Adani Green Energy: 9M FY26 sales up 37%, margin 91.5%

Adani Green Energy Ltd (AGEL) reported stronger operating and financial performance for the nine months ended 31 December 2025 (9M FY26). The company said energy sales rose 37% year-on-year to 27,636 million units over the period. Revenue from power supply increased 25% YoY to Rs 8,508 crore, while EBITDA from power supply rose 24% to Rs 7,921 crore. AGEL reported an EBITDA margin of 91.5% for 9M FY26, staying above 90% even as the company added capacity and commissioned new projects. The company also highlighted that it emerged as the world’s No. 1 Green Utility in the latest annual rankings by Energy Intelligence. The results were announced from Ahmedabad on 23 January 2026. The update matters because AGEL is frequently seen as a bellwether for India’s renewable energy build-out.

9M FY26: energy sales and profitability in focus

For 9M FY26, AGEL said energy sales rose 37% YoY to 27,636 million units, supported by capacity additions and plant availability. Revenue from power supply increased to Rs 8,508 crore, up 25% over 9M FY25. EBITDA from power supply rose to Rs 7,921 crore, up 24% YoY, while the EBITDA margin was 91.5% for the nine-month period. Cash profit for 9M FY26 stood at Rs 3,906 crore, up 7% YoY. The company linked the performance to greenfield capacity additions and deployment of advanced renewable technologies. It also pointed to strong plant performance and commissioning at resource-rich sites in Khavda, Gujarat and Rajasthan. AGEL said improved plant availability helped lift generation and also contributed to lower operations and maintenance costs.

Q3 FY26 snapshot: revenue up, cash profit down

In Q3 FY26, revenue from power supply increased 21% YoY to Rs 2,420 crore from Rs 1,993 crore in Q3 FY25. EBITDA from power supply rose 23% YoY to Rs 2,269 crore from Rs 1,848 crore. The EBITDA margin for the quarter was 90.6% versus 91.4% a year earlier. Cash profit in Q3 FY26 declined 18% YoY to Rs 812 crore from Rs 996 crore. The company’s quarterly numbers show that high operating margins continued, although cash profit moved differently versus revenue and EBITDA in the quarter. AGEL’s filings also define EBITDA from power supply as revenue from power supply adjusted for carbon credit income, prompt payment discount, and selected expenses. It defines cash profit as profit after tax plus depreciation, deferred tax, and exceptional items.

Key reported financial metrics (power supply)

What AGEL said drove the performance

AGEL attributed revenue and EBITDA growth primarily to robust greenfield capacity addition, stronger plant performance, and commissioning of new projects. In the 9M FY26 results communication, the company cited capacity addition of 5.6 GW. CEO Ashish Khanna said that in calendar year 2026 the company added 5.6 GW of renewable energy capacity, which he said represented nearly 14% of all new solar and wind capacity installed across India. The company also referenced deployments of advanced renewable energy technologies, along with commissioning at sites in Khavda, Gujarat and Rajasthan. AGEL said these steps helped ensure higher plant availability, which supported higher electricity generation. It also said that improved performance and processes reduced operations and maintenance costs. The outcome, according to AGEL, was an industry-leading EBITDA margin of 91.5% in 9M FY26.

H1 FY26 numbers: capacity up 49% to 16.7 GW

For the half year ended 30 September 2025 (H1 FY26), AGEL reported energy sales of 19,569 million units, up 39% YoY. Revenue from power supply increased 26% YoY to Rs 6,088 crore, while EBITDA from power supply rose 25% to Rs 5,651 crore. EBITDA margin for H1 FY26 was 91.8% versus 92.2% in H1 FY25. Cash profit increased 17% YoY to Rs 3,094 crore in H1 FY26. AGEL said its operational capacity grew 49% YoY to 16.7 GW for the half year ended September 2025, and that it remained the largest in India. Separately, Reuters also reported that the solar portfolio’s capacity utilisation factor (CUF) was 24.8% and the wind portfolio’s CUF was 37.8% for the six months ended September 30.

Q2 FY26: profit growth reported alongside operating gains

For Q2 FY26, Reuters reported a 25% rise in consolidated profit to Rs 644 crore (6.44 billion rupees) for the quarter ended September 30, compared with Rs 515 crore (5.15 billion rupees) a year earlier. Reuters also reported that revenue from power supply rose 20% to Rs 2,776 crore (27.76 billion rupees) in the quarter. Another market note in the provided material said profit before tax declined 33.9% YoY to Rs 292 crore in Q2 FY26. It also reported EBITDA from power supply of Rs 2,543 crore in Q2 FY26, up 19% YoY, with EBITDA margin at 90.5% versus 91.7% in Q2 FY25. Cash profit in Q2 FY26 was reported at Rs 1,349 crore, up 8% YoY. For H1 FY26, one note in the compilation stated consolidated net profit rose 79.5% to Rs 1,296 crore on a 14.5% increase in net sales to Rs 6,565 crore.

Stock reaction and why investors tracked the print

One report in the provided material said Adani Green Energy shares “zoomed” over 11% after the Q2 results, with the move linked to earnings that exceeded market expectations and ended a three-day losing streak. Another market note in the material said the stock rose 5.77% to Rs 1,062.55 after the company reported quarterly numbers. The market focus, across the reports, centred on growth in power supply revenue, strong energy sales, and continued high EBITDA margins. Investors also tracked capacity expansion, including commissioning at Khavda and Rajasthan, because execution pace tends to influence future sales and utilisation. Reuters described AGEL as a bellwether for the renewable energy sector, given its scale across solar, wind, and hybrid assets. The Reuters report also linked sector momentum to India’s clean power expansion plans and a target of 500 gigawatts of non-fossil capacity by 2030. In that context, AGEL’s operational capacity growth and CUF metrics were closely watched datapoints.

Why the 9M FY26 update matters for the sector

AGEL’s 9M FY26 results put emphasis on two connected themes: scale-up and margin discipline. Energy sales growth of 37% YoY to 27,636 million units indicates that capacity additions and availability are translating into higher generation. Revenue and EBITDA growth, coupled with a 91.5% EBITDA margin in 9M FY26, show that the company maintained profitability even as it commissioned new projects. The company explicitly linked margin strength to higher plant availability and lower operations and maintenance costs. At the sector level, the Reuters framing underscores that the pace of renewable build-out in India remains policy-driven and capacity-utilisation dependent. AGEL’s reported CUF levels and operational capacity expansion provide a snapshot of how large renewable portfolios are performing under these conditions. The Energy Intelligence ranking claim adds a reputational element, but the financial and operating metrics remain the core market reference. For investors, the near-term focus is likely to stay on execution, utilisation, and the sustainability of high margins as the portfolio expands.

Conclusion

Adani Green Energy’s 9M FY26 update showed 37% YoY growth in energy sales, 25% growth in revenue from power supply, and a 91.5% EBITDA margin. The company attributed the performance to capacity additions, commissioning at Khavda and Rajasthan, and improved operating efficiency. Earlier in FY26, the company also reported H1 energy sales growth of 39% YoY and operational capacity of 16.7 GW, up 49% YoY. Market reports in the provided material highlighted a positive stock reaction after Q2 earnings as investors focused on sales growth and margins. The next set of updates investors will watch are subsequent quarterly results and further disclosures on commissioning progress and capacity addition milestones mentioned by management.