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Adani Green Energy Results: Latest Quarterly Results & Analysis

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Adani Green Energy Ltd. 28 Oct 2025 17:02 PM
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Q2FY26 Quarterly Result Announced for Adani Green Energy Ltd.

Green & Renewable Energy company Adani Green Energy announced Q2FY26 results

  • Revenue: Rs 2,776 crore compared to Rs 2,308 crore during Q2FY25, change 20%.
  • EBITDA: Rs 2,543 crore compared to Rs 2,143 crore during Q2FY25, change 19%.
  • Cash Profit: Rs 1,349 crore compared to Rs 1,252 crore during Q2FY25, change 8%.

Ashish Khanna, CEO of Adani Green Energy, said: “Having already added 2.4 GW RE capacity in H1FY26, we're on a firm path to 5 GW capacity addition in FY26 and reaching our targeted capacity of 50 GW by 2030. With relentless efforts by our team, we are making steady progress in our largest ongoing development of 30 GW RE plant at Khavda in Gujarat. For the half year ended September 2025, our operational capacity stands at 16.7 GW, continues to be the largest in India. We produced 19.6 billion units of clean power enough to supply a country like Croatia for an entire year. We’re consistently adopting innovative renewable technologies and digitalizing ever more aspects of our business to boost operational efficiency, project execution and safety. The ongoing recognition of our ESG initiatives reinforces our dedication to sustainable growth and commitment to lead India’s energy transition.”

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Green & Renewable Energy company Adani Green Energy announced Q1FY26 results

  • Energy Sales increase: Up by 42% YoY to 10,479 million units, with this quarter itself exceeding annual energy sales of FY22 (3 years ago)
  • Revenue Growth: Increased by 31% YoY to Rs 3,312 crore
  • EBITDA Growth: Increased by 31% YoY to Rs 3,108 crore
  • Industry-leading EBITDA margin: Achieved EBITDA margin of 92.8%
  • Cash Profit Surge: Rose by 25% YoY to Rs 1,744 crore

Ashish Khanna, CEO of Adani Green Energy, shared, “During Q1FY26, we added 1.6 GW of greenfield renewable energy capacity, bringing our total increase to 4.9 GW over the past year—an achievement unmatched in India’s transition toward clean energy. Our investments in the massive RE development at Khavda in Gujarat as well as other resource-rich sites are delivering results both in terms of superior operational performance and industry-best EBITDA margins. We are on track to achieve our 2030 target of 50 GW RE capacity with at least 5 GW of hydro pumped storage along with battery storage. Further, battery storage is also a key part of our future strategy. We remain committed to supporting national energy transition and security ambitions as well as maintaining our ESG leadership, highlighted by our top rankings in the FTSE Russel ESG assessment and recognition at the Reuters Global Energy Transition Awards 2025.”

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Power - Electric Utilities company Adani Green Energy announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue: Rs 1,941 crore compared to Rs 2,666 crore during Q4FY24, change 37%.
  • EBITDA: Rs 1,811 crore compared to Rs 2,453 crore during Q4FY24, change 35%.
  • EBITDA margin: 91.3% for Q4FY25.
  • Cash profit: Rs 1,042 crore compared to Rs 1,231 crore during Q4FY24, change 18%.

FY25 Financial Highlights:

  • Energy Sales increase: Up by 28% YoY to 27,969 million units, equivalent to half of Singapore’s annual power consumption.
  • Revenue Growth: Increased by 23% YoY to Rs 9,495 crore.
  • EBITDA Growth: Increased by 22% YoY to Rs 8,818 crore.
  • Industry-leading EBITDA margin: Achieved EBITDA margin of 91.7%.
  • Cash Profit Surge: Rose by 22% YoY to Rs 4,871 crore.

