Adani Green Energy Ltd(ADANIGREEN)

NSE: ADANIGREENBSE: 541450

₹ 1,261.8+1.06%refreshed 27 Oct, 11:00 am ISTMarket cap: ₹ 2.08 L crWebsite: www.adanigreenenergy.comUpdated: 27 Oct 2026

About

Adani Green Energy Ltd (AGEL) develops, owns and operates utility-scale grid-connected solar, wind and hybrid renewable plants, and develops hydro-pumped and battery energy storage. It describes itself as India's largest and fastest-growing pure-play renewable independent power producer. Operational capacity was 20,763 MW in H1 FY27, and FY26 revenue was 12928.0 Cr. Its battery storage of 6,632 MWh is more than 50% of India's operational BESS, according to the company.^[1][2][3]

Business segments

Renewable power generation and ancillary activities: 85.9% of revenue (₹12,227 Cr) in FY26, down 1.6 percentage points over the FY2024 - FY2026 window.^[4]
Sale of goods, equipment and related services: 14.1% of revenue (₹2,007 Cr) in FY26.^[4]

Installed capacity and technology mix

Operational capacity was 20,763 MW in H1 FY27, up 24% YoY, after 4,083 MW of greenfield additions; 621 MW was added in Q2 FY27.^[2]
3,081 MWh of BESS was commissioned at Khavda in Q2 FY27, taking the total to 6,632 MWh; 3.5 GWh of this is under long-term contracts.^[2]
Solar plant availability was 99.3% in H1 FY27.^[2]
The company uses India's largest wind turbines, rated at 5.2 MW, along with bifacial n-type solar modules and single-axis trackers (FY25).^[5]
It holds resource-rich sites covering nearly 250,000 acres to support growth (FY25).^[5]
It has a network of 20,000+ vendors and has widened sourcing to solar modules on India's approved list of models and manufacturers (ALMM) (FY25).^[5]

Khavda - flagship site

Khavda (Gujarat) had more than 10 GW of operational solar, wind and hybrid assets as of Q1 FY27. The site spans 538 sq km and is described as the world's largest single-location renewable energy installation.^[1]
Khavda's potential CUF is 33% for solar and 35%+ for wind; the site is targeted to reach 30 GW by 2029.^[1]
Phase 3 Khavda 7 GW evacuation is now expected in Q4 FY27, pushed back from end-CY2026.^[2]

Key operating numbers

Energy sales were 25,747 mn units in H1 FY27, up 32% YoY. Full-year FY26 energy sales were 37,567 mn units, up 34% YoY.^[2][1]
CUF in H1 FY27: solar 22.9% (vs 24.8% a year earlier, mainly due to Khavda curtailment), wind 42.9%, hybrid 45.2%.^[2]
Merchant realisation rose to INR 2.4/unit in FY27 from about INR 2.1 a year earlier.^[2]
Solar PPA with AESL is at INR 2.7 per unit; wind is contracted at INR 3.93 for 25 years (Q2 FY27).^[2]
Receivable days due were 2 days in Q2 FY27.^[2]
31% of the annual PPA generation requirement was delivered in Q1 FY27; AGEL's historical record is 106 - 111% of annual PPA commitments.^[1]

PPA contracting and offtake

Of 4.7 GW of tied-up capacity, 974 MW is being converted from merchant to 25-year fixed PPAs with AA+ counterparties such as AESL (Q2 FY27).^[2]
The AESL PPAs run 25 years at fixed prices for solar and wind and 15 years for BESS, and were approved by the Board and Audit Committee as arm's-length.^[1]
At the end of FY26, 19.3 GW was operational: 9.7 GW under active PPAs, 5.3 GW of PPA capacity awaiting evacuation readiness, and 4.2 GW pure merchant.^[6]
FY27 capacity additions are planned to be 100% PPA-backed, and more than 90% of future additions are to be tied to long-term PPAs.^[6]
Signed a 25-year PPA with MSEDCL, Maharashtra's state distribution company, to supply 5 GW of solar power (FY25).^[5]
Signed its first commercial and industrial agreement, to supply 61 MW of renewable energy to Google's data center (FY25).^[5]

Expansion and capex

FY27 renewable capacity addition guidance of 4.5-5 GW is maintained, contingent on Phase 3 Khavda evacuation by Q4 FY27.^[2]
BESS is to surpass 10 GWh by the end of FY27; capex is about INR 1.5 Cr/MWh.^[2][1]
FY30 targets: about 45 GW renewable, 5 GW pumped storage and 40-50 GWh BESS, under an INR 2.4 lakh Cr capex programme through FY30.^[2]
The 500 MW Chitravathi pumped storage project in Andhra Pradesh, costing INR 2,600 Cr, is progressing towards completion by year-end FY27.^[2][1]
FY27 capex guidance is about INR 42,000 Cr (Q1 FY27).^[1]
Equity for growth is funded by promoter warrants (USD 1.125 Bn) and free cash flow from operations.^[1]

Recent developments

01 October 2026: total operational renewable capacity reached 20,762.70 MW after new Khavda projects became operational.^[7]
From Q2 FY27, BESS EBITDA is reported as a separate line, apart from the power supply segment.^[1]
Japan Credit Rating Agency gave AGEL an inaugural BBB+ rating with a stable outlook in FY26, equivalent to India's sovereign rating.^[6]
FY25: concluded a joint venture with TotalEnergies for a 1,150 MW renewable portfolio, securing an investment of USD 444 million.^[5]
Ashish Khanna replaced Amit Singh as CEO from April 1, 2025, and Saurabh Shah became CFO.^[5]

Market Cap

₹2,07,841 Cr

High / Low

₹1,631 / 767

Stock P/E

104.1

Price / Book

9.0

Book Value

₹121

EPS

₹10.0

No. of Shares

164.72 Cr

ROCE

7.4%

ROE

10.3%

OPM

60.0%

Debt / Equity

5.08

Sales

₹12,928 Cr

Net Profit

₹1,987 Cr

Promoter holding

62.4%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials