Adani Green Energy Ltd (ADANIGREEN)
🎯 Key Takeaways
- Adani Green Energy is in a high-growth phase, transitioning from early-stage expansion to scaling a vertically integrated renewable energy platform with a focus on battery storage and contracted sales. The company is targeting 50 GW-hour battery capacity by FY30 and INR21,000 crore EBITDA by FY27, supported by 25-year PPAs and ISTS waivers that de-risk returns.
- Revenue grew 26.5% QoQ to ₹4,431 in Q1FY27.
- ⚠️ High leverage (D/E of 5.21) increases financial risk, especially as capex guidance of INR42,000 crore for FY27 may further strain balance sheet.
📖 The Story
Adani Green Energy is in a high-growth phase, transitioning from early-stage expansion to scaling a vertically integrated renewable energy platform with a focus on battery storage and contracted sales. The company is targeting 50 GW-hour battery capacity by FY30 and INR21,000 crore EBITDA by FY27, supported by 25-year PPAs and ISTS waivers that de-risk returns. Despite a net loss in Q1 FY26 due to an impairment, the underlying trend shows strong operational momentum and margin expansion.
📰 What's Happening
In Q1 FY27, Adani Green reported ₹4,280 crore revenue (+30% YoY) and ₹4,122 crore EBITDA (+33% YoY), driven by 4.3 GWs capacity addition and 1.9 GW-hour battery expansion to reach 3.5 GW-hour total capacity. The company added INR8,800 crore in capex (up 41% YoY) and achieved a 20 GW renewable capacity milestone. It also secured 4 GWs of contracted sales to Adani Energy under 25-year solar/wind PPAs and 15-year battery contracts. Management targets 10 GW-hour battery capacity by FY26, 50 GW-hour by FY30, and INR21,000 crore EBITDA by FY27 with INR42,000 crore capex guidance. A 7 GW transmission addition by September 2026 is underway to improve project evacuation, and PPAs cover 31% of annual requirement with 109-110% historical average coverage, ensuring de-risked returns.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 3,008 | 2,618 | 3,502 | 4,431 |
| Operating Profit | 1,769 | 1,355 | 1,997 | 2,959 |
| OPM % | 58.8% | 51.8% | 57.0% | 66.8% |
| Net Profit | 529 | -98 | 432 | 925 |
| EPS | ₹3.44 | ₹-0.38 | ₹2.33 | ₹5.05 |
Revenue and EBITDA have grown steadily over the past four quarters, with Q1 FY27 showing ₹4,431 crore revenue and ₹2,959 crore operating profit (66.8% margin), up from ₹3,502 crore revenue and ₹1,997 crore operating profit in Q4 FY26. Margins expanded from 51.8% in Dec 2025 to 66.8% in Jun 2026, reflecting improved asset utilization and scale. However, the company posted a standalone net loss of ₹51 crore in Q1 FY26 due to a ₹202 crore impairment provision, though this was an isolated event. The sequential improvement in profitability and margins aligns with management’s narrative of scaling efficiency and contracted sales de-risking.
🔮 Management Outlook & What's Next
Management has provided clear forward guidance, targeting INR21,000 crore EBITDA by FY27, INR42,000 crore capex for FY27, and 50 GW-hour battery capacity by FY30. They also aim for 10 GW-hour battery capacity by FY26 and highlight 7 GW transmission additions by September 2026 to support evacuation. PPAs with 25-year terms and 109-110% historical coverage ensure contracted sales de-risking, while battery warranties are insurance-backed with no termination clauses in SECI PPAs. These commitments reflect a long-term strategy focused on scale, contracted revenue visibility, and capital efficiency.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 1,584 | 1,584 | 1,647 | 1,647 |
| Reserves | 8,992 | 10,553 | 17,877 | 17,643 |
| Borrowings | 67,430 | 80,040 | 88,153 | 1.00 L Cr |
| Total Liabilities | 98,258 | 1.11 L Cr | 1.26 L Cr | 1.44 L Cr |
| Fixed Assets | 64,537 | 79,823 | 88,315 | 1.02 L Cr |
| Investments | 2,331 | 2,743 | 3,047 | 2,983 |
| Total Assets | 98,258 | 1.11 L Cr | 1.26 L Cr | 1.44 L Cr |
The balance sheet shows a significant increase in borrowings, rising to ₹1.00 L Cr in March 2026 from ₹88,153 crore in the prior period and ₹80,040 crore a year ago, indicating aggressive capital deployment. Equity and reserves grew to ₹1,647 crore and ₹17,643 crore respectively, supporting the expansion. Despite higher debt, total assets increased to ₹1.44 L Cr, reflecting investments in generation and storage infrastructure. The capex of INR42,000 crore guided for FY27 suggests continued heavy investment, likely funded through a mix of debt and internal cash flows, consistent with the company’s growth trajectory.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +10,135 |
