Adani Green Energy Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Published 8 Aug 2026 | Power | Market Cap: ₹2.2L Cr

Adani Green Energy is committed to executing 5 gigawatts of capacity addition in the current financial year (FY26), with capex guidance of INR 30,000 to 35,000 crores annually for the next two years. Adani Green Energy is on track to execute its ambitious 50-gigawatt capacity target by 2030, supporting significant future growth.

From Adani Green Energy Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹1,320

Market Cap

₹2.2L Cr

P/E Ratio

114.5

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Adani Green Energy Ltd — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹3.5K Cr, net profit ₹514 Cr.

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📊 Revenue & Sales Performance

→Adani Green Energy is committed to executing 5 gigawatts of capacity addition in the current financial year (FY26), with capex guidance of INR 30,000 to 35,000 crores annually for the next two years.
→The company aims to increase capacity progressively beyond FY26, with more capacities expected to come online in 2029 and 2030.
→Overall project pipeline includes over 4 gigawatts of LOAs to be converted into PPAs and around 27 gigawatts under signed PPAs.
→Management highlights strong execution and operational capabilities despite challenges, maintaining the commitment to a 50-gigawatt portfolio by 2030.
→Merchant/infirm power volumes add to near-term revenue, expected to convert into long-term PPAs as evacuation and operationalization progress.
→EBITDA run-rate target is approximately INR 34 billion per quarter post commissioning ramp-up, demonstrating confidence in revenue growth.

📈 Profitability & Margins

→Adani Green Energy is on track to execute its ambitious 50-gigawatt capacity target by 2030, supporting significant future growth.
→The company expects run rate EBITDA of around INR 34 billion per quarter going forward, improving as monsoon impacts ease.
→EBITDA margins remain robust at 92%, with consistent revenue and EBITDA growth driven by operational excellence.
→Capex of INR 30,000-35,000 crores is planned for the next two years, supporting 5-6 gigawatts of new capacity additions annually.
→Net debt to EBITDA ratio is expected to stay between 4x-5x over the next 2-3 years due to ongoing capex but should decline sharply post-2029 as projects become operational.
→The growth strategy includes scaling battery energy storage systems (BESS) and pumped storage plants (PSP), which will enhance future profitability.
→Greenfield capacity expansions and commissioning of projects like the 7.1 GW Khavda complex will further boost earnings.
→Overall, earnings, operating profits, and EPS are projected to grow steadily with capacity additions and improved monetization of assets.

See what Adani Green Energy Ltd said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

- Capex guidance for FY26 is INR 30,000 crores for 5 GW capacity addition. - Next two years expected capex range: INR 30,000 - 35,000 crores annually to add 5-6 GW capacities. - Total project capex for solar plants: INR 4-4.5 crores per MW. - BESS (Battery Energy Storage Systems) strategy is under development; large scale plans to be announced soon. - PSP (Pumped Storage Projects) capex will ramp up mainly in the last 3 years of a 6-year timeline from PSA signing. - Focus on hybrid and storage projects expected to increase in future tenders. - Capex will be front-loaded in initial years with land acquisition, orders, and civil works; higher equipment and installation capex later. - Long-term strategic investment toward execution of 50 GW target by 2030, including storage and hybrid projects. Overall, strong commitment toward capex and strategic investments in renewable capacities, storage, and infrastructure development till 2030.

💰 Fundraising & Capital Structure

→No explicit mention of new fundraising through debt or equity in the discussed transcript.
→The company is undertaking significant capex (INR30,000 to INR35,000 crores annually for next 2 years) to support 5 GW capacity addition per year.
→Net debt to run-rate EBITDA currently at 4.4x operationally and 5.1x including under-construction assets; expected range to remain 4x-5x over the next 2-3 years due to ongoing capex.
→Leverage is expected to reduce drastically post FY29 as capex completes and operational EBITDA grows.
→Management indicates careful capital management with focus on long-term returns and financial prudence.
→No direct commentary on raising equity or fresh loans during this period; focus remains on project execution and operational efficiency.

See what Adani Green Energy Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

→Adani Green Energy currently has Letters of Award (LOAs) of more than 4 gigawatts that are yet to be converted into Power Purchase Agreements (PPAs).
→In addition to this, around 27 gigawatts of capacity are already covered under signed PPAs.
→The company is on track toward its 50-gigawatt target by 2030.
→There were no major new LOAs converted into PPAs in the latest quarter, but many LOAs have been converted into PPAs in the past 6 to 9 months.
→Execution and capacity addition continue steadily, with 2.4 gigawatts achieved so far in the current fiscal year out of the targeted 5 gigawatts.
→The overall strategy involves gradual conversion of LOAs to PPAs and ongoing project execution aligned with the long-term capacity expansion plan.

Key Metrics

What Adani Green's management said in earlier quarters

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Frequently Asked Questions

What were Adani Green Energy Ltd Q2 FY26 results?

What is Adani Green Energy Ltd share price analysis?

Adani Green Energy Ltd currently shows a neutral. The stock trades at a P/E of 114.5 with a market cap of ₹222,039 Cr. Investors should review the full earnings analysis for detailed insights.

Is Adani Green Energy Ltd planning capital expenditure?

Capex guidance for FY26 is INR 30,000 crores for 5 GW capacity addition.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.