ADANI GREEN ENERGY LTD

Generates electricity from solar, wind and hybrid projects and sells it under long-term power purchase agreements, with FY26 power-supply revenue of Rs 11,602 cr (+22% YoY) and Rs 10,865 cr EBITDA at a 91.2% margin. The renewable power generation and ancillary segment brought in Rs 12,227 cr (85.9% of segment revenue, EBIT Rs 1,578 cr), while sale of goods/equipment and related services contributed Rs 2,007 cr (14.1% of segment revenue, EBIT Rs 516 cr) by supplying renewable energy equipment and related services. Operational renewable capacity crossed 20 GW in Q1 FY27 after adding 5.1 GW of greenfield capacity in FY26 (up 35% YoY), and battery energy storage (BESS) cumulative capacity stood in the multi-gigawatt-hour range with a 50 GW-hour BESS ambition by FY30. The Khavda site in Gujarat anchors the build-out at 10+ GW of solar, wind and hybrid assets. The business is capital-intensive: FY26 capex was 201.9% of revenue and depreciation 26.1%, while materials (5.5%) and employee costs (1.2%) were low. In FY27, all merchant and C&I output was rerouted to Adani Energy Solutions (AESL) under 25-year arm's-length PPAs to de-risk merchant pricing. FY26 total revenue was Rs 12,928 cr.