- Home
- Results news
- Adani Green Energy
- Q2 FY27 results
Adani Green Energy Q2 FY27 results: net profit down 49.1% to ₹747 crore, revenue down 37.5%
Adani Green Energy Ltd reported consolidated revenue of ₹4,258 crore for Q2 FY27, down 37.5% from ₹6,808 crore a year earlier, while EBITDA fell 32.7% to ₹3,797 crore and the EBITDA margin widened to 89.2%. Net profit was ₹747 crore against ₹1,468 crore in Q2 FY26, with basic EPS of ₹4.0. The quarter covered July–September 2026 and the figures are on a consolidated basis.
Key points
- Revenue was ₹4,258 crore in Q2 FY27, down 37.5% from ₹6,808 crore in Q2 FY26 and 3.9% lower than ₹4,431 crore in Q1 FY27.
- EBITDA was ₹3,797 crore, down 32.7% year on year, while the EBITDA margin rose to 89.2% from 82.9%, a gain of 6.3 percentage points.
- Net profit was ₹747 crore against ₹1,468 crore a year earlier, down 49.1%, and basic EPS was ₹4.0 against ₹7.7.
- Finance costs fell to ₹2,119 crore from ₹3,160 crore, but tax rose to ₹191 crore from ₹5 crore and other income fell to ₹262 crore from ₹447 crore.
- Total assets rose to ₹1,61,913 crore from ₹1,44,097 crore at 31 March 2026, while borrowings increased to ₹1,12,311 crore from ₹1,01,440 crore.
How did Adani Green Energy perform in Q2 FY27?
Adani Green Energy reported consolidated revenue from operations of ₹4,258 crore for the July–September 2026 quarter, against ₹6,808 crore in Q2 FY26, a fall of ₹2,550 crore or 37.5%. Total income was ₹4,520 crore, down ₹2,735 crore or 37.7% year on year. EBITDA stood at ₹3,797 crore, lower by ₹1,848 crore or 32.7%, and the EBITDA margin was 89.2% against 82.9%, a rise of 6.3 percentage points.
Profit before tax was ₹856 crore, down ₹375 crore or 30.5% from ₹1,231 crore, and net profit was ₹747 crore against ₹1,468 crore, a fall of ₹721 crore or 49.1%. Profit attributable to owners was ₹673 crore against ₹1,296 crore, and basic EPS was ₹4.0 against ₹7.7. The net profit margin was 17.5% against 21.6%.
Against Q1 FY27, revenue was ₹173 crore or 3.9% lower at ₹4,258 crore, EBITDA fell ₹188 crore or 4.7% to ₹3,797 crore, and the margin eased 0.7 percentage points to 89.2% from 89.9%. Net profit was down ₹236 crore or 24.0% at ₹747 crore, profit attributable to owners fell 20.4% to ₹673 crore, and basic EPS declined to ₹4.0 from ₹5.05. The company filed both standalone and consolidated unaudited results for the quarter and half year ended 30 September 2026.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 4,258 | 4,431 | 6,808 | −37.5% | −3.9% |
| Other income | 262 | 232 | 447 | −41.4% | +12.9% |
| Total expenses | 3,664 | 3,473 | 5,924 | −38.1% | +5.5% |
| EBITDA | 3,797 | 3,985 | 5,645 | −32.7% | −4.7% |
| EBITDA margin | 89.2% | 89.9% | 82.9% | +6.3 pp | −0.7 pp |
| Profit before tax | 856 | 1,188 | 1,231 | −30.5% | −27.9% |
| Tax | 191 | 263 | −5 | −27.4% | |
| Net profit | 747 | 983 | 1,468 | −49.1% | −24.0% |
| EPS (₹) | 4.00 | 5.05 | 7.70 | −48.1% | −20.8% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Adani Green Energy's costs and profit?
Total expenses fell to ₹3,664 crore from ₹5,924 crore in Q2 FY26, a reduction of ₹2,260 crore or 38.1%. Cost of materials was ₹99 crore against ₹468 crore, down ₹369 crore or 78.8%, employee cost was ₹28 crore against ₹80 crore, down ₹52 crore or 65.0%, and other expenses were ₹311 crore against ₹615 crore, down ₹304 crore or 49.4%.
Finance costs fell to ₹2,119 crore from ₹3,160 crore, a decline of ₹1,041 crore or 32.9%, and depreciation was ₹1,084 crore against ₹1,601 crore, down ₹517 crore or 32.3%. Other income was ₹262 crore, lower by ₹185 crore or 41.4%. There was no exceptional item in Q2 FY27, against a ₹100 crore charge in Q2 FY26.
