Adani Green Energy FY26 Sees EBITDA Surge 23% on 19.3 GW Capacity Milestone

Adani Green Energy Limited (AGEL) has announced its audited financial results for the fiscal year ending March 31, 2026. The company reported a substantial 23% year-on-year increase in EBITDA, reaching ₹10,865 crore. This growth was supported by a 22% rise in revenue from power supply, which totaled ₹11,602 crore.

AGEL achieved a record greenfield capacity addition of 5.1 GW during FY26, significantly boosting its operational renewable energy portfolio. As of March 31, 2026, its total operational capacity stands at 19,294 MW (19.3 GW), a considerable increase from 14,243 MW in the previous fiscal year. The company also reported an 11% year-on-year growth in cash profit, reaching ₹5,399 crore, while maintaining a strong EBITDA margin of 91%.

Why This Matters for Investors

The strong financial performance and substantial capacity expansion highlight AGEL's rapid growth trajectory within India's expanding renewable energy market. The company's scale of operations and consistent project execution are key factors positioning it to meet the nation's rising demand for clean power.

Company Background and Expansion Strategy

As India's largest renewable energy producer, AGEL is focused on developing utility-scale solar and wind projects. It aims for an ambitious 50 GW renewable portfolio by 2030. The Khavda renewable energy zone in Gujarat is a key area for its ongoing expansion. AGEL has a track record of securing significant financing for growth, including a $400 million facility secured in July 2024 for projects in Rajasthan and Gujarat.

Governance and Auditing Updates

AGEL has confirmed the reappointment of key independent directors for their second terms, including Mr. Romesh Sobti, Mrs. Neera Saggi, and Dr. Anup Shah, ensuring continuity in governance. In terms of auditing, M/s. SR B C LLP has been re-appointed as a Joint Statutory Auditor, and M/s. Shah Dhandharia & Co. LLP has been appointed as a new Joint Statutory Auditor. Furthermore, M/s. T. R. Chadha & Co. LLP has been appointed as the new Internal Auditor. The company also announced that Mr. Lokesh Kumar Jeengar has been appointed as Head - Business Development & Strategy, with Mr. Raj Kumar Jain moving to a new role within the Adani Group.

Legal Proceedings Against Directors

The company is monitoring ongoing legal proceedings in the U.S. involving the Securities and Exchange Commission (SEC) against two executive directors and one non-executive director. These proceedings allege securities fraud and wire fraud conspiracy. AGEL has clarified that it is not a party to this case, and the directors involved intend to seek dismissal of the SEC's complaint. The case remains pending hearing in the U.S. District Court.

Peer Comparison

• Tata Power: Aims for 70% renewable capacity by 2030 (approximately 22 GW of 31 GW total) and had 5.5 GW of operational renewable capacity as of January 2026.
• JSW Energy: Targets 30 GW of renewable capacity by 2030, with 12.20 GW operational capacity at the end of FY25. Renewables currently make up 56% of its portfolio.

Key Performance Metrics

• AGEL's operational capacity grew from 14,243 MW in FY25 to 19,294 MW in FY26.
• AGEL's EBITDA grew by 23% year-on-year in FY26.

What to Track Next

Investors will be watching the progress and outcome of the U.S. legal proceedings against the directors. Additionally, AGEL's execution timelines for major projects, particularly the Khavda cluster, and any future capacity addition announcements will be closely monitored. Further updates on the company's financial performance and operational efficiency metrics in the coming quarters are also of interest.