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Adani Green Energy Ltd

| Audited Standalone Financial Results for Q4 and Year Ended March 31, 2026

Report Source

⬤24th Apr 26

Summary : Adani Green Energy achieved record capacity growth and strong financial performance in FY26, driven by operational excellence and strategic expansion, despite ongoing legal and regulatory challenges.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Cost of Equipments/Goods sold
  2. Changes in inventories
  3. Employee benefits expense
  4. Finance Costs
  5. Depreciation and amortisation expense
  6. Other Expenses
  7. Revenue from Operations (Power Supply, Sale of Goods/Equipments, Others)
  8. Other Income
  9. Net cash generated from operating activities (Consolidated): ₹10,135 Crores (FY26) vs ₹8,957 Crores (FY25)
  10. Net cash used in investing activities (Consolidated): ₹26,227 Crores (FY26) vs ₹19,827 Crores (FY25)
  11. Net cash generated from financing activities (Consolidated): ₹15,615 Crores (FY26) vs ₹11,475 Crores (FY25)
  12. Cash and cash equivalents at year end (Consolidated): ₹1,735 Crores (FY26) vs ₹2,212 Crores (FY25)
  13. Outcome of US DOJ and SEC indictment against directors pending
  14. Various differential tariff disputes with DISCOMs
  15. Total Assets (Consolidated): ₹1,44,097 Crores (FY26) vs ₹1,11,398 Crores (FY25)
  16. Total Equity (Consolidated): ₹29,879 Crores (FY26) vs ₹22,573 Crores (FY25)
  17. Total Liabilities (Consolidated): ₹1,14,218 Crores (FY26) vs ₹88,825 Crores (FY25)
  18. Non-Current Assets (Consolidated): ₹1,32,636 Crores (FY26) vs ₹1,02,815 Crores (FY25)
  19. Current Assets (Consolidated): ₹11,461 Crores (FY26) vs ₹8,583 Crores (FY25)
  20. Non-Current Liabilities (Consolidated): ₹94,068 Crores (FY26) vs ₹71,937 Crores (FY25)
  21. Current Liabilities (Consolidated): ₹20,150 Crores (FY26) vs ₹16,888 Crores (FY25)
  22. Repaid Unsecured Perpetual Debt to promoter entity
  23. Distributed Unsecured Perpetual Debt to promoter entity
  24. Distributed CCDs and interim dividend to TotalEnergies Renewables Singapore Pte Limited
  25. Both standalone and consolidated financial results are presented

Corporate Overview

  1. India (12 states)
  2. Khavda, Gujarat
  3. Rajasthan
  4. Sri Lanka (project withdrawal)
  5. Differential tariff disputes with DISCOMs
  6. Liquidated damages on certain projects
  7. US DOJ and SEC indictment against certain directors
  8. Adani Infra India Ltd (AIIL) for O&M services
  9. Pure-play renewable energy company
  10. Develops, owns, and operates utility scale grid-connected solar, wind, hybrid and energy storage solutions
  11. Confident and positive, highlighting FY26 as a landmark year
  12. Emphasizes robust project execution and operational excellence
  13. Committed to sustainable growth and energy transition
  14. RSWM Limited (captive consumer)
  15. Asahi India Glass Limited (captive consumer)
  16. Revenue from Power Supply
  17. Sale of Goods / Equipments and Related Services
  18. Other Income (Project Management Consultancy, Infrastructure usage, Carbon Credit)
  19. Operational capacity: 19.3 GW (35% YoY growth)
  20. Greenfield annual capacity addition: 5.1 GW
  21. BESS (battery storage) capacity: 1.4 GWh installed
  22. World's largest renewable energy plant at Khavda (30 GW target)
  23. Targeting 10,000 MWh BESS capacity by FY27
  24. Achieve 30 GW RE capacity in Khavda by 2029
  25. Set target of achieving 50 GW by 2030

Risk Factors

  1. US DOJ/SEC indictment against directors pending.
  2. Ongoing differential tariff disputes.
  3. Impact of new Labour Codes.
  4. Potential for project liquidated damages.

Key Drivers

  1. Highest greenfield capacity addition globally.
  2. Operational capacity grew 35% YoY.
  3. Achieved industry-leading 91% EBITDA margin.
  4. Strong ESG ratings and sustainability focus.

Auditor’s Report

  1. Unmodified opinion on Standalone Financial Results
  2. Unmodified opinion on Consolidated Financial Results
  3. Indictment by U.S. Department of Justice and SEC complaint against certain directors, outcome pending

Board Commentary

  1. Re-appointment of Mr. Romesh Sobti as Independent Director for second term
  2. Re-appointment of Mrs. Neera Saggi as Independent Director for second term
  3. Re-appointment of Dr. Anup Shah as Independent Director for second term
  4. Appointment of M/s. T. R. Chadha & Co. LLP as new Internal Auditor
  5. Mr. Raj Kumar Jain transitioned to new role within Adani Group
  6. Mr. Lokesh Kumar Jeengar appointed Head Business Development & Strategy
  7. Declared and made distribution of ₹188 Crores on Unsecured Perpetual Debt
  8. Paid interim dividend of ₹332 Crores to TotalEnergies Renewables Singapore Pte Limited
  9. US DOJ and SEC indictment against certain directors (outcome pending)
  10. Differential tariff disputes with various DISCOMs
  11. Impact of new Labour Codes on liabilities
  12. Potential for liquidated damages on project exits
  13. US DOJ and SEC indictment against certain directors (outcome pending)
  14. Differential tariff disputes with various DISCOMs (e.g., Gulbarga, Uttar Pradesh, Tamilnadu)
  15. Approved issuance of 6,31,43,677 Warrants for ₹9,350 Crores
  16. Utilized ₹9,350 Crores for debt repayment, Unsecured Perpetual Debt investment, and general corporate purposes

Corporate Governance

  1. Upholding principles of good governance
  2. Independent review by law firms to assess non-compliance
  3. Re-appointment of three Independent Directors for second terms
  4. Audit Committee
  5. Nomination and Remuneration Committee
  6. US DOJ and SEC indictment against certain directors (company not named)

Management Discussion & Analysis

Future Strategy

  1. Achieve 50 GW target by 2030
  2. Build resilient and future-ready energy ecosystem
  3. Reduce Levelized Cost of Energy (LCOE)

Industry Overview

  1. Strong growth in India's renewable energy sector
  2. Focus on India's decarbonization goals

Operational Focus Areas

  1. Project Development Excellence
  2. Operational Excellence and O&M Efficiency
  3. Rapid execution of Khavda project

Performance Drivers

  1. Robust greenfield capacity addition
  2. Deployment of advanced RE technologies
  3. Strong plant performance and commissioning of new capacities
  4. O&M efficiency leveraging data analytics, ML, and AI

Risk Control Measures

  1. Management believes favorable orders in tariff disputes will be upheld
  2. Independent law firms reviewed non-compliance, found no irregularities
  3. Monitoring finalization of Labour Codes and government clarifications

Critical Risks

  1. Outcome of US DOJ and SEC indictment against directors pending
  2. Resolution of ongoing differential tariff disputes
  3. Impact of new Labour Codes on liabilities
  4. Potential for liquidated damages on project exits