Adani Green Energy (ADANIGREEN) Q1 25/26 earnings summary

Executive summary

• Operational renewable energy capacity rose 45% year-over-year to 15.8 GW, with 1.6 GW added in Q1 FY26 and 4.9 GW added in the last year, maintaining the largest operational RE capacity in India.

• Energy sales increased 42% year-over-year to 10,479 million units, surpassing previous annual sales in a single quarter, driven by robust capacity additions and strong execution at the Khavda plant, now at 5.6 GW operational.

• Industry-leading EBITDA margin of 92.8% and recognition for ESG leadership, with top global rankings in FTSE Russell, Reuters Global Energy Transition Awards, NSE Sustainability Ratings, and CRISIL ESG Ratings.

• Solar, wind, and hybrid portfolios achieved high CUF and plant availability, with solar at 28% CUF and 99.3% availability, and wind CUF at 42.3%.

• On track to achieve 50 GW renewable energy capacity by 2030, including 5 GW hydro pumped storage and battery storage.

Financial highlights

• Revenue from power supply increased 31% year-over-year to ₹3,312 crore in Q1 FY26.

• EBITDA rose 31% year-over-year to ₹3,108 crore, with an industry-leading margin of 92.8%.

• Cash profit surged 25% year-over-year to ₹1,744 crore.

• Consolidated net profit for Q1 FY26 was ₹824 crore, up from ₹629 crore in Q1 FY25.

• Gross block stands at INR 89,000 crore; run-rate EBITDA for 15.8 GW capacity is INR 17,000 crore annually.

Outlook and guidance

• On track to add 5 GW capacity in FY26, with similar targets for the following year, and confident in meeting the 50 GW target by 2030.

• No significant impact expected from recent project cancellations or transmission challenges; robust pipeline and risk management in place.

• Continued investment in large-scale projects, notably the 30 GW Khavda plant, to maintain growth momentum.

• Funding for growth fully tied up, including promoter share warrants and non-fund-based credit lines.

• Expect continued strong performance, with merchant and PPA-based revenues balanced for risk and return.