Adani Green Energy
Listed IPP — per-stock model.
Latest concall
Q4 FY26- Operational capacity 19.3 GW (+35% YoY); 5.1 GW greenfield added — highest globally ex-China.
- FY26 power-supply EBITDA ₹10,865cr (+23%); industry-leading 91% margin; sales 37.6 BU (+34%).
- Khavda BESS 1,376 MWh operationalized — a world-largest single-location deployment.
- Grid curtailment cost ~₹1,300-1,500cr EBITDA; evacuation capped adds at 4.5-5 GW vs 7-8 GW capability.
Evacuation infrastructure is the binding constraint; ~4.5-5 GW/yr commissioned at Khavda against 7-8 GW build capability.
- 50 GW by 2030; 28 GW PPAs signed; ~21 GW Khavda plus 10 GW Rajasthan sites secured.
- FY27 adds 4.5-5.0 GW solar/wind, contingent on grid evacuation infrastructure.
- BESS to scale from 1.4 GWh to 10+ GWh by FY27; net debt/EBITDA 5.6x (vs 5.1x).
Q4 FY26 results presentation & earnings call
UC + pipeline
Revenue FY26E
EBITDA margin
P/E
Financials
Annual · ₹ crore · E = estimate.
Annual financials
₹ crore · FY25 → FY28E
Revenue, EBITDA & margin
Bars ₹cr (left) · margin % (right)
Quarterly
₹ crore · recent quarters.
Quarterly financials
₹ crore
Revenue & margin trend
Bars ₹cr (left) · margin % (right)
Valuation
As of 21 Aug 2026
P/E
EV / EBITDA
P/B
Operating metrics
What the rest of the dashboard tracks for Adani Green Energy — capacity, auctions, offtake, manufacturing and returns.
Commissioning pipeline
Guided COD tracked from concalls, with slippage vs earlier guidance
| Project | Capacity | Original | Current | Slip | Status |
|---|---|---|---|---|---|
FY26 greenfield build (Khavda-led) | 5.05 GW | Q4 FY26 | Q4 FY26 | — | commissioned |
Khavda capacity awaiting grid evacuation ~4.8 GW ran as merchant/infirm for want of evacuation; 2-3 tranches guided for H1FY26 slipped; Q3FY26 re-guided up to 3 GW from Q4FY26, 14 GW Khavda evacuation by Mar-2027. | 3 GW | Q2 FY26 | Q4 FY26 | +2Q | delayed |
Khavda BESS / storage | 10 GWh | Q4 FY27 | Q4 FY27 | — | on track |
FY27 greenfield build (grid-capped) Guided 4.5-5.0 GW for FY27 - a deliberate self-cap vs 7-8 GW capability, explicitly contingent on grid evacuation; below the ~7.5 GW/yr the 50GW-by-2030 goal implies. | 4.75 GW | Q4 FY27 | Q4 FY27 | — | at risk |
Mundra cell expansion 4 to 10 GW (Gujarat) | 6 GW | Q4 FY27 | Q1 FY27 | -3Q | on track |
Policy exposure
Schemes whose impact note names this company
- ALMM List-III (Wafers & Ingots)ManufacturingAnnounced
Targets backward-integrators building wafer lines — Adani, Reliance, Premier Energies. With ~100% of wafers imported today, makers without wafer plans face a 2028 supply cliff.
- ISTS Charge Waiver (Solar/Wind)DemandActive
Losing the waiver raises delivered-power costs for inter-state IPPs — Adani Green, ReNew, Avaada, SJVN — pushing them to commission before the deadline.
- ISTS Charge Waiver for Energy Storage (BESS/PSP)StorageActive
Improves economics for storage builders — JSW Energy (pumped hydro), Greenko, Adani, Tata Power — racing to hit the 2028 cut-off.
- BESS VGF Scheme (Battery Storage)StorageActive
De-risks battery projects for developers — Adani, JSW Energy, Tata Power, NTPC, ACME — and supports the BESS pipeline visible in the tender mix.
- Basic Customs Duty (BCD) on Cells/ModulesTradeActive
Shields all domestic makers (Waaree, Premier, Vikram, Adani) by pricing up Chinese imports; raises input costs for EPCs and developers (Sterling & Wilson, Tata Power) still reliant on imported cells.
- ALMM List-II (Solar Cells)ManufacturingEffective
A major win for domestic cell makers — Premier Energies, Websol, Waaree, Adani — who can sell scarce Indian cells at a premium; assemblers without their own cell lines must now buy domestic cells or lose ALMM eligibility.
- Domestic Content Requirement (DCR)ManufacturingActive
Creates a high-margin premium market for integrated makers with domestic cells (Waaree, Premier, Adani); rooftop installers and PM-KUSUM vendors must source the pricier DCR kit.
- FDRE (Firm & Dispatchable Renewable Energy) TendersStorageActive
Reshapes bidding for large IPPs — Adani Green, ReNew, NTPC, JSW, ACME — rewarding those with solar-plus-wind-plus-storage portfolios; drives the firm-power share seen in the tender mix.
- SIGHT Electrolyser Manufacturing Incentive (Tranche-II)ManufacturingActive
Incentivises the electrolyser plans of Reliance, Adani, L&T and other awardees, and grows an equipment supply chain for green-hydrogen producers.
- RPO / RGO TrajectoryDemandActive
Underpins offtake for every IPP — Adani Green, ReNew, NTPC Green, Tata Power, JSW; non-compliant DISCOMs face penalties, which indirectly supports new PPA signings.
- National Green Hydrogen MissionManufacturingActive
Backs the green-hydrogen and electrolyser ambitions of Reliance, Adani, NTPC, ACME, JSW; creates fresh demand for captive solar and wind to power electrolysers.
- PLI - High Efficiency Solar PV ModulesManufacturingActive
Cash incentive for the awarded integrated players — Reliance, Adani, Waaree, Premier Energies, Vikram, Tata Power — tied to hitting local-manufacturing and output milestones (disbursement has lagged badly).
- ALMM List-I (Solar PV Modules)ManufacturingActive
Protects listed Indian module makers whose panels are ALMM-approved — Waaree, Premier Energies, Vikram Solar, Adani Solar, Tata Power Solar; foreign and unlisted makers are locked out of subsidised and government demand.
Operating & order mix
Unit economics and the order book.
Shareholding
% · as of 30 Jun 2026
Shareholding pattern
%