Operational capacity grows 35% YoY to 19.3 GW, continues to be India’s largest
Greenfield capacity addition of 5.1 GW vis-à-vis 3.3 GW in FY25 represents 1.5x growth
Secured CareEdge ESG 1+ rating with the highest score of 87.3
Japan Credit Rating Agency (JCR) assigned inaugural rating of JCR BBB+/Stable to AGEL, which is equivalent to
India's sovereign credit rating
Editor’s Synopsis
- Energy sales: Increased by 34% YoY to 37,567 million units in FY26
- Revenue from power supply: Up 22% YoY to Rs. 11,602 crore
- EBITDA from power supply: Grew 23% YoY to Rs. 10,865 crore
- EBITDA margin: Achieved industry-leading EBITDA margin of 91%
- Cash profit: Surged 11% YoY to Rs. 5,399 crore
Ahmedabad, 24 April 2026: Adani Green Energy Ltd (AGEL), India’s largest and fastest-growing
pure-play renewable energy (RE) company, has announced financial results for the period ending 31 March 2026,
showcasing robust growth and operational excellence.
FINANCIAL PERFORMANCE – Q4 & FY26: (Rs. in crore)
| Particulars |
Quarterly Performance |
Nine Month Performance |
| Q4 FY25 |
Q4 FY26 |
% change |
FY25 |
FY26 |
% change |
| Revenue from Power Supply |
2,666 |
3,094 |
16% |
9,495 |
11,602 |
22% |
| EEBITDA from Power Supply1 |
2,453 |
2,944 |
20% |
8,818 |
10,865 |
23% |
| EBITDA from Power Supply (%) |
91% |
91% |
|
92% |
91% |
|
| Cash Profit2 |
1,231 |
1,494 |
21% |
4,871 |
5,399 |
11% |
1. EBITDA from Power Supply = Revenue from Power Supply + Carbon credit income (part of Other Operating Income) + prompt payment discount - Employee Benefit Expenses – Other Expenses excluding loss on sale of assets and such one-off expenses
2. Cash Profit = PAT + Depreciation + Deferred Tax + Exceptional Items
- Strong revenue and EBITDA growth are primarily backed by robust greenfield capacity addition of 5.1 GW in FY26, deployment
of advanced RE technologies, strong plant performance and commissioning of new capacities in resource rich sites in
Khavda, Gujarat and Rajasthan.
- Installed BESS (battery storage) capacity of 1,376 MWh in Khavda, one of the largest single-location deployments
globally. Targeting more than 10,000 MWh capacity by FY27.
Mr. Sagar Adani, Executive Director, Adani Green Energy, stated: “FY26 was a landmark year in Adani
Green’s history. The company on the back of robust project and operational excellence, commissioned 5.1 GW of
greenfield capacity, thereby reaching 19.3 GW of total operational capacity. It is the highest greenfield annual
capacity expansion globally by any company (outside China). This milestone not only consolidates our leadership
position in India’s renewable energy sector but also puts us in a different orbit of execution excellence. Our
flagship Khavda project, the world’s largest renewable energy plant, continues to make significant progress. On the
battery storage side, we installed 1.4 GWh of capacity in FY26, which is one of the world's largest single-location
BESS deployment and will complement our contract mix to take us closer to building a resilient and future-ready
energy ecosystem. Our Pumped Hydro Storage Project (PSP) in Andhra Pradesh is also progressing well.
AGEL’s 19,294 MW of operational portfolio will power more than 8.7 million homes and avoid about 36 million tonnes of
CO2e emissions annually. The continued recognition of our ESG efforts reaffirms our commitment to sustainable growth
and accelerating India’s energy transition.”
CAPACITY ADDITION & OPERATIONAL PERFORMANCE – FY26:
- Project Development Excellence: AGEL has consistently expanded its greenfield capacities backed
by advanced resource planning, engineering, and supply chain management, with project management, execution and
assurance from our partner, Adani Infra India Ltd (AIIL).
