Adani Green Energy Financial Breakdown: Revenue, Profit, Ratios
Adani Green Energy (AGEL), the Adani Group's renewable power arm and India's largest renewable energy company, announced its Q2 FY27 results on 21 October 2026 — net profit of Rs 747 crore, up 16% year on year, on the back of a 45% jump in power-supply revenue. With operational capacity now at 20.8 GW and a 50 GW target for 2030, the company's scale-up is relentless. But with borrowings of Rs 1.18 lakh crore and a P/E of 106, the balance sheet and valuation demand a close look.
This breakdown covers AGEL's latest quarterly results, the five-year revenue and profit trend, margins, debt, ratios, shareholding, peer comparison and key risks. All figures are consolidated unless stated otherwise, sourced from the company's exchange filings and Screener.
Business Overview
Adani Green Energy Ltd, incorporated in 2015, is a holding company of several subsidiaries engaged in renewable power generation — solar, wind and solar-wind hybrid projects — across India. It operates the massive Khavda renewable energy park in Gujarat, the world's largest single-location renewable site. The company is targeting 50 GW of operational renewable capacity by 2030, with Khavda alone planned to reach 30 GW by 2029.
As of 21 October 2026, AGEL's market capitalisation stood at Rs 2,06,384 crore, with the stock at Rs 1,258 (down 3.26% on results day).
Q2 FY27 Results: Profit Rises 16%
Announced on 21 October 2026, the September-quarter (Q2 FY27) headline numbers:
- Net profit: Rs 747 crore, up 16% YoY from Rs 644 crore in Q2 FY26. (This includes Rs 82 crore as share of profit from associates and joint ventures.)
- Total revenue: Rs 4,520 crore, up 39.1% YoY from Rs 3,249 crore; down 3.1% sequentially from Rs 4,663 crore in Q1 FY27.
- Revenue from power supply: Rs 4,019 crore, up 45% YoY.
- EBITDA from power supply: Rs 3,835 crore, up 51% YoY from Rs 2,543 crore, with margin expanding to 92.0% from 90.5% a year ago.
- Cash profit: Rs 1,951 crore, up 45% YoY.
- Energy sales: 12,090 million units, up 33% YoY.
For H1 FY27, revenue from power supply rose 36% YoY to Rs 8,299 crore, EBITDA from power supply grew 41% to Rs 7,957 crore, and cash profit rose 35% to Rs 4,176 crore. Energy sales in H1 reached 25,747 million units, up 32% YoY, supported by 4,083 MW of capacity added over the past year — 2,957 MW solar, 805 MW wind and 321 MW hybrid.
CEO Ashish Khanna attributed the growth to "consistent capacity expansion, deployment of advanced RE technologies and strong operating performance across all our sites." He noted the Khavda expansion makes AGEL the world's largest single-location battery storage installation, while flagging that the company is "closely monitoring the availability of transmission infrastructure."
Revenue and Profit Trend: FY22–FY26
Over five years, AGEL's revenue has grown at roughly 33% CAGR while profit compounded at about 44% CAGR (Screener, consolidated) — though from a low base:
| Rs crore (Consolidated) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 5,133 | 7,792 | 9,220 | 11,212 | 12,928 |
| Operating profit | 3,512 | 4,970 | 7,318 | 8,889 | 10,785 |
| Operating margin | 68% | 64% | 79% | 79% | 83% |
| Interest | 2,617 | 2,911 | 5,006 | 5,492 | 6,484 |
| Net profit | 489 | 973 | 1,260 | 2,001 | 1,987 |
| EPS (Rs) | 3.13 | 6.15 | 6.94 | 9.12 | 10.03 |
Revenue more than doubled from Rs 5,133 crore to Rs 12,928 crore between FY22 and FY26, while net profit nearly quadrupled. Note that FY26 profit (Rs 1,987 crore) was marginally below FY25 (Rs 2,001 crore) as rising interest costs absorbed the operating gains.
Margins and Operating Performance
Renewable generation is an exceptionally high-margin business once plants are built — AGEL's FY26 operating margin of 83% is among the highest in Indian listed industry. The Q2 FY27 power-supply EBITDA margin of 92.0% (up from 90.5%) shows further expansion.
The flip side: the business is capital-hungry. FY26 interest cost of Rs 6,484 crore plus depreciation of Rs 3,372 crore consumed nearly the entire Rs 10,785 crore operating profit, leaving reported net profit of Rs 1,987 crore. This is the structural reality of project-financed renewables — cash profit (Rs 4,176 crore in H1 FY27) is a more meaningful profitability lens than reported PAT.
Balance Sheet Strength: Debt and Leverage
| Rs crore (Sep 2026) | Figure |
|---|---|
| Borrowings | 1,18,372 |
| Equity capital + reserves | 21,592 |
| Debt-to-equity | ~5.5x |
| Fixed assets | 1,14,050 |
| Capital work-in-progress | 21,968 |
AGEL carries Rs 1,18,372 crore of borrowings against shareholder funds of Rs 21,592 crore — a debt-to-equity of roughly 5.5x. This is heavy but not unusual for renewable independent power producers, where project-level non-recourse debt is the industry norm. Still, it makes the company sensitive to interest rates: every rate move flows straight into finance costs. The company's own Screener profile flags a low interest coverage ratio.
| Ratio | Value |
|---|---|
| P/E (TTM) | 106 |
| ROE (TTM) | 11.4% |
| ROCE | 7.39% |
| Book value | Rs 131 |
| Dividend yield | 0.00% |
Returns on equity and capital employed look modest — 11.4% and 7.39% respectively — because the equity base has expanded through growth funding while earnings are weighed down by interest and depreciation. A P/E of 106 means the market is pricing in years of flawless execution.
