Adani Green Energy Limited (AGEL) has achieved a landmark operational milestone, becoming the first and only renewable energy company in India to surpass 20,142 MW (20 GW) of operational capacity, primarily through disciplined greenfield expansion. This massive scaling of the operating base drove a 29% year-on-year increase in revenue from power supply to ₹42.80 billion, while cash profit surged 28% to ₹22.25 billion. Supported by high plant availability and technological efficiencies, AGEL maintained an industry-leading EBITDA margin of 93.7% during the first quarter of fiscal year 2027.
Key Financial Performance Indicators (Q1 FY27)
AGEL’s financial results for the quarter reflect the successful conversion of capital deployment into high-margin operational assets.
| Metric (Power Supply) | Q1 FY26 (₹ Cr) | Q1 FY27 (₹ Cr) | YoY Change (%) |
| Revenue from Power Supply | 3,312 | 4,280 | +29% |
| EBITDA from Power Supply | 3,108 | 4,122 | +33% |
| EBITDA Margin (%) | 92.8% | 93.7% | +90 bps |
| Cash Profit | 1,744 | 2,225 | +28% |
Financial and Investment Highlights:
- Revenue Growth: Driven by a robust 30% increase in energy sales, totaling 13,657 million units.
- EBITDA Performance: Benefited from operating leverage and advanced O&M through the Energy Network Operations Center (ENOC).
- Capital Expenditure: Quarterly capex rose 41% YoY to ₹8,826 crore as the company accelerates its 50 GW by 2030 roadmap.
Operational Capacity and Energy Generation Metrics
AGEL has established a national record for execution velocity, delivering nearly 20 GW of greenfield capacity within a decade.
- Total Operational Capacity: Reached 20,142 MW, a 27% YoY increase.
- Greenfield Additions: The company added 4,327 MW of new capacity over the last 12 months, including 3,051 MW of solar, 684 MW of wind, and 592 MW of solar-wind hybrid projects.
- Curtailment & Grid Impact: Management noted that curtailment currently impacts overall EBITDA by 5% to 7%. However, this is expected to be phased out by the end of the current calendar year as critical transmission infrastructure at the Khavda site is commissioned.
Portfolio-level Performance Metrics:
| Technology | Capacity Utilization Factor (CUF) | Plant Availability |
| Solar | 25.3% | 99.5% |
| Wind | 44.4% | 95.3% |
| Hybrid | 49.0% | 98.8% |
The Khavda Renewable Energy Plant Development
The Khavda project in Gujarat, spread across 538 sq. km—roughly five times the size of Paris—remains the core of AGEL’s growth narrative. The site has scaled rapidly to 10.3 GW of operational capacity, up from 5.6 GW a year ago.
- Execution Velocity: Management targets a total of 30 GW at the site by 2029.
- Technological Frontier: The plant utilizes high-efficiency bifacial solar PV modules, robotic installation, and India’s largest 5.2 MW wind turbines.
- Operational Excellence: To maintain performance in the arid terrain, AGEL has deployed waterless robotic module cleaning across the site to minimize resource consumption and maximize generation.
Energy Storage Expansion: BESS and Pumped Hydro
Strategic entry into energy storage is de-risking AGEL’s portfolio by addressing renewable intermittency and enabling round-the-clock (RTC) power delivery.
Battery Energy Storage System (BESS):
- Q1 Progress: 1,972 MWh (1.9 GWh) was commissioned at Khavda during the quarter.
- Total Capacity: Installed BESS capacity now stands at 3,551 MWh (3.5 GWh), the largest single-location deployment outside China.
- Targets: AGEL is on track to hit 10+ GWh by the end of FY27, with a long-term goal of 50 GWh by 2030.
- Unit Economics: Management indicates a BESS EBITDA thumb rule of ₹25–30 lakh per MWh, leveraging a price arbitrage model that stores power at ~₹2.5/unit for monetization during evening peaks.
Pumped Hydro Storage:
- The maiden 500 MW pumped storage project at Chitravathi, Andhra Pradesh, remains on schedule for commissioning within the current financial year.
Strategic Offtake Realignment and De-risking
A significant strategic pivot this quarter is the move to insulate AGEL from merchant market volatility. Management is contracting merchant capacities to Adani Energy Solutions Limited (AESL) on an arm’s-length basis.
- Contract Posture: These are “SECI-style” fixed-price contracts with durations of 25 years for solar/wind assets and 15 years for BESS.
- Financial Rigor: The contracts include “no termination for convenience” clauses and are designed to support a hurdle IRR of 15%–16%.
- Rationale: By shifting merchant exposure to long-term contracted structures, AGEL is prioritizing predictable cash flows and focusing resources on greenfield execution.
Official Management Commentary
Ashish Khanna, CEO of Adani Green Energy, stated:
“We commenced FY27 with strong momentum, underpinned by disciplined execution that enabled us to surpass the 20 GW milestone, alongside a strengthening demand environment. As power demand in India rebounded during the quarter, our expanding renewable energy portfolio enabled us to reliably meet the nation’s growing clean energy requirements while continuing to deliver industry-leading operational performance. Together with our renewable generation portfolio and storage capacities including pumped hydro storage initiatives, we are building a resilient, flexible and future-ready round-the-clock renewable ecosystem that will help accelerate India’s energy transition while strengthening long-term energy security.”
ESG Recognition and Sector Ratings
AGEL remains the highest-rated Indian power company across global ESG benchmarks:
- CRISIL ESG Score: Improved from 66 to 69, the highest in the Indian power sector for five consecutive years.
- Global Accolades: Awarded the Clean Power Generation Award at the Reuters Energy Industry Awards 2026, New York.
- Rankings: Ranked 1st globally in the alternative electricity segment by FTSE Russell and earned a “Low Risk” rating of 11.8 from Sustainalytics.
Future Outlook and Guidance
The company has provided the following guidance for the remainder of FY27:
- Capacity Addition: Target to add 5 GW of greenfield renewable energy capacity.
- Capex Guidance: Total capital expenditure for FY27 is projected at approximately ₹42,000 crore.
- Grid Evacuation: AGEL expects the addition of 7 GW of transmission evacuation capacity by the end of the calendar year, which will play a critical role in eliminating current curtailment issues at Khavda.
Official Sources
- Q1 FY27 Media Release: Adani Green Energy’s capacity grows 27% YoY to 20.1 GW translating into highest ever quarterly EBITDA of Rs. 4,122 crore
- Statutory Filing: Adani Green Energy Limited FY 2025-26 Integrated Annual Report
- Corporate Information: Adani Green Energy Official Website – About Us
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