Sagar Adani, Executive Director, Adani Green Energy, said: “We are playing a pivotal role in India’s renewable energy growth, which is evident from our historic 3.3 GW greenfield capacity addition in FY25. We contributed 16% to the nation’s utility-scale solar and 14% to wind energy additions, setting new benchmarks for rapid, large-scale renewable energy deployment. We are progressing well to develop the world’s largest renewable energy plant of 30 GW by 2029 at Khavda, Gujarat having operationalized 4.1 GW of solar and wind capacity within two years of commencing construction. We delivered high solar capacity utilisation factor (CUF) of 32.4% in Q4FY25. This underscores the site’s high resource potential harnessed by deploying advanced technologies such as bifacial n-type modules, horizontal single-axis trackers (HSAT), and waterless robotic cleaning systems. Aligned with our circular economy framework, we achieved water positivity across our entire operational portfolio ahead of our FY26 target, a testament of our commitment to achieve the ESG objectives.”

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Electric Utilities company Adani Green Energy announced Q3FY25 results

  • Revenue from Power Supply: Rs 1,993 crore, up 13% from Q3 FY24 (Rs 1,765 crore).
  • EBITDA from Power Supply: Rs 1,848 crore, up 13% from Q3 FY24 (Rs 1,638 crore).
  • EBITDA Margin from Power Supply: 91.4%, slightly down from 91.5% in Q3 FY24.
  • Cash Profit: Rs 991 crore, up 15% from Q3 FY24 (Rs 862 crore).

Amit Singh, CEO, Adani Green Energy, said: "We are steadily developing the world’s largest RE plant in Khavda, Gujarat as well as large-scale plants in Rajasthan and other sites, supported by well aligned transmission planning. We have upgraded our supply chain to meet current and future regulatory compliances. Recently, we made significant progress in building the PPA pipeline by participating in various tenders. Our updated strategy now includes largescale deployment of Battery Energy Storage Systems (BESS), given significant cost declines in last few quarters. BESS can be deployed relatively quickly and will be crucial in grid integration, supporting rapid renewable growth and complementing our existing solar, wind and hydro pumped storage projects. We continue to ensure that the financing tie up is completed well in advance for all our projects backed by a robust capital management program with a diversified pool of capital.”

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Electric Utilities company Adani Green Energy announced Q2FY25 results

Financial Highlights:

  • Operational Capacity Expansion: Grew by 34% YoY to 11.2 GW.
  • Energy Sales increase: Up by 20% YoY to 14,128 million units.
  • Revenue Growth: Increased by 20% YoY to Rs 4,836 crore.
  • Industry-leading EBITDA margin: Achieved EBITDA margin of 92.2%.
  • Cash Profit Surge: Rose by 27% YoY to Rs 2,640 crore

Business Highlights:

  • AGEL has received letter of award to supply 5 GW of solar energy under 25-year Power Purchase Agreement with MSEDCL. This significantly bolsters its contracted portfolio and propels it forward to its 50 GW goal by 2030.
  • Entered C&I space with an aim to decarbonize industries: AGEL has entered the C&I segment by signing a power consumption agreement to supply 61.4 MW of renewable energy that will power a datacenter. This will help advance Google’s 24/7 carbon-free energy goal by ensuring cloud services and operations in India are supported by clean energy. The renewable energy plant will be located at Khavda, Gujarat. 
  • AGEL has fully redeemed its USD 750 million Holdco Notes due September 2024, reinforcing the transparency and stability of its capital management plan. 
  • Reinforced the strategic partnership with TotalEnergies: AGEL and TotalEnergies have strengthened partnership with formation of a strategic joint venture, equally owned by both entities, aimed at managing a portfolio of solar projects totaling 1,150 MW. The projects are located in Khavda, Gujarat. AGEL has contributed its projects to the new JV, while TotalEnergies has injected USD 444 million to accelerate the development of these projects.
  • Consistent deleveraging: Apart from the above recent milestones, we have continued to deleverage with consistent reduction in leverage ratios despite steady growth over the last one year.
  • Last year in Q3FY24, TotalEnergies invested USD 300 million to form the second JV of 1,050 MW consisting of 300 MW operating and 700 MW under development assets in Q3FY24.
  • Last year in Q4FY24, Promoters subscribed to share warrants of Rs 9,350 crore at the share price of Rs 1,480.75 per share, reinforcing their commitment. Of this, 25% of the amount was invested in Q4FY24 and the remaining amount will be infused by Q1FY26. 

