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Adani Green Energy Q2 FY27 Share Price & Earnings Call Analysis

₹1,307.00+2.99% today
Market cap
₹2.15L Cr
P/E
111.05
ROE
11.40%
PEG
6.41
Price to sales
15.89
Debt to equity
5.19
52W high / low
₹1,604 / ₹773
Sales growth (5Y)
32.85%
EBITDA margin
86.37%
Net profit margin
17.03%
Promoter holding
62.43%
Sales (last year)
₹13,559 Cr

Adani Green Energy Limited, incorporated in 2015, is a holding company of several subsidiaries carrying business of renewable power generation within the group and is primarily involved in renewable power generation and other ancillary activities. [1]

Guidance scorecard · Q2 FY27 call

What Adani Green Energy Ltd's management guided
and where it ranks in Power

#6of 24 in
Power
Revenue20–40%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ2 FY27 call

20–40%
  • Adani Green Energy aims to significantly scale up renewable capacity, targeting 45 GW of renewable energy capacities by FY '30, including 5 GW pump storage and 40-50 GWh of battery storage.
  • Energy sales grew 32% YoY to 25.7 billion units in H1 FY '27, supported by 24% greenfield capacity additions.
  • Revenue from power supply increased 36% YoY to INR 8,299 crores in H1 FY '27.
  • EBITDA grew 41% YoY to INR 7,957 crores in H1 FY '27, with an industry-leading EBITDA margin of 93%.
  • The company remains on track to surpass 10 GWh battery storage capacity this year, enhancing flexibility and mitigating curtailment issues.
  • Focus on disciplined execution of INR 2.4 lakh crores capex through FY '30 aimed at sustainable long-term growth.

2 more points from Adani Green Energy Ltd's call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

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

Full Q2 FY27 analysis

CapexQ2 FY27 call

Planned
  • AGEL has a planned capex program of INR 2.4 lakh crores through FY '30, focusing on disciplined execution and prudent capital allocation.
  • Capex will be directed towards large-scale deployment of solar, wind, battery energy storage systems (BESS), and pump storage projects.
  • Battery storage deployment has accelerated, with a target to surpass 10 gigawatt hours of BESS installation during the current fiscal year.
  • The maiden 500 MW pump storage project at Chitravathi is progressing towards completion by year-end.
  • Capital expenditure is backed by securing long-term contracts with AA+ counterparties to maintain a 13%-14% return on assets.

2 more points from Adani Green Energy Ltd's call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

Planned

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

Full Q2 FY27 analysis

Order bookQ2 FY27 call

  • Current tied-up battery storage capacity: 3.5 gigawatt hour (GWh) already tied up with long-term contracts.
  • Additional 3.1 GWh of battery storage capacity (out of a total 6.6 GWh as of Sept 30) is in the process of being tied up.
  • The company has a target to install 10 GWh of battery storage capacity in the current fiscal year and is confident of surpassing this target.

2 more points from Adani Green Energy Ltd's call on the order book

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Full Q2 FY27 analysis
Full Power ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Power
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Adani Green Energy Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Power companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹1,624 Cr8.3
240%+Flat₹28,982 Cr48.7
340%+Flat₹15,130 Cr573.5
440%+Flat₹15,007 Cr95.7
520–40%Flat₹3.78L Cr26.5
6Adani Green Energy LtdThis stock20–40%Flat₹1.95L Cr100.7

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Adani Green Energy Ltd announcements

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Financials of Adani Green Energy Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Adani Green Energy Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +56.37%56.37%57.51%60.93%60.93%60.93%61.91%62.44%62.44%62.44%62.43%62.43%
FIIs +18.03%18.15%16.91%15.16%13.68%12.45%11.58%11.29%11.42%11.10%11.84%11.33%
DIIs +1.50%1.55%1.46%1.45%1.73%2.40%2.86%2.98%4.31%4.56%4.82%5.30%
Public +24.10%23.93%24.11%22.45%23.64%24.22%23.64%23.30%21.84%21.92%20.90%20.94%
No. of Shareholders6,93,0646,68,5867,42,5796,28,4259,00,7709,95,7009,89,8219,77,4839,35,7169,30,9707,99,1437,86,178

