Adani Green Energy reported strong year-on-year growth in its second-quarter FY2026–27 results, with net profit reported at ₹747 crore, up approximately 16% from ₹644 crore a year earlier. Revenue from power supply increased 44.78% to ₹4,019 crore, supported by higher renewable energy sales and the expansion of its operating capacity.
The October 21, 2026, results highlight the contribution of new solar, wind and hybrid projects to the company’s growth. EBITDA from power supply climbed 51% to ₹3,835 crore, while energy sales rose 33% year-on-year during the quarter. However, the company also faces the capital-intensive challenge of expanding renewable generation and battery storage while managing its debt and investment requirements.
Key Takeaways
- Net profit: Reported at ₹747 crore, up approximately 16% from ₹644 crore in the year-ago quarter.
- Power supply revenue: Rose 45% to ₹4,019 crore from ₹2,776 crore.
- Power supply EBITDA: Increased 51% to ₹3,835 crore.
- Energy sales: Grew 33% year-on-year in Q2 FY27 to 12,090 million units.
- Operational capacity: Reached 20.8 GW by the end of September 2026, up 24% year-on-year.
- Battery storage: Installed battery energy storage capacity reached approximately 6.63 GWh.
- Long-term target: Adani Green aims to achieve 50 GW of renewable energy capacity by 2030.
Adani Green Energy Q2 FY27 Results: Financial Performance
The company’s performance was driven by the expansion of its renewable energy portfolio and stronger power generation and sales. Revenue from power supply, one of its key operating indicators, increased significantly compared with the September quarter of the previous financial year.
Quarterly financial comparison
| Financial metric | Q2 FY26 | Q2 FY27 | Year-on-year change |
|---|---|---|---|
| Reported net profit | ₹644 crore | ₹747 crore | +16% |
| Revenue from power supply | ₹2,776 crore | ₹4,019 crore | +45% |
| EBITDA from power supply | ₹2,543 crore | ₹3,835 crore | +51% |
| Energy sales | — | 12,090 million units | +33% |
Source: Financial Express, Reuters and Adani Green Energy’s company disclosures. Figures are rounded.
Revenue from power supply increased by ₹1,243 crore compared with the year-ago quarter. The rise reflects the company’s growing generation capacity and improved operating performance across its renewable energy sites.
Power supply EBITDA grew faster than revenue, increasing 51% year-on-year. This suggests stronger operating earnings from the company’s power supply business, although EBITDA is not the same as net profit or cash available after debt servicing and capital expenditure.
Note on reported profit figures: Financial Express and Reuters reported quarterly profit of ₹747 crore. Other media reports published on October 21 cited ₹673 crore as consolidated net profit, reflecting a difference in the profit measure reported. Readers should refer to the company’s exchange-filed financial statements for the precise consolidated profit and attribution figures.
What Drove Adani Green Energy’s Profit Growth?
The main growth drivers were higher renewable energy sales, new capacity additions and improved performance across its operating portfolio.
1. Higher renewable energy generation
Adani Green’s energy sales increased 33% year-on-year to 12,090 million units in Q2 FY27. Higher electricity sales helped lift revenue from power supply and supported the increase in operating earnings.
Renewable energy companies can grow revenue by adding new generation assets and bringing them into commercial operation. Once projects start generating electricity, the additional output can contribute to sales under their respective power purchase arrangements, subject to contractual terms and operating conditions.
2. Expansion of solar and wind capacity
Adani Green reported operational renewable energy capacity of 20.8 GW at the end of September 2026, representing 24% year-on-year growth.
During the first half of FY27, the company added 4,083 MW of greenfield capacity on a year-on-year basis. This included solar, wind and solar-wind hybrid projects, with major additions at Khavda in Gujarat.
The expansion strengthens the company’s ability to generate and sell more electricity. However, new projects also require substantial upfront investment, construction execution and grid connectivity, making capital discipline an important factor in future performance.
3. Stronger operating earnings
EBITDA from power supply rose to ₹3,835 crore from ₹2,543 crore a year earlier. The company reported a power supply EBITDA margin of approximately 92%, compared with 90.5% in Q2 FY26.
These figures refer specifically to the company’s power supply business and should not be confused with consolidated EBITDA margins. The distinction matters because a company’s operating segments and its overall financial statements can include different costs and income items.
Adani Green’s Battery Storage Expansion
Battery energy storage systems are becoming an important part of renewable energy infrastructure. Solar and wind generation can fluctuate with weather conditions and time of day, while electricity demand must be balanced continuously.
