Adani Green Energy (ADANIGREEN) Q3 25/26 earnings summary

Executive summary

• Energy sales rose 37% year-over-year to 27,636 million units in 9M FY26, driven by significant greenfield capacity additions and strong plant performance.

• Operational renewable energy capacity expanded 48% YoY to 17.2 GW, with 5.6 GW added, including major projects in Khavda, Gujarat, and Rajasthan.

• The Khavda project, the world's largest renewable installation, now has 7.7 GW operational, with a target of 30 GW by 2029 and a major battery storage project set for commissioning soon.

• Solar, wind, and hybrid portfolios achieved high plant availability and CUF, with solar at 23.7–29.2%, wind at 29.2%, and hybrid at 34.8%.

• Recognized as the world's top green utility and leading sustainability performer in global rankings, including No. 1 by Energy Intelligence and FTSE Russell.

Financial highlights

• Revenue from power supply increased 25% YoY to ₹8,508 crore for the nine-month period; Q3 FY26 revenue was ₹2,420 crore, up 21% YoY.

• EBITDA grew 24% YoY to ₹7,921 crore, with an industry-leading EBITDA margin of 91.5%.

• Cash profit for nine months was ₹3,906 crore, up 7% YoY; net profit for nine months was ₹1,473 crore.

• Projected run-rate EBITDA for FY26 is ₹17,000 crore, including ₹1,000 crore other income; power supply EBITDA is ₹16,000 crore.

• Merchant realization for solar was ₹2.20/unit (down from ₹2.82/unit YoY); wind was ₹3.5/unit (down from ₹4.15/unit YoY).

Outlook and guidance

• Targeting 50 GW renewable capacity by 2030, with 30 GW at Khavda by 2029 and plans to add another 10 GW in the next year.

• CapEx for next year expected at ₹35,000–₹40,000 crore, higher than the current year.

• Revenue for next year projected at ₹17,000–₹18,000 crore, with EBITDA margin expected to remain around 92%.

• Battery storage capacity of 3.5 GWh to be commissioned this year, with plans to more than double next year.

• Focus on expanding merchant, C&I, CFD, and mid-duration hybrid opportunities for higher returns and stable cash flows.