NSE: ADANIGREEN · BSE: 541450
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Renewable power generation and other related ancillary activities (86%), Sale of Goods / Equipments and Related Services (14%). Capital-intensive, asset-heavy renewable power generation with battery storage build-out and long-tenor PPAs.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,133 | 7,792 | 9,220 | 11,212 | 12,928 |
| EBITDA (ex other income) | 3,603 | 4,737 | 7,051 | 8,562 | 10,549 |
| margin % | 70.2 | 60.8 | 76.5 | 76.4 | 81.6 |
| Owners' profit | 489 | 974 | 1,100 | 1,444 | 1,652 |
| EPS, as reported (₹) | 2.41 | 5.41 | 6.21 | 8.37 | 9.65 |
| ROE % · ROCE % | 18.7 · 6.7 | 13.2 · 7.2 | 7.2 · 10.3 | 8.9 · 7.7 | 6.7 · 6.5 |
| Debt / equity (x) | 20.23 | 7.38 | 3.61 | 3.46 | 3.40 |
| Cash from operations | 3,060 | 7,265 | 7,713 | 8,364 | 10,135 |
| Capex | (14,792) | (3,376) | (15,773) | (24,776) | (26,097) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,055 | 2,365 | 3,073 | 3,800 | 6,808 | 2,618 | 3,502 | 4,431 |
| Profit before tax | 442 | 291 | 410 | 939 | 1,231 | (135) | 488 | 1,188 |
| Net profit | 515 | 474 | 383 | 824 | 1,468 | 5 | 514 | 983 |
| EPS (₹) | 1.56 | 2.92 | 1.26 | 4.26 | 7.70 | (0.38) | 2.33 | 5.05 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Renewable power generation and other related ancillary activities | 6,645 | 36.1 |
| Sale of Goods / Equipments and Related Services | 1,658 | 9.0 |
| Renewable power generation and other related ancilliary activities | 8,936 | 48.5 |
| Sale of goods / Equipments and Related services | 1,167 | 6.3 |
| Total, before eliminations | 18,406 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| NTPC LTD | 2,95,264 | 10.6 | 1.40 | 9.7 | 13.0 | 5.5 | 10.9 | 32.8 |
| ADANI GREEN ENERGY LTD ◆ | 2,09,663 | 86.6 | 7.02 | 27.0 | 6.7 | 1.3 | 32.9 | 95.1 |
| JSW ENERGY LIMITED | 88,507 | 43.1 | 2.64 | 14.6 | 8.2 | 1.9 | 22.3 | 59.6 |
| NHPC LTD | 74,383 | 19.6 | 1.54 | 19.8 | 8.7 | 2.7 | 3.8 | 65.7 |
| NTPC GREEN ENERGY LIMITED | 69,947 | 116.9 | 3.65 | 37.4 | 2.7 | 1.2 | — | 90.7 |
| NLC INDIA LIMITED | 31,560 | 9.5 | 1.25 | 8.9 | 14.9 | 5.4 | 12.2 | 34.4 |
| ACME SOLAR HOLDINGS LTD | 28,962 | 41.9 | 5.72 | 20.2 | 9.8 | 2.7 | — | 96.9 |
| SJVN LTD | 20,030 | 31.5 | 1.41 | 14.4 | 4.5 | 2.8 | 12.7 | 65.9 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 86.6 | 19.2 | 19 of 22 | 14% |
| P/B | 7.0 | 1.4 | 24 of 26 | 8% |
| ROCE | 1.3 | 2.7 | 17 of 29 | 43% |
| ROE | 6.7 | 5.3 | 12 of 26 | 56% |
| Debt / Equity | 3.4 | 0.8 | 24 of 26 | 8% |
| EBITDA margin | 95.1 | 53.8 | 4 of 24 | 87% |
| Revenue growth | 16.6 | 10.0 | 9 of 24 | 65% |
| Profit growth | 19.3 | 4.2 | 10 of 25 | 63% |
| Market cap | 209663 | 3356 | 2 of 29 | 96% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Q2 FY27 earnings call flags growth, storage expansion and Khavda delay | investor communications | medium | — | — |
| 26 Oct 2026 · EGM on November 16, 2026 with remote e-voting | compliance | minimal | — | — |
| 23 Oct 2026 · EGM seeks approval for Rs 5,895 crore related-party deals and larger borrowing power | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Investor call recording shared for September 2026 results | investor communications | medium | — | — |
| 21 Oct 2026 · Adani Green H1 FY27: Revenue up 36%, EBITDA up 41%, margin at 93% | investor communications | medium | — | — |
| 21 Oct 2026 · Adani Green Energy Q2 FY27 Results: Standalone Loss in H1, Consolidated PAT Up | results | high | — | — |
| 21 Oct 2026 · Q2 FY27: Consol PAT up at Rs 747 Cr, Standalone H1 swings to loss | results | high | — | — |
| 10 Oct 2026 · H1 FY27 Operational Update: Capacity up 24%, Energy Sales up 32% YoY | business updates | high | — | — |
| 10 Oct 2026 · Board meeting on Oct 21 to consider Q2 and H1FY27 results | board shareholder meetings | low | — | — |
| 10 Oct 2026 · Board meeting on Oct 21 to approve Q2/H1 FY27 results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.