Adani Green Energy H1 FY26: Capacity Surges 49% to 16.7 GW

Introduction

Adani Green Energy Ltd (AGEL), India's largest renewable energy company, has announced strong financial and operational results for the half-year ending September 30, 2025. The company reported a significant 49% year-on-year expansion in its operational capacity, alongside robust growth in revenue and profitability. These results underscore AGEL's rapid execution capabilities and its pivotal role in India's clean energy transition, keeping it firmly on track to meet its ambitious long-term goals.

Robust Financial Performance in H1 FY26

AGEL's financial performance for the first half of fiscal year 2026 reflects the successful commissioning of new projects and efficient operations. The company's revenue from power supply saw a substantial increase of 26% year-on-year, reaching ₹6,088 crore compared to ₹4,836 crore in the same period last year. This growth was primarily driven by the addition of new greenfield capacity and strong plant performance.

Profitability metrics also showed significant improvement. EBITDA from power supply grew by 25% to ₹5,651 crore, while maintaining an industry-leading EBITDA margin of 91.8%. The cash profit for the period rose by 17% year-on-year to ₹3,094 crore, highlighting the company's ability to generate strong cash flows from its growing asset base.

Operational Capacity Reaches New Heights

Operationally, AGEL has solidified its position as India's largest renewable energy producer. The total operational capacity surged by 49% year-on-year to 16.7 GW. A key driver of this expansion was the addition of 2,437 MW (2.4 GW) of new greenfield capacity in H1 FY26 alone, which accounts for 74% of the total capacity added in the entire previous fiscal year (FY25). The increased capacity led to a 39% YoY rise in energy sales, which reached 19,569 million units.

AGEL's operational excellence is supported by advanced technology. The company utilizes an Energy Network Operation Center (ENOC) that leverages AI and machine learning for real-time monitoring of its plants across the country. This system ensures high plant availability and optimizes electricity generation, contributing to the company's high efficiency and profitability.

Khavda: Building the World's Largest RE Plant

Central to AGEL's growth strategy is the development of the massive 30 GW renewable energy plant in Khavda, Gujarat. Spread across 538 square kilometers, the project is set to become the world's largest single-location renewable energy plant. The company is making steady progress, with 7.1 GW of solar, wind, and hybrid capacity already operational at the site.

To accelerate execution, AGEL is deploying advanced technologies, including India's largest 5.2 MW wind turbines, bifacial solar modules to maximize generation, and waterless robotic cleaning systems. The company is on track to achieve the full 30 GW capacity at Khavda by 2029, setting a new global benchmark for large-scale renewable project execution.

Management on a Path to 50 GW

Ashish Khanna, CEO of Adani Green Energy, commented on the performance, stating, “Having already added 2.4 GW RE capacity in H1 FY26, we're on a firm path to 5 GW capacity addition in FY26 and reaching our targeted capacity of 50 GW by 2030.” He emphasized the company's progress at the Khavda plant and its consistent adoption of innovative technologies to boost operational efficiency and project execution.

Future Outlook and Strategic Initiatives

Looking ahead, AGEL is well-positioned to continue its growth trajectory. The company plans an annual capital expenditure of ₹30,000-35,000 crore for the next two years to support its expansion. In addition to solar and wind, AGEL is exploring the development of Battery Energy Storage Systems (BESS) at a large scale to complement its renewable assets and provide stable power.

While pursuing aggressive growth, the company aims to maintain a healthy balance sheet. Management expects the net debt to run-rate EBITDA ratio to remain between 4 to 5 times in the near term, with a significant reduction anticipated from FY29 onwards as new projects become fully operational.

Commitment to ESG Leadership

AGEL's commitment to environmental, social, and governance (ESG) principles has received global recognition. The company is ranked first in India and seventh globally in the renewable energy sector by Sustainalytics. It was also honored as the 'Energy Transition Company' and 'Energy Company of the Year – Renewables' at the ET Energy Leadership Awards 2025, reinforcing its dedication to sustainable growth.

Conclusion

Adani Green Energy's performance in the first half of FY26 demonstrates its strong execution capabilities and financial discipline. With a rapidly expanding operational portfolio, a world-class project pipeline led by the Khavda plant, and a clear roadmap to its 50 GW target, AGEL continues to be a dominant force in India's transition towards a sustainable energy future.