Adani Green Energy (ADANIGREEN) Q2 25/26 earnings summary

Executive summary

• Operational renewable capacity expanded 49% year-over-year to 16.7 GW, with 2.4 GW added in H1 FY26, maintaining the largest renewable portfolio in India.

• Energy sales increased 39% year-over-year to 19,569 million units in H1 FY26, driven by robust capacity additions.

• Recognized for sustainability and ESG leadership, ranking 1st in India and 7th globally in the renewable sector by Sustainalytics, and received multiple industry awards.

• Significant progress at the Khavda project, with 7.1 GW assets and 661 MW operational.

• Remain on track for 5 GW capacity addition in FY26 and 50 GW by 2030.

Financial highlights

• Revenue from power supply increased 26% year-over-year to ₹6,088 crore in H1 FY26.

• EBITDA for H1 FY26 reached ₹5,651 crore, up 25% year-over-year, with a margin of 91.8%.

• Cash profit rose 17% year-over-year to ₹3,904 crore in H1 FY26.

• Net profit for H1 FY26 was ₹1,468 crore, up from ₹1,144 crore in H1 FY25.

• Total assets as of September 30, 2025, stood at ₹125,877 crore, with equity attributable to shareholders at ₹19,524 crore.

Outlook and guidance

• Committed to achieving 5 GW capacity addition in FY26 and 50 GW by 2030.

• CapEx guidance of ₹30,000–35,000 crore per year for the next two years, supporting 5–6 GW annual capacity additions.

• Ongoing investments in advanced technologies and digitalization to boost operational efficiency and margins.

• Net debt to run-rate EBITDA expected to remain 4–5x for the next 2–3 years, declining sharply post-2029 as CapEx moderates.

• Focused on expanding merchant, commercial & industrial, and hybrid opportunities for higher returns and stable cash flows.