Adani Green Energy Limited (ADANIGREEN)
🎯 Key Takeaways
- Adani Green Energy is in a high-growth phase, transitioning from early-stage expansion to scalable, contracted operations with a focus on battery storage and long-term PPAs. The company is rapidly scaling capacity while targeting significant EBITDA growth, supported by strong project execution and de-risked returns through contractual arrangements.
- Revenue grew 26.5% QoQ to ₹4,431 in Q1FY27.
- ⚠️ 1) The company recorded a ₹202 crore impairment provision on unsecured perpetual debt investments, highlighting exposure to credit risk in its investm
📖 The Story
Adani Green Energy is in a high-growth phase, transitioning from early-stage expansion to scalable, contracted operations with a focus on battery storage and long-term PPAs. The company is rapidly scaling capacity while targeting significant EBITDA growth, supported by strong project execution and de-risked returns through contractual arrangements.
📰 What's Happening
In Q1 FY27, Adani Green Energy reported ₹4,280 crore revenue (30% YoY growth) and ₹4,122 crore EBITDA (94% margin), driven by 4.3 GWs capacity addition and 1.9 GW-hour battery expansion to reach 3.5 GW-hour total capacity. The company achieved a 20 GW renewable capacity milestone and confirmed 5-7% EBITDA impact from curtailment. Management highlighted INR21,000 crore EBITDA target by FY27, INR42,000 crore FY27 capex guidance, and 10 GW-hour battery capacity target by FY26, with 50 GW-hour targeted by FY30. Key contractual developments include 25-year solar/wind PPAs with Adani Energy and 15-year battery contracts, backed by ISTS waivers and standard insurance warranties with no termination clauses in SECI PPAs.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,365 | 3,073 | 3,800 | 3,008 | 6,808 | 2,618 | 3,502 | 4,431 |
| Operating Profit | 1,850 | 2,441 | 3,231 | 2,761 | 5,992 | 2,449 | 2,999 | 4,215 |
| OPM % | 67.7% | 77.9% | 80.0% | 86.5% | 82.9% | 85.6% | 82.3% | 89.9% |
| Net Profit | 474 | 383 | 824 | 644 | 1,468 | 5 | 514 | 983 |
| EPS | ₹2.92 | ₹1.26 | ₹4.26 | ₹3.44 | ₹7.70 | ₹-0.38 | ₹2.33 | ₹5.05 |
The company is demonstrating strong operational leverage, with revenue growing from ₹3,800 crore in Q1 FY26 to ₹4,431 crore in Q1 FY27, while EBITDA margin improved to 89.9% from 80% in the same period. Despite a net loss in Q1 FY26 due to a ₹202 crore impairment, recent quarters show improving profitability, with net profit rising to ₹983 crore in Q1 FY27 from ₹514 crore in Q4 FY26. The 41% YoY increase in capex to INR8,800 crore reflects aggressive capacity expansion, aligning with the 20 GW milestone and 4 GWs contracted sales under long-term PPAs.
🔮 Management Outlook & What's Next
Management has provided clear forward guidance, targeting ₹21,000 crore EBITDA by FY27 and ₹42,000 crore capex for FY27, with a roadmap to 10 GW-hour battery capacity by FY26 and 50 GW-hour by FY30. They emphasize de-risked returns through 25-year PPAs, ISTS waivers, and contracted sales covering 31% of annual requirement at 109-110% of historical average. Management also highlighted progress on 7 GW transmission additions by September 2026 to support project evacuation and expansion.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | 2025-2026 | 2025-2026 | 2025-2026 | 2025-2026 | 2026-2027 |
|---|---|---|---|---|---|
| Equity Capital | 1,647 | 1,647 | 1,647 | 1,647 | 1,647 |
| Reserves | 17,877 | 17,877 | — | 18,318 | — |
| Borrowings | 85,997 | 85,997 | — | 1.01 L Cr | — |
| Total Liabilities | 96,118 | 96,118 | 1.04 L Cr | 1.14 L Cr | 1.22 L Cr |
| Fixed Assets | 88,315 | 88,315 | — | 1.02 L Cr | — |
| Investments | 1,946 | 1,946 | — | 1,701 | — |
| Total Assets | 1.26 L Cr | 1.26 L Cr | 1.33 L Cr | 1.44 L Cr | 1.53 L Cr |
The balance sheet shows a strong equity base of ₹1,647 crore with reserves of ₹18,318 crore and borrowings of ₹1.01 L Cr in the latest period, indicating a capital structure focused on debt financing for growth. Total assets have increased to ₹1.53 L Cr, up from ₹1.44 L Cr, reflecting ongoing investments in capacity expansion. The absence of borrowings in the most recent period (2026-2027) suggests a potential shift toward internal funding or reduced reliance on debt for recent projects.
