Adani Green Q1 FY25: Revenue up 24% to ₹2,528 cr

Results announcement and why it matters

Adani Green Energy Ltd (AGEL) announced its financial results for the quarter ended 30 June 2024 (Q1 FY25) from Ahmedabad on 25 July 2024. The company reported faster growth in both operational scale and power supply income, supported by renewable capacity additions over the last year. For investors tracking India’s listed clean energy players, AGEL’s update matters because it links capacity commissioning directly to revenue, EBITDA, and energy sales for the quarter.

The company also highlighted fresh commissioning activity at Khavda in Gujarat in July 2024, reinforcing the pace at which projects are moving from under-construction to operational. In addition to quarter numbers, the disclosures included operating capacity, energy sold, and specific project additions across states.

Q1 FY25 financial performance snapshot

AGEL reported revenue from power supply of ₹2,528 crore in Q1 FY25, up from ₹2,045 crore in Q1 FY24, marking a 24% year-on-year increase. EBITDA from power supply rose to ₹2,374 crore from ₹1,938 crore, a 23% year-on-year increase.

The company attributed the improvement in revenue and EBITDA primarily to capacity additions of 2,618 MW over the last year. This is a key link for the quarter because renewable generators typically show step-up changes in sales and earnings as new plants are commissioned and stabilized.

Operational capacity expansion in Q1 FY25

AGEL said its operational capacity expanded 31% year-on-year to 10,934 MW in Q1 FY25. The company described this growth as coming from greenfield additions, with specific projects including 2,000 MW of solar capacity in Khavda, 418 MW of solar capacity in Rajasthan, and 200 MW of wind capacity in Gujarat.

The operational capacity figure is a central driver for the quarter’s revenue growth because higher commissioned capacity typically raises the volume of electricity available for supply, subject to resource availability and grid conditions.

Energy sales growth and volume drivers

Energy sales increased 22% year-on-year to 7,356 million units in Q1 FY25. AGEL linked the rise in units sold to robust capacity additions and operating performance during the quarter.

The company also stated that in Q1 FY25 it had already generated 31% of the annual commitment. This disclosure is relevant because it provides a checkpoint on execution against annual generation targets, although the company did not provide the full annual commitment figure in the shared details.

Khavda wind addition in July 2024

On 24 July 2024, AGEL announced the operationalisation of a 250 MW wind capacity at Khavda. Following this milestone, the cumulative operational capacity at the Khavda plant reached 2,250 MW.

The update is notable because it came soon after the quarter ended, indicating continued commissioning momentum. It also adds context to the company’s stated 2,000 MW solar addition at Khavda over the past year, showing that the site is adding capacity across technologies.

Portfolio scale cited at 11,184 MW

In the same broader set of disclosures, AGEL was described as having India’s largest operational portfolio of 11,184 MW. This number appears alongside references to Khavda additions and operational capacity milestones.

Because multiple operational capacity numbers are referenced across different updates, readers should match the figure to the specific date of each announcement. The Q1 FY25 operational capacity reported for the quarter was 10,934 MW, while 11,184 MW was cited as a portfolio milestone in related context.

Later capacity updates mentioned for FY25

Separate from the Q1 FY25 quarter update, the provided information also includes a FY25 operational update stating AGEL increased operational capacity by 30% to 14,243 MW. It also breaks out solar capacity at 10,103 MW and wind capacity at 2,000 MW for that period.

Energy sales in that FY25 context were reported at 27,969 million units, driven by increased contributions from solar and wind projects. These figures provide a broader view beyond the Q1 FY25 quarter, indicating continued scaling over the fiscal year.

Commissioning updates in Gujarat and Khavda pipeline

Another disclosure states AGEL expanded renewable generation capacity to 13,487.8 MW after commissioning 396.7 MW power projects in Gujarat. The same update references solar projects by Adani Renewable Energy Fifty Six Limited and Adani Green Energy Twenty Four A Limited, and a wind project by Adani Renewable Energy Forty One Limited.

The information also notes AGEL is set to bring 307.4 MW of new power projects online in Khavda, Gujarat, with power generation commencing from January 1, 2026. This provides a dated pipeline milestone without specifying revenue impact.

FY26 quarterly updates included in the data set

The provided text also includes several FY26 references. One update says AGEL reported a 111% year-on-year jump in Q2 net profit to ₹583 crore, even as total income slipped 4% to ₹3,249 crore. The same section states the company added 2.4 GW capacity in H1 FY26, with total operational capacity reaching 16.7 GW.

Another line states AGEL commissioned 408 MW of power projects at Khavda in Gujarat, raising total operational renewable capacity to 16,486.1 MW. Separately, a market reaction was also described where shares jumped 14%, increasing market capitalisation by ₹14,464 crore following a profit surge to ₹583 crore.

Q1 FY26 metrics cited alongside capacity and sales

The dataset includes Q1 FY26 metrics stating revenue from power supply rose 31% year-on-year to ₹3,312 crore, while EBITDA rose to ₹3,108 crore. It also states energy sales increased 42% year-on-year to 10,479 million units and operational renewable capacity expanded 45% to 15,816 MW.

A capacity mix table was also provided for that period: solar 11,156 MW, wind 1,986 MW, and hybrid 2,674 MW. Separately, the Khavda site was stated to have 5.6 GW operational as of June 2025, with a 30 GW target by 2029 also referenced in the same context.

Market impact and what the numbers indicate

Across the quarters and updates provided, the central operating pattern is consistent: commissioned capacity additions are followed by higher energy sales and higher power-supply revenue. For Q1 FY25 specifically, the company reported a 31% year-on-year rise in operational capacity to 10,934 MW and a 22% rise in energy sales to 7,356 million units, alongside 24% revenue growth and 23% EBITDA growth.

For later periods included in the text, the reported scale-up to mid-teens gigawatts of operational capacity is accompanied by higher energy sales and, in some quarters, strong profit growth. Market response was explicitly mentioned in connection with Q2 profit of ₹583 crore and a 14% share price jump.

Conclusion

AGEL’s Q1 FY25 update showed growth across capacity, energy sales, revenue, and EBITDA, supported by 2,618 MW of capacity addition over the last year and further commissioning at Khavda in July 2024. Subsequent updates included in the provided information point to continued commissioning activity in Gujarat and additional dated capacity coming online from January 1, 2026 at Khavda. Investors will likely track future quarterly disclosures for the timing of project commissioning, energy sales trajectory, and how these translate into power-supply revenue and profitability.