Adani Green Energy Limited (ADANIGREEN) share price
₹1281.30 on NSE as of 2026-09-11. -1.37% on the day. market cap ₹211,053 Cr. P/E 122.7. 52-week range ₹772.80 to ₹1604.50. Power.
Adani Green Energy Q1 FY27: 20,142 MW Operational, ₹1,03,545 Cr Borrowed, and a 90% Operating Margin
At a glance
Adani Green Energy reported Q1 FY27 revenue of ₹4,431 crore, up from ₹3,800 crore in the June 2025 quarter. Operating profit came in at ₹3,985 crore against ₹3,042 crore a year earlier, taking the quarterly operating margin to 90%. Profit attributable to shareholders was ₹845 crore versus ₹713 crore, with EPS of ₹5.13 against ₹4.39.
The company's press release states operational renewable capacity reached 20,142 MW as at June 30, 2026, against 15,816 MW a year earlier — a 27% increase — with 848 MW added during the quarter. Energy sales rose 30% year-on-year to 13,657 million units. Management reported EBITDA from power supply of ₹4,122 crore, up 33%, at a 94% margin on that segment.
Below the operating line sits the structure that defines this business: interest cost of ₹2,001 crore for the quarter and depreciation of ₹1,026 crore, together consuming three-quarters of operating profit before tax. Borrowings stood at ₹1,03,545 crore at March 2026, against a net worth of ₹19,965 crore — debt-to-equity of 5.19 as recorded by Screener.
On the calls and filings, two things happened. Management confirmed that capacity previously presented as merchant is now being contracted to Adani Energy Solutions Limited on 25-year fixed terms for solar and wind, 15 years for battery storage. And the auditors drew attention to the pending US DOJ and SEC proceedings against certain directors, where the DOJ filed a motion to dismiss with prejudice on May 18, 2026.
A company that generates ninety paise of operating profit per rupee of revenue, and still needs the balance sheet it has. More on that below.
Introduction
Adani Green Energy Limited was incorporated in 2015 as a holding company for a collection of subsidiaries in renewable power generation. Eleven years later the consolidated results include, by the auditors' own annexure, 39 subsidiaries reviewed by one joint auditor, 41 reviewed by other auditors, 102 subsidiaries not audited by anyone, and assorted associates and a joint venture. The naming convention has run past imagination and into arithmetic: Adani Renewable Energy Sixty Three Limited exists, and so does Adani Hydro Energy Seventeen Limited.
The company is part of the Adani Group, which has ten publicly listed firms across energy, transport, materials and mining. The promoter group holds 62.43% as of June 2026.
The operating footprint spans 12 states. As of FY26 the capacity mix was solar 70%, hybrid 17%, wind 13%. The centrepiece is Khavda in Gujarat — a 538 sq km site the company describes as the world's largest renewable energy plant under development, targeting 30 GW by 2029. Operational capacity at Khavda has reached 10,262 MW, from 5.6 GW a year earlier, of which 9,520 MW is AGEL's own generation capacity and 742 MW was set up for other Adani group companies.
The last four months have been a steady drumbeat of commissioning announcements: 292 MW of solar in April, 150 MW in May, 1,990 MWh of battery storage plus 50 MW solar later in May, 150 MW in late June, 156 MW renewable and 185 MWh BESS on June 30. In April, wholly-owned subsidiary Adani Renewable Energy Middle East Limited signed a joint venture agreement with Minerva Holding RSC Limited of Abu Dhabi, acquiring 12,500 shares for USD 2,525,000 — ₹24 crore — an investment the Group classifies as an associate on grounds of significant influence.
FY26 itself added 5,051 MW of greenfield capacity, 1.5 times the FY25 addition, on capex of ₹30,365 crore against ₹28,366 crore the prior year.
Business model
They build very large solar farms in places where nothing else wants to live, and then sell the electricity under contracts that run for a quarter of a century.
That's it. That's the model. The elegance of it is genuinely striking once you look at the cost line: for the June 2026 quarter, total expenses before interest and depreciation were ₹446 crore against ₹4,431 crore of revenue. Sunlight does not unionise, does not require raw material procurement, and has never once renegotiated its supply contract. The solar plant availability figure the company reports — 99.2% in FY26 — describes a machine that essentially just sits there working.
The generation mix, per FY26 disclosure: solar produced 24,005 million units, hybrid 8,644, wind 4,918. Average realisation was ₹3.05/kWh for solar, ₹2.89 for hybrid, ₹3.76 for wind. Capacity utilisation factors ran 24% for solar, 35.2% hybrid, 26.6% wind — meaning roughly three-quarters of the time, the solar fleet is producing nothing at all, which is a fact about the sun rather than about management.
Which is why the second business line now exists. Batteries. The company commissioned 1,972 MWh of battery energy storage at Khavda during Q1 FY27, taking installed BESS capacity to 3,551 MWh, described in the release as one of the world's largest single-location deployments. The stated economics, per management: charge when merchant power is cheap — they referenced levels around ₹2.5 — and discharge into evening peaks, with an expected spread of four to five rupees based on trailing price trends. Guided EBITDA of ₹25–30 lakh per MWh for FY27.
Everything is monitored from an Energy Network Operation Center in Ahmedabad with a Google industrial cloud partnership, which is a sentence that would have made no sense to a power engineer in 1995 and is now how you run 20 GW.
There is also a second reportable segment: sale of goods and renewable power equipment, which contributed ₹341 crore of revenue in Q1 FY27 before an elimination adjustment of ₹304 crore — most of it sold within the family, then removed again on consolidation. It's a segment that largely talks to itself.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Adani Green Energy Limited.
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