Adani Green Energy Limited (NSE:ADANIGREEN)
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Apr 28, 2026, 3:30 PM IST
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Q4 25/26 Fixed Income

Apr 25, 2026

Operator

Ladies and gentlemen, good day and welcome to the Adani Green Energy Limited FY 2026 fixed income earnings conference call. As a reminder, all participants lines will be in a listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch-tone phone. I now hand the conference over to Mr. Aayush Gulati from Standard Chartered Bank. Thank you, and over to you.

Aayush Gulati
Analyst, Standard Chartered Bank

Thank you, Steve. Good morning and good evening, everyone, depending on which part of the world you are in today. I am Aayush Gulati on behalf of Standard Chartered Bank. I welcome you all to this FY 2026 earnings call. The management will initially share their remarks followed by a Q&A session. With us today, we have Mr. Sagar Adani, Executive Director, Mr. Ashish Khanna, CEO, Mr. Saurabh Shah, CFO, and Mr. Viral Raval, Head of Investor Relations. With this, I would like to hand over to Mr. Sagar Adani for his introductory remarks. Mr. Sagar, over to you.

Ashish Khanna
CEO, Adani Green Energy

Hi, this is Ashish Khanna. I will thank you for that. Good afternoon and good evening to everyone. Globally, energy security is a defining priority for economies. India has made a strategic pivot in this direction, which is evident in the scale and speed of green electron production in the country. In the fiscal year 2026, the country witnessed highest ever renewable energy share in electricity generation and also achieved a record month of capacity addition of over 65 GW. With this, India has achieved around 283 GW of non-fossil capacity, which is installed, and the country is well poised to achieve 500 GW goals by 2030. At Adani Green Energy, we are proud to be leading the country's energy transition. Our robust operational and financial performance for the fiscal year 2026 demonstrates our unparalleled execution capability and scale leadership.

Our energy sales surged by an impressive 34% on YOY basis, reaching 37.6 billion units. To put this into the right context, this is nearly the annual energy consumption of some of the European countries as a whole. This particular growth was driven by significant greenfield capacity additions and strong operating performance at each and every plant of Adani Green. During this year, we added 5.1 GW. This is 35% on a YOY growth, and accumulated capacity now stands at 19.3 GW. It is our operating portfolio. This is the highest greenfield annual capacity expansion globally by any company outside China. This further consolidates our leadership position in India's renewable energy sector, putting us firmly on course to achieve 50 GW by 2030.

Not only are our landmark Khavda project, the world's largest renewable energy installation, continues to make a considerable progress with our 9.4 GW of solar, wind, and hybrid assets already in operation, including our grid capacities. Within Khavda, we also added 1.4 GWh of battery capacity. This is one of the world's largest single location battery energy storage project. With Tungabhadra storage project, we're also making noteworthy progress and are pleased to complete our initial 500 MW project at Chitravathi in Andhra Pradesh in this fiscal year. Our consistent effort towards adoption of advanced technologies, digitization, and leveraging sophisticated data analytics for predictive maintenance has enabled us to deliver exceptional operational performance. Our industry-leading financial results further reflect our operational excellence and a scale advantage.

Our revenue from power supply increased by 22% year-on-year to INR 11,602 crore. EBITDA grew by 23% to INR 10,865 crore. This EBITDA margin amounts to 91.2%. One of the highlights on the capital management side was Japan Credit Rating Agency assigned Adani Green an inaugural rating of JCR BBB+ with stable outlook, which is equivalent to India's sovereign credit rating. This clearly demonstrates Adani Green Energy's ability to sustain its growth while maintaining financial discipline. Adani Green Energy's commitment to sustainability and being a responsible business practice partner and following good practices continues to be recognized globally as well as in India.

We achieved many awards, which were best of honor, including Energy Intelligence top 100 green utilities, and we secured ESG 1+ rating from CareEdge with the highest score of 87.3 by any company in the country. Further, I take pride in sharing that Adani Green 19.3 GW hybrid portfolio will power more than 8.7 million homes and avoid approximately 36 million tons of CO2 emission annually. The continued recognition of our ESG efforts reaffirms our commitment to sustainable growth and accelerating India's energy transition. We at Adani Green Energy are committed to continue with our similar level of greenfield capacity addition going forward and are constantly strengthening our organizational and partnership ecosystem to achieve the goal of 50 GW by 2030. Thanks once again for participating in this call, and we look forward to your queries.

Operator

Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touch-tone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question comes from the line of Aayush Gulati. Please go ahead.

Aayush Gulati
Analyst, Standard Chartered Bank

Thank you, management team. Just wanted to check on the CapEx targets for FY 2027. Specifically regarding the greenfield capacity plans of AGEL, and also around the plans around the battery capacity in Khavda. Along with that, we'd just like to understand a bit more on the funding plans for the CapEx, and specifically regarding the Adani short effect and uncertainty. Just this I wanted you to elaborate more on those plans.

Ashish Khanna
CEO, Adani Green Energy

I think it's a great question in this context. We are already very close to 3 GWh of the capacity as far as the battery storage is concerned, which is virtually equal to all the battery storage capacities in this country at this time. Our plan is to add in the same grid and by the end of this time add another 10 GWh of storage capacity in Khavda. With respect to overall capacity addition, we have already demonstrated that we are in a position to add anywhere close to 5+ capacity. However, in view of the evacuations I've shown and how the market pans out with respect to transmission lines and further consumption as we are adding, we are currently planning to add 2.5 GW-5 GW of our solar and wind capacity.

However, it all will match out with the evacuation capacity with them. Like I said, we have demonstrated our capabilities to install capacity, and if there are opportunities, we will go further in the coming years. As we see the current evacuations, which are slated to come in this fiscal year, we feel this will be optimum to be aligned with the evacuation which is available from a solar, wind, and hybrid perspective. From battery storage, we are planning to add 10 GWh. Like I already mentioned, the pumped storage of 500 MW will also be coming in this fiscal year.

Aayush Gulati
Analyst, Standard Chartered Bank

Many congratulations. Thank you.

Operator

Thank you. As there are no further questions from the participants, I would now like to hand the conference over to Mr. Ashish Khanna for closing comments.

Ashish Khanna
CEO, Adani Green Energy

Once again, thank you for participating in this call. I'm looking forward for your continuous support in the call. Thank you so much.

Operator

Thank you. On behalf of Adani Green Energy Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.

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