Adani Green Energy Limited Q3 FY2026 Results
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Overview
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Detailed Analysis
Sentiment
Mixed
Executive Summary
Adani Green Energy Q3 FY26: Revenue ₹2,837 Cr (vs ₹2,636 Cr YoY), PAT ₹5 Cr (vs ₹644 Cr YoY)
In Q3 FY26 Adani Green Energy reported consolidated Total Income of ₹2,837 Cr and a steep decline in profit to ₹5 Cr. Revenue from Power Supply rose to ₹2,420 Cr in Q3 FY26, supporting strong operational EBITDA in the power segment despite financing and depreciation pressures. Net loss‑before‑tax turned to a loss of ₹(124) Cr in Q3 FY26 driven by higher finance costs of ₹1,698 Cr and elevated depreciation of ₹886 Cr. Key corporate developments include conversion of warrants raising ₹9,350 Cr (utilised for debt repayment & investments) and operational capacity expanding to 17,238 MW as at 31...Total Income (Consolidated)
₹2,837 Crvs ₹2,636 Cr in Q3 FY25
Revenue from Power Supply
₹2,420 Crvs ₹1,993 Cr in Q3 FY25
EBITDA from Power Supply
₹2,269 Crvs ₹1,848 Cr in Q3 FY25
Profit for the period (Consolidated)
₹5 Crvs ₹644 Cr in Q3 FY25
(Loss)/Profit before tax
-₹124 Crvs ₹307 Cr in Q3 FY25
Finance Costs (net)
₹1,698 Crvs ₹1,251 Cr in Q3 FY25
Depreciation & Amortisation
₹886 Crvs ₹618 Cr in Q3 FY25
Operational capacity (total) as at 31 Dec 2025
17,238 MWvs 11,609 MW as at 31 Dec 2024
Key Highlights
10
Consolidated Total Income for Q3 FY26 was ₹2,837 Cr driven by higher Power Supply revenue of ₹2,420 Cr for the quarter.
EBITDA from Power Supply rose to ₹2,269 Cr in Q3 FY26, producing an industry‑leading EBITDA margin from power operations reported at c.90.6% for the quarter.
Profit for the period collapsed to ₹5 Cr in Q3 FY26 primarily because Loss before tax was ₹(124) Cr despite strong segment EBITDA.
Finance costs increased to ₹1,698 Cr in Q3 FY26, up from ₹1,251 Cr in Q3 FY25, materially pressuring pre‑tax profitability.
Depreciation & amortisation rose to ₹886 Cr in Q3 FY26 versus ₹618 Cr in Q3 FY25, reflecting higher commissioned asset base and lowering reported profits.
Exceptional items in Q3 FY26 were ₹(11) Cr (one‑time unamortised borrowing costs/write‑offs), which contributed to the quarterly loss position.
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Key Highlights
10
Consolidated Total Income for Q3 FY26 was ₹2,837 Cr driven by higher Power Supply revenue of ₹2,420 Cr for the quarter.
EBITDA from Power Supply rose to ₹2,269 Cr in Q3 FY26, producing an industry‑leading EBITDA margin from power operations reported at c.90.6% for the quarter.
Profit for the period collapsed to ₹5 Cr in Q3 FY26 primarily because Loss before tax was ₹(124) Cr despite strong segment EBITDA.
Finance costs increased to ₹1,698 Cr in Q3 FY26, up from ₹1,251 Cr in Q3 FY25, materially pressuring pre‑tax profitability.
Operational capacity expanded to 17,238 MW as at 31 Dec 2025 from 11,609 MW a year earlier, supporting higher generation and revenue run‑rate.
The company completed conversion of 6,31,43,677 warrants raising total consideration of ₹9,350 Cr during 9M FY26, with proceeds used for debt repayment and investments into unsecured perpetual debt of subsidiaries.
Depreciation & amortisation rose to ₹886 Cr in Q3 FY26 versus ₹618 Cr in Q3 FY25, reflecting higher commissioned asset base and lowering reported profits.
Exceptional items in Q3 FY26 were ₹(11) Cr (one‑time unamortised borrowing costs/write‑offs), which contributed to the quarterly loss position.
Management reported Energy Sales of 27,636 million units for 9M FY26 (media release figure) reflecting 37% YoY growth for the nine‑month period, supporting long‑term revenue trajectory.
Cash profit (PAT + Depreciation + Deferred Tax + Exceptional items) for Q3 is not separately disclosed for the quarter but 9M cash profit reported at ₹3,906 Cr in the media release, indicating strong operating cash generation year‑to‑date.
Guidance & Outlook
5
Management highlighted expansion target of 50 GW by FY30 with Khavda development progressing toward 30 GW by 2029 and Khavda operational portfolio at 7.7 GW as at Dec 2025.
Company indicated planned deployment of large‑scale battery energy storage and continued greenfield additions (AGEL added 2,995 MW in 9M FY26 and 5,630 MW over last 12 months) to support generation growth.
Proceeds from warrant conversion (₹9,350 Cr) have been utilised for debt repayment and investments into subsidiaries' perpetual securities, which management expects will strengthen the balance sheet and fund near‑term capex.
Management expects continued high plant availability from advanced O&M and tech initiatives which underpinned a 91.5% EBITDA margin for 9M FY26 and should support near‑term generation performance.
The company flagged recognition of deferred tax asset/credit of ₹160 Cr on unused tax credits at the Holding Company in prior quarter, expected to benefit future tax charges.
Risks & Concerns
6
High finance costs of ₹1,698 Cr in Q3 FY26 (up from ₹1,251 Cr YoY) materially depress pre‑tax profit and expose earnings to interest rate and refinancing risk.
Rising depreciation (₹886 Cr in Q3 FY26) from rapid capacity additions reduces reported PAT despite strong operating EBITDA, creating volatility in net income.
Profitability volatility
Legal/regulatory proceedings noted (US DOJ/SEC matters concerning certain directors) remain pending and represent a governance and reputational risk, though the Company is not a defendant.
Receivable timing and dispute exposure
Use of proceeds
AI-generated analysis. May contain inaccuracies — verify against original sources.