Adani Green Energy Ltd Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q3 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

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

Capex for next year expected between INR 35,000 to 40,000 crores to support capacity expansion towards 50 GW by FY30. Adani Green Energy projects a run-rate EBITDA of approximately INR 17,000 crores for FY 2026, including other income of about INR 1,000 crores.

From Adani Green Energy Ltd's Q3 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

→Capex for next year expected between INR 35,000 to 40,000 crores to support capacity expansion towards 50 GW by FY30.
→Run rate EBITDA projected at about INR 17,000 crores by end of FY26 (including INR 1,000 crores other income), with power supply EBITDA around INR 16,000 crores.
→Revenue expected in the range of INR 17,000 to 18,000 crores for next year, reflecting growth despite current curtailment and grid availability challenges.
→Expansion plans include significant deployment of battery storage: 3.5 GWh capacity commissioning this year with plans to more than double next year.
→Expected grid augmentation and battery storage deployment to mitigate curtailment, improving generation and revenue realization going forward.
→Strategy includes maintaining ~20% merchant capacity, utilizing infirm power, and monetizing flexibility through battery storage to capture peak pricing opportunities.

📈 Profitability & Margins

→Adani Green Energy projects a run-rate EBITDA of approximately INR 17,000 crores for FY 2026, including other income of about INR 1,000 crores.
→The run-rate EBITDA from power supply alone is expected around INR 16,000 crores.
→Revenue for FY 2026 is anticipated to be in the range of INR 18,000 to 19,000 crores, with next year's revenue estimated between INR 17,000 to 18,000 crores.
→Capex for the next year is expected between INR 35,000 to 40,000 crores, supporting growth towards the 50 GW capacity target by 2030.
→Expansion and operational scale, especially with battery storage and grid augmentations, are expected to enhance profitability and provide stable earnings growth.
→EBITDA margins remain industry-leading at around 91.5%, and cost efficiency is projected to improve with scale.

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

🏗️ Capital Expenditure Plans

→Planned capex for next year is approximately INR 35,000 crores to INR 40,000 crores.
→Aim to grow capacity to 50 gigawatts by FY 2030.
→Battery storage investment is strategic; committed to commissioning 3.5 GWh battery storage this financial year with plans to more than double it next year.
→Investment in pumped storage projects is underway, including the Chitravathi project expected this calendar year.
→The company is expanding at large scale locations like Khavda, including co-location of solar and battery storage to optimize cost and returns.
→Debt raising is ongoing to support under-construction projects and capital expenditure needs for the next 9 months to 1 year.
→The company leverages internal manufacturing capabilities (solar modules, wind turbines) to mitigate raw material cost risks.

💰 Fundraising & Capital Structure

- Adani Green Energy is continuously engaged in debt raising due to ongoing projects under construction. - A significant portion of debt required for the next 9 months to 1 year is already sanctioned. - Debt raising is planned to support capex requirements, which are estimated at INR 35,000 to 40,000 crores for the coming year. - There is no specific mention of new fundraising through equity in the current transcript. - The company aims to maintain debt levels in line with capacity expansion up to 50 GW over the next 2-3 years, keeping debt-to-EBITDA ratios stable. - Debt sanctioning is proactive to meet financing needs for upcoming project phases. (Source: Pages 14, 12)

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

📋 Order Book & Pipeline

The transcript does not explicitly mention the current or expected order book or pending orders for Adani Green Energy Limited. However, some relevant insights related to project backlog and bidding are: - There is a backlog of 42 GW of Letters of Award (LOAs) that have not yet been translated into Power Purchase Agreements (PPAs) and Power Sale Agreements (PSAs). - Exposure to potential cancellations of solar PPAs from this 40 GW is very small for Adani Green. - Tendering activity in the renewables sector has slowed compared to the past two years due to the backlog and grid constraints. - Future tenders may shift towards round-the-clock (RTC) and peak power tenders rather than pure solar tenders. - The company is focused on large-scale expansion and expects grid augmentation to enable ~10 GW additional capacity next year. - Capex guidance for FY27 is INR 35,000-40,000 crore with a targeted capacity growth towards 50 GW by FY30. No specific numeric order book figure is provided in the available pages.

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Frequently Asked Questions

What were Adani Green Energy Ltd Q3 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?

Planned capex for next year is approximately INR 35,000 crores to INR 40,000 crores.

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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.