Adani Green shares tumble 5% after Q1 results. Here’s why Bernstein has an Underperform rating

Adani Green shares fell 5 percent after Q1FY27 results, despite strong operational performance. Revenue from operations rose 16 percent YoY to Rs 4,663 crore, power supply EBITDA grew 33 percent YoY to Rs 4,122 crore with margin expanding to 94 percent, and operational capacity increased 27 percent YoY to 20,142 MW. Bernstein retained its Underperform rating, flagging concerns that the new structure allocating 4 GW of merchant generation capacity and 10 GWhr of battery storage to Adani Energy Solutions on a long-term fixed tariff basis shifts a reasonable portion of future upside away from Adani Green.