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Adani Green Energy demonstrates exceptional Q2 FY26 performance with 103% profit growth and leadership in renewable energy capacity
Adani Green Energy Q2 FY26 Results - Official NSE Filing
Download the complete financial results and management report submitted to National Stock Exchange
Q2 FY26 Renewable Energy Sector Overview
The Q2 FY26 earnings season has highlighted Adani Green Energy's exceptional performance as India's renewable energy leader. The company's latest results demonstrate remarkable growth across all operational metrics, backed by rapid capacity additions and technological innovation. This analysis decodes Adani Green's quarterly performance and strategic direction in India's accelerating energy transition journey.
Renewable Energy Leader: Powering India's Green Transition
Exceptional Performance
About Adani Green Energy Ltd
Adani Green Energy Ltd (AGEL) is India's largest and one of the leading renewable energy companies in the world, playing a pivotal role in enabling India's clean energy transition. AGEL develops, owns, and operates utility scale grid-connected solar, wind, hybrid and energy storage solutions. With an operating renewable portfolio of over 16.7 GW spread across 12 states, AGEL has established itself as the undisputed leader in India's renewable energy space. The company is currently developing the world's largest renewable energy plant - a massive 30 GW project at Khavda, Gujarat, spread over 538 square kilometers, an area five times larger than Paris. AGEL's operations are certified 'water positive', 'single-use plastic free' and 'zero waste-to-landfill', reflecting its strong commitment to sustainable growth and environmental stewardship.
💎 Operational Excellence & Scale
Adani Green demonstrated exceptional 103% YoY profit growth and 49% capacity expansion, achieving industry-leading EBITDA margin of 92% while rapidly executing the world's largest 30 GW renewable energy project at Khavda.
Q2 FY26 Financial Performance Highlights
Revenue (₹ Cr)
3,008
~0% YoY
EBIDT (₹ Cr)
2,603
⇡ 17% YoY
Net Profit (₹ Cr)
644
⇡ 103% YoY
EPS (₹)
3.59
⇡ 106% YoY
| Financial Metric | Sep 2025 | Jun 2025 | Sep 2024 | YoY Change |
|---|---|---|---|---|
| Sales (₹ Cr) | 3,008 | 3,800 | 3,005 | ~0% |
| EBIDT (₹ Cr) | 2,603 | 3,042 | 2,217 | ⇡ 17% |
| Net Profit (₹ Cr) | 644 | 824 | 515 | ⇡ 103% |
| EPS (₹) | 3.59 | 4.39 | 1.74 | ⇡ 106% |
H1 FY26 Performance Snapshot
H1 Revenue (₹ Cr)
6,088
⇡ 26% YoY
H1 EBITDA (₹ Cr)
5,651
⇡ 25% YoY
Energy Sales (MU)
19,569
⇡ 39% YoY
EBITDA Margin
91.8%
💡 Strategic Growth Drivers
- Capacity Expansion: Added 2.4 GW greenfield capacity in H1 FY26 (74% of FY25 total)
- Operational Excellence: Industry-leading EBITDA margin of 92% driven by advanced O&M
- Technology Leadership: Deployment of bifacial solar modules, 5.2 MW wind turbines, and robotic cleaning
- Khavda Project: World's largest 30 GW RE plant progressing rapidly with 7.1 GW already operational
- ESG Leadership: Ranked 1st in India and 7th globally in RE sector by Sustainalytics
Operational Performance & Capacity Growth
Rapid Expansion
Capacity Addition & Operational Metrics
Adani Green has demonstrated exceptional execution capabilities with rapid capacity additions and operational excellence. The company's focus on advanced technology deployment and digitalization has resulted in industry-leading performance metrics across its renewable energy portfolio.
Solar Capacity
H1 Addition
2,900 MW
Khavda Progress
Rapid
Technology: Bifacial solar modules with trackers, waterless robotic cleaning, maximizing electricity generation and reducing water consumption by 100% for module cleaning.
Wind Capacity
H1 Addition
491 MW
Turbine Size
5.2 MW
Innovation: Deployment of India's largest 5.2 MW wind turbines, among the most powerful onshore wind turbines globally, significantly enhancing energy generation efficiency.
