Adani Green H1 FY27: Revenue up 36% to ₹8,299 Cr

What Adani Green reported for H1 FY27

Adani Green Energy Ltd (AGEL) released its provisional operational update and consolidated performance for the half-year ended September 30, 2026 (H1 FY27). The company reported higher power supply revenue, stronger operating profitability, and a larger operating portfolio across solar, wind, and hybrid assets. The update also highlighted progress on battery energy storage system (BESS) capacity during the quarter. AGEL’s disclosures were accompanied by an earnings presentation submitted in October 2026. The company positioned the numbers as evidence of scaling execution across assets already under operation. The financial update came amid market focus on sector-wide issues such as transmission readiness and leverage. AGEL also reiterated its long-term portfolio target, which remains a key reference point for investors tracking build-out pace.

Key financial performance: revenue, EBITDA, cash profit

AGEL reported revenue from power supply of ₹8,299 crore in H1 FY27, up 36% year-on-year. EBITDA from power supply increased 41% year-on-year to ₹7,957 crore for the same period. Cash profit in H1 FY27 rose 35% year-on-year to ₹4,176 crore, as per the company’s presentation. The company also reported an EBITDA margin of 93% in H1 FY27, which it described as the highest in the Indian renewable energy sector. AGEL attributed the margin profile to operating performance and technology-enabled asset management. The update linked the profitability trend to higher sales and an expanding portfolio, without breaking down asset-level contribution in the provided details. Separately, the company noted that H1 FY27 EBITDA was more than twice the annual EBITDA for FY22, underscoring the scale-up over recent years.

Operational scale-up: capacity reaches 20.8 GW

AGEL said its total operational renewable energy portfolio stood at 20.8 GW as of September 30, 2026. The company also cited operational capacity of 20,763 MW in its presentation, broadly consistent with the 20.8 GW figure. Operational capacity was up 24% year-on-year, reflecting commissioning and integration of new assets into the operating base. AGEL described this growth as strengthening its leadership position in the sector. The company reiterated a target of reaching 50 GW by 2030E, framing the current operating base as progress toward that goal. The H1 update also referenced greenfield additions of 4,083 MW during H1 FY27. For context from earlier in FY27, AGEL had reported installed capacity of 20.1 GW in Q1 FY27, compared with 15.8 GW in Q1 FY26.

Energy sales rose 32% to 25.7 billion units

AGEL reported energy sales of about 25.7 to 25.8 billion units in H1 FY27, up 32% year-on-year. In the editor’s synopsis, energy sales were stated as 25,747 MUs for H1, and 12,090 MUs for Q2, both showing strong year-on-year growth (H1 up 32%, Q2 up 33%). The company linked higher sales to capacity additions and operating performance across solar, wind, and hybrid assets. For Q1 FY27, AGEL reported energy sales of 13,657 million units, up 30% year-on-year. Taken together, the quarterly figures align with the broader H1 growth narrative presented by the company. The update did not provide a detailed split of sales by asset type in the disclosed text. Still, the combination of higher operational capacity and rising energy sales was central to the company’s explanation for stronger EBITDA generation.

Battery storage expansion: BESS additions highlighted in Q2

The October presentation highlighted battery energy storage system (BESS) milestones as part of the operating update. AGEL reported it operationalized 3,081 MWh of BESS capacity in Q2 alone. This took total installed BESS capacity to 6,632 MWh, according to the presentation. The company did not provide a revenue or margin impact of BESS in the disclosed text. However, the focus suggests storage is becoming a more visible part of AGEL’s operating story alongside generation capacity. BESS progress is also relevant because storage can support grid integration and smoother dispatch, especially as renewable penetration rises. The disclosure was framed as an operational milestone rather than a separate financial segment performance. Investors typically track such disclosures as signals of execution capability on newer asset classes.

Portfolio mix and where new capacity came from

AGEL provided a breakdown of its 4,083 MW greenfield additions in H1 FY27. It included 2,957 MW of solar power plants, primarily in Khavda, Gujarat. The additions also included 805 MW of wind power plants and 321 MW of hybrid power plants. As of September 30, 2026, solar capacity increased to 14,550 MW, wind to 2,947 MW, and hybrid to 3,266 MW. The detail helps explain the composition of the operating base behind the reported sales and profitability. The Khavda reference is notable because it is a key development location repeatedly cited in AGEL’s project commentary. The update does not quantify project-level commissioning timelines beyond the addition numbers shared. It also does not provide state-wise or off-taker-wise concentration in the provided excerpts.

Leverage and spending: capex and net debt metric

AGEL reported capex of ₹17,160 crore in H1 FY27, up 38% year-on-year. The company also disclosed that net debt to run-rate EBITDA stands at 5.6x. These metrics are important because renewable expansion is capital intensive and typically funded through a mix of debt and equity. The company’s update explicitly acknowledged market concerns around elevated leverage and transmission delays, even as it highlighted robust operational growth. The disclosed leverage metric provides a snapshot of balance-sheet intensity relative to current operating earnings. The update did not provide absolute net debt in the text shared, so the leverage ratio is the main numeric indicator available here. Investors will typically read capex trends alongside commissioning pace to assess whether spending is translating into operational assets. In AGEL’s case, the operating capacity growth in H1 was presented as evidence of execution alongside higher capex.

Reported impact: households powered and emissions avoided

AGEL’s presentation stated that its 20,763 MW operational portfolio powered more than 4.4 million homes in H1 FY27. It also said operations avoided 17.5 million tonnes of CO2 emissions during the period. These figures were presented as outcome metrics tied to the scale of renewable generation. They provide a non-financial lens on the company’s operating footprint in the Indian power system. Such disclosures are increasingly included in investor materials as ESG-linked reporting expands. The update did not specify the methodology for these estimates in the text shared. Still, the numbers were positioned as direct outcomes of energy produced by AGEL’s operating fleet. The combination of scale, sales, and these outcome metrics was used to reinforce AGEL’s narrative of expanding renewable penetration.

Summary table of disclosed metrics

Why the update matters for investors and the sector

AGEL’s H1 FY27 update combines three investor-relevant threads: scale-up in operating capacity, strong profitability metrics, and a clear capital spending profile. The 24% year-on-year increase in operational capacity to 20.8 GW supports the 32% year-on-year growth in energy sales to about 25.7 to 25.8 billion units. On the financial side, revenue growth of 36% to ₹8,299 crore and EBITDA growth of 41% to ₹7,957 crore indicate operating leverage as the portfolio scales. The 93% EBITDA margin is a key metric because it signals high operating efficiency within the company’s power supply business, as presented. At the same time, the capex of ₹17,160 crore in H1 and the disclosed net debt to run-rate EBITDA of 5.6x keep balance-sheet scrutiny in focus. The company’s narrative is that execution is continuing despite market concerns about transmission delays and leverage, but the disclosed numbers primarily show the pace of operational additions and current-period performance. The target of 50 GW by 2030E remains the longer-term marker for future scale, with H1 FY27 positioned as a step toward that endpoint.

Conclusion

Adani Green Energy’s H1 FY27 update for the period ended September 30, 2026 reported higher power supply revenue, rising EBITDA, and improved cash profit alongside a larger operating portfolio. Operational capacity reached 20.8 GW and energy sales rose 32% year-on-year to about 25.7 to 25.8 billion units, while capex remained elevated at ₹17,160 crore. The company’s disclosures also highlighted BESS capacity expansion and a clear portfolio mix of solar, wind, and hybrid additions. The next datapoints for investors will be subsequent quarterly updates on commissioning pace, BESS rollout, and how leverage metrics evolve alongside run-rate EBITDA.