Adani Green Energy (ADANIGREEN) Q4 25/26 earnings summary

Executive summary

• Achieved 34% year-on-year growth in energy sales to 37,567 million units, driven by record 5.1 GW greenfield capacity addition, growing operational capacity 35% YoY to 19.3 GW, the highest globally outside China.

• Khavda project operationalized 9.4 GW of wind, solar, and hybrid assets, with 1.4 GWh battery storage, among the world's largest single-location deployments.

• Solar, wind, and hybrid portfolios achieved high plant availability and strong CUF metrics, with Khavda site delivering CUF of over 27% for solar and 29–30% for wind.

• Secured top global ESG ratings, including CareEdge ESG 1+ and top global rankings, and received multiple industry awards for operational and sustainability excellence.

• Committed to achieving 50 GW of capacity by 2030, with ongoing investments in advanced technologies and digitization.

Financial highlights

• Revenue from power supply rose 22% year-on-year to ₹11,602 crore, with EBITDA up 23% to ₹10,865 crore and an industry-leading EBITDA margin of 91%.

• Cash profit increased 11% YoY to ₹5,399 crore.

• Consolidated net profit for FY26 stood at ₹1,987 crore, with basic and diluted EPS at ₹9.65.

• Lost INR 1,200–1,500 crore of EBITDA in FY26 due to curtailment and lower merchant prices, a one-time impact not expected to recur.

• Q4 FY26 revenue up 16% YoY, EBITDA up 20% YoY, and cash profit up 21% YoY.

Outlook and guidance

• Targeting addition of over 10 GWh of battery storage in FY27, with CapEx of about INR 15,000 crore.

• Plans to add 4.5–5 GW of new capacity in FY27, with execution pace limited by transmission constraints.

• Expects more than 90% of new capacity to be tied up in long-term PPAs.

• No revision to the 50 GW by 2030 target; execution plans will be calibrated annually based on transmission availability.

• Focus on expanding merchant, C&I, and hybrid opportunities while maintaining stable cash flows.