| Investing | -26,227 |
| Financing | +15,615 |
| Net Cash Flow | -477 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 62.4% | 62.4% | 62.4% | 62.4% |
| FII | 11.3% | 11.4% | 11.1% | 11.8% |
| DII | 3.0% | 4.3% | 4.6% | 4.8% |
| Public | 3.7% | 3.8% | 3.8% | 2.9% |
| # Shareholders | 9,77,483 | 9,35,716 | 9,30,970 | 7,99,143 |
Promoter holding remains stable at 62.43% across all recent quarters, indicating confidence from the Adani Group. FII shareholding increased slightly to 11.84% in Q1 FY27 from 11.1% in Q4 FY26, while DII rose to 4.82% from 4.56%, suggesting foreign and domestic institutional accumulation. The number of public shareholders also grew to 2.94% from 3.75% in Q3 FY26, though the absolute count declined slightly from 9.35 lakh to 7.99 lakh, possibly due to consolidation. Overall, institutional interest is modestly increasing, but promoter dominance remains high.
⚖️ Peer Comparison — Power Generation & Distribution
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| ADANIPOWER | 4.10 L Cr | 28.8 | 18.3% | 23.4% | 0.86 |
| NTPC | 3.21 L Cr | 11.6 | 10.1% | 15.4% | 1.34 |
| POWERGRID | 2.48 L Cr | 15.6 | 10.5% | 15.8% | 1.47 |
| ADANIGREEN | 2.16 L Cr | 125.3 | 7.3% | 9.3% | 5.21 |
| ADANIENSOL | 1.93 L Cr | 65.0 | 10.5% | 12.2% | 1.92 |
| ENRIN | 1.16 L Cr | 77.6 | 46.2% | 34.0% | 0.00 |
| TATAPOWER | 1.12 L Cr | 29.1 | 11.1% | 13.3% | 1.80 |
| JSWENERGY | 98,091 | 47.7 | 7.3% | 8.2% | 2.52 |
| NTPCGREEN | 76,511 | 127.9 | 3.7% | 3.2% | 1.54 |
| NHPC | 75,689 | 21.4 | 5.0% | 10.3% | 1.26 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. High leverage (D/E of 5.21) increases financial risk, especially as capex guidance of INR42,000 crore for FY27 may further strain balance sheet. 2. EBITDA curtailment of 5-7% is expected, which could pressure margins despite high EBITDA margins. 3. Legal proceedings in the U.S. involving former directors, while currently non-material, could pose reputational or compliance risks. 4. Dependence on SECI PPAs and ISTS waivers for de-risking returns may be vulnerable to policy or regulatory changes, despite current contract coverage at 31% of annual requirement with strong historical averages.
📋 Recent Filings
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Announcement 22 August 2026Adani Green Energy announced a series of investor and analyst meetings scheduled from August 26 to September 8, 2026, including 1x1 sessions in Mumbai...
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Announcement 11 August 2026Adani Green Energy announced the U.S. dismissal with prejudice of criminal charges against Gautam Adani, Sagar Adani, and Vneet Jaain in case 1:24-cr-...
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🟡 Board Meeting 10 August 2026Adani Green Energy Limited announced an Extra-Ordinary General Meeting on September 3, 2026, to seek shareholder approval for the re-appointment of th...
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Announcement 7 August 2026Adani Green Energy announced a series of investor and analyst meetings scheduled for August 13 and 17, 2026, in Mumbai, offering one-on-one and group ...
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Announcement 1 August 2026Adani Green Energy disclosed an ESG rating of 71.2 (Grade B+) from SES ESG Research for FY26, indicating medium risk, as of August 1, 2026.
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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
🧠 Analyst's Read
Adani Green Energy is executing a clear scale-up strategy with strong operational momentum, supported by contracted sales, battery expansion, and transmission investments. The key watchpoints are the pace of battery capacity ramp-up, realization of EBITDA targets amid curtailment, and management of rising leverage. While fundamentals are improving, the high valuation and leverage warrant caution. Investors should monitor quarterly execution against capex and capacity targets, especially the 10 GW-hour battery milestone by FY26 and transmission progress by September 2026.
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 2026-09-01.
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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