Cash Flow Highlights
FY26 consolidated cash flows tell the classic renewable growth story:
- Operating cash flow: Rs 10,135 crore — healthy and roughly in line with operating profit.
- Investing cash flow: -Rs 26,227 crore — massive capex into new capacity.
- Financing cash flow: +Rs 15,615 crore — debt and equity raised to fund the build-out.
Cash generated from operations is being ploughed straight back into capacity expansion — the engine that keeps the 50 GW 2030 target alive.
Shareholding Pattern and Dividend History
As of September 2026, the Adani Group promoters hold 62.43% of AGEL, with FIIs at 11.33%, DIIs at 5.30% and the public at 20.94%. FII holding has drifted down from 18.15% in March 2024, while DII holding has risen from 1.55% to 5.30% over the same period.
The company has never paid a dividend — payout has been 0% in every reported year — with all cash reinvested into capacity.
Growth Story: 20.8 GW and Battery Storage
AGEL's operational renewable portfolio grew 24% YoY to 20,763 MW by end-September 2026, following 4,083 MW of additions. The Khavda park in Gujarat alone is now at 10,752 MW operational (including 750 MW set up for other Adani Group companies).
A standout this quarter was energy storage: AGEL added 3,081 MWh of battery energy storage system (BESS) capacity at Khavda, taking cumulative BESS to 6,632 MWh — over half of India's total operational battery storage. The company said it could exceed its FY27 guidance of 10 GWh of BESS capacity. Storage is becoming central to renewable economics, and AGEL now claims the world's largest single-location battery storage installation.
Peer Comparison
India's listed pure-play renewable peers are few. The closest is NTPC Green Energy (NTPC's renewables arm, listed November 2024):
| Metric (21 Oct 2026, Screener) | Adani Green Energy | NTPC Green Energy |
|---|---|---|
| Market cap | Rs 2,06,384 cr | Rs 70,781 cr |
| P/E | 106 | 116 |
| FY26 revenue | Rs 12,928 cr | Rs 2,858 cr |
| FY26 PAT | Rs 1,987 cr | Rs 521 cr |
| Operating margin FY26 | 83% | 86% |
| ROE (TTM) | 11.4% | 2.79% |
| Operational capacity | 20,763 MW | ~11,329 MW |
| Promoter holding (Sep 2026) | 62.43% | 89.01% |
AGEL is roughly 3x NTPC Green's market cap with about 2x the operating capacity and superior ROE. Both trade at rich multiples (P/E 106–116) and pay no dividend. Other pure-play peers include ACME Solar and ReNew Energy Global.
Key Risks
- High leverage: Rs 1.18 lakh crore of borrowings and a D/E of ~5.5x leave little room for error; interest cost of Rs 6,484 crore in FY26 absorbed most operating profit growth.
- Stretched valuation: a P/E of 106 prices in years of perfect execution — any project delay, rate hike or PPA renegotiation would hit the multiple hard.
- Transmission bottlenecks: the CEO himself flagged that AGEL is "closely monitoring the availability of transmission infrastructure" — evacuation capacity can lag generation build-out.
- No dividend: shareholders are paid purely in growth; cash returns are zero.
- Regulatory and interest-rate risk: project viability depends on long-term power purchase agreements and cheap financing.
- Overhang: the company's 21 October BSE board-outcome filing also noted the US SEC/DOJ matter involving directors has concluded with penalties paid — worth tracking for governance headlines.
FAQs
What was Adani Green Energy's profit in Q2 FY27?
AGEL reported consolidated net profit of Rs 747 crore in Q2 FY27 (July–September 2026), up 16% from Rs 644 crore in Q2 FY26. Revenue from power supply rose 45% to Rs 4,019 crore.
How much renewable capacity does Adani Green operate?
As of 30 September 2026, AGEL's operational renewable energy portfolio stood at 20,763 MW (20.8 GW), up 24% YoY. The company targets 50 GW by 2030.
Does Adani Green Energy pay dividends?
No. The company has never paid a dividend — dividend payout has been 0% in every reported year — with all cash reinvested into capacity expansion.
What is Adani Green Energy's debt?
As of September 2026, AGEL had borrowings of Rs 1,18,372 crore against shareholder funds of Rs 21,592 crore, giving a debt-to-equity ratio of roughly 5.5x. This is project-level debt, typical of renewable power producers.
Is Adani Green Energy profitable?
Yes — reported consolidated net profit was Rs 1,987 crore in FY26 on revenue of Rs 12,928 crore, with an 83% operating margin. However, high interest and depreciation keep reported profits well below operating profit; cash profit is a more meaningful gauge.
Conclusion
Adani Green Energy's Q2 FY27 results show the machine running at full speed: 33% more energy sold, 45% more power-supply revenue, 51% higher EBITDA at a 92% margin, capacity up 24% to 20.8 GW, and India's largest battery-storage footprint. The five-year track record — revenue up ~33% CAGR, profits up ~44% CAGR — is genuinely strong.
The counterweight is the balance sheet: Rs 1.18 lakh crore of debt, a 5.5x D/E ratio, zero dividends, and a P/E of 106 that leaves no room for stumbles. The growth story is real; so is the leverage. For investors, the question is whether the 50 GW-by-2030 execution can outrun the financing costs.
Disclaimer: This article is for educational purposes only and is not investment advice. Financial figures are sourced from company exchange filings and Screener (consolidated). Please consult a registered investment adviser before making investment decisions.
Sources: Adani Green Energy Q2 FY27 exchange filings (BSE, 21 Oct 2026) via Screener; ETEnergyWorld; The Hindu BusinessLine; Reuters.
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