Tax expense rose to ₹191 crore from ₹5 crore, an increase of ₹196 crore, while profit before tax fell to ₹856 crore from ₹1,231 crore. Against Q1 FY27, total expenses rose ₹191 crore or 5.5%, with finance costs up ₹118 crore, depreciation up ₹58 crore and cost of materials up ₹64 crore; other expenses fell ₹78 crore and tax fell ₹72 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 99 | 468 | −369 | −78.8% |
| Employee cost | 28 | 80 | −52 | −65.0% |
| Finance costs | 2,119 | 3,160 | −1,041 | −32.9% |
| Depreciation | 1,084 | 1,601 | −517 | −32.3% |
| Other expenses | 311 | 615 | −304 | −49.4% |
| Total expenses | 3,664 | 5,924 | −2,260 | −38.1% |
| Other income | 262 | 447 | −185 | −41.4% |
| Tax | 191 | −5 | +196 | |
| Exceptional items | none | −100 (charge) |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets rose to ₹1,61,913 crore at 30 September 2026 from ₹1,44,097 crore at 31 March 2026, and total equity increased to ₹31,537 crore from ₹29,879 crore. Borrowings rose to ₹1,12,311 crore from ₹1,01,440 crore, while cash and cash equivalents were ₹1,859 crore against ₹1,735 crore. Trade receivables were ₹2,070 crore compared with ₹2,129 crore, inventories ₹144 crore against ₹136 crore, and trade payables ₹518 crore against ₹407 crore.
For the first half of FY27, operating cash flow was ₹8,871 crore, above ₹4,376 crore in H1 FY26. Investing cash flow was ₹18,804 crore of outflow, compared with ₹12,593 crore of outflow a year earlier, while financing cash flow was ₹10,057 crore against ₹8,860 crore. Capital expenditure in the first half was ₹16,012 crore, up from ₹12,297 crore in H1 FY26.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,61,913 | 1,44,097 |
| Total equity | 31,537 | 29,879 |
| Borrowings | 1,12,311 | 1,01,440 |
| Cash and equivalents | 1,859 | 1,735 |
| Inventories | 144 | 136 |
| Trade receivables | 2,070 | 2,129 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 8,871 | 4,376 |
| Cash from investing | −18,804 | −12,593 |
| Cash from financing | 10,057 | 8,860 |
| Capital expenditure | 16,012 | 12,297 |
Source: Company's results filing (XBRL).
How has Adani Green Energy done over the last 8 quarters?
Revenue over the last eight quarters moved from ₹2,365 crore in Q3 FY25 to a peak of ₹6,808 crore in Q2 FY26, before falling to ₹2,618 crore in Q3 FY26 and recovering to ₹4,431 crore in Q1 FY27 and ₹4,258 crore in Q2 FY27. Net profit followed a similar path, peaking at ₹1,468 crore in Q2 FY26 and bottoming at ₹5 crore in Q3 FY26, then rising to ₹983 crore in Q1 FY27 and easing to ₹747 crore in Q2 FY27.
The EBITDA margin has moved upward over the same period, rising from 67.7% in Q3 FY25 to a peak of 89.9% in Q1 FY27 before easing to 89.2% in the September 2026 quarter. The current quarter therefore shows revenue and profit lower than the year-ago quarter and the previous quarter, while the margin remained near its recent high.
Which businesses drove the quarter?
Renewable power generation and other related ancillary activities reported revenue of ₹4,159 crore and EBIT of ₹854 crore in Q2 FY27, giving an EBIT margin of 20.5%. No year-ago revenue or EBIT figure is given for this segment, so the growth rate against Q2 FY26 is not stated in the filing data.
Sale of Goods/Equipments and Related Services reported revenue of ₹534 crore, down 54.2% from ₹1,167 crore in Q2 FY26, and EBIT of ₹121 crore against ₹284 crore. The segment's EBIT margin was 22.7%. Eliminations and adjustments carried an EBIT of negative ₹119 crore with no revenue.
The segment structure is reported on a consolidated basis for the quarter ended 30 September 2026, alongside the standalone results filed with the quarterly financial statements and the limited review reports of the joint statutory auditors.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Renewable power generation and other related ancillary activities | 4,159 | 854 | 20.5% | |
| Sale of Goods / Equipments and Related Services | 534 | −54.2% | 121 | 22.7% |
| Eliminations / Adjustments | 0 | −119 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board met on 21 October 2026 and approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, as reviewed and recommended by the Audit Committee. The meeting commenced at 12:30 p.m. and concluded at 02:00 p.m. The joint statutory auditors, S R B C & Co. LLP and Shah Dhandharia & Co. LLP, issued limited review reports on both sets of results.
The company also filed a press release on the unaudited financial results for the quarter and half year ended 30 September 2026, and a presentation on operational and financial highlights for the same period, both dated 21 October 2026. The results, limited review reports, statement of assets and liabilities and cash flow statement were uploaded on the company's website. No dividend or fund raise was announced in these filings.
On 10 October 2026, the company intimated that the board meeting would consider the results and that the trading window would remain closed from 1 October 2026 and reopen on 23 October 2026. It also announced an investor and analyst call on 22 October 2026 to discuss the results and the business outlook.
What did Adani Green Energy's management say?
Management said BESS capacity reached 6.6 GWh after commissioning 3 GWh at Khavda during the quarter, and the company expects FY27 deployment to exceed 10 GWh. The CEO said, "We are very committed to not only commission the 10 gigawatt by the end of the year, but would be definitely able to surpass it too."
Khavda Phase 3 evacuation moved to Q4 FY27, but the 4.5-5 GW commissioning target was retained, conditional on evacuation happening in that quarter. The CFO said, "Whatever we said will come by December is now slated to come nearer to March. So, that does not change the leverage profile of our assets, which is like 25 years." Management also said curtailment reduced H1 solar CUF to 23% from 24.8%, and that a second 7 GW evacuation line also appears delayed.
Management said the INR 2.4 lakh crore capex programme through FY30 remains unchanged, with a 13-14% ROA threshold tied to 25-year contracts with AA+ counterparties. It said 72-73% of project loans are fixed for three to five years and the blended borrowing cost was 8.9%. Leverage is expected to remain near 5.6x through FY28-29, move to 4.5-5x after FY30 and later fall below 4x. The CFO said, "We want to carry only one major risk, which is execution."
How did Adani Green Energy shares react?
The stock was trading when the filing appeared, up 0.2% after 5 minutes, then down 0.3% after 15 minutes and down 1.2% after 30 minutes. From the pre-results close of ₹1,295.2, the reaction-day close was down 2.8%, and by the next day's close the stock was down 3.5% from that pre-results close. By the fifth session it was down 1.7%.
The Power Generation industry median fell 3.4% on the reaction day, 4.3% by the next day's close and 2.0% by the fifth session, so Adani Green's relative move was 0.5 percentage points higher on the reaction day, 0.8 percentage points higher by the next day's close and 0.3 percentage points higher by the fifth session. The Nifty 100 was down 0.6% on the reaction day, down 1.1% by the next day's close and down 1.1% by the fifth session.
Past reaction-day moves were mixed: the stock fell 4.5% on 22 July 2026, rose 1.1% on 24 April 2026, fell 14.3% on 23 January 2026, rose 11.0% on 28 October 2025, rose 3.2% on 28 July 2025, fell 1.3% on 23 January 2025, fell 1.3% on 22 October 2024 and rose 7.4% on 25 July 2024.
| After the filing | Stock | Power Generation median |
|---|---|---|
| 5 minutes | +0.2% | |
| 15 minutes | −0.3% | |
| 30 minutes | −1.2% | |
| Reaction day | −2.8% | −3.4% |
| Next day | −3.5% | −4.3% |
| 5 days | −1.7% | −2.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 22 July 2026 | −4.5% |
| 24 April 2026 | +1.1% |
| 23 January 2026 | −14.3% |
| 28 October 2025 | +11.0% |
| 28 July 2025 | +3.2% |
| 23 January 2025 | −1.3% |
| 22 October 2024 | −1.3% |
| 25 July 2024 | +7.4% |
Source: MarketPing price-reaction measurement.
How did other Power Generation companies do?
Fourteen other Power Generation companies that have filed this quarter were compared. Their median revenue growth was 22.0%, as of 4 November 2026. One peer grew revenue more slowly than Adani Green Energy and 13 grew faster.
Of the peers with profit figures available, 12 reported profit growth, with profit compared across 15 peers.
| Adani Green Energy revenue growth (YoY) | −37.5% |
|---|---|
| Median of 14 other Power Generation companies | +22.0% |
| Companies with slower revenue growth than Adani Green Energy | 1 of 14 |
| Companies with faster revenue growth than Adani Green Energy | 13 of 14 |
| Companies whose net profit rose | 12 of 15 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Adani Green Energy's revenue in Q2 FY27?
Revenue from operations was ₹4,258 crore, down 37.5% from ₹6,808 crore in Q2 FY26 (consolidated).
Did Adani Green Energy make a profit in Q2 FY27?
Yes. Net profit was ₹747 crore, against a net profit of ₹1,468 crore in Q2 FY26.
What was Adani Green Energy's EPS in Q2 FY27?
Basic earnings per share were ₹4.00, against ₹7.70 in Q2 FY26.
How did Adani Green Energy shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.8% from the previous close; the median Power Generation stock moved −3.4%.
When did Adani Green Energy announce its Q2 FY27 results?
On 21 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 10 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Held On October 21, 2026 (BSE, 21 October 2026) · PDF
- Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026 (BSE, 21 October 2026) · PDF
- The earnings call (26 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.