Adani Green Energy (ADANIGREEN) Q2 25/26 earnings summary

Executive summary

• Operational renewable energy capacity expanded 49% year-over-year to 16.7 GW in H1 FY26, with 2.4 GW added in H1 and 5.5 GW added over the last year, maintaining the largest renewable portfolio in India.

• Energy sales rose 39% year-over-year to 19,569 million units in H1 FY26, driven by robust capacity additions.

• Recognized for ESG leadership, ranking first in India and seventh globally by Sustainalytics, and received multiple industry awards for energy transition and project execution.

Financial highlights

• Revenue from power supply increased 26% year-over-year to ₹6,088 crore in H1 FY26, with EBITDA up 25% to ₹5,651 crore and an EBITDA margin of 91.8%.

• Cash profit rose 17% year-over-year to ₹3,904 crore in H1 FY26.

• Net profit for H1 FY26 was ₹1,468 crore, up from ₹1,144 crore in H1 FY25; basic EPS was ₹7.70.

• CapEx incurred was ₹28,366 crore in FY25, a 66% increase year-over-year.

• Net debt stood at ₹64,462 crore as of FY25.

Outlook and guidance

• Targeting 5 GW capacity addition in FY26 and 50 GW operational renewable capacity by FY30.

• CapEx guidance of ₹30,000–35,000 crore annually for the next two years, supporting 5–6 GW annual capacity additions.

• Expecting continued improvement in receivables and payment realization.

• Net debt to run-rate EBITDA expected to remain 4–5x for the next 2–3 years, declining sharply post-2029 as CapEx moderates.

• Focused on expanding merchant, commercial & industrial, and hybrid opportunities for higher returns and stable cash flows.