised a 139 MW solar power project at Khavda, Gujarat. With this commissioning, AGEL's total operational renewable generation capacity has reached 20,280.80 MW, alongside 3,551 MWh of operational BESS capacity. This addition represents a ~0.69% incremental expansion in AGEL's operational generation base, supporting its trajectory toward achieving 50 GW by 2030.
- 139 MW solar power project commissioned at Khavda, Gujarat
- Total operational renewable generation capacity reached 20,280.80 MW
- Total operational Battery Energy Storage System (BESS) capacity stands at 3,551 MWh
- Commercial operationalisation was confirmed on September 01, 2026 at 2:05 PM
Adani Green Energy Limited has disclosed its schedule of upcoming interactions with institutional investors and analysts. The company will conduct physical 1x1 and group meetings spanning Mumbai, Chennai, and London between August 26, 2026, and September 8, 2026. These include an Equity Non-Deal Roadshow (NDR), participation in the Elara Conference, and the Adani Annual Conference 2026 in London.
- Equity NDR 1x1 physical meetings scheduled in Mumbai on August 26, 2026
- Equity NDR 1x1 physical meetings scheduled in Chennai on September 1, 2026
- Elara Conference 1x1 and group meetings scheduled in Mumbai on September 2, 2026
- Adani Annual Conference 2026 1x1 and group physical meetings scheduled in London on September 7 & 8, 2026
The US District Court for the Eastern District of New York has entered a final judgment on consent regarding a civil complaint filed by the US SEC against Gautam and Sagar Adani. Gautam Adani is required to pay a civil penalty of USD 6.00 million, while Sagar Adani will pay USD 12.00 million. Both individuals are permanently restrained from violating specific US securities laws, including anti-fraud provisions, though they entered the judgment without admitting or denying the allegations. Adani Green Energy Limited (AGEL) itself was not a party to the proceedings and maintains that there is no material impact on its operations.
- USD 6.00 million civil penalty imposed on Mr. Gautam Adani, payable within 30 days.
- USD 12.00 million civil penalty imposed on Mr. Sagar Adani, payable within 30 days.
- Final judgment entered on August 10, 2026, by the US Eastern District NY Court, disposing of the SEC's civil complaint.
- Permanent restraint from violating Section 10(b) and Rule 10b-5 of the US Securities Exchange Act and Section 17(a) of the Securities Act.
- Company confirms no charges were brought against Adani Green Energy Limited as an entity.
The US District Court for the Eastern District of New York has entered a final judgment in the SEC's civil complaint against Gautam Adani and Sagar Adani. The promoters are required to pay civil penalties totaling $18 million ($6 million for Gautam Adani and $12 million for Sagar Adani) within 30 days. While the promoters are permanently restrained from certain US securities law violations, they entered the judgment without admitting or denying the allegations. Importantly, Adani Green Energy Limited (AGEL) itself was not a party to the proceedings and faces no direct charges or fines.
- Gautam Adani to pay a civil penalty of $6.00 million within 30 days
- Sagar Adani to pay a civil penalty of $12.00 million within 30 days
- Final judgment entered on August 10, 2026, disposing of the SEC's civil complaint (No. 24-CV-08080)
- Promoters permanently restrained from violating Section 10(b) and Section 17(a) of US Securities Acts
- AGEL confirms zero material adverse impact on its own financial or operational activities
Adani Green Energy Limited (AGEL) has called an Extraordinary General Meeting (EGM) on September 03, 2026, to seek shareholder approval for the re-appointment of three Independent Directors for second five-year terms. The directors include Mr. Romesh Sobti (76 years old), Mrs. Neera Saggi, and Dr. Anup Shah, all of whom recorded 100% attendance in FY 2026 board meetings. The cut-off date for voting eligibility is August 27, 2026. This move aims to maintain governance continuity as the company pursues its 50 GW capacity target by 2030.
- EGM scheduled for September 03, 2026, to be held via Video Conferencing
- Proposed re-appointment of Mr. Romesh Sobti for a 5-year term starting September 20, 2026
- Proposed re-appointment of Mrs. Neera Saggi and Dr. Anup Shah for 5-year terms starting September 07, 2026
- Cut-off date for electronic voting fixed as August 27, 2026
- All three directors seeking re-appointment attended 5 out of 5 board meetings in FY 2026
Ad a n i G r e e n E n e r g y L i m i t e d (A G E L ) h a s i n t i m a t e d t h e s c h e d u l e f o r t w o u p c o m i n g i n v e s t o r c o n f e r e n c e s i n M u m b a i . T h e c o m p a n y w i l l p a r t i c i p a t e i n t h e E m k a y C o n f l u e n c e o n A u g u s t 1 3 , 2 0 2 6 , a n d t h e M o t i l a l O s w a l 2 0 2 6 C o n f e r e n c e o n A u g u s t 1 7 , 2 0 2 6 . T h e s e i n t e r a c t i o n s w i l l i n v o l v e b o t h o n e - o n - o n e a n d g r o u p m e e t i n g s i n p h y s i c a l m o d e . A s a l a r g e - c a p p l a y e r w i t h a R s 2 8 2 , 2 6 4 C r m a r k e t c a p , s u c h e n g a g e m e n t s a r e s t a n d a r d p r o c e d u r e f o r m a i n t a i n i n g i n s t i t u t i o n a l r e l a t i o n s .
- S c h e d u l e d i n t e r a c t i o n a t E m k a y C o n f l u e n c e o n A u g u s t 1 3 , 2 0 2 6
- S c h e d u l e d i n t e r a c t i o n a t M o t i l a l O s w a l 2 0 2 6 C o n f e r e n c e o n A u g u s t 1 7 , 2 0 2 6
- M e e t i n g s w i l l b e c o n d u c t e d i n p h y s i c a l m o d e i n M u m b a i
- C o m p a n y i s c u r r e n t l y m a n a g i n g a n o p e r a t i o n a l c a p a c i t y o f ~ 1 5 G W a s o f M a r c h 2 0 2 5
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.