Amit Singh, CEO of Adani Green Energy, said: "Our financial performance continues to be strong, driven by significant greenfield capacity additions and robust operational efficiency. Entering the C&I space by signing our first contract underscores our commitment to decarbonizing industries, with plans to expand our merchant and C&I exposure to 15% by 2030. Our growth is driven by a robust capital management plan with utmost credit discipline. Having delivered the intended capacity growth, we completely redeemed the USD 750 mn Holdco bond in line with our commitment, resulting in systematic deleveraging.”

“We remain focused on best-in-class sustainability and governance practices, and the reaffirmation of our top rankings by global ESG rating agencies only strengthens our resolve to deliver sustainable and industry-leading growth. Adani Green is well on track to achieve its 2030 RE capacity target of 50 GW, including at least 5 GW of energy storage.”

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Electric Utilities company Adani Green Energy announced Q1FY25 results:

Financial Highlights:

  • Revenue from Power Supply up by 24% YoY at Rs 2,528 crore
  • EBITDA from Power Supply increases by 23% YoY to Rs 2,374 crore with industry-leading EBITDA margin of 92.6%
  • Cash Profit up by 32% YoY at Rs 1,390 crore

Business Highlights:

  • Operational capacity increases by 31% YoY to 10.9 GW with massive greenfield addition of 2.6 GW
  • Operationalized wind power capacity of 250 MW at Khavda deploying India’s largest 5.2 MW wind turbine generator in July 2024. This takes total operational capacity at Khavda to 2.25 GW and total operational portfolio to 11.2 GW.
  • Energy Sales increases by 22% YoY at 7,356 million units in Q1FY25
  • Steady growth in generation at a CAGR of 49% over the last 4 years with increasing proportion of Merchant power
  • Consistently generating electricity significantly above commitment under PPA
  • Solar portfolio CUF at 25.4% backed by 99.4% plant availability
  • Wind portfolio CUF at 36.2% backed by 96.8% plant availability
  • Consistent high Hybrid portfolio CUF at 46.0% backed by 99.7% plant availability 

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Electric Utilities company Adani Green Energy announced FY24 results:

Financial Highlights:

  • Revenue increases 33% YoY to Rs 7,735 crore
  • Industry-leading EBITDA margin of 92%
  • Cash profit increases 25% YoY to Rs 3,986 crore
  • Operational Capacity increases 35% YoY to 10.9 GW
  • Deployed 2 GW of 30 GW under construction at Khavda, Gujarat, world’s largest RE project
  • Targeted addition of 5 GW Hydro Pumped Storage capacity by 2030; kicked off the first project of 500 MW in Andhra Pradesh
  • Sale of energy increases 47% YoY to 21,806 million units
  • The Run-rate EBITDA stands at a strong Rs 10,462 crore with Net Debt to Run-rate EBITDA at 4.0x as of March 2024 as compared to 5.4x last year.

Amit Singh, Chief Executive Officer, Adani Green Energy, said, “I am immensely proud of the team for successfully deployed the first 2 GW of the 30 GW of renewable capacity under construction at Khavda in just 12 months of breaking ground. Our highest capacity addition of 2.8 GW in FY24 demonstrates our strong execution capabilities, and we are confident of continuing the momentum. Aligned with the country’s need for accelerated integration of renewables into the grid, we are now focused on delivering energy storage in addition to solar, wind, and hybrid projects. Our goal is to commission at least 5 GW of hydro pumped storage projects by 2030. We remain steadfast in our commitment to deliver affordable clean energy at an unprecedented scale and velocity and have set a higher target of 50 GW by 2030, which will contribute towards India’s nonfossil fuel capacity target of 500 GW.”

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Electric Utilities company Adani Greeen Energy announced Q2FY24 & H1FY24 results:

  • Operational capacity increased by 24% YoY to 8,316 MW with the addition of 1,150 MW solar wind Hybrid, 212 MW solar, and 230 MW wind power plants over the last year
  • Sale of energy increases by 78% YoY to 11,760 million units
  • Solar portfolio CUF stands at 25.2% up by 90 bps, Wind portfolio CUF at 40.2% up by 360 bps, and Solar-wind Hybrid portfolio CUF at 45.4% up by 880 bps YoY
  • Revenue up by 66% YoY to Rs 4,029 crore in H1FY24
  • EBITDA up by 58% YoY to Rs 3,775 crore in H1FY24
  • Net Debt to Run-rate EBITDA at 4.99x v/s 5.9x last year
  • Industry-leading EBITDA margin of 92.2% in H1FY24
  • Cash profit increases by 63% YoY to Rs 2,082 crore in H1FY24
  • Run-rate EBITDA stands at a strong Rs. 7,645 crore
  • AGEL’s Corporate Governance Score upgraded to 7.4, which is in the highest scoring range relative to global peers, in MSCI’s latest ESG rating update on 29 Sep 2023

