Emerged as World’s No. 1 Green Utility in latest annual rankings by Energy Intelligence
Operational capacity grows 48% YoY to 17.2 GW, reinforcing leadership in energy transition
Greenfield addition of 5.6 GW in CY25, nearly 14% of countrywide solar and wind addition
1
India's top sustainability performer in power generation sector for the second consecutive year in NSE
Sustainability ratings
Editor’s Synopsis
- Energy Sales increase: Up by 37% YoY to 27,636 million units in 9M FY26
- Revenue Growth: Increased by 25% YoY to Rs. 8,508 crore
- EBITDA Growth: Increased by 24% YoY to Rs. 7,921 crore
- Industry-leading EBITDA margin: Achieved EBITDA margin of 91.5%
Ahmedabad, 23 January 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 December 2025,
showcasing robust growth and operational excellence.
FINANCIAL PERFORMANCE – Q3 & 9M FY26: (Rs. in crore)
| Particulars |
Quarterly Performance |
Nine Month Performance |
| Q3 FY25 |
Q3 FY26 |
% change |
9M FY25 |
9M FY26 |
% change |
| Revenue from Power Supply |
1,993 |
2,420 |
21% |
6,829 |
8,508 |
25% |
| EEBITDA from Power Supply2 |
1,848 |
2,269 |
23% |
6,366 |
7,921 |
24% |
| EBITDA from Power Supply (%) |
91.4% |
90.6% |
|
92.0% |
91.5% |
|
| Cash Profit3 |
996 |
812 |
-18% |
3,639 |
3,906 |
7% |
- Strong revenue and EBITDA growth are primarily backed by robust greenfield capacity addition of 5.6 GW, deployment
of advanced RE technologies, strong plant performance and commissioning of new capacities in resource rich sites in
Khavda, Gujarat and Rajasthan.
Mr. Ashish Khanna, CEO of Adani Green Energy, stated: “In calendar year 2026, Adani Green Energy has
continued its exceptional growth trajectory, adding 5.6 GW of renewable energy capacity—representing nearly 14% of
all new solar and wind capacity installed across India. This achievement further cements our position as the
country’s leading green energy provider, with our operational capacity now reaching 17.2 GW. Our landmark Khavda
project, the world’s largest renewable energy installation, is progressing at an accelerated pace. We are on track
for deployment of one of the world's largest single-location battery energy storage project in coming months. Our
hydro pumped storage project on Chitravathi river in Andhra Pradesh is also on track.
In the first nine months of this financial year, we have generated more than 27 billion units of clean
electricity—enough to power a nation the size of Azerbaijan for an entire year. Being recognized as the World’s No.
1 Green Utility in the latest annual rankings by Energy Intelligence is a testament to our commitment to shaping a
sustainable future, while consistently creating value for all stakeholders.”
CAPACITY ADDITION & OPERATIONAL PERFORMANCE – 9M 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 48% YoY to 17.2 GW, putting us on track to achieve
50 GW target.
AGEL added 2,995 MW greenfield capacity in 9M FY26, which is over 90% of capacity addition in entire FY25.
The greenfield additions over the last one year were 5,630 MW which included 4,187 MW of solar capacity
(3,137 MW in Khavda, Gujarat, 800 MW in Rajasthan and 250 MW in Andhra Pradesh); 462 MW wind capacity in
Khavda and 981 MW of solar-wind hybrid capacity in Khavda.
- Energy Sales: Increased by 37% YoY propelled by robust capacity additions and 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 9M FY26, AGEL’s PPA based electricity
generation was 79% 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 91.5%.
DEVELOPMENT OF THE WORLD’S LARGEST RE PLANT AT KHAVDA:
- World’s largest power plant: AGEL is steadily progressing in the development of the massive 30
GW renewable energy plant at Khavda in Gujarat. This is spread over an area of 538 sq km, almost 5 times the
city of Paris. This project will set a global benchmark for the development of ultra large-scale renewable
energy plants.
- Rapid execution: Now, the operational portfolio at Khavda stands at 7.7 GW4 solar,
wind and hybrid capacity. With robust manpower deployment, localized supply chain and advanced technologies like robotic
solar module installation, AGEL is on track to achieve 30 GW RE capacity in Khavda by 2029 setting a global
benchmark for the speed of execution at such a large scale.
- Most advanced renewable technologies deployed: The plant deploys the most advanced bifacial
solar modules and trackers to maximise electricity generation. It also deploys India’s largest 5.2 MW wind
turbine, which is also one of the most powerful onshore wind turbines globally. The deployment of waterless
robotic cleaning in the entire plant, not only leads to near zero usage of water for module cleaning but also
increases electricity generation.
ESG LEADERSHIP:
- Consistently recognized for ESG commitment:
- AGEL is ranked No. 1 in Annual Global Top 100 Green Utilities Rankings for 2025 by Energy
Intelligence.
- AGEL has deepened nature-positive leadership, taking a significant step in sustainability
journey by mainstreaming the Taskforce on Nature-related Financial Disclosures (TNFD)
framework into our operations.
- AGEL ranked India’s top sustainability performer for the second consecutive
year in power sector in latest ESG ratings by NSE Sustainability Ratings & Analytics. AGEL
earned the highest sustainability score across the industry segment.
- AGEL won Water Stewardship and Clean Energy Champion awards in the Gold Category at the
Financial Express Green Sarthi Awards 2025.
Notes:
- 1. India added 35 GW solar and 5.8 GW wind capacity in CY25 (up to Nov 2025) as per press release dated 29 Dec
2025 by Ministry of New and Renewable Energy.
- 2. 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.
- 3. Cash Profit = PAT + Depreciation + Deferred Tax + Exceptional Items.
- 4. This includes 7,005 MW RE capacity that is AGEL’s generation capacity and remaining 717 MW set up for other
Adani group companies
Scroll to top