Hybrid Capacity
H1 Addition
805 MW
Location
Khavda
Advantage: Solar-wind hybrid projects providing more consistent power generation throughout the day and year, optimizing grid integration and resource utilization.
ESG Leadership
India Rank
#1
Global Rank
#7
Certifications: Operations certified 'water positive', 'single-use plastic free' and 'zero waste-to-landfill'. Multiple awards including ET Energy Leadership Awards 2025.
Khavda Project - World's Largest RE Plant
Total Capacity
30 GW
Area
538 sq km
Operational (Sep 2025)
7.1 GW
Target Completion
2029
Rapid Execution at Scale
The Khavda project is setting global benchmarks for speed of execution at massive scale. With robust manpower deployment, localized supply chain, and advanced technologies like robotic solar module installation, AGEL is demonstrating unparalleled project management capabilities. The project area of 538 sq km is almost 5 times the size of Paris, making it the world's largest renewable energy plant under development.
⚠️ Key Challenges & Risk Factors
- Execution Risk: Massive scale of Khavda project presents complex execution challenges
- Regulatory Changes: Evolving renewable energy policies and tariff structures
- Grid Integration: Challenges in integrating massive renewable capacity into national grid
- Capital Intensity: Significant funding requirements for rapid capacity expansion
- Technology Evolution: Rapid advancements in renewable technologies requiring continuous adaptation
💡 Investment Perspective & Outlook
- Growth Trajectory: Well-positioned to achieve 50 GW target by 2030 with strong execution track record
- Market Leadership: Undisputed leadership in India's renewable energy space with scalable business model
- Technology Advantage: Deployment of cutting-edge technologies driving operational efficiency
- ESG Premium: Strong ESG credentials attracting sustainable investment flows
- Policy Tailwinds: Benefitting from India's strong focus on renewable energy and decarbonization
Industry Analysis & Competitive Positioning
Renewable Energy Sector Performance Overview
| Parameter | Adani Green Energy | Industry Position | Competitive Advantage |
|---|---|---|---|
| Operational Capacity | 16.7 GW | Largest in India | Scale benefits and market leadership |
| EBITDA Margin | 92% | Industry Leading | Advanced O&M and technology deployment |
| Capacity Growth (YoY) | ⇡ 49% | Highest in Industry | Strong execution capabilities |
| Project Pipeline | 30 GW Khavda + | Largest Globally | Sustainable growth visibility |
| ESG Ranking | #1 India, #7 Global | Leadership Position | Premium valuation multiple |
| Technology Adoption | Advanced | Industry Pioneer | Operational efficiency and cost leadership |
Investment Perspective: Adani Green Energy presents a compelling case of scale, growth and operational excellence in the renewable energy sector. The company's exceptional Q2 performance, coupled with rapid capacity expansion and leadership in executing the world's largest renewable energy project, positions it as a key beneficiary of India's energy transition. While trading at premium valuations (P/E 74.4), Adani Green's market leadership, technology edge, and strong growth visibility justify its positioning for long-term investors seeking exposure to India's renewable energy growth story.
⚠️ Market Dynamics & External Factors
Policy Support: Strong government focus on renewable energy with target of 500 GW by 2030
Cost Competitiveness: Renewable energy becoming increasingly cost-competitive with conventional sources
Global Energy Transition: Accelerating global shift toward clean energy driving long-term demand
Technology Innovation: Continuous improvements in solar and wind technologies enhancing efficiency
Investor Preference: Growing investor focus on ESG and sustainable investments
🏢 Management Commentary
"Having already added 2.4 GW RE capacity in H1 FY26, we're on a firm path to 5 GW capacity addition in FY26 and reaching our targeted capacity of 50 GW by 2030. With relentless efforts by our team, we are making steady progress in our largest ongoing development of 30 GW RE plant at Khavda in Gujarat. For the half year ended September 2025, our operational capacity stands at 16.7 GW, continues to be the largest in India. We produced 19.6 billion units of clean power—enough to supply a country like Croatia for an entire year. We're consistently adopting innovative renewable technologies and digitalizing ever more aspects of our business to boost operational efficiency, project execution and safety. The ongoing recognition of our ESG initiatives reinforces our dedication to sustainable growth and commitment to lead India's energy transition."
- Ashish Khanna, CEO, Adani Green Energy Ltd