- Operational Capacity: Expanded by a robust 35% YoY to 19.3 GW, putting us on track to achieve
50 GW target.
AGEL added 5,051 MW greenfield capacity in FY26, which is 1.5 times the capacity addition in FY25. The
greenfield additions of 5,051 MW included 3,412 MW of solar capacity (2,974 MW in Khavda, Gujarat, 438 MW in
Rajasthan); 683 MW wind capacity in Khavda and 956 MW of solar-wind hybrid capacity in Khavda.
- Energy Sales: Increased by 34% YoY on the back of strong operational performance
- Operational Excellence: AGEL’s operations and maintenance (O&M) leverage sophisticated data
analytics, enhanced by machine learning and artificial intelligence, in collaboration with our O&M partners,
Adani Infra Management Services Pvt Ltd (AIMSL).
- Exceeding Commitments: AGEL has consistently generated electricity exceeding the overall annual
commitment under the power purchase agreements (PPA). In FY26, AGEL’s PPA based electricity generation was 106%
of the annual commitment.
- O&M Efficiency: AGEL’s O&M is driven by advanced technology with Energy Network Operation
Center enabling real time monitoring of the renewable plants across the country. This has not only enabled
consistent higher plant availability in turn resulting in higher electricity generation but also led to
reduction in O&M cost resulting in industry-leading EBITDA margin of 91%.
DEVELOPMENT OF THE WORLD’S LARGEST RE PLANT AT KHAVDA:
ESG LEADERSHIP:
- Consistently recognized for ESG commitment:
- AGEL secured CareEdge ESG 1+ rating with the highest score of 87.3 by any company in India
- Ranked in top six globally and topped India rankings by Sustainalytics with the improvement in ESG score
- Ranked in the topmost category of Global CDP Suppliers Engagement Assessment by securing ‘A’ rating
- Secured No. 1 rank in Energy Intelligence's Annual Global Top 100 Green Utilities Rankings for 2025, rising from third place to lead the world’s green energy transition
- AGEL won Water Stewardship and Clean Energy Champion awards in the Gold Category at the Financial Express Green Sarthi Awards 2025
- AGEL ranks first in FTSE Russell ESG score in the Alternative Electricity subsector globally
About Adani Green Energy Limited
Adani Green Energy Ltd (AGEL) is India’s largest and one of the leading renewable energy companies in the world
enabling the clean energy transition. AGEL develops, owns, and operates utility scale grid-connected solar, wind,
hybrid and energy storage solutions. AGEL currently has an operating renewable portfolio of over 19.3 GW, the
largest in India, spread across 12 states and BESS capacity of 1.4 GWh. The company has set a target of achieving 50
GW by 2030 aligned to India’s decarbonization goals. AGEL is focused on leveraging technology to reduce the
Levelized Cost of Energy (LCOE) in pursuit of enabling largescale adoption of affordable clean energy. AGEL is
developing the world’s largest renewable energy plant (30 GW) on barren land at Khavda, Gujarat, covering 538 square
kilometers, an area five times larger than Paris. AGEL’s operating portfolio is certified ‘water positive’,
‘single-use plastic free’ and ‘zero waste-to-landfill’, a testament to the company’s commitment to power sustainable
growth.
For more information, please visit
www.adanigreenenergy.com
Disclaimer: No representation or warranty, express or implied, is made as to, and no reliance
should be placed on the fairness, accuracy, completeness or correctness of the information or opinions contained
in this release. Certain statements made in this release may be "forward-looking statements" based on currently
held beliefs and assumptions of the management of Adani Energy Solutions Limited, which may involve known and
unknown risks and uncertainties that may cause actual results to differ materially from projected results. This
release is for general information purposes only and does not constitute an offer or invitation to purchase or
subscribe for any securities. Past performance is not necessarily indicative of future results. The company
disclaims any obligation to update forward-looking statements to reflect future events or developments.