“The performance improvement across the board is the result of our team’s relentless efforts. In pursuit of our next milestone to create the largest RE cluster in the world in Khavda, Gujarat, we have already deployed workforce of 5,000 . At Khavda, we will be installing the most advanced TOPCon solar modules as well as India’s largest and one of the most efficient 5.2 MW wind turbine. These efforts will drive us towards achieving the lowest levelized cost of energy." said Amit Singh, CEO, Adani Green Energy.

 

 

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Electric utilities company Adani Green Energy announced Q1FY24 results:

  • Operational capacity increased by 43% YoY to 8,316 MW with the addition of 1,750 MW solar-wind Hybrid, 212 MW solar, and 554 MW wind power plants over the last year
  • Sale of energy increases by 70% YoY to 6,023 million units
  • Solar portfolio CUF stands at 26.9%, wind portfolio CUF at 38.7% and solar-wind hybrid portfolio CUF at 47.2%
  • Revenue from power supply up by 55% YoY to Rs 2,059 crore
  • Industry-leading EBITDA margin of 92.5%, up by 70 bps YoY
  • Cash profit increases by 55% YoY to Rs 1,051 crore
  • Run-rate EBITDA stands at a strong Rs 7,645 crore with net debt to run-rate EBITDA at 5.3x as of June 2023
  • Ranked 1st in Asia and among the top 10 RE companies globally by ISS-ESG in its ESG assessment
  • AGEL’s governance score stands at 4.5 in FTSE’s latest ESG assessment, well above global Utilities and alternative energy sector averages

“Path towards a sustainable future lies in embracing cleaner and greener sources of energy. We are committed to producing low-cost green electrons through a continued focus on operational excellence and technology innovation combined with the use of Digital and Artificial Intelligence based solutions. Our team's unwavering dedication has been instrumental in achieving consistent strong financial and operational milestones." said Amit Singh, CEO, Adani Green Energy.

He added, “We aim to grow our renewable power capacity to 45 GW by 2030 through Solar, Wind, and Solar-Wind hybrid solutions as major contributors To enable integration of renewables in the grid, round-the-clock solutions with long-term clean storage structures such as pumped hydro will be a critical part of our solution mix, contributing to a greener future and underscore our dedication to combating climate change challenges.”

 

 

Result PDF

Electric Utilities company Adani Green Energy announced FY23 results:

  • AGEL adds a massive 2,676 MW renewable capacity to its operational fleet in FY23
  • Operationalized 2,140 MW solar-wind hybrid plants in Rajasthan, India’s first and world’s largest solar-wind hybrid cluster
  • Revenue from Power Supply increases by 54% YoY to Rs 5,825 crore
  • Cash profit increases by 72% YoY to Rs 3,192 crore
  • Run-rate EBITDA stands at a strong Rs 7,505 crore

“Our business model has demonstrated remarkable resilience as evidenced by our strong financial performance,” said Gautam Adani, Chairman, Adani Group.“We are leaders in the green energy space and have consistently set new industry standards in efficiency, performance and capacity development. We are expediting the transition to sustainable energy and playing a pivotal role in fulfilling India’s obligations to a greener future.”

“We have added massive greenfield capacity of 2,676 MW renewable assets this year. This feat is attributed to the relentless efforts of our teams,” said Vneet S Jaain, MD & CEO, Adani Green Energy “AGEL's operational capacity has grown at a CAGR of 33% over the last five years, outpacing overall renewable capacity growth at ~ 15% CAGR in India in the same period. De-risked project development, analytics driven O&M, disciplined capital management and a strong governance framework continue to be the backbone of our sustained growth. We are proud that we have been able to lead the way towards large-scale renewable adoption in India helping the country move closer to its Sustainable Development Goals.”

 

 

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