Adani Green Energy FY26: Key results numbers for 2026 Q4

Why Adani Green’s FY26 numbers matter now

Adani Green Energy Ltd (AGEL) reported strong operating growth for the period ended December 31, 2025, with a sharp rise in energy sales and stable, high margins. The update arrives ahead of the company’s scheduled Q4 FY26 results announcement on April 28, 2026, which is expected to be a key event for the renewable energy earnings season. For investors, the focus is split between near-term quarterly outcomes and how capacity additions are translating into cash profit.

The company’s recent disclosures also offer a full-year FY25 reference point, including operational capacity, margins, and cash profit. Taken together, the FY25 and 9M FY26 data points help frame what the market may look for in management commentary on execution and capital allocation.

9M FY26: Energy sales jump 37% YoY

For 9M FY26, AGEL’s energy sales increased 37% year-on-year to 27,636 million units. The company attributed the growth to capacity additions and operational performance. Alongside volumes, the company reported revenue expansion in its power supply business.

Revenue for the nine-month period increased 25% YoY to ₹8,508 crore, compared with ₹6,829 crore in 9M FY25. EBITDA for the same period rose 24% YoY to ₹7,921 crore, up from ₹6,366 crore.

Q3 FY26: Higher revenue and EBITDA, marginally lower margin

In Q3 FY26 (October to December 2025), revenue from power supply rose 21% YoY to ₹2,420 crore, from ₹1,993 crore in Q3 FY25. EBITDA from power supply came in at ₹2,269 crore, up 23% YoY from ₹1,848 crore.

Despite the growth, the EBITDA margin for Q3 FY26 was 90.6%, slightly below 91.4% in Q3 FY25. For 9M FY26, the EBITDA margin was 91.5%, compared with 92.0% in 9M FY25.

Cash profit: Quarterly decline, nine-month improvement

AGEL reported an 18% decline in cash profit for Q3 FY26 to ₹812 crore, from ₹996 crore in the year-ago quarter. On a nine-month basis, cash profit increased 7% YoY to ₹3,906 crore, compared with ₹3,639 crore in 9M FY25.

The split between quarterly and cumulative performance is likely to be tracked closely, particularly because the company continues to report industry-leading EBITDA margins, while cash profit can be more sensitive to financing and other non-operating movements.

Capacity scale-up: 17.2 GW operational capacity in 9M FY26

AGEL reported that its operational capacity grew 48% YoY to 17.2 GW. The company also said it added 5.6 GW of greenfield capacity in CY25, which accounted for nearly 14% of India’s total solar and wind additions.

For FY25, the company had earlier reported operational renewable energy capacity of 14.2 GW, a 30% YoY increase, along with a greenfield addition of 3.3 GW. It also said it contributed 16% of nationwide utility-scale solar additions and 14% of wind installations in FY25.

FY25 recap: Revenue, EBITDA and cash profit

For FY25 (year ended March 31, 2025), the company reported energy sales of 27,969 million units. Revenue from power supply increased 23% YoY to ₹9,495 crore, while EBITDA from power supply increased 22% YoY to ₹8,818 crore.

AGEL reported an EBITDA margin of 91.7% for FY25 and cash profit of ₹4,871 crore, up 22% YoY. The company’s Q4 FY25 consolidated profit was reported at ₹383 crore, while FY25 profit was reported at ₹2,001 crore.

Q4 FY26 results date and Street estimates

AGEL is scheduled to announce its Q4 FY26 (January to March 2026) results on April 28, 2026. The estimates cited in the provided text put Q4 FY26 revenue in the range of ₹3,600-3,900 crore, compared with Q3 FY26 revenue of ₹3,338 crore (as stated in the same source). PAT for Q4 FY26 is estimated at ₹260-310 crore, versus ₹255 crore in Q3 FY26.

The same source also cited a 12-month analyst target range of ₹1,000-1,400 and a short-term (3-6 months) range of ₹950-1,100, with the note that outcomes depend on the actual results versus expectations.

Stock snapshot: Price, market cap, range and P/E

As of April 2026, the stock was stated to be trading around ₹940 on the NSE, with a market capitalisation of ₹1,48,600 crore. The 52-week range cited was ₹750 (low) to ₹2,100 (high), and the trailing P/E was approximately 92x.

These numbers provide context for how sensitive the stock may be to any material deviation from the Q4 estimate ranges, especially in a market where renewable energy names are widely tracked by domestic and foreign institutional investors.

Key risks highlighted in the provided text

The risks flagged include a “US Hindenburg legacy overhang”, “high leverage” of ₹1.5 lakh crore+ debt, and regulatory or PPA renegotiation risk. The same source also noted macro factors such as crude oil price volatility linked to West Asia tensions and OPEC+ policy changes.

While these risks are not new to the sector, they remain relevant inputs as investors assess the sustainability of high margins alongside financing costs and execution.

Key data table: FY25 and 9M FY26 snapshot

What investors may track on April 28

On results day, the most immediate comparison will be actual revenue and PAT versus the ₹3,600-3,900 crore and ₹260-310 crore estimate ranges. Investors are also likely to watch for any updated commentary on capacity build-out and the company’s financial position, given the “high leverage” risk highlighted in the provided text.

AGEL’s 9M FY26 numbers show that energy sales and EBITDA continue to scale, with margins remaining above 90%. The next key milestone is the Q4 FY26 announcement on April 28, 2026, which should provide the final quarter’s contribution to full-year FY26 performance.