Financials of Adani Green Energy Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +2,2202,3112,5272,7943,0052,3403,0733,8003,0082,6183,5024,4314,258
Expenses +521645693415788460671758405377620446461
Operating Profit1,6991,6661,8342,3792,2171,8802,4023,0422,6032,2412,8823,9853,797
OPM %77%72%73%85%74%80%78%80%87%86%82%90%89%
Other Income +35326423427129428039189158208117230262
Interest1,1651,2421,2241,4261,4481,2511,3681,5251,6351,6981,6262,0012,119
Depreciation4744814975966216186637678348868851,0261,084
Profit before tax413207347628442291410939292-1354881,188856
Tax %29%33%24%28%6%-37%29%25%-81%-27%11%22%22%
Net Profit +3712563106295154743838246445514983747
EPS in Rs2.351.620.952.821.743.111.454.393.54-0.252.415.134.09

Financials of Adani Green Energy Ltd

Profit & Loss

Annual income statement trend

Mar 2016 15mMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +285021,4802,0582,5493,1245,1337,7929,22011,21212,92814,809
Expenses +14986375321,0998831,6212,8221,9022,3232,1431,904
Operating Profit134038431,5261,4502,2413,5124,9707,3188,88910,78512,905
OPM %48%80%57%74%57%72%68%64%79%79%83%87%
Other Income +7804273-1113855076671,2621,3161,072817
Interest233345521,1219951,9532,6172,9115,0065,4926,4847,444
Depreciation63335431,0623944868491,3001,9032,4983,3723,881
Profit before tax-9-184-210-585-501875531,4261,6712,2152,0012,397
Tax %3%-75%-35%-19%22%6%12%32%25%10%1%
Net Profit +-9-47-138-475-681824899731,2602,0011,9872,249
EPS in Rs-0.58-0.37-1.00-3.03-0.151.343.136.156.949.1210.0311.38
Dividend Payout %-0%-0%-0%-0%-0%-0%-0%-0%-0%-0%-0%

Financials of Adani Green Energy Ltd

Balance Sheet

Capital structure and asset base

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital1601,2741,5641,5641,5641,5641,5641,5841,5841,5841,6471,647
Reserves-9-71-2233697926361,0505,7208,25010,55318,31819,945
Borrowings +4,1324,3479,86411,14214,86724,20952,83254,22364,85880,040103,545118,372
Other Liabilities +1,2866104,5031,5821,2012,2833,5085,38213,39418,58719,47821,949
Total Liabilities5,5696,16015,70914,65818,42428,69258,95466,90988,086110,764142,988161,913
Fixed Assets +2,7814,3419,12010,38812,55416,42928,45248,33662,28479,914102,138114,050
CWIP1,9622671,7257431,2084,45219,8995,2916,42714,48019,03121,968
Investments72687774775025741,1491,5152,7432,9833,753
Other Assets +8191,5254,7773,4494,1857,30910,02912,13317,86013,62718,83622,142
Total Assets5,5696,16015,70914,65818,42428,69258,95466,90988,086110,764142,988161,913

Financials of Adani Green Energy Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +286491,6251,9651,6013,0607,2657,7138,36410,135
Cash from Investing Activity +-1,511-4,428-2,666-3,743-9,137-18,663-3,857-21,060-19,828-26,227
Cash from Financing Activity +1,5593,9421,0452,1617,08315,986-2,97313,95312,06815,615
Net Cash Flow761623383-453383435606604-477
Free Cash Flow-889-3,763-1,244-1,431-4,529-11,7283,927-7,987-16,397-15,857
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit7%78%108%137%72%88%146%106%97%95%

Financials of Adani Green Energy Ltd

Ratios

Working capital efficiency and return ratios

Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days850245209134106141129103535060
Inventory Days383
Days Payable455
Cash Conversion Cycle85024520963106141129103535060
Working Capital Days-12,275-218-678-182-193-407-572-175-905-436-369
ROCE %2%4%4%8%10%8%8%10%9%7%

Guidance history

How Adani Green Energy Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →20–40%FlatPlannedPlanned—
Q1 FY27 call →20–40%FlatPlanned—Rising
Q4 FY26 call →20–40%FlatPlanned——
Q3 FY26 call →20–40%FlatPlannedPlanned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

32out of 100

Momentum score · price trend

32 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+26.4%77%
Last 6 months+1.9%58%
Last 3 months−7.6%49%

The price is 56% below its all-time high of ₹2,882.8 (22 Apr 2022). Stocks more than 20% below their peak have their score halved, so 64 became 32.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Adani Green Energy Ltd: 0.4 × 77 + 0.4 × 58 + 0.2 × 49 = 64, halved to 32 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Adani Green Energy Ltd's management said in earlier quarters

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