Adani Green Energy Limited Q4 FY2026 Results
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Overview
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Detailed Analysis
Sentiment
Positive
Executive Summary
ADANIGREEN Q4 FY26: Revenue ₹3,727 Cr (vs ₹3,278 Cr YoY), PAT ₹514 Cr (vs ₹383 Cr YoY)
Adani Green Energy Ltd reported consolidated total income of ₹3,727 Cr in Q4 FY26, up versus ₹3,278 Cr in Q4 FY25, with net profit (PAT) of ₹514 Cr in Q4 FY26 versus ₹383 Cr in Q4 FY25. Operational capacity increased to 19,294 MW as at 31 Mar 2026 from 14,243 MW as at 31 Mar 2025, driven by 5,051 MW greenfield additions in FY26. Core power supply EBITDA expanded, with EBITDA from power supply at ₹2,944 Cr in Q4 FY26 versus ₹2,453 Cr in Q4 FY25 and an industry-leading reported EBITDA margin of 91% for FY26. Key financial actions during the year included conversion of warrants raising aggregate...Total Income (Consolidated)
₹3,727 Crvs ₹3,278 Cr in Q4 FY25
Revenue from Power Supply
₹3,094 Crvs ₹2,666 Cr in Q4 FY25
Profit for the period (PAT)
₹514 Crvs ₹383 Cr in Q4 FY25
EBITDA from Power Supply
₹2,944 Crvs ₹2,453 Cr in Q4 FY25
Operational capacity (as at 31 Mar 2026)
19,294 MWvs 14,243 MW as at 31 Mar 2025
Basic EPS
₹2.33vs ₹1.26 in Q4 FY25
Finance Costs (Consolidated)
₹1,626 Crvs ₹1,368 Cr in Q4 FY25
Exceptional items (Consolidated)
(₹108) Crvs
Key Highlights
10
Greenfield capacity addition of 5,051 MW in FY26 (includes 3,412 MW solar, 683 MW wind and 956 MW solar-wind hybrid), lifting operational portfolio to 19,294 MW as at 31 Mar 2026, which underpins higher energy sales and revenue growth.
Energy sales rose 34% YoY to 37,567 million units in FY26, supporting consolidated revenue from power supply of ₹11,602 Cr for FY26 versus ₹9,495 Cr in FY25.
Company reported EBITDA from power supply of ₹10,865 Cr for FY26 and maintained an industry-leading EBITDA margin of 91% for FY26, driven by higher plant availability and O&M efficiencies.
Warrant conversion
Installed battery energy storage (BESS) capacity of 1,376 MWh in Khavda during FY26 and management target to exceed 10,000 MWh by FY27, signaling accelerated storage strategy to firm variable RE output.
Consolidated exceptional items of (₹108) Cr in Q4 FY26 (one‑time refinancing/prepayment charges, project write-offs and liquidated damages), reflecting ongoing project and financing transitions across subsidiaries.
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Key Highlights
10
Greenfield capacity addition of 5,051 MW in FY26 (includes 3,412 MW solar, 683 MW wind and 956 MW solar-wind hybrid), lifting operational portfolio to 19,294 MW as at 31 Mar 2026, which underpins higher energy sales and revenue growth.
Energy sales rose 34% YoY to 37,567 million units in FY26, supporting consolidated revenue from power supply of ₹11,602 Cr for FY26 versus ₹9,495 Cr in FY25.
Company reported EBITDA from power supply of ₹10,865 Cr for FY26 and maintained an industry-leading EBITDA margin of 91% for FY26, driven by higher plant availability and O&M efficiencies.
Warrant conversion
Higher finance costs remain material with consolidated finance costs of ₹1,626 Cr in Q4 FY26 versus ₹1,368 Cr in Q4 FY25, reflecting leverage on the expanding asset base and refinancings across group entities.
Installed battery energy storage (BESS) capacity of 1,376 MWh in Khavda during FY26 and management target to exceed 10,000 MWh by FY27, signaling accelerated storage strategy to firm variable RE output.
Consolidated exceptional items of (₹108) Cr in Q4 FY26 (one‑time refinancing/prepayment charges, project write-offs and liquidated damages), reflecting ongoing project and financing transitions across subsidiaries.
Group continues to recognise tariff-differential receivables and related legal/regulatory matters across subsidiaries (cumulative revenue recognised referenced in notes), indicating reliance on favourable regulatory outcomes for incremental revenues.
Consolidated profit before share of associate/JV, exceptional items and tax was ₹596 Cr in Q4 FY26 versus ₹576 Cr in Q4 FY25, showing operating profit momentum at the consolidated level.
Conversion of subsidiary corporate actions and amalgamations (NCLT-approved scheme effective 25 Aug 2025) resulted in receipt of preference shares valued between debt of ₹91 Cr and deemed equity of ₹166 Cr in standalone disclosures, affecting group structure.
Guidance & Outlook
5
Management target to reach 50 GW operational capacity by 2030 (stated target) as a strategic growth objective to expand scale and long‑term cash flows.
BESS buildout guidance
Management continues to monitor legal proceedings (US DOJ/US SEC related to certain directors) and regulatory tariff disputes; outcome may influence contingent exposures and disclosures for upcoming periods.
Company expects continued project commissioning (Khavda ramp-up) and strong plant performance to sustain FY27 generation and revenue growth, per management commentary on operational excellence.
Warrant proceeds of ₹9,350 Cr were utilised for debt repayment, investments in unsecured perpetual debt of subsidiaries and general corporate purposes, indicating capital allocation priorities through FY26 and near term.
Risks & Concerns
6
Legal/regulatory risk
indictment by US DOJ and civil complaint by US SEC against certain directors is pending (not the company) and remains an ongoing disclosure‑level risk per notes, with outcomes uncertain.
Leverage and interest burden
Exceptional and impairment risk
Regulatory‑dependent revenues
Concentration risk
One‑off cash flow uncertainty
AI-generated analysis. May contain inaccuracies — verify against original sources.