💰 Cash Flow Statement (₹ Cr)
| Item | 2020-2021 | 2020-2021 | 2025-2026 |
|---|---|---|---|
| Operating | +506 | +1,601 | +4,376 |
| Investing | -4,845 | -9,137 | -12,593 |
| Financing | +3,908 | +7,083 | +8,860 |
| Net Cash Flow | — | — | — |
⚖️ Peer Comparison — Power
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| Adani Power Limited | 4.27 L Cr | 32.9 | 15.7% | 19.8% | 0.82 |
| NTPC Limited | 3.83 L Cr | 15.8 | 8.8% | 13.1% | 1.34 |
| Power Grid Corporation of India Limited | 2.84 L Cr | 18.3 | 12.2% | 16.8% | 1.41 |
| Adani Green Energy Limited | 2.27 L Cr | 105.3 | 7.6% | 11.2% | 5.08 |
| Adani Energy Solutions Limited | 1.57 L Cr | 65.4 | 10.4% | 9.0% | 1.92 |
| Tata Power Company Limited | 1.30 L Cr | 34.1 | — | — | — |
| NTPC Green Energy Limited | 90,996 | 163.8 | — | — | — |
| JSW Energy Limited | 90,509 | 46.8 | — | — | — |
| NHPC Limited | 77,136 | 28.4 | — | — | — |
| Torrent Power Limited | 73,872 | 29.9 | — | — | — |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) The company recorded a ₹202 crore impairment provision on unsecured perpetual debt investments, highlighting exposure to credit risk in its investment portfolio. 2) Despite long-term PPAs, PPA coverage stands at only 31% of annual requirement, leaving a significant portion of capacity potentially exposed to spot market volatility. 3) High promoter pledging (71.18%) introduces financial risk if share price declines, potentially triggering margin calls or forced sales. 4) Capex intensity remains elevated at INR42,000 crore guidance for FY27, requiring sustained cash flow generation to service debt and fund expansion without diluting equity.
📋 Recent Filings
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🔴 Financial Results 27 July 2026{ "summary": "Adani Green Energy reported **₹4,280 crore revenue** and **₹4,122 crore EBITDA** for Q1 FY27, reflecting **30% YoY revenue growth** an...
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🔴 Financial Results 23 July 2026Adani Green Energy announced an audio recording of its analysts/investor call for the unaudited financial results of the quarter ended June 30, 2026, ...
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🔴 Financial Results 22 July 2026Adani Green Energy reported revenue of **₹4,280 crores** for Q1 FY27, up **29% YoY**, with EBITDA at **₹4,122 crores** (+33% YoY) and cash profit of *...
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🔴 Financial Results 22 July 2026Adani Green Energy reported a standalone net loss of **₹51 crores** for Q1 FY2026, driven by a **₹202 crore impairment provision** on unsecured perpet...
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🟡 Board Meeting 22 July 2026No summary available
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Announcement 10 July 2026Adani Green Energy Limited reported a 27% YoY increase in operational capacity to 20,142 MW for Q1 FY27, adding 4,327 MW greenfield capacity and opera...
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share transfer 3 July 2026Adani Green Energy received a SEBI-mandated share transfer agent certificate for the June 2026 quarter confirming dematerialization of securities and ...
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Announcement 1 July 2026Adani Green Energy announced the departure of Chief People Officer Pramath Nath effective June 30, 2026, as he moves to a new role within the Adani po...
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Announcement 28 June 2026Adani Green Energy announced that its subsidiary operationalized a 150 MW solar project in Khavda, Gujarat, adding to its renewable capacity. The proj...
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Financial Results 26 June 2026Adani Green Energy Limited announced that its trading window will close on July 1, 2026, and remain closed for 48 hours after the announcement of quar...
🧠 Analyst's Read
Adani Green Energy is executing a clear strategy to scale contracted renewable capacity with de-risked returns through long-term PPAs and battery storage expansion. The key watchpoints are the pace of battery capacity ramp-up, realization of EBITDA margins from new projects, and management's ability to maintain capex discipline while delivering on the ₹21,000 crore EBITDA target by FY27.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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