Battery storage can help store electricity and release it when needed, improving the flexibility of renewable energy systems. It can also support grid stability and help manage differences between generation and demand.
Adani Green added approximately 3.08 GWh of battery energy storage capacity at Khavda during Q2 FY27. Its cumulative installed storage capacity reached approximately 6.63 GWh, according to the company’s announcement.
The company said it could exceed its FY27 battery storage capacity guidance of 10 GWh if its current expansion pace continues.
| Battery storage indicator | Reported figure |
|---|---|
| Storage capacity added in Q2 FY27 | Approximately 3.08 GWh |
| Cumulative installed capacity | Approximately 6.63 GWh |
| FY27 capacity guidance | 10 GWh |
| Strategic location | Khavda, Gujarat |
Battery storage could become an additional growth area for renewable energy developers. However, the economics depend on battery costs, utilisation, electricity market arrangements and the revenue mechanisms available for storage services.
Adani Green’s 50 GW Renewable Energy Target
Adani Green aims to expand its operational renewable energy capacity to 50 GW by 2030. Khavda is central to that strategy, with the company targeting 30 GW of capacity at the renewable energy site by 2029.
Reaching the 50 GW target would require continued project development, investment in transmission infrastructure and the successful commissioning of new solar, wind and hybrid assets.
The target also comes as India seeks to expand non-fossil electricity capacity to support its energy transition. Growth in renewable generation creates opportunities for companies supplying electricity, but developers must navigate land acquisition, grid availability, financing costs and project execution risks.
For investors, the key question is whether Adani Green can expand capacity while maintaining healthy operating performance and managing the cost of financing its investment programme.
What the Results Mean for Investors
The year-on-year increases in profit, power supply revenue and EBITDA indicate that Adani Green’s operating expansion is translating into higher electricity sales and operating earnings.
Nevertheless, a single quarter does not determine the company’s long-term financial performance. Investors also need to examine debt levels, interest costs, cash generation, capital expenditure and the timing of new project commissioning.
The company’s expansion plans are capital-intensive, and large investments can affect cash flow even when revenue and EBITDA are increasing. The sustainability of its growth will therefore depend on the balance between new capacity additions, operating cash generation and financing requirements.
Share-price movements around results announcements can also reflect expectations that were already priced into the stock, as well as broader market conditions. Quarterly growth figures alone should not be treated as a buy or sell signal.
The Bigger Picture
Adani Green Energy’s Q2 FY27 performance reflects the growing scale of India’s renewable energy sector. Higher electricity sales and new capacity additions are supporting revenue growth, while battery storage investment could help address the intermittency of solar and wind generation.
The next stage of growth will be more demanding. Building a larger renewable portfolio requires significant capital, reliable grid connections and effective project execution. Adani Green’s ability to meet its 2030 capacity target while managing debt and generating sustainable cash flow will be central to assessing the quality of its expansion.
FAQs
1. What was Adani Green Energy’s Q2 FY27 profit?
Financial Express and Reuters reported profit of ₹747 crore for Q2 FY27, compared with ₹644 crore in the corresponding quarter a year earlier. Some other reports cited ₹673 crore as consolidated net profit, so the exact measure should be checked against the company’s exchange-filed financial statements.
2. How much did Adani Green Energy’s revenue increase?
Revenue from power supply rose approximately 45% year-on-year to ₹4,019 crore from ₹2,776 crore. This is the reported power supply revenue figure, not the company’s total consolidated income.
3. What is Adani Green Energy’s renewable energy capacity?
The company’s operational renewable energy capacity reached 20.8 GW at the end of September 2026, up 24% year-on-year.
4. What is Adani Green Energy’s capacity target for 2030?
Adani Green aims to reach 50 GW of operational renewable energy capacity by 2030. It also plans to expand capacity at Khavda in Gujarat to 30 GW by 2029.
Looking Ahead
Investors will watch Adani Green’s subsequent quarterly results for continued growth in power supply revenue, electricity sales and operating earnings. Progress on battery storage installations and the commissioning of new solar, wind and hybrid projects will also indicate whether the company remains on track to achieve its expansion goals.
The longer-term outlook will depend on more than capacity growth. Adani Green will need to manage financing costs, execute projects on schedule and convert operating earnings into sustainable cash generation. Its progress on these measures will help determine whether the current expansion can deliver durable financial returns.
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