Adani Green Energy Limited (ADANIGREEN)
🎯 Key Takeaways
- Adani Green Energy Limited is in a high-growth phase, transitioning from early-stage expansion to scaling a mature renewable energy platform. The company is executing a clear strategy to become a 50 GW renewable capacity leader by 2030, supported by strong shareholder backing and ESG leadership.
- Revenue grew 33.8% QoQ to ₹3,502 in Q4FY26.
- ⚠️ Execution risk in scaling new technologies like green hydrogen and hydro pumped storage remains a key concern, as these are still nascent at commercia
📖 The Story
Adani Green Energy Limited is in a high-growth phase, transitioning from early-stage expansion to scaling a mature renewable energy platform. The company is executing a clear strategy to become a 50 GW renewable capacity leader by 2030, supported by strong shareholder backing and ESG leadership. Financial performance shows robust top-line growth and improving profitability, though capital intensity remains high due to aggressive capacity additions.
📰 What's Happening
Management recently secured shareholder approval at the 11th AGM for all key resolutions, including audited financials and a material related party transaction, reinforcing governance stability. The company added 5.1 GW of capacity in FY25-26, bringing total operational capacity to 19.3 GW (35% YoY growth). Management highlighted progress on strategic initiatives including green hydrogen, hydro pumped storage, and battery storage expansion beyond current 1,376 MWh. The trading window closure announcement reflects routine compliance ahead of quarterly results disclosure.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q2FY26 | Q3FY26 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,055 | 2,365 | 3,073 | 3,800 | 6,808 | 3,008 | 2,618 | 3,502 |
| Operating Profit | 2,429 | 1,850 | 2,441 | 3,231 | 5,992 | 2,761 | 2,449 | 2,999 |
| OPM % | 72.2% | 67.7% | 77.9% | 80.0% | 82.9% | 86.5% | 85.6% | 82.3% |
| Net Profit | 515 | 474 | 383 | 824 | 1,468 | 644 | 5 | 514 |
| EPS | ₹1.56 | ₹2.92 | ₹1.26 | ₹4.26 | ₹7.70 | ₹3.44 | ₹-0.38 | ₹2.33 |
Quarterly revenue shows volatility but underlying growth is evident with sequential improvement in Q4FY26 (₹3,502 crore) following a dip in Q3FY26. Operating margins remain strong at 82.3% in Q4FY26, up from 67.7% in Q3FY25, indicating operational efficiency gains. Net profit turned positive in Q4FY26 (₹514 crore) after a loss in Q3FY26 (₹5 crore), though it remains below peak levels seen in earlier quarters. The financial trajectory reflects the impact of capacity additions and scaling, with management attributing growth to renewable expansion and efficiency initiatives.
🔮 Management Outlook & What's Next
Management maintains an ambitious outlook, targeting 50 GW renewable capacity by 2030 and expanding battery storage deployment. They emphasized continued AI-driven operational efficiency initiatives and advancement of green hydrogen and hydro pumped storage projects. No specific financial guidance was provided in the latest filings, but strategic priorities remain focused on capacity growth, technology diversification, and ESG leadership as core drivers of future performance.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | 2025-2026 | 2025-2026 | 2025-2026 | 2025-2026 | 2025-2026 |
|---|---|---|---|---|---|
| Equity Capital | 1,625 | 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 | 89,484 | 96,118 | 96,118 | 1.04 L Cr | 1.14 L Cr |
| Fixed Assets | — | 88,315 | 88,315 | — | 1.02 L Cr |
| Investments | — | 1,946 | 1,946 | — | 1,701 |
| Total Assets | 1.17 L Cr | 1.26 L Cr | 1.26 L Cr | 1.33 L Cr | 1.44 L Cr |
The balance sheet shows significant leverage with borrowings of ₹1.01 L Cr and total assets of ₹1.44 L Cr, reflecting capital-intensive growth. Equity remains stable at ₹1,647 Cr with reserves increasing to ₹18,318 Cr, indicating retained earnings are being used to fund expansion. The capital structure suggests aggressive reinvestment in growth, with financing activities showing net inflows of ₹8,860 Cr, likely from debt or equity issuances to fund new 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
Execution risk in scaling new technologies like green hydrogen and hydro pumped storage remains a key concern, as these are still nascent at commercial scale. High capital expenditure requirements to achieve 50 GW capacity target could pressure cash flows if project timelines slip. Regulatory and policy risks in the renewable energy sector, including potential changes in incentives or tariff structures, could impact profitability. Additionally, financial leverage remains elevated, increasing sensitivity to interest rate movements and project delays.
📋 Recent Filings
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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...
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🟡 Board Meeting 25 June 2026Adani Green Energy Limited held its 11th Annual General Meeting on June 25, 2026 via video conferencing, where shareholders approved all six proposed ...
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Announcement 12 June 2026Adani Green Energy announced the incorporation of its wholly owned subsidiary Adani Global IFSC Limited in Gift City, Gujarat, effective June 3, 2026,...
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Announcement 1 June 2026Adani Green Energy announced that its wholly owned subsidiary AHEJa5L has operationalized a 50 MW solar project at Khavda, Gujarat, adding to its rene...
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🔴 annual report 29 May 2026Adani Green Energy Limited (ADANIGREEN) announced its 11th AGM scheduled for June 25, 2026, and provided details of its Integrated Annual Report 2025-...
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Announcement 18 May 2026Adani Green Energy disclosed that the US Department of Justice has moved to dismiss with prejudice the criminal indictment against Gautam Adani, Sagar...
🧠 Analyst's Read
Adani Green Energy is executing a clear growth strategy with strong operational momentum and shareholder support, positioning it as a leader in India's renewable transition. The next critical watchpoint is the successful commercialization of emerging technologies and execution of the 50 GW target, which will determine whether current growth trends can be sustained long-term.
Based on filing content and financial data. Not a recommendation.
Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-14.
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